BlackRock Energy and Resources Income Trust's net asset value fell 5.6% in September as gold and copper equities dropped, according to its latest monthly portfolio update, published on 21 October. The trust has since continued to issue routine notices, most recently on 2 November.

What happened

BlackRock Energy and Resources Income Trust (LSE:BERI) is a constituent of the FTSE All-Share index and sits in the Investment trust sector. Its portfolio update gave month-end figures for 30 September, and those figures below come from an AI-generated summary on, which warns that such summaries may contain errors.

On that basis, NAV stood at 182.50p at the end of September, while the share price closed the month at 175.50p, down 4.8%. That left the shares on a 3.8% discount to NAV.

The summary describes a mixed month across the portfolio. Mining was the largest detractor, because of falls in gold and copper equities. Conventional energy helped, as integrated and refining businesses benefited from higher oil prices.

Inside the portfolio

The update split the trust across three areas at the end of September: mining at 38.6%, energy at 31.7% and energy transition at 30.3%. Anglo American was the largest named holding at 6.5%, followed by Glencore at 5.9%.

Total Assets were £181.7m. Net gearing was 9.4%, the net Yield 3.1% and ongoing charges 1.15%.

Why it matters for investors

The split is the main point for shareholders. In our analysis, a portfolio divided almost evenly in three can see one area offset another, as energy partly did for mining in September. It does not remove Commodity risk, however, and the 5.6% fall shows how much a mining-heavy month can matter.

Gearing also amplifies moves in both directions. With net gearing of 9.4%, the trust's borrowing adds to its exposure at a time when its largest segment has been volatile. The relatively narrow 3.8% discount means the shares were priced close to the value of the underlying assets at month-end.

How the shares have performed

The most recent sourced price for this article is the 175.50p month-end figure as at 30 September. A live quote was not retrieved, so no more recent price or discount is given here.

The announcement list on shows daily NAV notices running through to 2 November, though the figures in those notices were not read for this report. So September's numbers should be treated as a dated snapshot rather than a current valuation.

Recent announcements

The list also shows "Transaction in Own Shares" notices dated 21 September and 6, 12, 22, 26 and 30 October. Total Voting Rights notices followed on several dates, including 26 and 28 October and 2 November.

The titles indicate continued dealing in the company's own shares and changes to its share count, but the size and direction of those transactions were not checked. There was no results statement or corporate action among the items listed between mid-September and 2 November.

What to watch next

The next monthly portfolio update should show whether mining recovered in October and how the balance between the three segments has moved. On the summary's account, oil prices and gold and copper equities were the main swing factors in September, so those are the obvious markers.

Investors may also watch the discount, which the daily NAV notices allow them to track against the market price. Any further own-share notices will show whether the recent pattern of activity continues into November.