BlackRock Smll Cos Portfolio Update

 
TIDMBRSC 
 
BLACKROCK SMALLER COMPANIES TRUST PLC 
All information is at 30 September 2015 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*                            -1.4    -0.7    14.6   66.4        104.6 
 
Share price*                                -5.0    -5.4    12.5   71.0        118.5 
 
Numis ex Inv Companies + AIM                -2.4    -3.8     2.6   29.2         41.1 
 
*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):                           1011.76p 
 
Net asset value Capital only (debt at fair value):                          1001.22p 
 
Net asset value incl. Income (debt at par value)**:                         1027.14p 
 
Net asset value incl. Income (debt at fair value)**:                        1016.59p 
 
Share price                                                                  879.00p 
 
Discount to Cum Income NAV (debt at par value):                                14.4% 
 
Discount to Cum Income NAV (debt at fair value):                               13.5% 
 
Net yield^^^:                                                                   1.6% 
 
Gross assets^:                                                               GBP531.7m 
 
Gearing range as a % of net assets:                                            0-15% 
 
Net gearing including income (debt at par):                                     5.5% 
 
2015 Ongoing charges ratio^^                                                    0.7% 
 
2015 Ongoing charges ratio (including performance fees):                        1.0% 
 
Ordinary shares in issue#:                                                47,879,792 
 
**includes net revenue of 15.38p 
^includes current year revenue 
^^ As reported in the Annual Financial Report for the year ended 
28 February 2015, 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 interim 
dividend of 5.50 pence per share, (announced on 24 October 2014, gone 
ex-dividend on 6 November 2014) and the final dividend of 9.00 pence per share 
(announced on 27 April 2015 and going ex-dividend on 21 May 2015) 
#excludes 2,113,731 shares held in treasury. 
 
Sector Weightings                                                     % of portfolio 
 
Industrials                                                                     25.1 
 
Consumer Services                                                               21.1 
 
Financials                                                                      18.9 
 
Consumer Goods                                                                   9.1 
 
Technology                                                                       8.2 
 
Health Care                                                                      8.2 
 
Basic Materials                                                                  6.4 
 
Oil & Gas                                                                        2.4 
 
Telecommunications                                                               0.6 
 
                                                                               ----- 
 
Total                                                                          100.0 
 
                                                                               ===== 
 
Ten Largest Equity Investments 
 
Company                                                               % of portfolio 
 
CVS Group                                                                        2.2 
 
4imprint Group                                                                   2.2 
 
Savills                                                                          1.8 
 
Workspace Group                                                                  1.8 
 
Lookers                                                                          1.7 
 
Ted Baker                                                                        1.6 
 
Avon Rubber                                                                      1.6 
 
Topps Tiles                                                                      1.6 
 
Rathbone Brothers                                                                1.5 
 
Headlam Group                                                                    1.5 
 
Commenting on the markets, Mike Prentis, representing the Investment Manager 
noted: 
 
During September the Company's NAV per share fell by 1.4% on a capital only 
basis whilst our benchmark index fell by 2.4%; the FTSE 100 Index fell by 3.0%. 
September was another difficult month for equities generally with worries about 
Chinese GDP growth, some poor high profile company news, for instance from 
Volkswagen, and continued weak commodity prices. 
 
Relative outperformance mainly derived from good stock selection. Sector 
allocation contributed modestly mainly due to our overweight position in 
healthcare equipment companies. Gearing detracted from performance. 
 
The largest positive contributors to stock selection during the month were our 
holdings in 4imprint Group and CVS Group. 4imprint Group's shares had seen some 
profit taking in August and recovered during September. CVS Group announced 
good full year results with revenues up 17% and earnings per share up 30%. We 
also had a very positive meeting with management. 
 
The largest detractor was Topps Tiles, one of our better performers over the 
last year, which saw some profit taking. Topps Tiles announced a pre-close 
update which indicated like-for-like sales growth of about 5.3% for the year to 
30 September 2015, reflecting continued growth in market share. 
 
We did not make any significant changes to the portfolio during the month 
although we did sell several smaller holdings, and trimmed a few other 
holdings. 
 
21 October 2015 
 
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

October 21, 2015 03:45 ET (07:45 GMT)