PR Newswire
LONDON, United Kingdom, March 26
BLACKROCK FRONTIERS INVESTMENT TRUST PLC (LEI: 5493003K5E043LHLO706)
All information is at 28 February 2026 and unaudited.
Performance at month end with net income reinvested.
One Three One Three Five Since
month months year years years Launch*
% % % % % %
Sterling:
Share price 8.7 19.8 36.6 72.2 118.6 270.7
Net asset value 2.8 13.1 24.3 55.8 102.6 261.2
Benchmark (NR)** 2.5 10.0 20.6 31.1 57.2 133.9
MSCI Frontiers Index (NR) 4.6 9.9 39.5 68.7 74.2 173.7
MSCI Emerging Markets Index (NR) 7.7 16.6 40.4 61.6 41.2 142.0
US Dollars:
Share price 6.5 21.5 45.8 91.2 110.3 221.3
Net asset value 0.7 14.7 32.7 73.0 94.9 212.6
Benchmark (NR)** 0.5 11.6 28.7 45.6 51.2 103.2
MSCI Frontiers Index (NR) 2.4 11.6 48.9 87.3 67.5 136.0
MSCI Emerging Markets Index (NR) 5.5 18.3 50.0 79.5 35.8 108.7
Sources: BlackRock and Standard & Poor’s Micropal
* 17 December 2010.
** The Company’s benchmark changed to MSCI Frontier + Emerging ex Selected
Countries Index (net total return, USD) effective 1/4/2018.
At month end
US Dollar
Net asset value – capital only: 267.13c
Net asset value – cum income: 268.30c
Sterling:
Net asset value – capital only: 198.69p
Net asset value – cum income: 199.56p
Share price: 206.00p
Total assets (including income): £326.6m
Premium to cum-income NAV: 3.2%
Gearing: Nil
Gearing range (as a % of gross assets): 0-20%
Net yield*: 3.6%
Ordinary shares in issue**: 189,270,248
Ongoing charges***: 1.42%
Ongoing charges plus taxation and performance fee****: 2.87%
*The Company’s yield based on dividends announced in the last 12 months as at
the date of the release of this announcement is 3.6% and includes the 2025
interim dividend of 3.65 cents per share, declared on 29 May 2025, paid to
shareholders on 24 June 2025 and the 2025 final dividend of 6.35 cents per
share, declared on 10 December 2025 paid to shareholders on 26 February 2026.
** Excluding 52,552,553 ordinary shares held in treasury.
*** The Company’s ongoing charges are calculated as a percentage of average
daily net assets and using the management fee and all other operating expenses
and including performance fees but excluding finance costs, direct transaction
costs, custody transaction charges, VAT recovered, taxation and certain non
-recurring items for Year ended 30 September 2025.
Sector Gross market value Country Gross market value
Analysis as a % of net Analysis as a % of net
assets* assets*
Financials 62.2 United Arab 13.5
Emirates
Communication 10.7 Saudi Arabia 13.0
Services
Energy 9.6 Turkey 11.0
Real Estate 8.5 Kazakhstan 10.0
Consumer 8.1 Egypt 9.2
Discretionary
Industrials 5.1 Indonesia 7.3
Materials 5.0 Kenya 6.3
Consumer 4.3 Poland 6.1
Staples
Health Care 3.7 Philippines 5.4
Information 2.9 Greece 4.7
Technology
Utilities 1.2 Vietnam 4.6
—– Georgia 4.1
121.3 Thailand 4.0
—– Pakistan 4.0
Short -2.0 Bangladesh 4.0
Positions
===== Hungary 3.7
Multi 3.1
-International
Argentina 3.1
Pan Africa 2.8
Chile 1.4
—–
121.3
—–
Short -2.0
Positions
=====
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
31.03 30.04 31.05 30.06 31.07 31.08 30.09 31.10 30.11 31.12
31.01 28.02
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
2026 2026
% % % % % % % % % %
% %
Long 118.5 111.3 117.9 121.2 113.0 114.3 112.2 114.0 110.5 110.9
116.7 121.3
Short 4.3 3.8 3.4 3.4 2.5 2.4 1.7 1.6 1.5 1.9 1.8
2.0
Gross 122.8 115.1 121.3 124.6 115.5 116.7 113.9 115.6 112.0 112.8
118.5 123.3
Net 114.2 107.5 114.5 117.8 110.5 111.9 110.5 112.4 109.0 109.0
114.9 119.3
Ten Largest Investments
Company Country of Risk Gross market value as a % of net assets
Commercial Egypt 4.4
International
Bank
Bank Pekao Poland 4.2
Kaspi.Kz JCS Kazakhstan 4.1
TBC Bank Group Georgia 4.1
Plc
Bank Mandiri Indonesia 4.0
Halyk Savings Kazakhstan 3.9
Bank
OTP Bank Hungary 3.7
Equity Group Kenya 3.7
Emaar United Arab Emirates 3.6
Properties
Etihad Saudi Arabia 3.6
Etisalat
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the
Investment Manager noted:
The Company’s NAV returned +0.7% in February 2026, largely in line with its
benchmark, the MSCI Frontier + Emerging ex Selected Countries Index («Benchmark
Index»), which returned +0.5%.
