Company: BSTZ
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049659
Chunk: 38

Company: BlackRock Science & Technology Term Trust
Filing Date: 2025-03-07
Form: N-CSR
Chunk 38
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 Energy, Utilities and Industry Call Overwrite Index(c) |                        12.93 |    4.20 |      N/A |
| MSCI ACWI                                                                |                        17.49 |   10.06 |     9.23 |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results. The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance. More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com . The following discussion relates to the Trust’s relative performance based on NAV: What factors influenced performance? The energy equipment manufacturer GE Vernova, Inc. was the top contributor to the Trust’s relative performance in 2024. The company reported record financial results behind improved profitability, strategic capital allocation initiatives, and strong demand for its energy transition technologies. The American midstream energy firm Williams Companies also contributed. The company’s status as a leading natural gas infrastructure operator in North America positioned it to capitalize on growing energy demand. In addition, Williams ’ fee-based business model insulated it from commodity price fluctuations during the reporting period. Another midstream energy infrastructure provider, Targa Resources Corp., also performed well due to rising natural gas demand. Trane Technologies PLC, a manufacturer of heating and ventilation products, was another top contributor. The company benefitted from increasing global demand for energy-efficient HVAC systems, as well as decarbonization efforts supported by government policies in the United States and Europe. On the negative side, the multinational energy company RWE AG was the largest detractor from relative performance. A significant drop in European wholesale electricity prices, driven by lower natural gas costs and increased renewable energy output, negatively impacted RWE ’ s revenue. A position in the European wind turbine manufacturer Vestas Wind Systems A/S also hindered performance. The wind energy sector faced challenges from geopolitical uncertainty, trade volatility, and competition from Chinese manufacturers offering lower-cost turbines. These factors created headwinds for Vestas as it navigated an increasingly competitive market. EDP Renováveis SA, a European renewable energy company, was another detractor of note. Weak financial performance, valuation concerns, and broader challenges in the renewable energy sector overshadowed the company’s