BLACKROCK FRONTIERS INVESTMENT TRUST PLC (LEI: 5493003K5E043LHLO706)

 

All information is at 30 September 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                      -0.8  1.9    19.4 52.8  95.4  251.8

Net asset value                  -1.2  1.8    13.1 37.4  69.2  249.8

Benchmark (NR)**                 -1.2  1.9    11.3 29.2  38.9  132.7

MSCI Frontiers Index (NR)        -2.3  -0.4   18.6 68.6  48.3  185.9

MSCI Emerging Markets Index (NR) 1.5   -0.5   31.0 75.6  55.7  163.2

US Dollars:

Share price                      -2.8  1.9    17.8 66.3  92.7  201.2

Net asset value                  -3.4  1.9    11.6 49.6  66.8  199.1

Benchmark (NR)**                 -3.2  2.0    9.8  40.6  36.8  99.8

MSCI Frontiers Index (NR)        -4.3  -0.3   17.0 83.5  46.1  143.6

MSCI Emerging Markets Index (NR) -0.6  -0.4   29.2 91.1  53.4  124.2

 

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:                        244.00c

Net asset value - cum income:                          252.75c

Sterling:

Net asset value - capital only:                        183.69p

Net asset value - cum income:                          190.27p

Share price:                                           192.50p

Total assets (including income):                       £417.7m

Premium to cum-income NAV:                             1.18%

Gearing:                                               Nil

Gearing range (as a % of gross assets):                0-20%

Net yield*:                                            4.0%

Ordinary shares in issue**:                            165,256,520

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 2026 interim dividend of 3.85 cents per share, declared on 28 May 2026, paid to shareholders on 26 June 2026 and the 2025 final dividend of 6.35 cents per share, declared on 10 December 2025 paid to shareholders on 26 February 2026.

** Excluding 76,566,281 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 excluding performance fees, finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items for Year ended 30 September 2025.

**** 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 as
Analysis         as a % of net       Analysis             a % of net assets*
                 assets*

Financials       62.9                Saudi Arabia         11.3

Energy           12.3                Kazakhstan           10.4

Communication    9.6                 United Arab Emirates 9.5
Services

Consumer         5.6                 Indonesia            7.9
Discretionary

Real Estate      4.9                 Egypt                7.9

Consumer Staples 3.5                 Kenya                7.8

Health Care      2.6                 Poland               7.4

Industrials      2.4                 Thailand             6.3

Utilities        1.2                 Argentina            5.1

Information      1.1                 Bangladesh           4.9
Technology

Materials        0.6                 Georgia              4.8

                 -----               Hungary              4.1

                 106.7               Pakistan             3.9

                 -----               Vietnam              3.8

Short Positions  -1.2                Nigeria              3.8

                 =====               Philippines          2.9

                                     Uzbekistan           2.1

                                     Chile                1.1

                                     Multi-International  1.1

                                     Turkey               0.6

                                                          -----

                                                          106.7

                                                          -----

                                     Short Positions      -1.2

                                                          =====

*reflects gross market exposure from contracts for difference (CFDs).

 

 

Market Exposure
 

      31.10 30.11 31.12 31.01 28.02 31.03 30.04 31.05 30.06 31.07
                                    2026  2026  2026  2026  2026  31.08
      2025  2025  2025  2026  2026                                2026  30.09.2026%
                                    %     %     %     %     %     %
      %     %     %     %     %

Long  114.0 110.5 110.9 116.7 121.3 106.7 103.6 101.9 109.3 108.9 106.3 106.7

Short 1.6   1.5   1.9   1.8   2.0   1.6   2.1   2.1   1.0   1.2   1.3   1.2

Gross 115.6 112.0 112.8 118.5 123.3 108.3 105.7 104.0 110.3 110.1 107.6 107.9

Net   112.4 109.0 109.0 114.9 119.3 105.1 101.5 99.8  108.3 107.7 105.0 105.5

 

Ten Largest Investments

 

Company                       Country of Risk Gross market value as a % of net
                                              assets

Bank Pekao                    Poland          5.0

Kaspi.Kz JCS                  Kazakhstan      4.5

Halyk Savings Bank            Kazakhstan      4.4

OTP Bank                      Hungary         4.1

Equity Group                  Kenya           4.1

Commercial International Bank Egypt           3.8

Etihad Etisalat               Saudi Arabia    3.8

Bank Mandiri                  Indonesia       3.1

Fawry for Banking Technology  Egypt           2.9
and Electronic Payments

YPF Sociedad Anónima          Argentina       2.7

Commenting on the markets, Sam Vecht and Emily Fletcher, representing the Investment Manager noted:
 

The Company’s NAV returned -3.4% in September, slightly underperforming the benchmark the MSCI Frontier + Emerging ex Selected Countries Index (“Benchmark Index”), which returned -3.2%. For reference, the MSCI Emerging Markets Index returned -0.6% while the MSCI Frontier Markets Index returned -4.3% over the same period. All performance figures are on a US Dollar basis with net income reinvested. 1  

 

At the stock level, Kenyan bank Equity Group (+11.1%) was the strongest contributor, extending its rally to record highs following strong first-half results, with profits up over 30% and continued optimism around the bank seeing continued improvement in credit quality. Bank Pekao (+5.3%) in Poland also contributed amid a supportive backdrop for Polish banks as expectations for further interest-rate cuts faded. Athens International Airport (+9.2%) was another strong performer, supported by the reclassification of Greece to developed-market status by FTSE and the stock’s inclusion in the FTSE Developed Europe Small Cap universe.

 

Our holdings in Bangladesh contributed positively this month.   Since the February election, the country has seen improved political stability under Tarique Rahman’s Government and FDI has grown on the back of the government’s reform commitments.  

 

On the flipside, positions in Indonesia detracted as the market fell 7.5% over the month.    Investor sentiment weakened amid rising global bond yields with investors questioning whether relative yield vs the US 10 year was sufficient to compensate for the additional risk of investing in Indonesia.

 

Kazakh fintech company Kaspi (-9.3%) gave back some of its strong August gains amid profit-taking following the previous month’s rally. Saudi financial services company Derayah (-14.6%) also detracted, falling amid broader weakness in Saudi equities during the month. DigiPlus (-24.2%) in the Philippines was the largest detractor as regulatory uncertainty continued to weigh on sentiment, compounded by a late-month setback to its Brazilian expansion following new restrictions on online betting and gaming.

 

We made some changes over the month. In Indonesia, we initiated a position in coal mining company Adaro Andalan, where we see attractive upside at current valuations even if coal prices remain around current levels, with further support possible should prices recover. In Nigeria, we added to Guaranty Trust and Zenith Bank, reflecting a supportive macro backdrop, stronger reserve accumulation and a broader shift towards policy orthodoxy, while valuations and dividend yields remain attractive.

 

Looking ahead, we remain constructive on the outlook for smaller emerging and frontier markets.   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:

1 MSCI as at 31 July 2026

 

21 October 2026

 

ENDS

 

Latest information is available by typing www.blackrock.com/uk/brfi on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal). Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on BlackRock’s website (or any other website) is incorporated into, or forms part of, this announcement.

Release