BLACKROCK THROGMORTON TRUST PLC (LEI:
5493003B7ETS1JEDPF59)
All information is at 31 March
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 |
3.5 |
10.5 |
25.4 |
41.0 |
117.3 |
Share price |
-1.3 |
9.5 |
21.8 |
28.2 |
111.7 |
Benchmark* |
2.6 |
5.8 |
18.8 |
23.4 |
76.3 |
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: |
467.29p |
Net asset value incl.
income: |
468.87p |
Share price |
376.50p |
Discount to cum income
NAV |
19.7% |
Net
yield1: |
2.0% |
Total Gross
assets2: |
£342.9m |
Net market exposure as
a % of net asset value5: |
112.4% |
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 dividend paid on 19 August 2016 and 2016 final dividend paid on
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 |
29.2 |
Consumer
Services |
22.7 |
Financials |
16.1 |
Consumer
Goods |
12.1 |
Basic
Materials |
7.9 |
Health
Care |
5.1 |
Technology |
3.5 |
Oil &
Gas |
2.9 |
Net current
assets |
0.5 |
|
----- |
Total |
100.0 |
|
===== |
Market Exposure
(Quarterly) |
|
|
31.05.16
% |
31.08.16
% |
30.11.16
% |
28.02.17
% |
Long |
114.4 |
114.3 |
116.9 |
121.4 |
Short |
8.3 |
8.3 |
8.5 |
6.7 |
Gross exposure |
122.7 |
122.6 |
125.4 |
128.1 |
Net exposure |
106.1 |
106.0 |
108.4 |
114.7 |
Ten Largest
Investments |
|
Company |
% of
Total Gross Assets |
|
|
CVS Group |
3.3 |
JD Sports Fashion |
3.0 |
4imprint Group |
2.9 |
Dechra
Pharmaceuticals |
2.8 |
Cineworld Group |
2.5 |
Berkeley Group
Holdings |
2.3 |
Ascential |
2.0 |
Derwent London |
2.0 |
Hill & Smith |
2.0 |
Bellway |
2.0 |
Commenting on the markets,
Mike Prentis and Dan Whitestone, representing the Investment
Manager noted:
During March the Company’s NAV per share rose by 3.5% to 468.87p
on a cum income basis whilst our benchmark index, Numis Smaller
Companies excluding AIM (excluding Investment Companies) Index,
rose by 2.6%; the FTSE 100 Index rose by 1.1%.
Outperformance was largely driven by good stock selection
although sector allocation also contributed positively.
London focussed property
developer Berkeley Group provided a positive trading update during
the month. Despite the wider impact on demand in the capital from
Brexit and tax on the most expensive properties, Berkeley expect to
post a c.40 percent rise in pre-tax profits for the 12 months to
the end of April. Veterinary surgeries operator CVS reported strong
organic growth, further acquisitions and significant margin
expansion resulting in earnings upgrades. The pace of acquisitions
has continued with 20 sites acquired in the last six months,
including the first sites in The
Netherlands; the company noted that the pipeline remains
strong.
Stock specific disappointments during the month were limited,
the largest detractor was RPC. The market has continued to show
concern around RPCs acquisition strategy after the company
announced the acquisition of Letica for $490m funded by a 1 for 4 rights issue. RPC’s
management have an excellent track record and remain ambitious.
Sector allocation was helped by our overweight sector position
in construction companies and housebuilders.
We continue to find opportunities in initial public offerings
(IPO), and most recently invested in the IPO of Medica. The company
is a leading independent UK provider of radiology reporting,
delivering in excess of 1.3 million reports per annum, mainly to
the NHS.
Performance within the long/short portfolio added +0.7% during
the month, with long positions contributing positively, whilst
shorts were a modest detractor. Long contributors included JD
Sports, Costain and CVS, all of which continue to deliver. Despite
some stock specific short successes in March, the short book in
aggregate detracted from performance, impacted by a rising market
and also a rally in some of our UK consumer shorts as the UK
economy continues to defy most doomsayers’ predictions.
19 April 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.