BlackRock Smll Cos Portfolio Update

 
TIDMBRSC 
 
BLACKROCK SMALLER COMPANIES TRUST PLC 
 
 
All information is at 31 December 2016 and unaudited. 
Performance at month end is calculated on a capital only basis 
 
                                              One    Three      One    Three     Five 
                                            month   months     year    years    years 
                                                %        %        %        %        % 
 
Net asset value*                              4.8      4.4      9.0     24.1    117.7 
 
Share price*                                  7.0      3.0     -3.4      5.0    124.9 
 
Numis ex Inv Companies + AIM                  4.2      3.3      9.1      6.8     62.8 
 
*performance calculations based on a capital only NAV with debt at par, without 
income reinvested. Share price performance calculations exclude income 
reinvestment. 
 
Sources:  BlackRock and Datastream 
 
At month end 
 
Net asset value Capital only(debt at par value):                         1,144.86p 
 
Net asset value Capital only(debt at fair value):                        1,135.30p 
 
Net asset value incl. Income(debt at par value)**:                       1,158.61p 
 
Net asset value incl. Income(debt at fair value)**:                      1,149.05p 
 
Share price                                                                961.00p 
 
Discount to Cum Income NAV (debt at par value):                              17.1% 
 
Discount to Cum Income NAV (debt at fair value):                             16.4% 
 
Net yield^^^:                                                                 1.9% 
 
Gross assets^:                                                             GBP604.7m 
 
Gearing range as a % of net assets:                                          0-15% 
 
Net gearing including income (debt at par):                                   7.2% 
 
2016 Ongoing charges ratio^^                                                  0.7% 
 
2016 Ongoing charges ratio (including performance fees):                      0.9% 
 
Ordinary shares in issue#:                                              47,879,792 
 
**includes net revenue of 13.75p 
 
^includes current year revenue 
 
^^ As reported in the Annual Financial Report for the year ended 29 February 
2016, the ongoing charges ratio is calculated as a percentage of net assets and 
using operating expenses, excluding performance fees, finance costs and 
taxation. 
 
^^^Yield calculations are based on dividends announced in the last 12 months as 
at the date of release of this announcement, and comprise of the final dividend 
of 10.50 pence per share, (announced on 25 April 2016, ex-dividend on 19 May 
2016) and the interim dividend of 8.00 pence per share (announced on 25 October 
2016 and gone ex-dividend on 3 November 2016) 
 
#excludes 2,113,731 shares held in treasury. 
 
Sector Weightings                                                   % of portfolio 
 
Industrials                                                                   30.4 
 
Consumer Services                                                             20.0 
 
Financials                                                                    14.2 
 
Basic Materials                                                               10.2 
 
Consumer Goods                                                                 7.9 
 
Technology                                                                     7.2 
 
Health Care                                                                    6.7 
 
Oil & Gas                                                                      3.1 
 
Utilities                                                                      0.3 
 
                                                                             ----- 
 
Total                                                                        100.0 
 
                                                                              ==== 
 
 
 
Ten Largest Equity Investments 
 
Company                                                             % of portfolio 
 
CVS Group                                                                      2.8 
 
4imprint Group                                                                 2.6 
 
Avon Rubber                                                                    1.9 
 
Dechra Pharmaceuticals                                                         1.8 
 
Hill & Smith                                                                   1.7 
 
JD Sports Fashion                                                              1.6 
 
Advanced Medical Solutions                                                     1.6 
 
Workspace Group                                                                1.6 
 
Headlam Group                                                                  1.3 
 
Accesso Technology                                                             1.3 
 
Commenting on the markets, Mike Prentis, representing the Investment Manager 
noted: 
 
During December the Company's NAV per share rose by 4.8% to 1144.86p on a 
capital only basis whilst our benchmark (Numis ex Inv Companies + AIM Index) 
index rose by 4.2%; the FTSE 100 Index rose by 5.3%. 
 
Outperformance was largely driven by good stock selection, although gearing was 
also a positive contributor. 
 
The biggest positive contributors to stock selection were our holdings in e2v 
and Faroe Petroleum. e2v attracted an agreed bid from Teledyne Technologies 
Inc. at a 48% premium. This is yet another example of an overseas buyer seeing 
good value in UK listed stocks. The agreement by OPEC to limit production, and 
the rising oil price, helped Faroe shares. Delek Group also bought a 13% stake 
in Faroe, clearly a supportive sign. 
 
There were no material detractors from a stock selection point of view during 
the month. Sector allocation had no significant impact during the month. 
 
Activity during the month was also quite limited. 
 
16 January 2017 
 
ENDS 
 
 
Latest information is available by typing www.blackrock.co.uk/brsc on the 
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV 
terminal).  Neither the contents of the Manager's website nor the contents of 
any website accessible from hyperlinks on the Manager's website (or any other 
website) is incorporated into, or forms part of, this announcement. 
 
 
 
END 
 

(END) Dow Jones Newswires

January 16, 2017 10:06 ET (15:06 GMT)