BlackRock World Mining | Winterflood Research

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Re-rated after rebound in performance

BlackRock World Mining* is co-managed by Evy Hambro and Olivia Markham. The fund aims to provide a diversified investment in mining and metal assets worldwide, actively managed with the objective of maximising total returns. While the policy is to invest principally in quoted securities, the investment policy includes the ability to invest in royalties derived from the production of metals and minerals as well as physical metals.

The fund enjoyed a particularly strong year in 2020, with a NAV total return of +31.8% compared with +20.6% for the MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, its reference index, while the share price total return was +46.7%. BlackRock World Mining pays quarterly dividends, which totalled 20.3p in 2020, down 7.7% from 22.0p for 2019. This equates to a yield of 3.4% on the current share price and reflects the 9.2% year-on-year decline to 20.4p in its revenue per share.

The fund benefited from being exposed to gold producers in the first half of last year, while the high level of exposure to iron ore producers was positive given supply issues. The managers believe that the outlook for 2021 is very strong given the prospects for metal demand, with a synchronised rise in global infrastructure spending. In addition, they argue that the sector will play a key role in society’s energy transition by supplying the materials required to build lower carbon technologies.

*Denotes a corporate broking client of Winterflood Securities

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