BlackRock Income and Growth Investment Trust plc LEI: 5493003YBY59H9EJLJ16 Annual Report and Financial Statements 31 October 2024 Performance record As at As at 31 October 31 October 2024 2023 Net assets (£'000)1 43,760 40,156 Net asset value per ordinary share (pence) 222.22 194.90 Ordinary share price (mid-market) (pence) 193.50 178.00 Discount to net asset value2 12.9% 8.7% FTSE All-Share Index 9785.37 8413.70 ========= ========= For the year For the year ended ended 31 October 31 October 2024 2023 Performance (with dividends reinvested) Net asset value per share2 18.1% 5.2% Ordinary share price2 13.2% 8.1% FTSE All-Share Index 16.3% 5.9% --------------- --------------- Performance since 1 April 20123 (with dividends reinvested) Net asset value per share2 137.6% 101.1% Ordinary share price2 130.3% 103.5% FTSE All-Share Index 132.3% 99.8% ========= ========= For the For the year Change year ended % ended 31 October 31 2023 October 2024 Revenue Net profit on ordinary 1,454 1,367 +6.4 activities after taxation (£'000) Revenue earnings per 7.20 6.54 +10.1 ordinary share (pence)4 --------- --------------- --------------- ------ Dividends (pence) Interim 2.70 2.60 +3.8 Final 4.90 4.80 2.1 --------- --------------- --------------- ------ Total dividends payable/paid 7.60 7.40 2.7 ========= ========= ========= 1The change in net assets reflects portfolio movements, the purchase of the Company's own shares and dividends paid during the year. 2Alternative Performance Measures, see Glossary in the Company's Annual Report for the year ended 31 October 2024. 3Since BlackRock's appointment as Investment Manager on 1 April 2012. 4Further details are given in the Glossary in the Company's Annual Report for the year ended 31 October 2024. Chairman's statement Performance During the year the Company's Net Asset Value (NAV) per share returned 18.1%. By comparison, the Company's Benchmark Index, the FTSE All-Share Index, returned 16.3%. At the share price level however, the Company returned 13.2% over the period as our discount widened from 8.7% at the start of the year to 12.9% as at 31 October 2024 (all percentages in Sterling terms with dividends reinvested). As at 2 January 2025, since the year end the Company's NAV and share price have increased by 1.1% and 1.3%, respectively (all percentages are in Pound Sterling with dividends reinvested) and the Company's discount was 12.8%. Further details of the key contributors and detractors from performance, and the portfolio managers' views on the outlook for the forthcoming year, can be found in their report which follows. Revenue earnings and dividends I am pleased to report that despite market volatility the Company's earnings remain resilient, with revenue earnings per share for the year ended 31 October 2024 of 7.20 pence compared with 6.54 pence for the previous year. The Directors are mindful of shareholders' desire for income in addition to capital growth and believe the Company's dividend is greatly valued by shareholders. The Board is therefore proposing a final dividend per share of 4.90 pence (2023: 4.80 pence) giving total dividends for the year of 7.60 pence per share. Subject to approval at the Annual General Meeting, the final dividend will be paid on 14 March 2025 to shareholders on the Company's register at the close of business on 7 February 2025 (ex-dividend date is 6 February 2025). This final dividend, combined with an interim dividend of 2.70 pence per share (2023: 2.60 pence) paid to shareholders on 3 September 2024, gives a total dividend for the year of 7.60 pence, resulting in a yield of 3.9% based on a share price of 193.50 pence as at 31 October 2024. One of the benefits of the Company's investment trust structure is that it can retain up to 15% of total revenue each year to build up reserves which may be carried forward and used to pay dividends during leaner times. As at 31 October 2024 the Company held £2,063,000 in revenue reserve, equivalent to 10.48 pence per share before the payment of final dividend of 4.90 pence for the year ended 31 October 2024. The Board's existing authority to buy back up to 14.99% of the Company's issued share capital (excluding treasury shares) will expire at the conclusion of the 2025 Annual General Meeting and a resolution will be put to shareholders to renew the authority at that meeting. Currently, ordinary shares representing up to 33% of the Company's issued ordinary share capital can be allotted as new ordinary shares or sold from treasury and the Board will also seek to renew this power. Policy on share price discount The Directors recognise that the discount to NAV at which the Company's shares trade is an important factor to investors and have therefore sought to use the Company's share buy back powers to seek to ensure that