The BlackRock North American Income Trust continues its aggressive share repurchase strategy, acquiring an additional 19,004 shares at an average price of 199.50 pence per share on August 1, 2025. These treasury-held shares further reduce market liquidity, with only 56.4 million shares remaining in circulation after the latest buyback. Notably, the trust now holds 38.9 million shares—nearly 41% of its total issued capital—signaling strong confidence in its undervaluation.
NAV Outperforms Market Price
The trust’s net asset value (NAV) stood at 214.77 pence (capital-only) and 215.53 pence (including earnings) as of July 31, significantly above its recent repurchase price. This 15-pence gap highlights management’s strategic use of market discounts to enhance shareholder value. Consistent buybacks, including 50,000 shares repurchased in late June, systematically shrink outstanding shares, potentially boosting per-share metrics. Transparency efforts, such as publishing full portfolio holdings, aim to reassure investors amid market uncertainty. The trust’s focus on U.S. dividend stocks and disciplined capital allocation reinforces its stability.
