PR Newswire
LONDON, United Kingdom, February 26
BLACKROCK FRONTIERS INVESTMENT TRUST PLC (LEI: 5493003K5E043LHLO706)
All information is at 31 January 2026 and unaudited.
Performance at month end with net income reinvested.
One Three One Three Five Since
month months year years years Launch*
% % % % % %
Sterling:
Share price 7.2 12.8 26.4 59.6 97.3 241.0
Net asset value 7.0 9.6 20.2 52.9 99.7 251.4
Benchmark (NR)** 5.5 4.5 14.7 24.9 52.9 128.1
MSCI Frontiers Index (NR) 1.8 5.3 34.1 60.0 63.8 161.8
MSCI Emerging Markets Index (NR) 6.7 4.8 29.3 42.7 29.8 124.8
US Dollars:
Share price 9.3 17.8 39.6 77.9 97.3 201.7
Net asset value 9.2 14.4 32.7 70.4 99.7 210.4
Benchmark (NR)** 7.7 9.2 26.6 39.2 52.7 102.3
MSCI Frontiers Index (NR) 3.9 10.0 48.1 78.3 63.7 130.4
MSCI Emerging Markets Index (NR) 8.9 9.4 42.8 59.1 29.7 97.8
Sources: BlackRock and Standard & Poor’s Micropal
* 17 December 2010.
** The Company’s benchmark changed to MSCI Frontier + Emerging ex Selected
Countries Index (net total return, USD) effective 1/4/2018.
At month end
US Dollar
Net asset value – capital only: 265.41c
Net asset value – cum income: 266.42c
Sterling:
Net asset value – capital only: 193.40p
Net asset value – cum income: 194.14p
Share price: 189.50p
Total assets (including income): £367.4m
Discount to cum-income NAV: 2.4%
Gearing: Nil
Gearing range (as a % of gross assets): 0-20%
Net yield*: 3.9%
Ordinary shares in issue**: 189,270,248
Ongoing charges***: 1.42%
Ongoing charges plus taxation and performance fee****: 2.87%
*The Company’s yield based on dividends announced in the last 12 months as at
the date of the release of this announcement is 3.9% and includes the 2025
interim dividend of 3.65 cents per share, declared on 29 May 2025, paid to
shareholders on 24 June 2025 and the 2025 final dividend of 6.35 cents per
share, declared on 10 December 2025 payable to shareholders on 26 February 2026.
** Excluding 52,552,553 ordinary shares held in treasury.
*** The Company’s ongoing charges are calculated as a percentage of average
daily net assets and using the management fee and all other operating expenses
and including performance fees but excluding finance costs, direct transaction
costs, custody transaction charges, VAT recovered, taxation and certain non
-recurring items for Year ended 30 September 2025.
Sector Gross market value Country Gross market value
Analysis as a % of net Analysis as a % of net
assets* assets*
Financials 55.8 Saudi Arabia 13.3
Consumer 10.4 United Arab 12.3
Discretionary Emirates
Communication 10.1 Turkey 10.8
Services
Real Estate 9.1 Egypt 9.9
Energy 8.0 Poland 9.2
Materials 5.4 Kazakhstan 8.8
Information 5.0 Indonesia 7.3
Technology
Industrials 4.9 Vietnam 5.0
Consumer 4.0 Multi 5.0
Staples -International
Health Care 3.1 Kenya 4.8
Utilities 0.9 Pakistan 4.6
—– Greece 4.5
116.7 Hungary 3.8
—– Thailand 3.3
Short -1.8 Georgia 3.2
Positions
===== Bangladesh 2.9
Pan Africa 2.6
Philippines 2.5
Chile 1.5
Argentina 1.4
—–
116.7
—–
Short -1.8
Positions
=====
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
28.02 31.03 30.04 31.05 30.06 31.07 31.08 30.09 31.10 30.11
31.12 31.01
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
2025 2026
% % % % % % % % % %
% %
Long 121.0 118.5 111.3 117.9 121.2 113.0 114.3 112.2 114.0 110.5
110.9 116.7
Short 3.9 4.3 3.8 3.4 3.4 2.5 2.4 1.7 1.6 1.5 1.9
1.8
Gross 124.9 122.8 115.1 121.3 124.6 115.5 116.7 113.9 115.6 112.0
112.8 118.5
Net 117.1 114.2 107.5 114.5 117.8 110.5 111.9 110.5 112.4 109.0
109.0 114.9
Ten Largest Investments
Company Country of Risk Gross market value as a % of net assets
Bank Mandiri Indonesia 4.3
Commercial Egypt 4.3
International
Bank
Bank Pekao Poland 4.1
OTP Bank Hungary 3.8
Akbank Turkey 3.6
Rasan Saudi Arabia 3.4
Information