the share price does not differ excessively from the underlying NAV. In using these powers during the year, a total of 910,874 ordinary shares were purchased at an average price of 187.62 pence per share, for a total consideration (including costs) of £1,709,000 and at an average discount of 13.7%. All ordinary shares bought back were cancelled. The average discount for the year to 31 October 2024 was 12.2% and the discount at the year end was 12.9%. To put this in context, the average discount for the investment company sector as a whole has widened substantially this year and exceeded 15.2% as at 31October 2024. The Board's existing authority to buy back up to 14.99% of the Company's issued share capital (excluding treasury shares) will expire at the conclusion of the 2025 Annual General Meeting and a resolution will be put to shareholders to renew the authority at that meeting. Currently, ordinary shares representing up to 33% of the Company's issued ordinary share capital can be allotted as new ordinary shares or sold from treasury and the Board will also seek to renew this power. Gearing One of the advantages of the investment trust structure is that the Company can use gearing with the objective of increasing portfolio returns. The Company operates a flexible gearing policy which depends on prevailing market conditions and is subject to a maximum level of 20% of net assets at the time of investment. Net gearing during the financial year did not exceed such level. As at 31 October 2024, net gearing stood at 3.1%. At the year end, the Company had a borrowing facility in place of up to £8 million, provided by The Bank of New York Mellon (International) Limited. As at the date of this report it is drawn down by £4 million. Subsequent to the year end, the facility was renewed for a further period of two years to 18 December 2026. Board composition At the date of this report the Board consists of four independent Non-executive Directors, with two of the current Directors having been appointed since 2019. Following a search to identify a new Non-executive Director during the year, the Board was pleased to announce the appointment of Chrysoula Zervoudakis. Chrysoula brings valuable asset management expertise from her 28-year executive career during which she invested in both UK and European equities. Her appointment both strengthens and complements the skills of the existing Board. Chrysoula will stand for election by shareholders at the forthcoming AGM. Her full biography can be found in the Company's Annual Report for the year ended 31 October 2024. In accordance with best practice and good corporate governance, the Directors continue to submit themselves for annual re-election. However, Nicholas Gold has advised the Board that he has decided to step down from the Board at the conclusion of the forthcoming Annual General Meeting. On behalf of the Board, I would like to take this opportunity to thank Nicholas for giving the Company the benefit of his experience and his wise counsel. We also acknowledge his leadership of the Company's audit committee, a role he has discharged with great diligence and expertise throughout his tenure. We wish him well for the future. The Board has a succession plan in place and will continue to appraise regularly its composition to ensure that a suitable balance of skills, knowledge, experience, independence and diversity is achieved to enable the Board to discharge its duties effectively. The appointment of Chrysoula Zervoudakis represents the fulfilment of one element of that plan and a process is also underway to identify a suitable individual to replace Nicholas Gold. Once complete, the Board will announce his successor. Further information on the Board's policy on board diversity, director tenure and succession planning can be found in the Directors' Report in the Company's Annual Report for the year ended 31 October 2024. Corporate governance The UK Code of Corporate Governance (the UK Code) requires enhanced disclosure setting out how the Board as Directors, have fulfilled our duties in taking into account the wider interests of stakeholders in promoting the success of the Company. The Board takes its governance responsibilities very seriously and follows the provisions of the UK Code as closely as possible. As an investment company, the Company reports against the Association of Investment Companies Code of Corporate Governance which has been endorsed by the Financial Reporting Council as being appropriate for investment companies and fulfils the requirements of the UK Corporate Governance Code, as they are applicable to investment companies. As it does each year, and as required by the Corporate Governance Code, the Company undertook a comprehensive Board evaluation this year. The