BLACKROCK THROGMORTON TRUST PLC (LEI:
5493003B7ETS1JEDPF59)
All information is at 31 August
2017 and unaudited.
Performance at month end is calculated on a cum income
basis
|
One
Month
% |
Three
months
% |
One
year
% |
Three
years
% |
Five
years
% |
Net asset value |
2.4 |
2.2 |
36.3 |
68.0 |
155.3 |
Share price |
1.3 |
2.0 |
37.8 |
63.6 |
165.3 |
Benchmark* |
0.8 |
0.7 |
21.6 |
37.3 |
96.4 |
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: |
525.27p |
Net asset value incl.
income: |
531.35p |
Share price |
442.75p |
Discount to cum income
NAV |
16.7% |
Net
yield1: |
1.9% |
Total Gross
assets2: |
£388.6m |
Net market exposure as
a % of net asset value3: |
109.5% |
Ordinary shares in
issue4: |
73,130,326 |
2016 ongoing charges
(excluding performance fees)5,6: |
1.1% |
2016 ongoing charges
ratio (including performance fees)6: |
1.3% |
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.
Sector
Weightings |
% of Total Assets |
|
|
Industrials |
30.0 |
Consumer
Services |
18.2 |
Financials |
18.1 |
Consumer
Goods |
13.3 |
Basic
Materials |
7.8 |
Health
Care |
4.6 |
Technology |
4.1 |
Oil &
Gas |
2.4 |
Net current
assets |
1.5 |
|
----- |
Total |
100.0 |
|
===== |
Market Exposure
(Quarterly) |
|
|
30.11.16
% |
28.02.17
% |
31.05.17
% |
31.08.17
% |
Long |
116.9 |
121.4 |
117.3 |
115.3 |
Short |
8.5 |
6.7 |
6.1 |
5.8 |
Gross exposure |
125.4 |
128.1 |
123.4 |
121.1 |
Net exposure |
108.4 |
114.7 |
111.2 |
109.5 |
Ten Largest
Investments |
|
Company |
% of
Total Gross Assets |
|
|
CVS Group |
3.1 |
4imprint Group |
2.9 |
Dechra
Pharmaceuticals |
2.7 |
Ascential |
2.2 |
Berkeley Group
Holdings |
2.1 |
Big Yellow |
2.0 |
Ibstock |
2.0 |
Hill & Smith |
1.9 |
Bodycote |
1.9 |
Advanced Medical
Solutions |
1.8 |
Commenting on the markets,
Mike Prentis and Dan Whitestone, representing the Investment
Manager noted:
During August the Company’s NAV per share rose by 2.4% to
531.35p (including income) whilst our benchmark (the Numis Smaller
Companies excluding AIM (excluding Investment Companies) Index)
rose by 0.8%; the FTSE 100 Index returned 1.6% (all performance
figures are with income reinvested and net of ongoing charges and
any applicable performance fees).
Stock selection was the primary driver of outperformance during
the month while sector allocation also contributed positively.
The largest positive contributor during the month was US-focused
marketing materials supplier, 4imprint. 4imprint’s first half
results were ahead of expectations showing continued strong organic
revenue growth, and better sales in May and June resulted in broker
upgrades to the full year numbers. Copper miner Kaz Minerals
reported interim results showing better than expected earnings and
costs, helped by a higher copper price, whilst the company also
raised production guidance for the full year. Kaz remains the
fastest growing copper miner with costs that are among the lowest
in the world. Shares in premium mixer supplier, Fever-Tree,
continued to perform well off the back of positive interim results
released in July, while Marshalls reported good half year results
showing strong cash generation with a 17% increase to the interim
dividend.
On the negative side, System1, formerly Brainjuicer, which helps
global companies with their marketing and advertising plans, warned
of a slowdown in first half revenues with profits before tax for
the full year expected to be down by 10% to 15% year-on-year. The
company pointed to reduced marketing spend from their customers and
non-recurrence of one-off projects from the previous year as the
cause of the slowdown.
Activity during August included additions to our holdings in
Robert Walters, Ibstock and Hill
& Smith, while also further reducing some of our domestically
exposed companies.
The long/short portfolio rose 0.5% during the month, with long
positions contributing positively to performance, whilst shorts
were broadly flat. The long book continued to perform well during
August with strong contributions from a number of our core holdings
including 4imprint, Sophos, Fever-Tree and Renishaw. The short book
continued to deliver stock specific successes with a number of the
top contributors to performance in the long/short portfolio coming
from shorts, including a profit warning from a UK roadside
assistance company. Our thematic and industry positioning within
the short book also benefitted during the month from slowing growth
and increased regulatory risks in online gaming, over-leveraged oil
exploration/producers, and from negative developments in UK
Financials and Consumer Services.
25 September 2017
ENDS
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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.