© Reuters.
BlackRock (NYSE:) Advisors has disclosed its share buyback activities for the third quarter of 2023. The company’s closed-end funds have executed open market share repurchase programs, allowing each fund to buy back up to 5% of its common shares through November 30, 2023. The aim of these strategies is to enhance shareholder value by purchasing fund shares trading below their net asset value (NAV) per share, which could lead to incremental increases in a fund’s NAV.
Throughout 2023, BlackRock has repurchased over $160 million in municipal closed-end fund (CEF) shares. This activity has resulted in approximately $25 million in NAV accretion. Since the inception of the Repurchase Program in 2016, BlackRock has repurchased over $1.1 billion in shares across its CEF complex, leading to more than $184 million in NAV accretion.
The share repurchase activities have been reported for several funds managed by BlackRock Advisors. These include the BlackRock MuniHoldings California Quality Fund, Inc., BlackRock Health Sciences Term Trust, BlackRock Capital Allocation Term Trust, BlackRock Innovation and Growth Term Trust, BlackRock ESG Capital Allocation Term Trust, BlackRock Corporate High Yield Fund, Inc., BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Trust, BlackRock Multi-Sector Income Trust, BlackRock Enhanced International Dividend Trust, BlackRock Floating Rate Income Strategies Fund, Inc., and the BlackRock MuniYield Quality Fund II, Inc.
BlackRock Advisors’ commitment to enhancing shareholder value through strategic share buybacks continues to be a key component of its financial strategy. With these repurchase programs set to continue through the end of November 2023, shareholders can anticipate further efforts from the company to boost the NAVs of its various funds.
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