overall conclusion highlighted the effectiveness of the Board, and the skills, expertise and commitment of the Directors. Annual general meeting This year's AGM will be held on Thursday, 6 March 2025 at 12.00 noon at the offices of BlackRock at 12 Throgmorton Avenue, London, EC2N 2DL. Details of the business of the meeting are set out in the Notice of Annual General Meeting in the Company's Annual Report for the year ended 31 October 2024. We hope you can attend this year's AGM. The Board very much looks forward to meeting shareholders and answering any questions you may have on the day. We would very much value hearing shareholders thoughts and feedback on the Company on a more informal basis following the AGM. For those shareholders who are unable to attend the meeting in person, but who wish to follow the AGM proceedings, you can do so via a live webinar this year. Details on how to register, together with access instructions will be available shortly on the Company's website at: www.blackrock.com/uk/brig or by contacting the Company Secretary at cosec@blackrock.com. It is not possible to attend, speak or vote via this medium and it is solely intended to provide shareholders with the ability to watch the proceedings. Nevertheless, I trust shareholders will find this new facility helpful. Additionally, if you are unable to attend you can still exercise your right to vote by proxy or appoint a representative to attend in your place. Details of how to do this are included on the AGM Proxy Card provided to shareholders with the annual report. If you hold your shares through a platform or nominees, you will need to contact them and ask them to appoint you as a representative in respect of your shares in order to attend, speak and vote at the AGM. Communication with shareholders We appreciate how important access to regular information is to our shareholders. To supplement our Company website, we offer shareholders the ability to sign up to the Trust Matters newsletter which includes information on the Company and other news, views and insights. Further information on how to sign up is included on the inside front cover of this report in the Company's Annual Report for the year ended 31 October 2024. Outlook As we approach the end of 2024, the macroeconomic and geopolitical uncertainty that led to periods of heightened market volatility this year remains and our portfolio managers expect this to persist through the forthcoming financial year. There are various factors which will have implications for the fortunes of UK equities, the actions of newly-installed governments in the UK and US being prominent among them. The UK, Europe and the US appear to be moving towards more loose monetary policy than in recent years, although this will be driven by future economic data. Such monetary policy should act as a tailwind for equity markets and provide a more benign environment for investment, even if the pace and quantum of further rate cuts have been dampened by recent inflation levels and concerns that president elect Trump's approach to trade, tariffs and immigration may prove inflationary. Now that the UK has a more apparently stable political landscape than many of the developed economies, this could provide domestic companies with the confidence to invest for growth and even help attract foreign investment. As you will read in their report which follows, our portfolio managers believe that despite the geopolitical risks that have the potential to impact global growth, the UK market currently offers investors an attractive combination of low valuations and higher dividend yields - in fact, the UK is currently one of the highest yielding markets in the world. Their fundamental investment philosophy focuses on bottom-up stock selection, assembling a portfolio of high -quality, cash generative companies, with robust balance sheets, differentiated franchises, and, importantly, pricing power. They are emboldened by the opportunity they see in the UK market and the outlook for the companies within our portfolio, leaning into areas of the market where they see the greatest opportunity. The Board is pleased to note their enthusiasm and hopes they can continue to deliver growth in both capital and income for the Company and its shareholders into 2025 and beyond. GRAEME PROUDFOOT Chairman 6 January 2025 Investment Manager's report Performance For the year ended 31 October 2024, the Company's NAV returned 18.1%, outperforming its benchmark, the FTSE All-Share Index (the Benchmark Index), which returned 16.3% over the same period (all percentages are in Sterling terms with dividends reinvested). Market review Global equity markets made further progress in the year to 31 October 2024, driven largely by gains in the Magnificent 71 stocks early in