BlackRock Throg Tst Portfolio Update

 
TIDMTHRG 
 
BLACKROCK THROGMORTON TRUST PLC (LEI: 5493003B7ETS1JEDPF59) 
 
 
All information is at 31 May 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                       4.0     15.2     35.1      63.4     162.8 
 
Share price                           7.6     14.3     34.0      58.4     172.6 
 
Benchmark*                            2.7      9.6     23.9      34.6     106.4 
 
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:                                         516.29p 
 
Net asset value incl. income:                                         521.72p 
 
Share price                                                           436.00p 
 
Discount to cum income NAV                                              16.4% 
 
Net yield1:                                                              1.7% 
 
Total Gross assets2:                                                  GBP383.3m 
 
Net market exposure as a % of net asset value5:                        111.2% 
 
Ordinary shares in issue3:                                         73,130,326 
 
2016 ongoing charges (excluding performance fees4:                       1.1% 
 
2016 ongoing charges ratio (including performance fees):                 1.3% 
 
 
1. Calculated using 2016 interim and final dividends paid on 19 August 2016 and 
29 March 2017. 
 
2. Includes current year revenue and excludes gross exposure through contracts 
for difference. 
 
3. Excluding 7,400,000 shares held in treasury. 
 
4. Calculated as a percentage of average net assets and using expenses, 
excluding performance fees and interest costs for the year ended 30 November 
2016. 
 
5. Long positions less short positions as a percentage of net asset value. 
 
Sector Weightings                                            % of Total Assets 
 
Industrials                                                               29.7 
 
Consumer Services                                                         22.2 
 
Financials                                                                15.2 
 
Consumer Goods                                                            12.9 
 
Basic Materials                                                            7.5 
 
Health Care                                                                5.1 
 
Technology                                                                 3.9 
 
Oil & Gas                                                                  2.5 
 
Net current assets                                                         1.0 
 
                                                                         ----- 
 
Total                                                                    100.0 
 
                                                                         ===== 
 
Market Exposure (Quarterly) 
 
                          31.08.16       30.11.16    28.02.17         31.05.17 
                                 %              %           %                % 
 
Long                         114.3          116.9       121.4            117.3 
 
Short                          8.3            8.5         6.7              6.1 
 
Gross exposure               122.6          125.4       128.1            123.4 
 
Net exposure                 106.0          108.4       114.7            111.2 
 
 
 
Ten Largest Investments 
 
Company                                               % of Total Gross Assets 
 
CVS Group                                                                 3.4 
 
Dechra Pharmaceuticals                                                    2.8 
 
4imprint Group                                                            2.4 
 
JD Sports Fashion                                                         2.4 
 
Cineworld Group                                                           2.3 
 
Ascential                                                                 1.9 
 
Hill & Smith                                                              1.9 
 
Big Yellow                                                                1.9 
 
Ibstock                                                                   1.9 
 
Bellway                                                                   1.9 
 
Commenting on the markets, Mike Prentis and Dan Whitestone, representing the 
Investment Manager noted: 
 
During May the Company's NAV per share rose by 4.0% to 521.7p on a cum income 
basis whilst our benchmark index (Numis Smaller Companies excluding AIM 
(excluding Investment Companies) Index) rose by 2.7%; the FTSE 100 Index rose 
by 4.9%. 
 
Outperformance during the month was predominantly driven by good stock 
selection, however sector allocation also contributed positively. 
 
Colour cosmetics company Warpaint reported a 24% increase in 2016 earnings and 
announced a maiden final dividend of 1.5p. The shares have performed well since 
IPO and the outlook for the company remains strong. Specialty tape manufacturer 
Scapa's full year results confirmed pre-tax profits had more than doubled while 
management also commented on their confidence for further growth in both the 
healthcare and industrial divisions. Morgan Sindall saw further broker upgrades 
after the AGM statement showed continued strong trading across the group with 
better than expected Fit Out activity and a stronger cash profile expected for 
the full year. Elsewhere our holdings in Dechra Pharmaceuticals, CVS Group and 
Advanced Medical Solutions were all positive contributors, benefitting from the 
outperformance of more defensive areas of the market during the month. 
 
There were no major individual stock detractors from relative performance 
during the month. The largest detractors included our holdings in mining 
companies as the sector underperformed on the back of commodity price weakness. 
 
Activity during May included a new purchase in Gear4Music after good meeting 
with management, and adding to our holding in Countryside Properties. 
 
Performance within the long/short portfolio added 0.5% during the month, with 
long positions contributing positively, whilst shorts were a modest detractor. 
Long contributors included common positions also held in the long only 
portfolio, Scapa, Dechra Pharmaceuticals and CVS Group, and also strong 
contributions from holdings unique to the long/short portfolio such as Just 
Eat, Sophos and ASOS. The short book in aggregate detracted, impacted by the 
rising market which saw several our positions grind higher, notably within our 
domestic shorts, where we believe the risks are increasing from rising 
inflation and falling wage growth impacting demand, and building cost pressures 
within many consumer facing business models. 
 
19 June 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

June 19, 2017 12:02 ET (16:02 GMT)