BLACKROCK SMALLER COMPANIES TRUST PLC (LEI:
549300MS535KC2WH4082)
All information is at 31 December
2017 and unaudited.
Performance at month end is calculated on a capital only
basis
|
One
month
% |
Three
months
% |
One
year
% |
Three
years
% |
Five
years
% |
Net asset value* |
3.7 |
5.5 |
31.2 |
67.5 |
133.3 |
Share price* |
1.9 |
5.0 |
35.8 |
69.7 |
139.2 |
Numis ex Inv Companies
+ AIM Index |
2.8 |
4.0 |
18.9 |
36.7 |
62.0 |
*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): |
1,501.70p |
Net asset value Capital only(debt at
fair value): |
1,492.98p |
Net asset value incl. Income(debt at
par value)**: |
1,519.75p |
Net asset value incl. Income(debt at
fair value)**: |
1,511.02p |
Share price |
1,305.00p |
Discount to Cum Income NAV (debt at
par value): |
14.1% |
Discount to Cum Income NAV (debt at
fair value): |
13.6% |
Net yield^^^: |
1.8% |
Gross assets^: |
£802.3m |
Gearing range as a % of net
assets: |
0-15% |
Net gearing including income (debt
at par): |
10.2% |
2017 Ongoing charges ratio^^ |
0.7% |
2017 Ongoing charges ratio
(including performance fees): |
1.0% |
Ordinary shares in issue#: |
47,879,792 |
**includes net revenue of 18.05p
^includes current year revenue
^^As reported in the Annual Financial Report for the year ended
28 February 2017, 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 final dividend of 13.00
pence per share, (announced on 02 May
2017, ex-dividend on 18 May
2017) and the interim dividend of 10.00 pence per share (announced on 30 October 2017 and gone ex-dividend on
9 November 2017)
#excludes 2,113,731 shares held in treasury.
Sector
Weightings |
% of
portfolio |
|
|
Industrials |
33.0 |
Financials |
15.8 |
Consumer Services |
13.1 |
Consumer Goods |
10.3 |
Basic Materials |
8.5 |
Health Care |
8.3 |
Technology |
7.7 |
Oil & Gas |
2.9 |
Utilities |
0.4 |
|
----- |
Total |
100.0 |
|
===== |
|
|
Ten Largest Equity
Investments |
|
Company |
% of
portfolio |
|
|
Dechra
Pharmaceuticals |
2.1 |
Avon Rubber |
1.8 |
4imprint
Group |
1.7 |
Central Asia
Metals |
1.6 |
Robert Walters |
1.6 |
Hill & Smith |
1.5 |
Big Yellow |
1.5 |
Ibstock |
1.5 |
Advanced Medical
Solutions |
1.5 |
Restore |
1.4 |
|
|
|
|
Commenting on the markets, Mike
Prentis, representing the Investment Manager noted:
During December the Company’s NAV per share rose by 3.7% to 1501.7p
on a capital only basis, whilst our benchmark index rose by 2.8%;
the FTSE 100 Index rose 4.9% on a capital only basis.
Stock selection was the primary contributor to performance
during the month while sector allocation and gearing also
contributed positively to relative returns.
The largest positive contributors to performance during December
were our holdings in Central Asia Metals and Kaz Minerals which
both performed well along with the wider mining sector, which
benefitted from the strength in metals prices at the end of the
year. Colour cosmetics company Warpaint pulled back some of the
lost ground from earlier in the year and announced the completion
of the acquisition of Retra Holdings, a deal that continues to
build on their strategy of growing a global brand, giving the
company access to Retra’s offices in China and Hong
Kong. Shares in Premier Asset Management performed well with
the company being a beneficiary of strong market returns whilst
also seeing continuing inflows into its multi-asset products where
it has first quartile performance.
The largest detractor during December was SDL, which specialises
in language translation technology and services. The shares fell
after the company provided a trading update warning that c.£3m of
deals were likely to be deferred until next year and therefore 2017
like for like earnings would fall short of expectations. Elsewhere
some holdings that have performed well in recent months gave back
some recent gains, for example Accesso and Dechra
Pharmaceuticals.
Activity during December included participating in the IPOs of
video game developer Sumo Group, and motor insurance company Sabre
Insurance. As noted in previous updates we have continued to reduce
some of our UK domestically exposed holdings.
12 January 2018
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.