the year, whilst geopolitics played a significant role in investment returns from global markets. The period started notably stronger during the latter part of 2023 with a strong equity rally despite the ongoing geopolitical tensions surrounding the wars in Ukraine and the Middle East. Expectations that interest rates had peaked, combined with stable macroeconomic data and moderating inflation helped risk assets to rally. This continued into 2024, notably in the developed markets as central banks deliberated interest rate cuts with the European Central Bank beginning easing in June 2024 and a 50 basis points rate cut from the Federal Reserve (Fed) in September 2024. Markets remained robust despite various political cycles across the developed world. 2024 was also one of the biggest election years in history, with more than 60 countries going to the polls. In the UK, the Labour party won a significant majority in July, providing a stable political backdrop to the economy. Whilst in the US, the Presidential election caused increased equity market volatility notably in the third quarter, as markets attempted to price in the different potential fiscal outcomes. In the UK, the Benchmark Index returned 16.3% over the year, with the FTSE 100 Index returning 15.0%. UK equities started the period strongly as the narrative of peak rates and a resilient economic backdrop was supported by an acceleration of incoming mergers and acquisitions (M&A) activity and capital market returns. Equity market returns have been more muted since Labour won a large majority in the UK's elections in June which reflects a more subdued economic picture globally and growing concerns regarding fiscal deficits in developed markets, including the UK, causing bond yields to rise once more. Almost all sectors made progress with one exception being the energy sector which underperformed during the year as oil demand fell, whilst supply remained relatively robust. In contrast, financials have fared well in this environment with the banks benefitting from improved profitability associated with higher interest rates. Whilst global equity markets made progress throughout 2024, this progress concealed periods of intra-month volatility and macroeconomic-driven sector rotations beneath the surface. Market returns in early 2024 were characterised by relatively narrow markets, but this trend reversed as the year progressed. US treasuries began to fall into the third quarter of 2024, as the scale of potential unfunded fiscal stimulus began to cause some concern among bond investors. This was true in most developed markets as new fiscal stimulus plans in China and the UK began to take shape during the third quarter. Coupled with the spectre of potential tariffs under a Trump administration, and supported by continued robust economic data, inflation expectations began to rise and subsequently expectations of further significant interest rate cuts began to moderate. Overseas, geopolitics remained topical, with ongoing wars in Ukraine and conflict in the Middle East. The Chinese equity market also dominated headlines, after stocks plunged on the back of weakening economic data and deflationary environment. The economic weakness in China witnessed during 2023, following the muted re-opening post COVID-19, continued throughout 2024. This led to more aggressive monetary policy by the Chinese government during August and September, beginning a new fiscal stimulus plan to encourage economic growth targeting both domestic fixed asset investment and foreign capital. The impact of this policy on China's economic growth in 2025 remains unclear. Contributors to and detractors from performance The Company outperformed its Benchmark Index during the period as a result of strong security selection in the financials sector with standout performance from 3i Group, Standard Chartered, NatWest and Intermediate Capital Group. Having been one of the Company's largest contributors during 2023, 3i Group continued to deliver very strong NAV growth, supported by its largest asset, Action, the European discount retailer. Action grew its earnings strongly once again and continued its expansion across Europe. Action boasts EUR825 million in cash reserves and has successfully completed a refinancing of EUR2.1 billion highlighting the company's strong fiscal management and readiness for future opportunities. Standard Chartered was another top contributor; the bank reported strong results throughout the year. Following a lengthy transition period in prior years, which saw the bank shrink its balance sheet and geographical exposures, focusing on its core competencies and strongest market share, the bank is once again on the front foot. Growth and cash flows have improved considerably, with sizable buybacks