BlackRock Throg Tst Portfolio Update

 
TIDMTHRG 
 
BLACKROCK THROGMORTON TRUST PLC (LEI: 5493003B7ETS1JEDPF59) 
 
 
All information is at 31 August 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                       2.4      2.2     36.3      68.0     155.3 
 
Share price                           1.3      2.0     37.8      63.6     165.3 
 
Benchmark*                            0.8      0.7     21.6      37.3      96.4 
 
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:                                         525.27p 
 
Net asset value incl. income:                                         531.35p 
 
Share price                                                           442.75p 
 
Discount to cum income NAV                                              16.7% 
 
Net yield1:                                                              1.9% 
 
Total Gross assets2:                                                  GBP388.6m 
 
Net market exposure as a % of net asset value3:                        109.5% 
 
Ordinary shares in issue4:                                         73,130,326 
 
2016 ongoing charges (excluding performance fees)5,6:                    1.1% 
 
2016 ongoing charges ratio (including performance fees)6:                1.3% 
 
 
1. Calculated using 2017 interim dividend declared on 24 July 2017 and 2016 
final dividend declared on 6 February 2017. 
2. Includes current year revenue and excludes gross exposure through contracts 
for difference. 
3. Long positions less short positions as a percentage of net asset value. 
4. Excluding 7,400,000 shares held in treasury. 
5. Calculated as a percentage of average net assets and using expenses, 
excluding performance fees and interest costs for the year ended 30 November 
2016. 
6. With effect from 1 August 2017 the base management fee was reduced from 
0.70% to 0.35% of gross assets per annum. 
 
Sector Weightings                                              % of Total Assets 
 
Industrials                                                                 30.0 
 
Consumer Services                                                           18.2 
 
Financials                                                                  18.1 
 
Consumer Goods                                                              13.3 
 
Basic Materials                                                              7.8 
 
Health Care                                                                  4.6 
 
Technology                                                                   4.1 
 
Oil & Gas                                                                    2.4 
 
Net current assets                                                           1.5 
 
                                                                           ----- 
 
Total                                                                      100.0 
 
                                                                           ===== 
 
Market Exposure (Quarterly) 
 
                               30.11.16      28.02.17     31.05.17      31.08.17 
                                      %             %            %             % 
 
Long                              116.9         121.4        117.3         115.3 
 
Short                               8.5           6.7          6.1           5.8 
 
Gross exposure                    125.4         128.1        123.4         121.1 
 
Net exposure                      108.4         114.7        111.2         109.5 
 
 
 
Ten Largest Investments 
 
Company                                               % of Total Gross Assets 
 
CVS Group                                                                 3.1 
 
4imprint Group                                                            2.9 
 
Dechra Pharmaceuticals                                                    2.7 
 
Ascential                                                                 2.2 
 
Berkeley Group Holdings                                                   2.1 
 
Big Yellow                                                                2.0 
 
Ibstock                                                                   2.0 
 
Hill & Smith                                                              1.9 
 
Bodycote                                                                  1.9 
 
Advanced Medical Solutions                                                1.8 
 
Commenting on the markets, Mike Prentis and Dan Whitestone, representing the 
Investment Manager noted: 
 
During August the Company's NAV per share rose by 2.4% to 531.35p (including 
income) whilst our benchmark (the Numis Smaller Companies excluding AIM 
(excluding Investment Companies) Index) rose by 0.8%; the FTSE 100 Index 
returned 1.6% (all performance figures are with income reinvested and net of 
ongoing charges and any applicable performance fees). 
 
Stock selection was the primary driver of outperformance during the month while 
sector allocation also contributed positively. 
 
The largest positive contributor during the month was US-focused marketing 
materials supplier, 4imprint. 4imprint's first half results were ahead of 
expectations showing continued strong organic revenue growth, and better sales 
in May and June resulted in broker upgrades to the full year numbers. Copper 
miner Kaz Minerals reported interim results showing better than expected 
earnings and costs, helped by a higher copper price, whilst the company also 
raised production guidance for the full year. Kaz remains the fastest growing 
copper miner with costs that are among the lowest in the world. Shares in 
premium mixer supplier, Fever-Tree, continued to perform well off the back of 
positive interim results released in July, while Marshalls reported good half 
year results showing strong cash generation with a 17% increase to the interim 
dividend. 
 
On the negative side, System1, formerly Brainjuicer, which helps global 
companies with their marketing and advertising plans, warned of a slowdown in 
first half revenues with profits before tax for the full year expected to be 
down by 10% to 15% year-on-year. The company pointed to reduced marketing spend 
from their customers and non-recurrence of one-off projects from the previous 
year as the cause of the slowdown. 
 
Activity during August included additions to our holdings in Robert Walters, 
Ibstock and Hill & Smith, while also further reducing some of our domestically 
exposed companies. 
 
The long/short portfolio rose 0.5% during the month, with long positions 
contributing positively to performance, whilst shorts were broadly flat. The 
long book continued to perform well during August with strong contributions 
from a number of our core holdings including 4imprint, Sophos, Fever-Tree and 
Renishaw. The short book continued to deliver stock specific successes with a 
number of the top contributors to performance in the long/short portfolio 
coming from shorts, including a profit warning from a UK roadside assistance 
company. Our thematic and industry positioning within the short book also 
benefitted during the month from slowing growth and increased regulatory risks 
in online gaming, over-leveraged oil exploration/producers, and from negative 
developments in UK Financials and Consumer Services. 
 
25 September 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

September 25, 2017 11:49 ET (15:49 GMT)