**Summary of BlackRock Income & Growth Investment Trust PLC Portfolio Update (as of 31 October 2025):**
**Performance Highlights**
Strong performance across all timeframes, with 1-year share price up 17.3% and 5-year up 63.3%.
Net asset value (NAV) growth outpaced the FTSE All-Share Total Return over 3 and 5 years, though underperformed in the 1-year period.
Share price at £219.00, trading at a 10.9% discount to cum-income NAV of 245.85p.
Total assets£52.7m
gearing6.2%
net yield3.5%.
**Sector & Country Allocation**
Top sectorsBanks (11.9%), Pharmaceuticals & Biotechnology (8.0%), Oil & Gas Producers (5.8%).
Geographic focus: 92.0% UK2.1% US.
**Top 10 Holdings**
AstraZeneca (7.5%)RELX (5.2%)Shell (4.5%)Standard Chartered (4.0%)Lloyds Banking Group (3.8%).
**Market Commentary**
October saw global equities rise despite geopolitical and macroeconomic uncertainty.
US markets hit record highs, supported by robust earnings and easing inflation.
UK equities outperformeddriven by AstraZenecamining stocksand falling gilt yields.
Concerns remain over valuationsgeopolitical risksand fiscal deficits.
**Stock Performance**
**Top Contributors** Next (strong sales growth), Standard Chartered (wealth channel outperformance), Weir Group (solid Q3 results).
**Top Detractors** RELX (AI disruption concerns), ICG (private credit default worries), Tate & Lyle (profit warning).
**Portfolio Changes**
Initiated position in Babcock (international marine and nuclear growth potential).
Added to Rolls-Royce (expected outperformance in defence and power systems).
Trimmed BAE Systems and Weir Group on relative upside potential.
**Outlook**
Focus on companies with competitive advantages and pricing power amid volatility.
UK market remains undervalued, offering attractive cash returns and M&A opportunities.
Opportunities in AI, defence, and financials, despite geopolitical and tariff-related risks.
**Conclusion**
The portfolio remains well-positioned to navigate uncertainty, focusing on cash-generative businesses with durable competitive advantages, while capitalizing on emerging opportunities in undervalued UK equities and thematic sectors.