now accompanying an improving growth backdrop. Shares in NatWest almost doubled over the year reflecting strong net interest margins, lower provisions and strong capital generation. With cash flows growing quickly, this has allowed the bank to continue to buy back the UK government's stake and grow its dividends. Intermediate Capital Group continued to benefit from the fast growth in private credit lending with a strong year across fund raising, deployment, and realisations. We subsequently sold the Company's shares given the strong performance since purchase. We initiated a new position in National Grid in June following a significant fall in the share price after the company's rights issue accompanied by a dividend cut. We are of the view that the growing demand for power consumption driven by electrification and advancement in artificial intelligence indicates a significant growth trajectory. Following the purchase of shares, the company performed well delivering a good trading statement with earnings marginally better and debt marginally lower versus expectations. Next was another top positive contributor to relative performance after reporting continued upgrades throughout the year. The company upgraded its profit expectations no less than five times throughout the year as a resilient UK consumer continued to surprise positively. Rolls Royce, which the Company does not hold, detracted from relative performance over the period. The shares have rallied strongly since the appointment of its new CEO at the start of 2023, with management setting ambitious targets for the company. The stock, which had been struggling due to continued evidence of inefficiencies and low profitability following the COVID -19 downturn, has benefitted from aggressive cost-cutting and contract renegotiations by the new management. Further, an improving backdrop for the aerospace industry and significant improvements in financial performance over the past two years have seen investor sentiment improve. Hays was a top detractor from performance impacted by tough trading conditions throughout the year. Although the company benefitted from a relatively stable economic backdrop, employment markets remained subdued in key markets, notably the UK and Germany, causing group revenues to miss expectations and the shares to fall. Rio Tinto and BHP also detracted from performance due to pressure on Chinese commercial real estate given their exposure to this sector. Shares in Reckitt performed poorly over the year as the company's results for 2023 were worse than expected; volume weakness was compounded by a product recall and an understatement of trade spend in the Middle East led to a further shortfall. The news flow deteriorated with an adverse jury ruling in the US; the company has staunchly defended its position and intends to appeal. Whilst the shares recovered some of their fall later in the period, the shares were a significant underperformer during the year. Spirax-Sarco Engineering detracted following weak first-half results that prompted modest downgrades for 2024 and 2025. The downgrades are primarily driven by STS (Steam) due to weaker than expected industrial production. Additionally, the anticipated recovery in biopharma and semiconductor sector exposure has yet to materialise. Transactions During the period, we purchased a new holding in Weir Group. This is a mining equipment supplier with a well-established installed base which generates significant and resilient aftermarket revenues and profit. The outlook for mining capital expenditure looks reasonable, especially in their key commodities (copper, gold, iron ore) which should help orders improve from a low base. Boasting attractive free-cash-flow generation and growth potential, the shares trade at a significant discount to their closest peer. Following the Great Portland Estates (GPE) rights issue to raise £350m, we initiated a position in GPE and Derwent London; two central London office developers. Both shares trade at a 30% discount to their net asset value as higher interest rates and slowing activity in London pressured values. We believe that interest rates have peaked and that there is a pronounced scarcity of supply which should drive significant rental growth. Following the recent sale of its UK retail business, Inchcape will predominantly now be an automotive distributor. The company represents approximately 60 brands across 40 markets, overseeing the supply of new vehicles and official parts to retailers in smaller markets. Key operational regions encompass South America, South-East Asia, Australia, as well as select European and African nations. Inchcape boasts a commendable history of integrating new brands and markets, leveraging its digital and parts capabilities to enhance