London, UK, 1 August 2023

Edison issues update on BlackRock Sustainable American Income Trust (BRSA)

Since July 2021, BlackRock Sustainable American Income Trust (BRSA) has integrated explicit ESG objectives into its investment strategy. Managers Tony DeSpirito, David Zhao and Lisa Yang aim to deliver an attractive level of income and long-term capital growth from a portfolio of dividend-paying companies that are trading at attractive valuations and are deemed to be ESG leaders, improvers or 'sustainability enablers'. The managers highlight that, over the long term, equities have delivered higher total returns compared with other asset classes such as cash and fixed income securities. Data from BlackRock show that value stocks tend to outperform during periods of high inflation and rising interest rates. Also, since 1970, in the one, two and three years following a recession, equities have generated positive returns, with value stocks outpacing the performance of the broader US market.

BRSA's 5.8% discount to cum-income NAV is wider than the 3.0-5.1% range of average discounts over the last one, three, five and 10 years and it has the second-highest valuation of the seven funds in the AIC North America sector. The trust has paid an annual dividend of 8.0p per share in each of the last five financial years, using reserves when necessary. BRSA offers an attractive 4.3% yield.

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