BlackRock World Mining Trust outperforms despite wider market rally

(Sharecast News) - BlackRock World Mining Trust reported a solid portfolio performance over December, with net asset value returns outperforming the benchmark despite to a broad-based rise across the listed mining sector as commodity prices surged. The fund, whose top-three biggest holdings are Barrick Mining, Agnico Eagle Mines and Rio Tinto, said NAV improved by 9.7% last month, while the BRWM share price jumped 14.4%, compared with a 6.8% increase in the MSCI ACWI Metals & Mining 30% Buffer 10/40 Index.

This took the NAV return over the final three months of 2025 to 23.1%, and the share price gain to 19.2%, outperforming the 15.6% rise on the benchmark index.

By the month end, NAV per share including income totalled 856.19p, up from 540.48p on 30 June, with the 804p share price at a 6.1% discount to NAV. Total assets were worth £1.70bn. up from £1.01bn at the half-year stage.

"December was a strong month for the mining sector, driven by robust performance from the precious metals complex, lithium, nickel and copper. Positive sentiment was further supported by signs of moderating cost inflation for mining companies, easing monetary policy and strong metals demand across precious and base metals," said BRWM investment managers Evy Hambro and Olivia Markham.

Looking ahead, they said that the outlook "remains construction across most commodities, with particular strength in gold, copper, and aluminium". Supply constraints should persist, while falling US interest rates should boost demand, propping up prices.

In particular, the investment managers highlighted an "exciting outlook" for gold, which represents 39.2% of BWMT's portfolio, with the structural drivers that sent bullion prices to new records likely to remain in place for 2026.

The stock was 1.4% higher at 942.2p by 1251 GMT.