value further. While automotive distribution traditionally yields lower margins (operating margin of 6-7%), it is a capital-efficient and cash-generative business model. We are confident in Inchcape's prospects for a cyclical recovery in several crucial markets, its proven track record of capital allocation, and its intention to utilize £100m from the UK retail proceeds for a share buyback. To fund these new purchases and given the persistent operational challenges and subsequent consistent downgrades, we sold Smith & Nephew. The significant restructuring within the company has adversely impacted its free cash flow, leading us to seek more advantageous investment opportunities within the UK domestic market. While Smith & Nephew's shares remain reasonably priced, it is imperative to maintain a competitive capital allocation within the portfolio. We purchased a new position in GSK funded from our sale of Roche. Following a significant de-rating, in part due to an overhang on litigation around Zantac, we believe the risk-reward at GSK is more attractively balanced. Combined with early signs of better research and development productivity, we see a chance for both higher earnings and higher multiples. Against this, and with our discipline of competition for capital, we have sold our position in Roche to fund this. We also started a new position in Anglo American and sold BHP. The approach from BHP highlights the importance and value of copper assets, a theme we also have exposure to through Weir, whose products and services support the mining industry. Gearing Historically, we have managed the Company with a modest and consistent level of gearing, typically between 5-8% to enhance income generation and capital growth. However, as market volatility picked up, we have been more active over the last two years, varying both the level of gearing and using a broader range (0-10%) depending on the opportunities or risks presenting themselves at the time. At 31 October 2024, the Company had employed net gearing of 3.1%. Outlook Global developed equity markets have continued their broad rallies throughout 2024 following a trend that started in late 2023. Following a lengthy period of uncertainty through the COVID-19 era, with sharply rising interest rates and inflation, equity markets have now settled down. The combination of falling interest rates and supportive macroeconomic conditions including stable labour market indicators presents a benign backdrop for equity markets. The promise of greater fiscal spending in the US, China and parts of Europe have served to buoy equity markets further, although have contributed to rising government bond yields as the spectre of fiscal deficits and inflationary pressures loom large for bond investors. More recently, following a period of extended economic weakness, the Chinese Government began a more concerted accommodative campaign aimed at accelerating economic growth and arresting deflationary pressures. Recent policy moves have sought to improve and encourage lending into the real economy with a sizable fiscal easing programme announced. Whilst the scale of the easing is large, western markets and commentators have remained sceptical of its impact and effectiveness whilst awaiting evidence to the contrary. In the UK, the recent budget promised and delivered a large-scale borrowing and spending plan whilst sizable increases in minimum wage and public sector wage agreements likely support a brighter picture for the UK consumer. UK labour markets remain resilient for now with low levels of unemployment while real wage growth is supportive of consumer demand albeit presents a challenge to corporate profit margins. With the UK's election and budget now over, the market's attention will focus on the subsequent policy actions of the new US administration under Donald Trump. The global economy has benefited from significant growth and deflation `dividend' it has received from globalisation over the past decades. The impact of a more protectionist US approach and the potential implementation of tariffs may challenge this dividend. We would anticipate asset markets to be wary of these policies until there is more clarity as we move through 2025. Conversely, we believe political certainty, now evident in the UK, will be helpful for the UK and address the UK's elevated risk premium that has persisted since the damaging Autumn budget of 2022. Whilst we do not position the portfolios for any election or geopolitical outcome, we are mindful of the potential volatility and the opportunities that may result, some of which have started to emerge. The UK stock market continues to remain depressed in valuation terms relative to other developed markets offering double-digit discounts across a range of valuation