Editing BlackRock Sustainable American Income Trust
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== Summary == | == Summary == | ||
BlackRock Sustainable American Income Trust (BRSA) changed its investment strategy at the end of July 2021 to integrate explicit ESG objectives. It has three managers: Tony DeSpirito, David Zhao and Lisa Yang, who form part of BlackRock’s US income & value investment team. They aim to deliver an attractive level of income and long-term capital appreciation from a portfolio of dividend-paying companies that are trading at attractive valuations and are deemed to be ESG leaders, improvers or ‘sustainability enablers’. The managers explain that growth companies tend to be highly rated on ESG metrics, but BRSA offers a value fund with superior ESG traits, which sets it apart from the competition. Growth stocks have led the US market over the last decade; however, data from BlackRock show that value stocks should perform relatively better in the current environment of rising interest rates. | BlackRock Sustainable American Income Trust (BRSA) changed its investment strategy at the end of July 2021 to integrate explicit ESG objectives. It has three managers: Tony DeSpirito, David Zhao and Lisa Yang, who form part of BlackRock’s US income & value investment team. They aim to deliver an attractive level of income and long-term capital appreciation from a portfolio of dividend-paying companies that are trading at attractive valuations and are deemed to be ESG leaders, improvers or ‘sustainability enablers’. The managers explain that growth companies tend to be highly rated on ESG metrics, but BRSA offers a value fund with superior ESG traits, which sets it apart from the competition. Growth stocks have led the US market over the last decade; however, data from BlackRock show that value stocks should perform relatively better in the current environment of rising interest rates. | ||
'''Significant outperformance of growth versus value stocks in last five years'''<ref>Source: Morningstar, Edison Investment Research.</ref> | '''Significant outperformance of growth versus value stocks in last five years'''<ref>Source: Morningstar, Edison Investment Research.</ref> | ||
[[File:Significant outperformance of growth versus value stocks in last five years.png|600px]] | [[File:Significant outperformance of growth versus value stocks in last five years.png|600px]] | ||
'''The analyst’s view''' | |||
'''The analyst’s view''' | '''The analyst’s view''' | ||
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BRSA is a conventional investment trust with one class of share. There are 80.2m ordinary shares in issue. At end-FY21, 96.4% of the trust’s shares were held by banks or nominees (including retail investor platforms), which was a modest decrease compared with 98.1% at end FY20. BRSA’s average daily trading volume over the last 12 months was c 120k shares. | BRSA is a conventional investment trust with one class of share. There are 80.2m ordinary shares in issue. At end-FY21, 96.4% of the trust’s shares were held by banks or nominees (including retail investor platforms), which was a modest decrease compared with 98.1% at end FY20. BRSA’s average daily trading volume over the last 12 months was c 120k shares. | ||
Exhibit 14: Major shareholders | |||
[[File:Exhibit 14.png|600px]] | |||
Exhibit 15: Average daily volume | |||
[[File:Exhibit 15.png|600px]] | |||
[[File:Exhibit 15.png| | |||
== The board == | == The board == | ||
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==Notes== | ==Notes== | ||