BLACKROCK THROGMORTON TRUST PLC
All information is at 31 December
2016 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 |
4.3 |
4.7 |
10.0 |
31.2 |
129.5 |
Share price |
7.5 |
4.5 |
-2.7 |
16.8 |
141.9 |
Benchmark* |
5.0 |
4.6 |
11.1 |
20.6 |
93.8 |
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: |
423.36p |
Net asset value incl.
income: |
430.20p |
Share price: |
349.50p |
Discount to cum income
NAV: |
18.8% |
Net
yield1: |
2.0% |
Total Gross
assets2: |
£314.6m |
Net market exposure as
a % of net asset value5: |
111.3% |
Ordinary shares in
issue3: |
73,130,326 |
2015 ongoing charges
(excluding performance fees)4: |
1.1% |
2015 ongoing charges
ratio (including performance fees): |
2.3% |
1. Calculated using 2016 interim dividend paid on 19 August 2016 and 2015 final dividend.
2. Includes current year revenue and excludes the 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 2015.
5. Long positions less short positions as a percentage of net asset
value.
Sector
Weightings |
% of Total Assets |
|
|
Industrials |
30.4 |
Consumer
Services |
22.9 |
Financials |
16.3 |
Consumer
Goods |
11.1 |
Basic
Materials |
8.8 |
Technology |
4.5 |
Health
Care |
4.3 |
Oil &
Gas |
2.3 |
Net current
liabilities |
-0.6 |
|
----- |
Total |
100.0 |
|
===== |
Market Exposure
(Quarterly) |
|
|
29.02.16
% |
31.05.16
% |
31.08.16
% |
30.11.16
% |
Long |
118.2 |
114.4 |
114.3 |
116.9 |
Short |
11.2 |
8.3 |
8.3 |
8.5 |
Gross exposure |
129.4 |
122.7 |
122.6 |
125.4 |
Net exposure |
107.0 |
106.1 |
106.0 |
108.4 |
Ten Largest
Investments |
Company |
% of
Total Gross Assets |
|
|
CVS Group |
3.6 |
4imprint Group |
3.2 |
JD Sports Fashion |
2.8 |
Cineworld Group |
2.6 |
Dechra
Pharmaceuticals |
2.5 |
Hill & Smith |
2.0 |
Big Yellow |
2.0 |
Avon Rubber |
2.0 |
Workspace Group |
1.9 |
Berkeley Group |
1.8 |
Commenting on the markets, Mike
Prentis and Dan Whitestone,
representing the Investment Manager noted:
During December the Company’s NAV per share rose by 4.3% to 430.2p
on a cum income basis whilst our benchmark index rose by 5.0%; the
FTSE 100 Index rose by 5.4%.
The biggest positive contributors to stock selection were our
holdings in e2v and Faroe Petroleum. e2v attracted an agreed bid
from Teledyne Technologies Inc at a 48% premium. This is yet
another example of an overseas buyer seeing good value in UK listed
stocks. The agreement by OPEC to limit production, and the rising
oil price, helped Faroe shares. Delek Group also bought a 13% stake
in Faroe, clearly a supportive sign.
On the negative side, our substantial holding in JD Sports
performed poorly for once, with the shares falling 4.4% in a rising
market. In January JD Sports has announced a further strong trading
update.
Turning to sector allocation, for the first time in many months
our underweight position in mining shares was a positive.
During the month we added to our holdings in Bellway and
Berkeley Group, both after good meetings with management. We also
added to our holdings in Big Yellow and Rightmove. These are all
high quality companies shares in which are cheaper than 12 months
ago. We trimmed or sold some of our smaller holdings.
19 January 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.