Title: PowerPoint Presentation URL Source: https://is.gd/tpNUUU Published Time: Wed, 28 May 2025 04:37:18 GMT Markdown Content: BlackRock Income and Growth # Investment Trust plc # April 2025 # Company objective To provide growth in capital and income over the long term through investment in a diversified portfolio of principally UK listed equities. # Key risk factors Capital at risk The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. The companies investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The Company may from time to time utilise gearing. A fuller definition of gearing is given in the glossary. The latest performance data can be found on the BlackRock Investment Management (UK) Limited website at blackrock.com/ uk /brig . The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy . # blackrock.com/ uk /brig Fund information (as at 30/04/25) Net asset value - capital only: 218.49p Net asset value - cum income: * 222.51p Share price: 198.00p Total assets (including income): £49.0m Discount to NAV (cum income): 11.0% Gearing: 5.5% Net yield: ** 3.8% Ordinary shares in issue: *** 19,334,743 Gearing range (as a % of net assets) 0-20% Ongoing charges: **** 1.15% Past performance is not a reliable indicator of current or future results. The information contained in this release was correct as at 30 April 2025. 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 > * Includes net revenue of 4.02 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 3.8% and includes the Interim Dividend of 2.70 p per share declared on 20 June 2024 with pay date 29 August 2024 and the 2024 final dividend of 4.90 p per share declared on 07 January 2025 with pay date 14 March 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 2024 . 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 . RETH0525E/S-4518357-1/7 The figures shown relate to past performance . Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy . Index performance returns do not reflect any management fees, transaction costs or expenses . Indices are unmanaged and one cannot invest directly in an index . > The latest performance data can be found on our website :www .blackrock .com/uk/brig > The above Net Asset Value (NAV) performance statistics are based on aNAV including income, with any dividends > reinvested on the ex -dividend date, net of ongoing charges and any applicable performance fee . > Afuller definition of ongoing charges (which includes the annual management fee) is given in the glossary .Details of the > management fee are given in the key company details section overleaf .The Company does not have aperformance fee . > Share price performance figures are calculated on amid market basis in sterling terms with income reinvested on the ex - > dividend date . > Sources :BlackRock (as at 30 .04 .25 ) > 1The Company’s benchmark is the FTSE All -Share Index (on atotal return basis) . > 2BlackRock took over the investment management of the Company with effect from 1April 2012 . Sterling 31/03/24 31/03/25 % 31/03 /23 31/03 /24 % 31/03 /22 31/03 /23 % 31/03 /21 31/03 /22 % 31/03 /20 31 /03 /21 % Net asset value 8.1 7.1 3.9 11.4 25.2 Share price 11.1 -1.3 8.7 12.0 21.7 Benchmark 1 10.5 8.4 2.9 13.0 26.7 Sterling 1M% 3M% 1Y% 3Y% 5Y% Since 1 April 2012 2 Share price 1.0 1.3 10.2 18.9 46.6 141.2 Net asset value -0.4 -3.7 5.6 18.8 57.8 142.9 Benchmark 1 -0.2 -1.2 7.5 22.6 67.9 145.4 Sector allocation (as at 30/04/2025) % of total assets Banks 10.3 Pharmaceuticals & Biotechnology 8.1 Financial Services 6.5 Support Services 6.5 Real Estate Investment Trusts 6.4 General Retailers 6.4 Oil & Gas Producers 5.8 Software & Computer Services 5.8 Nonlife Insurance 4.3 Mining 4.1 Household Goods & Home Construction 3.8 Personal Goods 3.7 Tobacco 3.6 Aerospace & Defence 3.4 Media 2.5 Travel & Leisure 2.3 Industrial Engineering 2.2 Food Producers 2.1 Life Insurance 1.7 Electronic & Electrical Equipment 1.1 General Industrials 1.0 Beverages 0.7 Nonequity Investment Instruments 0.3 Net Current Assets 7.4 Total 100.0 Company % of total assets AstraZeneca 6.6 RELX 5.8 3i Group 4.3 Shell 4.1 Unilever 3.7 British American Tobacco 3.6 Lloyds Banking Group 3.1 Admiral Group 3.1 Standard Chartered 3.1 HSBC Holdings 2.7 ## *Ten largest investments (in % total assets order 30/04/25) * These percentages reflect portfolio exposure per stock and include more than one holding per stock where relevant . Holdings are as at the date shown and do not necessarily represent current or future portfolio holdings . Risk : The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable . ## Annual performance to the last quarter end (as at 31/03/25) ## Cumulative performance (as at 30/04/25) Country Allocation (as at 30/04/25) % of total assets United Kingdom 90.4 United States 2.2 Net Current Assets 7.4 Total 100.0 Allocations are as of the date shown and do not necessarily represent current or future portfolio holdings . A full disclosure of portfolio investments for the Company as at 31 March 2025 has been made available on the Company’s website at the link given below : https ://www .blackrock .com/uk/individual/literature/policies/blk - income -growth -portfolio .pdf > RETH0525E/S-4518357-2/7 Comments from the Portfolio Managers Please note that the commentary below includes historic information in respect of index performance data and the Company’s NAV performance. