BlackRock Smll Cos Portfolio Update

 
TIDMBRSC 
 
BLACKROCK SMALLER COMPANIES TRUST PLC (LEI: 549300MS535KC2WH4082) 
 
 
All information is at 31 December 2017 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*                            3.7       5.5    31.2     67.5     133.3 
 
Share price*                                1.9       5.0    35.8     69.7     139.2 
 
Numis ex Inv Companies + AIM Index          2.8       4.0    18.9     36.7      62.0 
 
*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):                         1,501.70p 
 
Net asset value Capital only(debt at fair value):                        1,492.98p 
 
Net asset value incl. Income(debt at par value)**:                       1,519.75p 
 
Net asset value incl. Income(debt at fair value)**:                      1,511.02p 
 
Share price                                                              1,305.00p 
 
Discount to Cum Income NAV (debt at par value):                              14.1% 
 
Discount to Cum Income NAV (debt at fair value):                             13.6% 
 
Net yield^^^:                                                                 1.8% 
 
Gross assets^:                                                             GBP802.3m 
 
Gearing range as a % of net assets:                                          0-15% 
 
Net gearing including income (debt at par):                                  10.2% 
 
2017 Ongoing charges ratio^^                                                  0.7% 
 
2017 Ongoing charges ratio (including performance fees):                      1.0% 
 
Ordinary shares in issue#:                                              47,879,792 
 
**includes net revenue of 18.05p 
 
^includes current year revenue 
 
^^As reported in the Annual Financial Report for the year ended 28 February 
2017, 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 13.00 pence per share, (announced on 02 May 2017, ex-dividend on 18 May 
2017) and the interim dividend of 10.00 pence per share (announced on 30 
October 2017 and gone ex-dividend on 9 November 2017) 
 
#excludes 2,113,731 shares held in treasury. 
 
Sector Weightings                                                   % of portfolio 
 
Industrials                                                                   33.0 
 
Financials                                                                    15.8 
 
Consumer Services                                                             13.1 
 
Consumer Goods                                                                10.3 
 
Basic Materials                                                                8.5 
 
Health Care                                                                    8.3 
 
Technology                                                                     7.7 
 
Oil & Gas                                                                      2.9 
 
Utilities                                                                      0.4 
 
                                                                             ----- 
 
Total                                                                        100.0 
 
                                                                             ===== 
 
 
 
 
Ten Largest Equity Investments 
 
Company                                                             % of portfolio 
 
Dechra Pharmaceuticals                                                         2.1 
 
Avon Rubber                                                                    1.8 
 
4imprint Group                                                                 1.7 
 
Central Asia Metals                                                            1.6 
 
Robert Walters                                                                 1.6 
 
Hill & Smith                                                                   1.5 
 
Big Yellow                                                                     1.5 
 
Ibstock                                                                        1.5 
 
Advanced Medical Solutions                                                     1.5 
 
Restore                                                                        1.4 
 
 
Commenting on the markets, Mike Prentis, representing the Investment Manager 
noted: 
 
During December the Company's NAV per share rose by 3.7% to 1501.7p on a 
capital only basis, whilst our benchmark index rose by 2.8%; the FTSE 100 Index 
rose 4.9% on a capital only basis. 
 
Stock selection was the primary contributor to performance during the month 
while sector allocation and gearing also contributed positively to relative 
returns. 
 
The largest positive contributors to performance during December were our 
holdings in Central Asia Metals and Kaz Minerals which both performed well 
along with the wider mining sector, which benefitted from the strength in 
metals prices at the end of the year. Colour cosmetics company Warpaint pulled 
back some of the lost ground from earlier in the year and announced the 
completion of the acquisition of Retra Holdings, a deal that continues to build 
on their strategy of growing a global brand, giving the company access to 
Retra's offices in China and Hong Kong. Shares in Premier Asset Management 
performed well with the company being a beneficiary of strong market returns 
whilst also seeing continuing inflows into its multi-asset products where it 
has first quartile performance. 
 
The largest detractor during December was SDL, which specialises in language 
translation technology and services. The shares fell after the company provided 
a trading update warning that c.GBP3m of deals were likely to be deferred until 
next year and therefore 2017 like for like earnings would fall short of 
expectations. Elsewhere some holdings that have performed well in recent months 
gave back some recent gains, for example Accesso and Dechra Pharmaceuticals. 
 
Activity during December included participating in the IPOs of video game 
developer Sumo Group, and motor insurance company Sabre Insurance. As noted in 
previous updates we have continued to reduce some of our UK domestically 
exposed holdings. 
 
12 January 2018 
 
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 12, 2018 11:32 ET (16:32 GMT)