BlackRock Smll Cos Portfolio Update

 
TIDMBRSC 
 
BLACKROCK SMALLER COMPANIES TRUST PLC (LEI: 549300MS535KC2WH4082) 
 
 
All information is at 31 August 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*                           -1.8       1.0    12.3     56.2     101.3 
 
Share price*                               -2.0       0.7    19.8     60.5     101.2 
 
Numis ex Inv Companies + AIM Index         -0.5      -1.0     1.9     25.3      36.6 
 
*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):                         1,602.88p 
 
Net asset value Capital only(debt at fair value):                        1,595.13p 
 
Net asset value incl. Income(debt at par value)**:                       1,623.69p 
 
Net asset value incl. Income(debt at fair value)**:                      1,615.93p 
 
Share price                                                              1,485.00p 
 
Discount to Cum Income NAV (debt at par value):                               8.5% 
 
Discount to Cum Income NAV (debt at fair value):                              8.1% 
 
Net yield^^^:                                                                 1.8% 
 
Gross assets^:                                                             GBP852.1m 
 
Gearing range as a % of net assets:                                          0-15% 
 
Net gearing including income (debt at par):                                   7.2% 
 
2018 Ongoing charges ratio^^                                                  0.7% 
 
2018 Ongoing charges ratio (including performance fees):                      1.0% 
 
Ordinary shares in issue#:                                              47,879,792 
 
**includes net revenue of 20.81p 
 
^includes current year revenue 
 
^^As reported in the Annual Financial Report for the year ended 28 February 
2018, 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 16.00 pence per share, (announced on 27 April 2018, ex-dividend on 17 May 
2018) 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                                                                   31.8 
 
Financials                                                                    21.0 
 
Consumer Services                                                             12.2 
 
Health Care                                                                    8.2 
 
Consumer Goods                                                                 7.9 
 
Technology                                                                     7.5 
 
Basic Materials                                                                5.6 
 
Oil & Gas                                                                      5.3 
 
Utilities                                                                      0.5 
 
                                                                             ----- 
 
Total                                                                        100.0 
 
                                                                             ===== 
 
 
 
 
Ten Largest Equity Investments 
 
Company                                                             % of portfolio 
 
Robert Walters                                                                 2.0 
 
4imprint Group                                                                 2.0 
 
Dechra Pharmaceuticals                                                         1.9 
 
YouGov                                                                         1.8 
 
Integrafin                                                                     1.8 
 
Premier Asset Management Group                                                 1.6 
 
Polar Capital Holdings                                                         1.5 
 
Bodycote                                                                       1.5 
 
Liontrust Asset Management                                                     1.5 
 
Big Yellow                                                                     1.4 
 
 
Commenting on the markets, Mike Prentis and Roland Arnold, representing the 
Investment Manager noted: 
 
 
During August the Company's NAV per share fell by 1.8% to 1,602.88p on a 
capital only basis, underperforming our benchmark index which fell by 0.5%; the 
FTSE 100 Index fell 4.1% on a capital only basis. 
 
August proved to be a difficult month for the Company, with performance 
impacted by two stock specific disappointments which caused the portfolio to 
underperform its benchmark. 
 
Shares in Hill & Smith fell after the company reported a reduction in first 
half profits caused by short-term project delays in the UK's road programme and 
adverse weather in the first quarter. Shares in veterinary group CVS fell after 
it too admitted to being affected by the severe weather earlier in the year, 
and also by the weaker than expected performance of some recent acquisitions. 
 
On the positive side, the Company benefited from good share price rises in a 
number of other holdings notably GB Group, Next Fifteen, Warpaint and Tatton 
Asset Management. 
 
There was profit taking in many industrial engineering companies, and given our 
significant overweight sector position in this area, this also contributed to 
underperformance. 
 
We have maintained a higher weighting to good companies with significant 
international exposure, and have continued to reduce or sell holdings where our 
conviction has weakened. 
 
 
20 September 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

September 20, 2018 09:43 ET (13:43 GMT)