PR Newswire
LONDON, United Kingdom, March 18
The information contained in this release was correct as at 28 February 2026.
Information on the Company’s up to date net asset values can be found on the
London Stock Exchange Website at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news
-home.html.
BLACKROCK INCOME & GROWTH INVESTMENT TRUST PLC (LEI:5493003YBY59H9EJLJ16)
All information is at 28 February 2025 and unaudited.
Performance at month end with net income reinvested
One Three One Three Five Since
Month Months Year Years Years 1 April
2012
Sterling
Share price 2.6% 9.8% 19.6% 35.6% 65.9% 191.3%
Net asset value 5.3% 11.7% 19.7% 39.0% 72.3% 201.8%
FTSE All-Share Total Return 6.5% 12.1% 27.3% 51.6% 88.7% 220.4%
Source: BlackRock
BlackRock took over the investment management of the Company with effect from 1
April 2012.
At month end
Sterling:
Net asset value – 266.34p
capital only:
Net asset value – 268.10p
cum income*:
Share price: 231.00p
Total assets £56.0m
(including
income):
Discount to cum 13.8%
-income NAV:
Gearing: 5.9%
Net yield**: 3.3%
Ordinary shares in 18,654,568
issue***:
Gearing range (as 0-20%
a % of net
assets):
Ongoing 1.15%
charges****:
* Includes net
revenue of 1.76
pence per share
** The Company’s
yield based on
dividends
announced in the
last 12 months as
at the date of the
release of this
announcement is
3.3% and includes
the 2025 final
dividend of 5.00p
per share declared
on 28 January 2026
with pay date 20
March 2026 and the
Interim Dividend
of 2.70p per share
declared on 19
June 2025 with pay
date 02 September
2025.
*** excludes
10,081,532 shares
held in treasury.
**** The Company’s
ongoing charges
are calculated as
a percentage of
average daily net
assets and using
management fee and
all other
operating expenses
excluding finance
costs, direct
transaction costs,
custody
transaction
charges, VAT
recovered,
taxation and
certain non
-recurring items
for the year ended
31 October 2025.
In addition, the
Company’s Manager
has also agreed to
cap ongoing
charges by
rebating a portion
of the management
fee to the extent
that the Company’s
ongoing charges
exceed 1.15% of
average net
assets.
Sector Analysis Total assets (%)
Banks 12.6
Pharmaceuticals & Biotechnology 9.8
Nonequity Investment Instruments 6.3
Mining 5.8
Oil & Gas Producers 5.4
General Retailers 5.1
Aerospace & Defense 5.0
Support Services 4.2
Household Goods & Home Construction 4.2
Financial Services 4.0
Personal Goods 3.7
Real Estate Investment Trusts 3.6
Electronic & Electrical Equipment 3.0
Tobacco 2.9
General Industrials 2.8
Software & Computer Services 2.8
Industrial Engineering 2.5
Nonlife Insurance 2.4
Life Insurance 2.4
Electricity 2.4
Food Producers 1.7
Food & Drug Retailers 1.4
Beverages 0.6
Net Current Assets 5.4
—–
Total 100.0
=====
Country Analysis Percentage
United Kingdom 90.9
United States 3.7
Net Current Assets 5.4
—–
100.0
Top 10 Holdings Fund %
AstraZeneca 8.5
HSBC 4.5
Shell 4.3
Standard Chartered 4.2
Lloyds Banking Group 4.1
Rio Tinto 4.0
Unilever 3.9
Reckitt Benckiser Group 3.7
Rolls-Royce Holdings 3.2
British American Tobacco 3.1
Commenting on the markets, representing the Investment Manager noted:
Market Summary:
February delivered a continued grind higher for global equities, although
leadership broadened materially beneath the surface. The MSCI ACWI gained 1.3%
over the month, as investors rotated away from crowded mega-cap AI and software
names towards more cyclical and value-leaning parts of the market. The macro
backdrop was shaped by three overlapping themes: a growing debate over the
payback from heavy AI investment; policy uncertainty around US trade tariffs
following a Supreme Court ruling on the administration’s emergency powers; and a
late-month rise in geopolitical risk as conflict involving the US and Iran
escalated on the final day of February. Bond markets responded constructively,
with yields generally moving lower as risk sentiment wobbled and investors
leaned back into the «gradual disinflation» narrative.
In the U.S., equity performance was driven by sharp rotations and AI-related
volatility. After a strong start to the year, small-cap performance was uneven
through February, while several high-profile AI and software names – including
Nvidia – experienced significant drawdowns despite earnings beats, reflecting
investor concerns around AI capex intensity, monetisation and broader headwinds
facing the software sector. Financials and private credit exposed stocks also
came under pressure amid liquidity concerns, adding to broader index weakness.
European equities continued to hold up well, underpinned by earnings momentum
and a supportive rates backdrop. The ECB kept rates on hold at 2%, while
eurozone inflation prints and surveys pointed to a modest improvement in
momentum, helping sustain confidence in a «soft-landing» path. Commodities were
firmer overall, with precious metals notably volatile early in the month before
rebounding into month-end as geopolitical risks intensified; oil also lifted
late, following the escalation in the Middle East.
