Blackrock Throgmorton Investment Trust PLC — Net Asset Value 2014

May 16, 2014

National Storage Mechanism | Additional information

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BLACKROCK THROGMORTON TRUST PLC - Portfolio Update

PR Newswire

London, May 15

BLACKROCK THROGMORTON TRUST PLCAll information is at 30 April 2014 and unaudited.Performance at month end is calculated on a cum income basis One Three One Three Month Months Year YearsNet asset value* -3.1% -1.5% 24.9% 39.4%Net asset value -3.1% -1.5% 24.9% 47.3%Share price -2.1% -2.2% 33.6% 63.6%Benchmark** -2.7% -0.5% 21.3% 34.3%Sources: BlackRock and Datastream* Prior to dilution arising on conversion of subscription shares.**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 one year and three year periods the indices have been blended toreflect this.At month endNet asset value capital only: 336.25pNet asset value incl. income: 338.10pShare price: 304.50pDiscount to cum income NAV 9.9%Net yield: 1.3%*Total assets: £247.3m**Net market exposure asa % of net asset value^: 106.1%Ordinary shares in issue: 73,130,326****Calculated using prior 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 28.1Financials 19.0Consumer Services 19.0Technology 8.0Consumer Goods 7.1Basic Materials 6.9Health Care 6.8Oil & Gas 4.0Telecommunications 1.7Net current liabilities -0.6 -----Total 100.0 =====Market Exposure (Quarterly) 31.05.13 31.08.13 30.11.13 28.02.14Long 117.3% 117.5% 118.4% 118.8%Short 10.2% 12.0% 11.2% 10.7%Gross exposure 127.5% 129.5% 129.6% 129.5%Net exposure 107.1% 105.4% 107.2% 108.1%Ten Largest Equity InvestmentsCompany % of total assetsWorkspace Group 1.8Senior Engineering 1.8Optimal Payments 1.7Elementis 1.7Avon Rubber 1.7Headlam Group 1.7Polar Capital Holdings 1.6Restaurant Group 1.6Dunelm Group 1.4Paragon Group 1.4Commenting on the markets, Mike Prentis and Ralph Cox*, representing theInvestment Manager noted:During April the Company's NAV per share fell by 3.1% whilst the benchmarkindex fell by 2.7%; by contrast the FTSE 100 Index rose by 3.1%, helped by thebid approach for AstraZeneca (all figures on a total return basis).April was a difficult month for midcaps and AIM with a reversal of the recentmomentum trend. It seems hedge funds were reducing their market exposures, andthis often meant taking profit in the generally higher quality stocks whichhave performed well and buying back shorts in some lower quality companies. Insuch phases it is clearly more difficult to hold good companies and alsooutperform. We think this phase is now largely over.The relative contribution from long only portfolio stock selection was slightlypositive during April. There was no overall contribution from sector allocationbut the contribution from the CFD portfolio was negative. With markets fallingand the CFD portfolio net long we experienced losses on the long CFD portfoliowhich exceeded the gains on the short CFDs.Looking at stock selection the best relative contribution from holdings in themonth came from Faroe Petroleum and ITE Group. Faroe had a discovery in theNorwegian Sea which tested well; increased acquisition activity in the sectorprobably also helped. ITE shares partly recovered from the large fall in March.The largest negative contributor to stock selection in the month came fromBlinkx. Blinkx shares continued to come under pressure despite a positivecapital markets day and trading update.Sector allocation was impacted negatively by our overweight position inhousebuilders which were sold off in April. Investors are worried that thehousing market is too hot and measures will be taken to calm it. We do not seethis as necessarily being bad for either the housebuilders or the estateagents. However, our overweight position in general financials was helpful andthis counterbalanced the negative contribution from housebuilders.We continued to reduce some of our holdings in larger midcaps and used theproceeds to gain greater exposure to companies benefitting from the gradualimprovement in the economies of Continental Europe. We also added a smallholding in Skyepharma, a drug delivery company, which completed a largeplacing. Skyepharma uses its know-how, capabilities and proprietary drugdelivery technologies to develop new formulations of existing products as wellas new chemical entities. Their best selling product is Flutiform, a treatmentfor asthma. Flutiform is approved for sale in many European countries andJapan; the first sales were achieved in September 2012 and are growingstrongly.*From 1 April 2014, Richard Plackett is on a six-month sabbatical. During thisperiod the BlackRock Throgmorton Trust plc is being co-managed by Ralph Cox.15 May 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.