BlackRock Throg Tst Portfolio Update

 
TIDMTHRG 
 
BLACKROCK THROGMORTON TRUST PLC (LEI: 5493003B7ETS1JEDPF59) 
 
All information is at 31 March 2017 and unaudited. 
Performance at month end is calculated on a cum income basis 
 
                                      One    Three      One     Three      Five 
                                    Month   months     year     years     years 
                                        %        %        %         %         % 
 
Net asset value                       3.5     10.5     25.4      41.0     117.3 
 
Share price                          -1.3      9.5     21.8      28.2     111.7 
 
Benchmark*                            2.6      5.8     18.8      23.4      76.3 
 
Sources: BlackRock and Datastream 
 
*With effect from 1 December 2013 the Numis Smaller Companies excluding AIM 
(excluding Investment Companies) Index replaced the Numis Smaller Companies 
plus AIM (excluding Investment Companies) Index as the Company's benchmark. The 
five year period indices have been blended to reflect this. 
 
At month end 
 
Net asset value capital only:                                         467.29p 
 
Net asset value incl. income:                                         468.87p 
 
Share price                                                           376.50p 
 
Discount to cum income NAV                                              19.7% 
 
Net yield1:                                                              2.0% 
 
Total Gross assets2:                                                  GBP342.9m 
 
Net market exposure as a % of net asset value5:                        112.4% 
 
Ordinary shares in issue3:                                         73,130,326 
 
2016 ongoing charges (excluding performance fees4:                       1.1% 
 
2016 ongoing charges ratio (including performance fees):                 1.3% 
 
 
1. Calculated using 2016 interim dividend paid on 19 August 2016 and 2016 final 
dividend paid on 29 March 2017. 
 
2. Includes current year revenue and excludes gross exposure through contracts 
for difference. 
 
3. Excluding 7,400,000 shares held in treasury. 
 
4. Calculated as a percentage of average net assets and using expenses, 
excluding performance fees and interest costs for the year ended 30 November 
2016. 
 
5. Long positions less short positions as a percentage of net asset value. 
 
Sector Weightings                                              % of Total Assets 
 
Industrials                                                                 29.2 
 
Consumer Services                                                           22.7 
 
Financials                                                                  16.1 
 
Consumer Goods                                                              12.1 
 
Basic Materials                                                              7.9 
 
Health Care                                                                  5.1 
 
Technology                                                                   3.5 
 
Oil & Gas                                                                    2.9 
 
Net current assets                                                           0.5 
 
                                                                           ----- 
 
Total                                                                      100.0 
 
                                                                           ===== 
 
Market Exposure (Quarterly) 
 
                        31.05.16        31.08.16        30.11.16        28.02.17 
                               %               %               %               % 
 
Long                       114.4           114.3           116.9           121.4 
 
Short                        8.3             8.3             8.5             6.7 
 
Gross exposure             122.7           122.6           125.4           128.1 
 
Net exposure               106.1           106.0           108.4           114.7 
 
 
 
Ten Largest Investments 
 
Company                                               % of Total Gross Assets 
 
CVS Group                                                                 3.3 
 
JD Sports Fashion                                                         3.0 
 
4imprint Group                                                            2.9 
 
Dechra Pharmaceuticals                                                    2.8 
 
Cineworld Group                                                           2.5 
 
Berkeley Group Holdings                                                   2.3 
 
Ascential                                                                 2.0 
 
Derwent London                                                            2.0 
 
Hill & Smith                                                              2.0 
 
Bellway                                                                   2.0 
 
Commenting on the markets, Mike Prentis and Dan Whitestone, representing the 
Investment Manager noted: 
 
During March the Company's NAV per share rose by 3.5% to 468.87p on a cum 
income basis whilst our benchmark index, Numis Smaller Companies excluding AIM 
(excluding Investment Companies) Index, rose by 2.6%; the FTSE 100 Index rose 
by 1.1%. 
 
Outperformance was largely driven by good stock selection although sector 
allocation also contributed positively. 
 
London focussed property developer Berkeley Group provided a positive trading 
update during the month. Despite the wider impact on demand in the capital from 
Brexit and tax on the most expensive properties, Berkeley expect to post a c.40 
percent rise in pre-tax profits for the 12 months to the end of April. 
Veterinary surgeries operator CVS reported strong organic growth, further 
acquisitions and significant margin expansion resulting in earnings upgrades. 
The pace of acquisitions has continued with 20 sites acquired in the last six 
months, including the first sites in The Netherlands; the company noted that 
the pipeline remains strong. 
 
Stock specific disappointments during the month were limited, the largest 
detractor was RPC. The market has continued to show concern around RPCs 
acquisition strategy after the company announced the acquisition of Letica for 
$490m funded by a 1 for 4 rights issue. RPC's management have an excellent 
track record and remain ambitious. 
 
Sector allocation was helped by our overweight sector position in construction 
companies and housebuilders. 
 
We continue to find opportunities in initial public offerings (IPO), and most 
recently invested in the IPO of Medica. The company is a leading independent UK 
provider of radiology reporting, delivering in excess of 1.3 million reports 
per annum, mainly to the NHS. 
 
Performance within the long/short portfolio added +0.7% during the month, with 
long positions contributing positively, whilst shorts were a modest detractor. 
Long contributors included JD Sports, Costain and CVS, all of which continue to 
deliver. Despite some stock specific short successes in March, the short book 
in aggregate detracted from performance, impacted by a rising market and also a 
rally in some of our UK consumer shorts as the UK economy continues to defy 
most doomsayers' predictions. 
 
19 April 2017 
 
ENDS 
 
Latest information is available by typing www.blackrock.co.uk/thrg 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

April 19, 2017 11:03 ET (15:03 GMT)