BlackRock Smll Cos Portfolio Update

 
TIDMBRSC 
 
BLACKROCK SMALLER COMPANIES TRUST PLC (LEI: 549300MS535KC2WH4082) 
 
 
All information is at 28 February 2018 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*                           -2.2       2.7    20.7     57.8     108.8 
 
Share price*                               -1.9       3.4    25.0     63.2     111.5 
 
Numis ex Inv Companies + AIM Index         -3.1      -2.4     8.3     24.6      41.6 
 
*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):                         1,487.51p 
 
Net asset value Capital only(debt at fair value):                        1,480.77p 
 
Net asset value incl. Income(debt at par value)**:                       1,506.82p 
 
Net asset value incl. Income(debt at fair value)**:                      1,500.08p 
 
Share price                                                              1,325.00p 
 
Discount to Cum Income NAV (debt at par value):                              12.1% 
 
Discount to Cum Income NAV (debt at fair value):                             11.7% 
 
Net yield^^^:                                                                 1.7% 
 
Gross assets^:                                                             GBP796.1m 
 
Gearing range as a % of net assets:                                          0-15% 
 
Net gearing including income (debt at par):                                   9.8% 
 
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 19.31p 
 
^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                                                                   33.4 
 
Financials                                                                    17.2 
 
Consumer Services                                                             13.1 
 
Consumer Goods                                                                 8.9 
 
Health Care                                                                    8.1 
 
Basic Materials                                                                8.0 
 
Technology                                                                     8.0 
 
Oil & Gas                                                                      2.9 
 
Utilities                                                                      0.4 
 
                                                                             ----- 
 
Total                                                                        100.0 
 
                                                                             ===== 
 
 
 
 
Ten Largest Equity Investments 
 
Company                                                             % of portfolio 
 
Dechra Pharmaceuticals                                                         2.2 
 
Robert Walters                                                                 1.9 
 
Central Asia Metals                                                            1.8 
 
CVS Group                                                                      1.6 
 
4imprint Group                                                                 1.6 
 
Avon Rubber                                                                    1.6 
 
Ibstock                                                                        1.5 
 
Big Yellow                                                                     1.5 
 
Advanced Medical Solutions                                                     1.4 
 
Hill & Smith                                                                   1.4 
 
 
Commenting on the markets, Mike Prentis, representing the Investment Manager 
noted: 
 
During February the Company's NAV per share fell by 2.2% to 1487.51p on a 
capital only basis, whilst our benchmark index fell by 3.1%; the FTSE 100 Index 
also fell 4.0% on a capital only basis. 
 
Positive stock selection drove outperformance during the month. 
 
Dechra Pharmaceuticals was the largest contributor during the month after the 
company reported interim results for the 6 months to 31 December 2017, showing 
strong revenue growth in both Europe and North America while management stated 
that current trading remains in line with expectations. Zotefoams rallied on 
further consideration of the good January trading update and announcement of a 
strategic partnership with Nike. Integrafin, which we purchased at IPO during 
the month, made a positive start to its life as a listed company. Ascential 
performed well after the company announced full year results which beat 
expectations; the outlook remains confident. Our positioning within the mining 
sector, holdings such as Central Asia Metals and Kaz Minerals, also added to 
relative performance during the month. 
 
Veterinary group operator CVS Group reported in-line results, with continued 
good like for like sales growth. The shares fell however in response to the 
company raising additional capital to fund the company's strong and growing 
pipeline of acquisitions. While the move is initially dilutive to earnings per 
share, partially explaining the short-term share price reaction, this will 
quickly rebuild as the acquisitions complete, and remains consistent with the 
company's strategy of consolidating their fragmented end market. 
 
As mentioned above we purchased a new holding in Integrafin, which owns the 
fast growing Transact investments platform, at IPO during the month. We also 
added to a few smaller holdings where we saw good value. 
 
19 March 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

March 19, 2018 12:29 ET (16:29 GMT)