BLACKROCK THROGMORTON TRUST PLC (LEI:
5493003B7ETS1JEDPF59)
All information is at 30 June
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 |
7.3 |
45.2 |
61.5 |
149.8 |
Share price |
-2.5 |
12.9 |
46.8 |
61.3 |
167.9 |
Benchmark* |
-2.9 |
3.7 |
29.1 |
33.1 |
97.5 |
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: |
496.68p |
Net asset value incl.
income: |
503.27p |
Share price |
425.00p |
Discount to cum income
NAV |
15.6% |
Net
yield1: |
1.8% |
Total Gross
assets2: |
£368.0m |
Net market exposure as
a % of net asset value5: |
113.0% |
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 |
29.6 |
Consumer
Services |
21.6 |
Financials |
18.3 |
Consumer
Goods |
12.2 |
Basic
Materials |
7.3 |
Health
Care |
4.7 |
Technology |
3.8 |
Oil &
Gas |
2.3 |
Net current
assets |
0.2 |
|
----- |
Total |
100.0 |
|
===== |
Market Exposure
(Quarterly) |
|
|
31.08.16
% |
30.11.16
% |
28.02.17
% |
31.05.17
% |
Long |
114.3 |
116.9 |
121.4 |
117.3 |
Short |
8.3 |
8.5 |
6.7 |
6.1 |
Gross exposure |
122.6 |
125.4 |
128.1 |
123.4 |
Net exposure |
106.0 |
108.4 |
114.7 |
111.2 |
|
|
|
|
|
|
Ten Largest
Investments |
|
Company |
% of
Total Gross Assets |
|
|
CVS Group |
3.0 |
Dechra
Pharmaceuticals |
2.5 |
4imprint Group |
2.5 |
Bellway |
2.0 |
Big Yellow |
2.0 |
Melrose Industries |
1.9 |
Ascential |
1.9 |
Cineworld Group |
1.9 |
Ibstock |
1.9 |
Hill & Smith |
1.9 |
Commenting on the markets,
Mike Prentis and Dan Whitestone, representing the Investment
Manager noted:
During June the Company’s NAV per share fell by 3.5% to 503.27p,
whilst our benchmark (the Numis Smaller Companies excluding AIM
(excluding Investment Companies) Index) fell by 2.9%; the FTSE 100
Index fell by 2.4% (all performance figures are with income
reinvested and net of ongoing charges and any applicable
performance fees).
Both stock selection and sector allocation were modest
detractors during the month.
Asset manager Polar Capital Holdings results for the year to
March showed a 12% increase in AUM (assets under management) over
the 12 month period, with improving momentum in inflows during the
second half of the year and strong investment performance across
funds. The company’s balance sheet remains very strong, supporting
the dividend. Housebuilder Bellway performed well after issuing a
positive trading update showing strong demand in the 4 months to
June and saying full-year completions are expected to increase by
almost 10 percent.
There were no major individual stock specific disappointments
during the month. Fashion retailer JD Sports fell with other
consumer related shares on the back of weak UK consumer spending
data and an “in-line” trading statement. Colour cosmetics company
Warpaint provided an update showing trading for 2017 has been
in-line with expectations, with particular strength in the US where
they have seen double digit sales growth. Sales in Europe were similar to this time last year and
this caused the shares to fall during the month.
Activity during the month was limited.
The long/short portfolio fell 0.4% during the month, with long
positions detracting from performance, whilst shorts were a
positive contributor. Detractors within the long book included a
number of core holdings that have performed well year-to-date that
gave back some of their strong performance including JD Sports, CVS
Group and Ascential. We are comfortable with these positions
and in some instances have used the weakness to tactically increase
holdings. The short book had a strong month, helped by a falling
market, but also a number of stock specific successes, notably
amongst some of our domestic consumer facing shares. A profit
warning from a UK sofa retailer highlights the severity and speed
of the recent consumer downturn. This bodes well for a number of
our other shorts where we see a number of consumer facing shares
with challenged business models collide with weakening demand,
increased supply, and increased cost pressures.
20 July 2017
ENDS
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