Portfolio Update

 
TIDMTHRG TIDMTHRS 
 
THE THROGMORTON TRUST PLC 
 
All information is at 30 SEPTEMBER 2011 and unaudited. 
 
Performance at month end is calculated on a cum income basis 
 
                               One     Three      One    Three 
                             Month    Months     Year    Years 
 
Net asset value#             -5.7%    -18.4%     2.4%    79.8% 
Net asset value^             -5.7%    -18.4%     2.4%    80.7% 
Net asset value^^            -5.3%    -15.7%     5.4%    76.3% 
Share price                  -8.0%    -14.9%    10.0%    75.5% 
Subscription share price    -22.2%    -49.2%    68.5%        - 
HGSC plus AIM (ex Inv Cos)   -6.1%    -15.7%    -2.4%    36.7% 
 
# NAV prior to costs of repaying the debentures early 
^NAV after costs of repaying the debentures early - undiluted 
^^NAV after costs of repaying the debentures early - diluted 
 
Sources: BlackRock and Datastream 
 
At month end 
 
Net asset value capital only:                                     198.45p 
Net asset value capital only (diluted for subscription shares):   193.49p 
Net asset value incl. income:                                     200.45p 
Net asset value incl. income (diluted for subscription shares):   195.30p 
Share price:                                                      164.63p 
Discount to capital only NAV (diluted for subscription shares):   14.9% 
Subscription share price:                                         22.75p 
Net yield:                                                        1.5%* 
Total assets:                                                     GBP140.8m** 
Net CFD portfolio as a % of net asset vaue:                       2.0% 
Ordinary shares in issue:                                         66,213,737*** 
Subscription shares in issue:                                     6,916,589 
 
*Calculated using prior year interim and final dividends paid. 
**Includes current year revenue. 
***Excluding 7,400,000 shares held in treasury. 
 
Ten Largest Sector 
Weightings                            % of total assets 
 
Software & Computer Services                        9.8 
Support Services                                    8.3 
Electronic & Electrical Equipment                   7.6 
Mining                                              6.7 
Oil & Gas Producers                                 5.4 
Media                                               5.4 
General Retailers                                   5.4 
Financial Services                                  5.3 
Industrial Engineering                              5.0 
Pharmaceuticals & Biotechnology                     4.9 
                                                   ---- 
Total                                              63.8 
                                                   ==== 
 
Market Exposure(Quarterly) 
 
                   28.02.11   31.05.11   31.08.11 
 
Long                 129.2%     118.7%     116.4% 
Short                  9.3%      13.8%      12.7% 
Gross exposure       138.5%     132.5%     129.1% 
Net exposure         119.9%     104.9%     103.7% 
 
Ten Largest Equity Investments(in alphabetical order) 
Company 
 
Aveva Group 
Bellway 
Blinkx 
City of London Investment Group 
Fidessa 
Hargreaves Services 
Immunodiagnostic Systems 
Oxford Instruments 
Senior 
Spirax-Sarco Engineering 
 
Commenting on the markets, Mike Prentis and Richard Plackett, representing the 
Investment Manager noted: 
 
September was another difficult month for markets and the Company. The NAV on a 
cum income basis fell by 5.7%, slightly better than the benchmark which fell by 
6.1%. Markets continue to be disturbed by the scale of the financial problems 
facing Greece and Italy in particular, the knock on effects on the European 
banking system, and the apparent lack of political leadership to address these 
issues quickly and decisively. 
 
Newsflow from the portfolio was generally good during the month, with strong 
trading updates from Booker and Ashtead and good statements from a range of 
other holdings including Oxford Instruments, Abcam, Dechra Pharmaceuticals, 
Brooks Macdonald, Berkeley Group, Fenner, Advanced Medical Solutions, 
Brainjuicer, Hargreaves Services, Galliford Try and Ricardo. These 
significantly outnumbered the disappointing statements which came from Domino 
Printing Sciences and Aurelian Oil & Gas. However, with markets nervous the 
disappointing news was punished whereas the good news was largely ignored. 
Despite the good news, we have seen the start of a wave of earnings downgrades 
as analysts assume that market forecasts are now too high for many companies. 
 
Stock selection was strongly positive. The largest positive stock contributor 
to relative outperformance was Blinkx. Blinkx shares rose by 29% during the 
month, helped by positive coverage from 2 large US brokers, and suggestions 
that Blinkx trading is strong. Our worst negative contributor, which cost 
0.23%, was Aurelian Oil & Gas who tested a well in Poland and produced less gas 
on test than had been expected. 
 
Sector allocation was also marginally negative; our strong overweight positions 
in the major industrials sectors; electronics, engineering and chemicals, all 
cost us as overweight positions were reduced. By contrast our overweight 
positions in the more defensive pharmaceuticals and healthcare equipment 
sectors helped relative performance. 
 
We sold a number of higher risk smaller holdings, some in the resources sector, 
and other holdings where our conviction was not high enough for nervous 
markets. 
 
The CFD portfolio made a small loss in the month, with good gains on short 
positions which were more than offset by losses on the long CFD positions. 
 
We retain our preference for software, electronics, engineering and healthcare 
companies, and remain underweight the main UK domestic sectors: retailers, 
leisure and food manufacturing. The resources sectors remain a significant and 
highly volatile part of our benchmark; we are significantly underweight oil and 
gas producers and have moved to a neutral position in mining companies. Our aim 
in recent months has been to focus more on our core holdings. 
 
24 October 2011 
 
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