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Market Summary: April began with one of the most tumultuous periods in history for financial markets, as U.S. President Donald Trump announced his reciprocal tariff strategy on “Liberation Day” on April 2nd. In the 7 days following, the S&P 500 posted its worst day since the pandemic turmoil of March 2020, as well as its best day since the GFC in 2008. Moreover, the 10yr Treasury yield posted its biggest weekly jump since 2001, and the 10yr Treasury -bund spread saw its biggest weekly widening in data going back to German reunification in 1990. Equity market performance on the day was universally negative, with the S&P500 returning -c.4.8%, Europe's STOXX600 -c.2.7% and MSCI World -c.3.7%, although the UK stood out as a relative outperformer, with the FTSE All -Share down 'only' -c.1.5% given the UK is only subject to the 10% blanket tariff. The 30yr Treasury yield posted its biggest daily spike since March 2020, flagging broader concerns about the safety of U.S. assets and their capacity to act as a haven in times of market stress. President Trump announced a 90 -day pause on reciprocal tariffs for non -retaliating countries a week later. The news saw a relief rally in global markets, with the sell - off for long -end Treasuries also stabilising in the U.S., and the 30yr yield came down -2.8bps. The S&P 500 jumped +10% on the announcement, before selling off c.3% on the following day as an increased focus on the US -China escalation saw renewed market pressure. The US dollar and Treasuries also subsequently sold off as banks and investors warned that Donald Trump’s tariffs could tip the US into recession even as the president stepped back from the initial tariff implementation. The dollar slid against major trading partner currencies to a more than 20 -month low as the rush out of US assets sent the yen, euro and pound sterling surging. The yield on the benchmark 10 -year US Treasury hit 4.46%, up from 4.17% at the close on April 1, the day before Trump’s “liberation day”. Whilst equities sold off, gold prices jumped to an all -time high as investors fled into haven assets. The S&P 500, the Stoxx 600 and the FTSE 100 all saw gains in the final week, as US Treasury Secretary Bessent said progress was being made towards trade deals, and the White House confirmed reports that imported autos would not face additional steel and aluminium tariffs. In the UK, February GDP growth surprised to the upside as the economy expanded by 0.5%, despite growth forecasts for this year being cut to 0.8% because of trade disruption and uncertainty caused by U.S. trade tariffs. Positively, the UK mortgage market saw a notable expansion in low -deposit products, with the increased availability reflecting lender confidence and improving market liquidity, though borrowing costs remain elevated. The FTSE All -Share remained relatively flat for the month despite initial volatility around “liberation day”, returning -0.25%. Stock comment: WH Smith was the top detractor for the month reflecting growing concerns regarding US passenger numbers and as the market adjusts to the dilutive impact of the sale of its UK High Street division. A strategically sensible transaction though at a disappointing valuation. A reduction in the number of net store openings also disappointed. We still believe that this is an advantaged retailer with attractive, long -term growth potential driven by additional space and improving like -for -like trends that is trading at a relatively low valuation and have added on the weakness. An underweight position in National Grid was the top detractor for the quarter as a market rotation into defensive shares following the ‘Liberation Day’ tariff announcements saw the shares up c.7% for the month. Standard Chartered shares sold off significantly following ‘Liberation Day’. The bank sector was impacted by heightened macroeconomic and geopolitical concerns with Standard Chartered and HSBC deemed more vulnerable given their greater exposure to high tariff economies. 3i Group shares rebounded strongly following recent weakness, and the broad -based ‘Liberation Day’ selloff. Although there was limited company specific news during the month, the group’s largest investment, Action, the European value retailer, might be one of the beneficiaries of US tariffs if goods need to be redirected from the US to EU markets. Admiral Group continued to perform well following a strong trading announcement early in March, and data released in April showed that motor pricing had remained flat for the month; a material improvement in month -on - month trends. Motor pricing has been a strong driver of the narrative for Admiral year -to -date and therefore supported continued strong performance through the month. The shares also rebounded heavily following the ‘Liberation Day’ selloff, alongside the broader market. An underweight position in Shell was the third largest contributor for the month. Shell struggled in the month due to slumping commodity prices, a weak outlook for oil markets and the uncertainties stoked by the US Administration’s trade tariffs. The tariff announcements early in the month caused a slump in global energy prices due to fears that an economic slowdown would follow. Risk: Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. > RETH0525E/S-4518357-3/7 ## Comments from the Portfolio Managers ## (continued) Changes: During the month, we sold our position in Travis Perkins. This follows the recent and unfortunate departure of the CEO to illness and our concern that the volatile economic backdrop would make a challenging turnaround situation even more difficult. We want to focus the portfolio on ideas where we have higher conviction given the more volatile environment. We added to Taylor Wimpey and Intermediate Capital. Outlook: Having passed peak interest rates with stable labour markets and broadly stable macroeconomic conditions, equity markets have performed strongly through 2024. 