metrics. This valuation anomaly saw further reactions from UK corporates with a robust buyback yield of the UK market. Combining this with a dividend yield of 3.7% (FTSE All Share Index yield as at 31 October 2024; source: The Investment Association), the cash return of the UK market is attractive in absolute terms and comfortably higher than other developed markets. Although we anticipate further volatility ahead, we believe that in the course of time risk appetite will return and opportunities are emerging. We have identified several potential opportunities with new positions initiated throughout the year in both UK domestic and midcap companies. We continue to focus the portfolio on cash generative businesses that we believe offer durable, competitive advantages as we believe these companies are best placed to drive returns over the long term. Whilst we anticipate economic and market volatility will persist throughout the year, we are excited by the opportunities this will likely create; by seeking to identify the companies that strengthen their long-term prospects as well as attractive turnaround situations. 1The Magnificent 7 stocks are comprised of Alphabet (Google), Amazon, Apple, Meta Platforms (Facebook), Microsoft, NVIDIA and Tesla. ADAM AVIGDORI AND DAVID GOLDMAN BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED 6 January 2025 12 month performance attribution for the year ended 31 October 2024 Sector Contribution Commentary to return1 Allocation Selection2 Total Effect Financials -0.47% 5.21% 4.74% Security selection in Financials contributed to relative returns, notably, the positions in 3i Group, Standard Chartered and NatWest. Consumer Services 0.48% 0.47% 0.95% The Company's overweight exposure to Next and RELX contributed to performance. Oil & Gas 0.58% 0.12% 0.70% The underweight position in the Oil & Gas sector benefitted performance. Health Care 0.36% -0.01% 0.35% Within Health Care, the Company's underweight position contributed to performance. Utilities 0.40% -0.17% 0.23% Sector allocation in the Utilities sector, where the Company maintained an underweight position, positively impacted relative returns. Consumer Goods -0.38% 0.47% 0.09% Within Consumer Goods, the underweight position in Diageo beneffited performance. Technology 0.06% 0.00% 0.06% The lack of exposure to the Technology sector had a marginal impact on relative returns. Telecommunications 0.03% 0.00% 0.03% The lack of exposure to Telecommunications had a marginal impact on relative returns. Basic Materials -0.04% -0.28% -0.32% The Company's overweight exposure to BHP and Rio Tinto detracted from performance. Industrials -0.15% -3.48% -3.63% Within Industrials, a lack of exposure to Rolls Royce and overweight positions in Hays and Rentokil detracted from performance. ========= ========= ========= 1Due to the limitations of a static attribution methodology, the numbers quoted are indicative and not exact. 2The interaction effect is included with stock selection. Portfolio Ten largest investments Together, the Company's ten largest investments represented 44.0% of the Company's portfolio as at 31 October 2024 (2023: 48.0%) 1 + AstraZeneca (2023: 2nd) Sector: Pharmaceuticals & Biotechnology Market value: £2,952,000 Share of investments: 6.5% (2023: 7.2%) AstraZeneca is an Anglo-Swedish multinational pharmaceutical group with its headquarters in the UK. It is a science-led biopharmaceutical business with a portfolio of products for major disease areas including cancer, cardiovascular infection, neuroscience and respiration. 2 + RELX (2023: 4th) Sector: Media Market value: £2,662,000 Share of investments: 5.9% (2023: 5.5%) RELX is a global provider of professional information solutions that includes publication of scientific, medical, technical and legal journals. It also has the world's leading exhibitions, conference and events business. 3 - Shell (2023: 1st) Sector: Oil & Gas Producers Market value: £2,553,000 Share of investments: 5.7% (2023: 8.9%) Shell is a global oil and gas company. The company operates in both upstream and downstream industries. The upstream division is engaged in searching for and recovering crude oil and natural gas and the liquefaction and transportation of gas. The downstream division is engaged in manufacturing, distribution and marketing activities for oil products and chemicals. 4 - Rio Tinto (2023: 3rd) Sector: Mining Market value: £2,013,000 Share of investments: 4.5% (2023: 5.9%) Rio Tinto is a metals and mining group operating in approximately 36 countries around the world, producing iron ore, copper, diamonds, gold and uranium. 