BlackRock Income : BRIG – annual results

BRIG’s results for the year ended 31 October 2013 show an NAV return of 16.2% and a share price return of 24.3% as compared to a return from the FTSE All-Share Index of 22.8%. BRIG’s total dividend for the year has been increased to 5.5p (from 5.25p) and is now fully covered by revenue.

It has come to light that Board forgot to hold a continuation vote (as mandated under the company’s articles) at the 2013 AGM. The Board has apologised and will put a vote to shareholders at the 2014 AGM but recommends shareholders vote in favour of continuation.

The manager cites holdings in Tullow Oil : TLW, British American Tobacco : BATS (and other defensive stocks), esure : ESUR and Antofagasta : ANTO as contributors to BRIG’s underperformance of the FTSE All-Share alongside an underweight in UK banks. On the plus side, holdings in Playtech : PTEC, Shire :  SHP, Carphone Warehouse : CPW and Capital & Counties : CAPC all made positive contributions.


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