In the UK, equities advanced strongly. The FTSE All-Share rose 6.5%, supported
by the rotation away from high-valuation tech, resilient earnings and strength
in more defensive UK large caps. Sector leadership was broad, with healthcare,
basic materials, utilities and telecoms among the top performers. The Bank of
England held Bank Rate at 3.75% (5-4 vote), while reiterating that further
easing remains likely as inflation pressures cool. Supporting that tone,
headline CPI eased to 3.0% YoY in January, down from 3.4% in December,
reinforcing the view that the inflation profile is moving back towards target
over the coming quarters.
Source: https://www.bankofengland.co.uk/monetary-policy-summary-and
-minutes/2026/february-2026
Source:
https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpricein
flation/january2026
Stock comments
Great Portland Estates detracted in February, giving back some of the strong
performance in January. The profit taking occurred amidst emerging concerns
through the month around dislocation from AI leading to potential job losses.
Our view remains that Zone One central London offices is a strong asset class,
highlighted by strong rental growth over the last two decades that we expect
this to continue.
UK bank shares pulled back from early-month highs as investors weighed a more
dovish interest-rate outlook and a broader wobble in banking sentiment around
credit risk. Lloyds Banking Group and Standard Chartered detracted as a result,
with both giving back some of the strong 2025 and January performance. We had
trimmed our position in Lloyds on strength reflecting the elevated valuation.
Conversely, an underweight position in Barclays contributed to performance.
RELX was a notable detractor amid a sharp valuation de-rating of
information/services names exposed to the «AI disruption» narrative. Investors
are concerned that new generative-AI legal tools could compress pricing power
and moats triggered heavy selling across the space, which outweighed more
supportive longer-term fundamentals and capital returns in the near term. The
shares bounced back later in the month.
Howden Joinery also contributed to relative performance after posting a strong
set of full year results with margin progression. The group had modest
improvements in the kitchen market combined with a dominant competitive
position.
Changes
We initiated a new position in Tesco as part of a defensive cashflow growth
opportunity. The company should be resilient given limited structural threats
and strong competitive position. We also sold off the remainder of NatWest and
switched into Barclays as we believe there is more momentum in Barclays from
hereon – with NatWest’s acquisition of Evelyn depressing capital returns in the
short term. We also initiated a new position in Mondi where trading has been
difficult in recent years given the adverse supply/demand trends in their
markets. The company has spent a lot of capex and undertaken M&A in recent years
which should start contributing as markets recover.
We sold BAE Systems following strong year-to-date performance and to reflect
higher conviction elsewhere in Babcock where we expect more upsides given the
potential contract wins this year supported by a strong defence backdrop.
Outlook
The outlook remains shaped by a mix of geopolitical uncertainty, evolving
interest-rate expectations and strong themes in AI, Defence and Financials.
While global markets experienced volatility in early 2025, falling due to trade
tariff concerns and then recovering as proposed measures were softened, trade
tariffs continue to drive sharp swings in sectors and individual companies.
Expectations of Federal Reserve interest rate cuts have been repeatedly delayed,
and President Trump’s unpredictable policy stance suggests volatility across
equity and bond markets will stay elevated. Recent developments in the Middle
East have added to near-term uncertainty, lifting risk premia across energy and
broader markets amid heightened volatility. While markets continue to weigh a
range of outcomes, investor sentiment remains highly sensitive to policy signals
and the risk of further escalation, particularly the implications for energy
supply and shipping routes. These dynamics have also weakened the US dollar,
affecting companies with US dollar revenues. Against this backdrop, we continue
to favour companies with durable competitive advantages and pricing power, while
looking for opportunities created by heightened market swings.
In Europe, the backdrop is supported by the European Central Bank interest rate
cuts and Germany’s fiscal push that is centred on defence and infrastructure.
This has already boosted European defence companies; however, it remains unclear
whether wider economic momentum will follow. Corporate sentiment in defence
-related industries is upbeat, but the broader tone is one of stabilisation.
Meanwhile, China continues to battle soft domestic demand and deflation
pressures, with limited success so far; recent US trade tariff announcements
have only added to the uncertainty.
The UK market has remained relatively resilient despite domestic political
noise, though companies more exposed to the UK economy have faced pressure on
sentiment. Hopes for stability have faded, with political fractures keeping risk
premia high across equities and gilts. While households remain in decent shape –
with solid savings and real wage growth – both consumer and business confidence
will need to improve for a fuller recovery. Recent data point to stabilisation,
but uncertainty on growth and policy direction continues to weigh on investor
conviction. UK equities remain deeply undervalued relative to global peers, with
double-digit discounts across metrics. This has spurred buybacks and continued
inbound M&A. While volatility is expected to persist, we believe risk appetite
will return and opportunities are emerging.
Cash-generative businesses with enduring competitive advantages continue to be a
priority, and we are confident they are best positioned to deliver long-term
returns. While volatility is likely to persist, the opportunities it presents
are encouraging – both in resilient growth stories and compelling turnaround
cases.
18 March 2026
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