2025 has started with a change of market leadership, with European and UK equity markets outperforming the US. The promise of greater fiscal spending in China and parts of Europe have served to buoy equity markets at a time when the US risk appetite appears to be retrenching with concerns on both on trade, tariffs and fiscal consolidation. The persistency of this change in market leadership will largely depend on whether ‘predictability’ returns to US policy, the volatility of which is causing corporates to continually reassess their strategies towards the world’s largest economy. Following a period of extended economic weakness, the Chinese Government has begun a more concerted campaign aimed at accelerating economic growth and arresting deflationary pressures. Recent policy moves have sought to improve and encourage lending into the real economy with a sizable fiscal easing programme announced. Whilst the scale of the easing is large, western markets and commentators have remained sceptical of its impact and effectiveness whilst awaiting evidence to the contrary. In the UK, the recent budget promised and delivered a large -scale borrowing and spending plan. Whilst sizable increases in minimum wage and public sector wage agreements likely support a brighter picture for the UK consumer, business confidence remains low impacting the growth outlook. UK labour markets remain resilient for now with low levels of unemployment while real wage growth is supportive of consumer demand albeit presents a challenge to corporate profit margins. With the UK’s election and budget now over, the market’s attention will focus on the subsequent policy actions of the new US administration under Donald Trump. The global economy has benefited from the significant growth and deflation ‘dividend’ it has received from globalisation over the past decades. The impact of a more protectionist US approach and the potential implementation of tariffs may challenge this ‘dividend’. Indeed, we anticipate more uncertainty given the announcements of significant federal budget cuts and a stricter immigration policy. We would anticipate asset markets to be wary of these policies until there is more clarity as we move through 2025. Conversely, we believe political certainty, now evident in the UK, will be helpful for the UK and address the UK’s elevated risk premium that has persisted since the damaging Autumn budget of 2022. Whilst we do not position the portfolio for any election or geopolitical outcome, we are mindful of the potential volatility and the opportunities that may result, some of which have started to emerge. The UK stock market continues to remain very depressed in valuation terms relative to other developed markets offering double -digit discounts across a range of valuation metrics. This valuation anomaly saw further reactions from UK corporates who continue to use their excess cashflows to fund buybacks contributing to a robust buyback yield of the UK market. Combining this with a dividend yield of 3.8% (FTSE All Share Index yield as at 31 March 2025; source: Bloomberg), the cash return of the UK market is attractive in absolute terms and higher than other developed markets. Although we anticipate further volatility ahead, we believe that risk appetite will return and opportunities are emerging. We have identified several potential opportunities with new positions initiated throughout the year in both UK domestic and midcap companies. We continue to focus the portfolio on cash generative businesses that we believe offer durable, competitive advantages as we believe these companies are best placed to drive returns over the long term. Whilst we anticipate economic and market volatility will persist throughout the year, we are excited by the opportunities this will likely create; by seeking to identify the companies that strengthen their long -term prospects as well as attractive turnaround situations . Risk: Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. Any opinions or forecasts represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation. > RETH0525E/S-4518357-4/7 Financial calendar: Year end October Results announced December Annual General Meeting March Dividends paid March and September NMPI status The Company currently conducts its affairs so that its securities can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA) rules in relation to Non -Mainstream Pooled Investments (NMPI) and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA’s restrictions which apply to non -mainstream pooled investments because they are shares in an investment trust. ## Key company details Fund characteristics: Launch date 14 December 2001 Dealing currency Sterling Association of Investment Companies sector (AIC) UK Equity Income Benchmark FTSE All -Share Total Return Index Traded London Stock Exchange Management Alternative Investment Fund Manager (with effect from 2 July 2014) BlackRock Fund Managers Limited Portfolio managers Adam Avigdori & David Goldman Annual management fee 0.6% per annum of the Company’s market capitalisation • The Company’s Manager has agreed to cap ongoing charges by rebating a portion of the management fee to the extent that the Co mpa ny’s ongoing charges exceed 1.15% of average net assets. • BlackRock Income and Growth Investment Trust plc will not invest