Etihad Saudi Arabia 3.4
Etisalat
Halyk Savings Kazakhstan 3.4
Bank
Emaar United Arab Emirates 3.4
Properties
LPP Poland 3.3
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the
Investment Manager noted:
The Company NAV returned +9.2% in January 2026, outperforming its benchmark, the
MSCI Frontier + Emerging ex Selected Countries Index («Benchmark Index»), which
returned +7.7%. For reference, the MSCI Emerging Markets Index returned +8.9%
while the MSCI Frontier Markets Index returned +3.9% over the same period. All
performance figures are on a US Dollar basis with net income reinvested.
Several of the markets where we are invested did well in January, with some of
the best performing markets being Egypt (24.5%) and Turkey (23.7%). In Egypt,
easing inflation, with December 2025 CPI falling to 12.3% from 23.4% a year
earlier, opened the door to further potential rate cuts. Confidence was further
supported by hope of continued pick up in volumes of ships transiting the Suez
Canal. Turkey also benefited from a lower than expected January 2026 CPI print
and hope that this could lead to further rate cut and renewed foreign investor
participation.
At the stock level, Commercial International Bank Egypt (28.7%) was the largest
contributor over the month, benefitting from the broader surge in the Egyptian
market. Kazakhstan-based NAC Kazatomprom (47.3%) was another strong performer on
the back of rising uranium prices. Turkish bank Akbank (+31.6%) also did well,
supported by expectations of a NIM rebound as rate cuts feed through to
earnings. Saudi fintech name Rasan (20.1%) surged to all time highs over the
month, as insurance penetration continued to grow across the country.
On the flipside, Bank Mandiri (-4.6%) fell alongside the Indonesian market after
MSCI warned the country could face a downgrade from Emerging Markets to Frontier
status at the May 2026 review due to transparency and free float concerns.
Whilst this could have substantial implications for some of the other benchmark
stocks in the country, we continue to see value in this name. Polish retailer
LPP (-4.0%) was another detractor amid profit-taking following last month’s
rally. Philippines-based online gaming company Digiplus (-19.4%) continued to
fall, however, we see value in the name and have topped up the position.
We made a few changes in January. We topped up the position in Saudi Arabia
based oil and drilling company ADES following the completion of the merger with
Shelf Drilling, as we see meaningful cost of debt synergies and an improving
cash generation profile for the company. We re-initiated a position in
Argentinian oil and gas company YPF, as its shift into shale offers attractive
value at current oil prices, with even further upside if prices move higher. We
exited the Polish low-cost carrier Wizz Air, amid ongoing cost pressures and
operational challenges. Elsewhere, we reduced our exposure in Pakistan to lock
in some profits.
Looking ahead, we remain constructive on the outlook for smaller emerging and
frontier markets. With inflation easing across many of our key markets and U.S.
bond yields remaining relatively stable, we anticipate that central banks in our
target countries will continue interest rate cuts in the near term. This
backdrop sets the stage for a cyclical recovery in domestically driven
economies. Valuations across our investment universe remain attractive, both in
absolute and relative terms. Many of these markets are still under-researched,
and we believe this creates fertile ground for finding high-conviction, alpha
-generating opportunities.
Sources:
1BlackRock as at 31 January 2026
2MSCI as at 31 January 2026
26 February 2026
ENDS
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