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THRG Blackrock Throgmorton Trust Plc

587.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Blackrock Throgmorton Trust Plc LSE:THRG London Ordinary Share GB0008910555 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 587.00 586.00 589.00 589.00 585.00 586.00 292,462 16:28:20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt -10.2M -15.75M -0.1654 -35.49 559.07M

BlackRock Throg Tst Portfolio Update

14/02/2018 3:09pm

UK Regulatory


 
TIDMTHRG 
 
BLACKROCK THROGMORTON TRUST PLC (LEI: 5493003B7ETS1JEDPF59) 
 
 
All information is at 31 January 2018 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                       0.2      2.7     31.0      76.8     137.7 
 
Share price                           2.3      5.9     38.6      82.9     149.6 
 
Benchmark*                           -3.1     -1.3     15.1      41.7      75.0 
 
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:                                         558.15p 
 
Net asset value incl. income:                                         567.43p 
 
Share price                                                           488.00p 
 
Discount to cum income NAV                                              14.0% 
 
Net yield1:                                                              1.7% 
 
Total Gross assets2:                                                  GBP415.0m 
 
Net market exposure as a % of net asset value3:                        111.2% 
 
Ordinary shares in issue4:                                         73,130,326 
 
2016 ongoing charges* (excluding performance fees5,6:                    1.1% 
 
2016 ongoing charges* ratio (including performance                       1.3% 
fees)5,6,7: 
 
*Ongoing Charges: The recently announced management fee rate reductions, as 
detailed in the notes below, will impact management fees in 2017 and onwards. 
As a result, the 2016 Ongoing Charge figures above should not be used as a 
guide to future costs.  The impact of the new fee arrangements, assuming the 
same level of performance from the manager and assuming all other charges 
remain the same, would be to reduce the level of Ongoing Charges borne by the 
trust. 
 
1. Calculated using 2017 interim dividend declared on 24 July 2017 and 2016 
final dividend declared on 6 February 2017. 
2. Includes current year revenue and excludes gross exposure through contracts 
for difference. 
3. Long positions less short positions as a percentage of net asset value. 
4. Excluding 7,400,000 shares held in treasury. 
5. Calculated as a percentage of average net assets and using expenses, 
excluding performance fees and interest costs for the year ended 30 November 
2016. 
6. With effect from 1 August 2017 the base management fee was reduced from 
0.70% to 0.35% of gross assets per annum. 
7. Effective 1st December 2017 the annual performance fee arrangements for the 
Company have changed.  The annual performance fee is now calculated using 
performance data on an annualised rolling two year basis (previously, one year) 
and the maximum annual performance fee payable is effectively reduced to 0.90% 
of two year rolling average month end gross assets (from 1% of average annual 
gross assets over one year). Additionally, the Company now accrues this fee at 
a rate of 15% of outperformance (previously 10%). The maximum annual total fees 
(comprising the base management fee of 0.35% and a potential  performance fee 
of 0.90%) will therefore fall to 1.25% of average month end gross assets on a 
two year rolling basis (from 1.70% of average annual gross assets). 
 
Sector Weightings                                           % of Total Assets 
 
Industrials                                                              34.1 
 
Financials                                                               19.9 
 
Consumer Services                                                        14.2 
 
Consumer Goods                                                            9.6 
 
Basic Materials                                                           7.0 
 
Health Care                                                               5.8 
 
Technology                                                                5.8 
 
Oil & Gas                                                                 2.3 
 
Net current assets                                                        1.3 
 
                                                                        ----- 
 
Total                                                                   100.0 
 
                                                                        ===== 
 
Market Exposure (Quarterly) 
 
                        28.02.17       31.05.17        31.08.17        30.11.17 
                               %              %               %               % 
 
Long                       121.4          117.3           115.3           116.9 
 
Short                        6.7            6.1             5.8             6.3 
 
Gross exposure             128.1          123.4           121.1           123.2 
 
Net exposure               114.7          111.2           109.5           110.6 
 
 
 
Ten Largest Investments 
 
Company                                               % of Total Gross Assets 
 
Dechra Pharmaceuticals                                                    3.1 
 
4imprint Group                                                            2.8 
 
CVS Group                                                                 2.7 
 
Melrose Industries                                                        2.2 
 
Ibstock                                                                   2.2 
 
Robert Walters                                                            2.2 
 
Big Yellow                                                                2.1 
 
Bodycote                                                                  2.1 
 
Johnson Service Group                                                     1.9 
 
Ascential                                                                 1.9 
 
Commenting on the markets, Dan Whitestone, representing the Investment Manager 
noted: 
 
During January the Company's NAV per share rose by 0.2% to 567.43p on a cum 
income basis whilst our benchmark (the Numis Smaller Companies excluding AIM 
(excluding Investment Companies) Index) fell by 3.1%; the FTSE 100 Index fell 
by 2.0%(all performance figures are with income reinvested and net of ongoing 
charges and any applicable performance fees). 
 
Stock selection in both long and short positions drove outperformance during 
the month. 
 
Dechra Pharmaceuticals was the largest positive contributor during the month 
following a positive trading update, reporting revenues ahead of consensus, 
benefiting from strong performance in North America. The company also announced 
the Euro 340m acquisition of a Dutch based veterinary pharmaceuticals company 
focused on generic products. Shares in veterinary practitioner CVS Group 
rallied after the company reported better than expected like for like sales 
growth in H1. The result was particularly welcome as CVS had been a large 
detractor in the fourth quarter of 2017 following a trading update flagging 
slower and more volatile sales growth. These results provided us with 
confirmation that our investment thesis remains on track and we were right to 
add to the shares on weakness last year. On the short side we benefitted from 
our short in a UK roadside assistance company where shares fell during the 
month on growing fears about its balance sheet. 
 
The largest stock specific detractor came from a short position in an online 
electrical retailer which bounced after reporting an in-line trading update, 
although the house broker reduced their future year profit forecasts 
significantly. Our long positions in Restore and Hill & Smith underperformed 
despite no stock specific newsflow. 
 
Activity during January included adding to RWS and Liontrust Asset Management 
and purchasing a new holding in Computacenter. We continue to use market 
volatility to add to existing holdings where we feel the valuation does not 
reflect the true earnings potential of these companies. 
 
14 February 2018 
 
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

February 14, 2018 10:09 ET (15:09 GMT)

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