ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

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

22/05/2018 12:33pm

UK Regulatory


 
TIDMTHRG 
 
BLACKROCK THROGMORTON TRUST PLC (LEI: 5493003B7ETS1JEDPF59) 
 
All information is at 30 April 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                       4.1      2.2     16.1      66.9     125.6 
 
Share price                          10.2      9.8     32.8      91.6     149.9 
 
Benchmark*                            5.1      0.8      6.2      32.0      69.7 
 
Sources: BlackRock and Datastream 
 
*With effect from 22 March 2018 the Numis Smaller Companies plus AIM (excluding 
Investment Companies) Index replaced the Numis Smaller Companies excluding AIM 
(excluding Investment Companies) Index as the Company's benchmark. From 1 
December 2013 to 21 March 2018, the Company's benchmark was the Numis Smaller 
Companies excluding AIM (excluding Investment Companies) Index, which replaced 
the Numis Smaller Companies plus AIM (excluding Investment Companies) Index as 
the Company's benchmark. The above period indices have been blended to reflect 
these changes. 
 
At month end 
 
Net asset value capital only:                                         567.58p 
 
Net asset value incl. income:                                         572.69p 
 
Share price                                                           528.00p 
 
Discount to cum income NAV                                               7.8% 
 
Net yield1:                                                              1.7% 
 
Total Gross assets2:                                                  GBP418.8m 
 
Net market exposure as a % of net asset value3:                        109.1% 
 
Ordinary shares in issue4:                                         73,130,326 
 
2017 ongoing charges* (excluding performance fees)5,6:                   0.9% 
 
2017 ongoing charges* ratio (including performance fees)                 2.2% 
5,6,7: 
 
*Ongoing Charges: The management fee rate reductions, as detailed in the notes 
below, will impact management fees in 2017 and onwards.   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 Company. 
 
1. Calculated using the 2017 interim dividend declared on 24 July 2017 and the 
2017 final dividend declared on 12 February 2018 and paid on 29 March 2018. 
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 
2017. 
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                                                              37.1 
 
Financials                                                               21.0 
 
Consumer Services                                                        15.1 
 
Consumer Goods                                                            7.6 
 
Technology                                                                7.2 
 
Health Care                                                               6.1 
 
Basic Materials                                                           4.0 
 
Oil & Gas                                                                 1.9 
 
Net current liabilities                                                   0.0 
 
                                                                        ----- 
 
Total                                                                   100.0 
 
                                                                        ===== 
 
 
 
Market Exposure (Quarterly) 
 
                        31.05.17       31.08.17        30.11.17        28.02.18 
                               %              %               %               % 
 
Long                       117.3          115.3           116.9           119.6 
 
Short                        6.1            5.8             6.3             8.4 
 
Gross exposure             123.4          121.1           123.2           128.0 
 
Net exposure               111.2          109.5           110.6           111.2 
 
 
 
Ten Largest Investments 
 
Company                                               % of Total Gross Assets 
 
Melrose Industries                                                        3.9 
 
Ascential                                                                 2.9 
 
Dechra Pharmaceuticals                                                    2.8 
 
Robert Walters                                                            2.5 
 
Restore                                                                   2.5 
 
Ibstock                                                                   2.4 
 
CVS Group                                                                 2.1 
 
Fevertree Drinks                                                          2.1 
 
4imprint Group                                                            2.0 
 
SSP                                                                       2.0 
 
Commenting on the markets, Dan Whitestone, representing the Investment Manager 
noted: 
 
During April the Company's NAV per share rose by 4.1%* to 572.69p on a cum 
income basis whilst our benchmark index rose by 5.1%*; the FTSE 100 Index rose 
6.8%* (all performance figures are in sterling terms with income reinvested). 
 
April was a tough month to navigate, with the stock market rebounding hard 
after a weak quarter (where our Company performed strongly) and where the 
market leadership was driven by the sectors and companies that our Company is 
structurally underweight and/or short.  We still had some strong stock and 
industry specific successes, but alas not powerful enough to overturn the 
market backdrop. 
 
Our underweight positioning in the Oil and Mining sectors weighed on 
performance as these companies outperformed as commodity prices rallied in 
response to a combination of trade war rhetoric and rising inflation fears. 
Furthermore, this environment catalysed a wider rally in other 'perceived' 
value areas of the market. This created a difficult headwind for a number of 
short positions which have been large contributors in the year to date, as 
these companies were beneficiaries of the market rally. 
 
Two of the largest positive contributors came from companies in the video 
gaming industry, Keywords Studios and Sumo Group. Keywords Studios, the leading 
international services provider to the global video games industry, released 
better than expected full year results, showing strong organic growth 
supplemented by a number of acquisitions throughout the year. The company has 
been taking advantage of the significant market fragmentation and the shift of 
the big games companies to outsource more of their requirements, and continues 
to expand its capabilities and geographical presence through Mergers & 
Acquisitions. Sumo Group which we purchased at IPO (Initial Public Offering) in 
December 2017, also delivered better than expected full year results. The 
company is seeing strong demand for the group's products and expect organic 
growth to continue, whilst also looking to supplement this by acquiring 
complimentary businesses, providing further scale. Identity verification 
software provider, GB Group, saw its shares rally after releasing a trading 
statement showing strong revenue and profit growth ahead of consensus. 
 
During the month we continued to concentrate the portfolio by adding to a 
number of the Company's core ideas, including Melrose Industries, Renishaw, 
Restore and Learning Technologies. As discussed in the recent Annual General 
Meeting, we also continued to reduce our resources exposure through reductions 
in Central Asia Metals and Faroe Petroleum, and selling Kaz Minerals 
completely. 
 
*Source: BlackRock as of 30 April 2018 
 
22 May 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

May 22, 2018 07:33 ET (11:33 GMT)

1 Year Blackrock Throgmorton Chart

1 Year Blackrock Throgmorton Chart

1 Month Blackrock Throgmorton Chart

1 Month Blackrock Throgmorton Chart

Your Recent History

Delayed Upgrade Clock