Blackrock Throgmorton Investment Trust PLC — Net Asset Value 2014

Jan 15, 2014

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BLACKROCK THROGMORTON TRUST PLC - Portfolio Update

PR Newswire

London, January 15

BLACKROCK THROGMORTON TRUST PLCAll information is at 31 December 2013 and unaudited.Performance at month end is calculated on a cum income basis One Three One Three Month Months Year YearsNet asset value* 4.0% 11.4% 40.8% 59.7%Net asset value 4.0% 11.4% 40.8% 50.2%Share price 8.5% 11.8% 60.7% 77.4%Benchmark~ 2.9% 8.0% 31.2% 39.7%~With effect from 1 December 2013 the Numis Smaller Companies excluding AIM(excluding investment companies) Index replaced the Numis Smaller Companiesplus AIM (excluding investment companies) Index as the Company's benchmark.For the three month, one year and three year periods the above indices have beenblended to reflect this.Sources: BlackRock and Datastream* Prior to dilution arising on conversion of subscription shares.At month endNet asset value capital only: 337.79pNet asset value incl. income: 342.36pShare price: 314.75pDiscount to cum income NAV 8.1%Net yield: 1.1%*Total assets: £256.4m**Net market exposure asa % of net asset value^: 108.1%Ordinary shares in issue: 73,130,326****Calculated using current year interim and final dividends paid.**Includes current year revenue and excludes the gross exposure throughcontracts for difference.***Excluding 7,400,000 shares held in treasury.^Long positions less short positions as a percentage of net asset value.Sector Weightings % of total assetsIndustrials 25.6Financials 20.3Consumer Services 19.6Consumer Goods 9.7Technology 7.2Health Care 6.8Basic Materials 6.3Oil & Gas 3.1Telecommunications 1.5Net current liabilities -0.1 -----Total 100.0 =====Market Exposure (Quarterly) 28.02.13 31.05.13 31.08.13 30.11.13Long 118.0% 117.3% 117.5% 118.4%Short 10.5% 10.2% 12.0% 11.2%Gross exposure 128.5% 127.5% 129.5% 129.6%Net exposure 107.5% 107.1% 105.4% 107.2%Ten Largest Equity InvestmentsCompany % of total assetsBellway 2.4Workspace Group 2.0Senior 2.0Xaar 1.9Optimal Payments 1.9Howden Joinery 1.8ITE Group 1.8Booker Group 1.8Oxford Instruments 1.8Polar Capital 1.6Commenting on the markets, Mike Prentis and Richard Plackett, representing theInvestment Manager noted:During December the Company's NAV per share rose by 4.0% on a cum income basis.The benchmark index (now Numis Smaller Companies excluding AIM (excludinginvestment companies) Index) rose by 2.9%, whilst the FTSE 100 Index rose by1.5%; all on a cum income basis.The relative contributions from long only portfolio stock selection and sectorallocation were slightly positive; the CFD portfolio performed strongly makinga contribution of approximately £1.4 million.The largest positive contributor to stock selection was our holding in OxfordInstruments. Following on from better than expected interims announced inNovember, Oxford Instruments reached agreement with the Board of AndorTechnologies and launched a recommended offer.The largest detractor from relative performance during the month was AZElectronic Materials, a company which is in the benchmark index but notcurrently in the portfolio. We had sold our holding some months agofollowing further downgrades. AZ was bid for by Merck, and the shares rose by42% during the month. Whilst it is disappointing that we had sold out of thecompany it is good to see a return of Mergers & Acquisitions activity.The largest contributor to positive sector allocation was our long standingoverweight position in electronics companies.In the CFD portfolio strong gains on the long positions, including a positionin Oxford Instruments, offset modest losses on the short positions.During December, we sold the last part of our holding in Ashtead following itspromotion to the FTSE 100. We had bought the holding back in 2010 when theshare price was approximately 100p. The company has been well managed and hastaken full advantage of improving conditions in the US market. We believe thatit looks well set but our usual practice is to sell holdings when they get intothe FTSE 100, as we did with our holding in Hargreaves Lansdown, for instance.We have used the proceeds to buy back into Brewin Dolphin and we had a goodmeeting with management during the month. We have also started a position inXchanging, the outsourcing and technology company, again following a goodmeeting with management.15 January 2014ENDSLatest information is available by typing www.blackrock.co.uk/thrg on theinternet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICVterminal). Neither the contents of the Manager's website nor the contents ofany website accessible from hyperlinks on the Manager's website (or any otherwebsite) is incorporated into, or forms part of, this announcement.