more than 15% of its gross assets in other closed -ended listed investment funds. • BlackRock Income and Growth Investment Trust plc is traded on the London Stock Exchange and dealing may only be through a mem ber of the Exchange . Fund codes: ISIN GB0030961691 Sedol 3096169 Bloomberg BRIG:LN Reuters BRIG.L Ticker BRIG/LON > RETH0525E/S-4518357-5/7 Glossary Of Terms Alternative Investment Market (AIM) AIM is the London Stock Exchange’s international market for smaller growing companies. The AIM market has no restrictions on market capitalisation, and financial reporting is more flexible than for companies listed on the main market of the London Stock Exchange. Discount/Premium Investment trust shares frequently trade at a discount or premium to NAV. This occurs when the share price is less than (a discount) or more than (a premium) to the NAV. The discount or premium is the difference between the share price (based on mid -market share prices) and the NAV, expressed as a percentage of the NAV. Discounts and premiums are mainly the consequence of supply and demand for the shares on the stock market. Gearing Investment companies can borrow to purchase additional investments. This is called ‘gearing’. It allows investment companies to take advantage of a long -term view on a sector or to take advantage of a favourable situation or a particularly attractive stock without having to sell existing investments. Gearing works by magnifying the company’s performance. If a company ‘gears up’ and then markets rise and the returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified. Net yield The net yield is calculated using total dividends declared in the last 12 months (as at date of this factsheet) as a percentage of month end share price. NAV (Net Asset Value) A company’s undiluted NAV is its available shareholders’ funds divided by the number of shares in issue (excluding treasury shares), before making any adjustment for any potentially dilutive securities which the Company may have in issue, such as subscription shares, convertible bonds or treasury shares. A diluted NAV is calculated on the assumption that holders of any convertibles have converted, subscription shares have been exercised and treasury shares are re -issued at the mid -market price, to the extent that the NAV per share is higher than the price of each of these shares or securities and that they are 'in the money'. The aim is to ensure that shareholders have a full understanding of the potential impact on the Company’s NAV if these instruments had been exercised on a particular date. Ongoing charges ratio Ongoing charges (%) = Annualised ongoing charges Average undiluted net asset value in the period Ongoing charges are those expenses of a type which are likely to recur in the foreseeable future, whether charged to capital or revenue, and which relate to the operation of the investment company as a collective fund, excluding the costs of acquisition/disposal of investments, financing charges and gains/losses arising on investments. Ongoing charges are based on costs incurred in the year as being the best estimate of future costs and include the annual management fee. # Want to know more? blackrock.com/ uk /brig | Tel: 0207 743 3000 | cosec@blackrock.com > RETH0525E/S-4518357-6/7 # Risk Warnings Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration whe n selecting a product or strategy. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. Trust Specific Risks Equity risk. The value of equities and equity -related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Gearing risk . Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall. Liquidity risk . The Fund’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realise the investment at the latest market price or at a price considered fair. # Important Information Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. Please refer to the Financial Conduct Authority website for a list of authorised activities conducte d by BlackRock. This document is marketing material. The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL is a trademark of the London Stock Exchange plc and is used under licence. Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. BlackRock Income and Growth Investment Trust plc currently conducts its affairs so that its securities can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to non -mainstream investment products and intends to continue to do so for the foreseeable future. The securities are excluded from the Financi al Conduct Authority’s restrictions which apply to non -mainstream investment products because they are securities issued by investment trusts. Investors should understand all characteristics of the funds objective before investing. For information o n investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor -right available in local language in registered jurisdictions. BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure y ou understand whether our product is suitable, please read the fund specific risks in the Key Investor Document (KID) which give s more information about the risk profile of the investment. The KID and other documentation are available on the relevant product pages at www.blackrock.co.uk/its . We recommend you seek independent professional advice prior to investing. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advic e and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereo f and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. © 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.