March was the cruellest month for BlackRock World Mining Trust as its investments in mineral stocks took a bath.
The group reported a 7.6% fall in net asset value (NAV) in March, although the end-March figure still stands 4.3% higher than the end-2011 figure.
Furthermore, the performance in March bested that of the HSBC Global Mining Index, the index against which the trust benchmarks its own performance; the index was down 10.2% in March and was only up 0.8% on the year at the end of March.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Over the past year the NAV is down 16.4%, but up 41.4% over the past five years. It is only over the five-year interval that the trust fails to beat its benchmark index, which rose 46.6% over the five years to the end of March 2012.
The trust's largest holding is Rio Tinto at 9.3% of the portfolio, followed by BHP Billiton at 8.1%.
Gross assets at March 31st were £1,391.6m, with short term borrowings £42.56m.
Gearing stood at 3.2% and the share price discount to the NAV was 11.6%.
The share price fell 0.67% to 665.50p by 14:11.
NR
-
ScottishPower launches half-price electricity at weekendsNews ScottishPower is offering 50% off electricity at weekends, which could slash hundreds off your bill. We look at who can get it and how to apply
-
Trump calls “tariff” the “most beautiful word in the dictionary”, but investors may disagreeDonald Trump has promised to slap Mexico, Canada and China with new tariffs on day one of his presidency. What does it mean for the economy and investors?
