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BlackRock ESG Capital Allocation Term Trust (symbol: ECAT) is a non-diversified, closed-ended management investment company managed by BlackRock, the world's largest asset manager. The Trust is designed to provide total return and income through a blend of current income, current gains, and long-term capital appreciation. BlackRock is committed to managing investments on behalf of a diverse client base, including large institutions, parents, grandparents, doctors, and teachers who rely on professional financial guidance to secure their future.
ECAT focuses on environmental, social, and governance (ESG) criteria, ensuring that its investments align with sustainable and ethical practices. This strategy not only targets financial returns but also emphasizes positive societal impact.
The Trust's portfolio is carefully curated to achieve its investment objectives by leveraging BlackRock's extensive expertise and resources. The investment approach is multifaceted, combining current income from dividends and interest with potential current gains from market activities, and long-term growth through strategic asset allocation.
BlackRock's commitment to client success is evident in its rigorous investment process and innovative solutions. Institutional clients, global governments, and corporations turn to BlackRock for guidance in navigating complex financial landscapes and achieving their unique objectives.
Recent Achievements and Projects:
- Integration of advanced ESG criteria to enhance portfolio sustainability.
- Strategic partnerships with global institutions to drive impactful investments.
- Ongoing development of innovative financial products tailored to client needs.
ECAT's financial condition remains robust, backed by BlackRock's extensive research capabilities and disciplined management. The Trust continues to adapt to market trends and economic shifts, ensuring resilient performance and long-term value creation for investors.
BlackRock closed-end funds MVF, ECAT, and BIGZ have announced the final results of their tender offers for up to 2.5% of outstanding common shares. All offers were oversubscribed, leading to pro-rata purchases. Key details:
- MVF: 26,471,815 shares tendered, 1,586,158 to be purchased at $7.9086 per share
- ECAT: 17,487,970 shares tendered, 2,547,328 to be purchased at $18.0516 per share
- BIGZ: 42,424,300 shares tendered, 5,610,470 to be purchased at $8.1242 per share
Purchase prices are set at 98% of each fund's NAV as of August 22, 2024. Payments are expected within five business days after the expiration date.
BlackRock closed-end funds MVF, ECAT, and BIGZ have announced the expiration and preliminary results of their tender offers for up to 2.5% of outstanding common shares. The offers, which began on July 22, 2024, and ended on August 21, 2024, were significantly oversubscribed. For example, BlackRock MuniVest Fund (MVF) offered 1,586,158 shares but received tenders for 26,471,815 shares. Due to oversubscription, share purchases are expected to be prorated. The purchase price will be 98% of each fund's NAV as of August 22, 2024. Final results, including pro-ration factors, are expected to be announced around August 22, 2024.
The U.S. District Court for the Southern District of New York denied BlackRock's motion to dismiss Saba Capital's lawsuit concerning the ECAT's voting bylaws. The court concluded that Saba adequately alleged that ECAT's bylaws could deprive shareholders of their right to elect trustees, violating the Investment Company Act (ICA). Judge Margaret M. Garnett found that BlackRock’s belief that ECAT could have ongoing failed elections was implausible. She emphasized that the fund's bylaws were designed to circumvent shareholder rights. The ruling also dismissed BlackRock's claims that Saba was merely an activist investor, affirming Saba's rights as a shareholder. The decision enables Saba to proceed to trial to contest ECAT’s governance practices.
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