For reference, the MSCI Emerging Markets Index returned +5.5% while the MSCI
Frontier Markets Index returned +2.4% over the same period. All performance
figures are on a US Dollar basis with net income reinvested.1
Thailand (20.5%) was the best performing market in the universe, climbing
following the 8th February election in which the ruling party was able to expand
their mandate to nearly 40% of seats in the parliament, putting them well ahead
of the People’s Party who took second place with only 24% of the vote. Polls had
expected the progressive People’s Party to win a much larger share of the vote
which could have made it difficult for either side to form a coalition to
govern. Markets cheered the clear result.
Oman (19.7%) also delivered strong returns on speculation that the country could
push for MSCI Emerging Market index inclusion. Kenya (13.1%) also delivered
strong returns as easing policy rates, improving asset quality, and robust
domestic investor participation supported a re-rating of the banking sector.
On the other hand, Colombia (-12.2%) performed poorly following a surprise
100bps rate hike after the government had raised the minimum wage by 23%,
arguing that workers needed higher incomes. Pakistan (-8.7%) also performed
poorly reflecting a reduction in foreign ownership in what has been one of the
best performing markets over the past couple of years.
At the stock level, Kenyan banks KCB Group (+20.7%) and Equity Group (+15.3%)
were the biggest contributors, rising in line with the market. Thai convenience
store operator CP All (+20.4%) also contributed positively, supported by
expectations of government stimulus following the formation of a new
administration. Shares were further supported by solid full year results, with
revenue rising 3.5% YoY. Philippines based online gaming company Digiplus
(+25.3%) rallied on expectations of an earnings recovery, supported by a rebound
in monthly active users in the fourth quarter of 2025.
On the flipside, IT services company EPAM (-32.4%) was the largest detractor as
the shares fell after management’s guidance for FY revenue growth landed below
market expectations. While results were otherwise solid and progress in AI
native solutions remains encouraging, investor concerns around the pace of
recovery in global IT spending and AI related disruption weighed on the stock.
Elsewhere, Argentinian oil and gas company YPF (-11.2%) fell following an EBITDA
miss driven by higher costs and one off expenses, despite a stable topline and
lower net debt, and we maintain our conviction in the name. Saudi Arabia’s
digital investment platform Derayah (-15.1%) and Pakistan based conglomerate
Lucky Cement (-12.3%) detracted amid profit taking and broad-based selling in
the market.
We made a few changes in February. We topped up Kazakh fintech company Kaspi on
attractive valuations, where we believe recent downgrades are largely sentiment
driven and as we still see upside potential for the stock. We also initiated
Bank of the Philippine Islands, where we see scope for structurally higher net
interest margins driven by a shift toward faster growing consumer lending, which
has so far offset pressure from rate cuts and is expected to continue. We exited
Philippines-based real estate company Ayala on consistent oversupply across
residential markets and low return expectations given the inventory dynamics.
Finally, we exited Polish clothing retailer LPP following strong share price
performance.
Looking ahead, we remain constructive on the outlook for smaller emerging and
frontier markets. With inflation easing across many of our key markets and U.S.
bond yields remaining relatively stable, we anticipate that central banks in our
target countries will continue interest rate cuts in the near term. This
backdrop sets the stage for a cyclical recovery in domestically driven
economies. Valuations across our investment universe remain attractive, both in
absolute and relative terms. Many of these markets are still under-researched,
and we believe this creates fertile ground for finding high-conviction, alpha
-generating opportunities.
1 MSCI as at 28 February 2026.
26 March 2026
ENDS
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into, or forms part of, this announcement.
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