Blackrock Frontiers Investment Trust PLC Fund Data

The Company's NAV returned -12.1% in March, while the MSCI Frontier + Emerging ex Selected Countries Index ("Benchmark Index"), returned -6.7%. For reference, the MSCI Emerging Markets Index returned -13.1% while the MSCI Frontier Markets Index returned -6.9% over the same period. All performance figures are on a US Dollar basis with net income reinvested.¹ March was characterised by a more cautious, geopolitically driven environment. Heightened tensions in the Middle East weighed on global risk sentiment, with concerns around potential energy supply disruptions, particularly linked to the Strait of Hormuz, pushing oil prices higher and contributing to a more defensive market backdrop. Performance across markets saw substantial divergence across the universe. Oman (+14.0%) delivered the strongest returns in the universe, extending gains from the previous month amid speculation around potential inclusion in the MSCI Emerging Markets Index. Egypt (-21.6%) was the weakest performer as the country imports meaningful volumes of oil and a sustained high oil price would result in a significantly larger current account deficit. At the stock level, Argentina's state-controlled oil and gas company, YPF (+30.8%) was the top contributor following the rise in oil prices. Relative performance over the month was strongly influenced by oil price dynamics. The top performing stocks, Kazakh e-commerce company, Kaspi (+4.9%), Saudi Arabia based telecom operator Mobily (+1.5%) and Saudi oil and gas rig operator, ADES (+0.7%), are all based in countries which are net exporters of oil. On the downside, Turkish gold miner Eldorado Gold (-26.1%) was the largest detractor during the month, pressured by weaker metal prices. Commercial International Bank Egypt (-19.1%) also declined as Egypt remains one of the regions most exposed to a prolonged Middle East conflict; however, the bank's structural positioning continues to support near term profit resilience despite a challenging macro backdrop. Shares of Turkish bank Akbank (-25.8%) fell as second order effects from the US Israel escalation weighed on sentiment and expectations for further rate cuts faded. In the UAE, Emaar Development (-30.3%) detracted as heightened regional tensions raised concerns around dampened property demand and around construction delays. We made a few changes in March. We exited Saudi fintech name Rasan to lock in profits following a strong run over the past year, and initiated chemical production company Yansab which we believe stands out within Saudi Arabia as a beneficiary of higher oil prices through its exposure to Red Sea exports. In Turkey, we exited Türkiye İşbankası and reduced Akbank on concerns that rising energy prices linked to US Iran tensions could weigh on Turkey's ability to continue to see disinflation. We also reduced healthcare name MLP to lock in profits. 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.

The Company's NAV returned -12.1% in March, while the MSCI Frontier + Emerging ex Selected Countries Index ("Benchmark Index"), returned -6.7%. For reference, the MSCI Emerging Markets Index returned -13.1% while the MSCI Frontier Markets Index returned -6.9% over the same period. All performance figures are on a US Dollar basis with net income reinvested.¹ March was characterised by a more cautious, geopolitically driven environment. Heightened tensions in the Middle East weighed on global risk sentiment, with concerns around potential energy supply disruptions, particularly linked to the Strait of Hormuz, pushing oil prices higher and contributing to a more defensive market backdrop. Performance across markets saw substantial divergence across the universe. Oman (+14.0%) delivered the strongest returns in the universe, extending gains from the previous month amid speculation around potential inclusion in the MSCI Emerging Markets Index. Egypt (-21.6%) was the weakest performer as the country imports meaningful volumes of oil and a sustained high oil price would result in a significantly larger current account deficit. At the stock level, Argentina's state-controlled oil and gas company, YPF (+30.8%) was the top contributor following the rise in oil prices. Relative performance over the month was strongly influenced by oil price dynamics. The top performing stocks, Kazakh e-commerce company, Kaspi (+4.9%), Saudi Arabia based telecom operator Mobily (+1.5%) and Saudi oil and gas rig operator, ADES (+0.7%), are all based in countries which are net exporters of oil. On the downside, Turkish gold miner Eldorado Gold (-26.1%) was the largest detractor during the month, pressured by weaker metal prices. Commercial International Bank Egypt (-19.1%) also declined as Egypt remains one of the regions most exposed to a prolonged Middle East conflict; however, the bank's structural positioning continues to support near term profit resilience despite a challenging macro backdrop. Shares of Turkish bank Akbank (-25.8%) fell as second order effects from the US Israel escalation weighed on sentiment and expectations for further rate cuts faded. In the UAE, Emaar Development (-30.3%) detracted as heightened regional tensions raised concerns around dampened property demand and around construction delays. We made a few changes in March. We exited Saudi fintech name Rasan to lock in profits following a strong run over the past year, and initiated chemical production company Yansab which we believe stands out within Saudi Arabia as a beneficiary of higher oil prices through its exposure to Red Sea exports. In Turkey, we exited Türkiye İşbankası and reduced Akbank on concerns that rising energy prices linked to US Iran tensions could weigh on Turkey's ability to continue to see disinflation. We also reduced healthcare name MLP to lock in profits. 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.