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
Analysis as a % of net Analysis as a % of net
assets* assets*
Financials 62.9 Saudi Arabia 11.3
Energy 12.3 Kazakhstan 10.4
Communication 9.6 United Arab 9.5
Services Emirates
Consumer 5.6 Indonesia 7.9
Discretionary
Real Estate 4.9 Egypt 7.9
Consumer 3.5 Kenya 7.8
Staples
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 -1.2 Nigeria 3.8
Positions
===== Philippines 2.9
Uzbekistan 2.1
Chile 1.1
Multi 1.1
-International
Turkey 0.6
-----
106.7
-----
Short -1.2
Positions
=====
*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
31.08 30.09.2026%
2026 2026 2026 2026 2026
2026
2025 2025 2025 2026 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 Gross market value
Risk 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 Egypt 3.8
Bank
Etihad Etisalat Saudi 3.8
Arabia
Bank Mandiri Indonesia 3.1
Fawry for Banking Egypt 2.9
Technology 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:
1MSCI as at 31 July 2026
21 October 2026
ENDS
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into, or forms part of, this announcement.
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