PR Newswire
LONDON, United Kingdom, April 24
BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 31 March 2026 and unaudited.
Performance at month end with net income reinvested
One Three Six One Three Five Years
Month Months Months Year Years
Net asset value -2.6 4.9 10.8 18.7 37.2 54.1
Share price -2.9 4.6 13.7 27.6 47.6 56.2
Russell 1000 Value Index -3.0 4.1 8.2 13.4 40.0 64.2
Russell 1000 Value Index -3.0 4.1 8.0 13.1 38.7 61.6
(Net 15% WHT Total
Return)*
*The Company’s performance reference index (the Russell 1000 Value Index) may be
calculated on either a gross or a net return basis. Net return (NR) indices
calculate the reinvestment of dividends net of withholding taxes using the tax
rates applicable to non-resident institutional investors and hence give a lower
total return than indices where calculations are done on a gross basis. As the
Company is subject to the same withholding tax rates for the countries in which
it invests, the NR basis is felt to be the most accurate, appropriate,
consistent and fair comparison of performance returns for the Company.
At month end
Net asset value – capital only: 237.98p
Net asset value – cum income: 238.20p
Share price: 235.00p
Discount to cum income NAV: 1.3%
Net yield1: 5.6%
Total assets including current year revenue: £134.4m
Net Gearing: Nil
Ordinary shares in issue2: 56,412,138
Ongoing charges3: 0.73%
1 Based on one quarterly dividend of 3.03p per share declared on 15 May 2025,
one quarterly dividend of 3.23p per share declared on 07 August 2025 and one
quarterly dividend of 3.44p per share declared on 03 November 2025 for the year
ended 31 October 2025 and based on one quarterly dividend of 3.55p per share
declared on 02 February 2026 for the year ending 31 October 2026, and based on
the share price as at close of business on 31 March 2026.
² Excluding 38,949,167 ordinary shares held in treasury.
³ The Company’s ongoing charges calculated as a percentage of average daily net
assets and using the management fee and all other operating expenses excluding
finance costs, direct transaction costs, custody transaction charges, VAT
recovered, taxation and certain non-recurring items for the year ended 31
October 2025.
Sector Analysis Total Assets (%)
Financials 20.3
Industrials 14.4
Information Technology 13.2
Health Care 11.8
Consumer Discretionary 8.4
Energy 7.2
Communication Services 7.1
Consumer Staples 7.0
Materials 4.1
Utilities 3.2
Real Estate 2.8
Net Current Assets 0.5
—–
100.0
=====
Country Analysis Total Assets (%)
United States 99.5
Net Current Assets 0.5
—-
100.0
=====
#
Top 10 Holdings Country % Total Assets
Alphabet United States 4.1
Berkshire Hathaway United States 2.7
JPMorgan Chase United States 2.7
Amazon United States 2.5
Chevron United States 2.3
Procter & Gamble United States 2.0
Bank Of America United States 2.0
Exxon Mobil United States 2.0
Morgan Stanley United States 1.7
Micron Technology United States 1.6
Travis Cooke and Muzo Kayacan, representing the Investment Manager, noted:
For the month ended 31 March 2026, the Company’s NAV returned -2.6%,
outperforming the Russell 1000 Value Index which returned -3.0% net of fees.
March saw fresh US / Israeli led military action against Iran disrupt the
goldilocks combination of improving growth and easing policy, which had
prevailed over the opening two months of the year. At the epicenter was the
closure of the Straits of Hormuz, and the resultant 70% surge in oil prices. The
sudden removal of 20% of the World’s oil supply reignited inflationary concerns,
driving a sharp reversal in expectations for global rate cuts. Safe-haven status
saw US stocks regain their appeal versus international peers, but leadership
along the style dimension also rotated towards a more defensive stance, with
growth stocks recovering some lost ground relative to value peers.
Positions in the materials sector were the top contributors from a sector
perspective, helped by an overweight in chemicals firm Lyondellbasell, which
benefitted from being based in the US as there were severe disruptions to
supplies from the Middle East. On the negative side, positions within IT
detracted, including an overweight exposure in semiconductor firm Micron, which
reported strong earnings, but sold off on concerns about memory demand peaking.
Both quality and value signals, as well as insights that focus on momentum in
fundamentals contributed to performance – despite the somewhat chaotic
geopolitical situation, the stock market appeared to actually be quite focused
on fundamentals, while sentiment and macro signals experienced flatter
performance. In terms of specific signals, using Large Language Models to
identify market themes and the stocks exposed to them proved highly effective in
identifying winners and losers from the conflict-driven oil price rise. However,
some consumer-oriented insights that track metrics such as online sales and
internet search activity struggled as markets focused more on the macro
situation.
24 April 2026
Latest information is available by typing
blackrock.com/uk/brai (http://www.blackrock.co.uk/brna) on the internet,
«BLRKINDEX» on Reuters, «BLRK» on Bloomberg or «8800» on Topic 3 (ICV
terminal). Neither the contents of the Manager’s website nor the contents of
any website accessible from hyperlinks on the Manager’s website (or any other
website) is incorporated into, or forms part of, this announcement.
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