Blackrock Throgmorton Investment Trust PLC — Net Asset Value 2014

Feb 12, 2014

National Storage Mechanism | Additional information

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BLACKROCK THROGMORTON TRUST PLC - Portfolio Update

PR Newswire

London, February 12

BLACKROCK THROGMORTON TRUST PLCAll information is at 31 January 2014 and unaudited.Performance at month end is calculated on a cum income basis One Three One Three Month Months Year YearsNet asset value* 1.2% 7.8% 36.6% 57.7%Net asset value 1.2% 7.8% 36.6% 48.3%Share price -0.1% 9.2% 49.7% 73.1%Benchmark~ 1.2% 5.5% 26.8% 40.1%Sources: BlackRock and Datastream~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 havebeen blended to reflect this.* Prior to dilution arising on conversion of subscription shares.At month endNet asset value capital only: 341.72pNet asset value incl. income: 346.49pShare price: 314.50pDiscount to cum income NAV 9.2%Net yield: 1.1%*Total assets: £254.9m**Net market exposure asa % of net asset value^: 107.2%Ordinary shares in issue: 73,130,326****Calculated using current year interim and prior year 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 28.1Financials 19.8Consumer Services 19.0Consumer Goods 9.1Technology 7.2Health Care 7.1Basic Materials 6.5Oil & Gas 3.0Telecommunications 1.5Net current liabilities -1.3 -----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 2.2Optimal Payments 2.2Workspace Group 2.0Senior 1.9Xaar 1.9Howden Joinery 1.7Avon Rubber 1.7Polar Capital Holdings 1.7ITE Group 1.7Dunelm Group 1.6Commenting on the markets, Mike Prentis and Richard Plackett, representing theInvestment Manager noted:During January the Company's NAV per share rose by 1.2% on a cum income basis;this was in line with the increase in the benchmark index. The FTSE 100 Indexfell by 3.5%; all figures on a cum income basis.The relative contribution from sector allocation was positive, but thecontributions from stock selection and the CFD portfolio were negative. Sectorallocation was helped by our overweight position in housebuilders and ourunderweight position in oil & gas companies.The largest negative contributor to stock selection was our holding in Blinkx,which fell by 38% during the month; the negative impact on relativeperformance was 0.4%. The fall was caused by the publication of research intoBlinkx's business model which effectively suggested that Blinkx was chargingfor some adverts which were not seen by consumers of its video content. Thisresearch was commissioned by anonymous parties, believed to be US hedge fundswith a short interest. Blinkx's management has strongly refuted the assertions inthe research.Positive contributors to stock selection included Optimal Payments, UTV Mediaand Headlam.The CFD portfolio had a difficult month, not helped by holding a long CFD inBlinkx shares.During January we sold or trimmed some of our holdings in larger midcaps,including Thomas Cook and Jupiter Fund Management. They are no longer in ourbenchmark, and both are high beta shares where we are less close to managementthan usual. We have used the proceeds to take small new positions in a fewinteresting microcaps, including Netcall, Incadea and Tracsis.12 February 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.