5 + HSBC (2023: 15th) Sector: Banks Market value: £1,878,000 Share of investments: 4.1% (2023: 2.2%) HSBC, a bank and financial services institution, has a multinational footprint with a meaningful presence in Asia. It operates through retail banking and wealth management, commercial banking, global banking and markets, and global private banking businesses. 6 = 3i Group (2023: 6th) Sector: Financial Services Market value: £1,828,000 Share of investments: 4.1% (2023: 4.2%) 3i Group is a leading international investor focused on mid-market private equity and infrastructure. 7 = Unilever (2023: 7th) Sector: Personal Goods Market value: £1,686,000 Share of investments: 3.7% (2023: 3.5%) Unilever is a consumer staples business operating in food, home and personal care and has strong positions in emerging markets. 8 + London Stock Exchange Group (2023: 26th) Sector: Financial Services Market value: £1,508,000 Share of investments: 3.3% (2023: 1.6%) London Stock Exchange Group is a global provider of financial markets data and infrastructure. Headquartered in the City of London, it owns the London Stock Exchange, Refinitiv, LSEG Technology, FTSE Russell, and holds majority stakes in LCH and Tradeweb. 9 + Standard Chartered (2023: 12th) Sector: Banks Market value: £1,443,000 Share of investments: 3.2% (2023: 2.4%) Standard Chartered is a British multinational bank that operates in consumer, corporate, and investment banking, as well as treasury services. 10 + Pearson (2023: 27th) Sector: Media Market value: £1,336,000 Share of investments: 3.0% (2023: 1.6%) Pearson is a multinational corporation headquartered in the UK, focused on educational publishing and services. It offers educational courseware, assessments, and services. All percentages reflect the value of the holding as a percentage of total investments. Percentages in brackets represent the value of the holding as at 31 October 2023. Distribution of investments as at 31 October 2024 Analysis of portfolio by sector +--+------------------------------------+----------------+---------------+ | | |% of investments|Benchmark Index| | | |by market value | | +--+------------------------------------+----------------+---------------+ |1 |Banks |9.9 |10.62 | +--+------------------------------------+----------------+---------------+ |2 |Financial Services |9.7 |5.63 | +--+------------------------------------+----------------+---------------+ |3 |Media |8.9 |4.23 | +--+------------------------------------+----------------+---------------+ |4 |Real Estate Investment Trusts |7.7 |2.64 | +--+------------------------------------+----------------+---------------+ |5 |Support Services |7.7 |3.38 | +--+------------------------------------+----------------+---------------+ |6 |Pharmaceuticals & Biotechnology |7.6 |10.78 | +--+------------------------------------+----------------+---------------+ |7 |Oil & Gas Producers |6.8 |9.76 | +--+------------------------------------+----------------+---------------+ |8 |General Retailers |6.2 |3.52 | +--+------------------------------------+----------------+---------------+ |9 |Mining |6.2 |0.31 | +--+------------------------------------+----------------+---------------+ |10|Travel & Leisure |3.9 |2.05 | +--+------------------------------------+----------------+---------------+ |11|Household Goods & Home Construction |3.8 |1.16 | +--+------------------------------------+----------------+---------------+ |12|Personal Goods |3.7 |0.17 | +--+------------------------------------+----------------+---------------+ |13|Industrial Engineering |3.5 |0.52 | +--+------------------------------------+----------------+---------------+ |14|Non-Life Insurance |2.8 |0.83 | +--+------------------------------------+----------------+---------------+ |15|Gas, Water & Multiutilities |2.7 |3.84 | +--+------------------------------------+----------------+---------------+ |16|Food Producers |2.7 |0.68 | +--+------------------------------------+----------------+---------------+ |17|Tobacco |1.9 |3.13 | +--+------------------------------------+----------------+---------------+ |18|Electronic & Electrical Equipment |1.6 |0.98 | +--+------------------------------------+----------------+---------------+ |19|Life Insurance |1.6 |2.05 | +--+------------------------------------+----------------+---------------+ |20|General Industrials |1.1 |1.35 | +--+------------------------------------+----------------+---------------+ Sources: BlackRock and LSEG Datastream. Investment size +----------+-----------+----------------+ | |Number of |% of investments| | |investments|by market value | +----------+-----------+----------------+ |E-mail:BlackRockInvestmentTrusts@lansons.comorEdH@lansons.com 6 January 2025 12 Throgmorton Avenue London EC2N 2DL This information was brought to you by Cision http://news.cision.com The following files are available for download: https://mb.cision.com/Main/22401/4087177/3193553.pdf Release
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