Blackrock Throgmorton Investment Trust PLC — Net Asset Value 2014

Sep 11, 2014

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BLACKROCK THROGMORTON TRUST PLC - Portfolio Update

PR Newswire

London, September 11

BLACKROCK THROGMORTON TRUST PLCAll information is at 31 August 2014 and unaudited.Performance at month end is calculated on a cum income basis One Three One Three Month Months Year YearsNet asset value* 2.6% -0.5% 11.9% 66.9%Net asset value 2.6% -0.5% 11.9% 62.4%Share price 4.6% -1.2% 9.3% 67.8%Benchmark** 1.6% -1.3% 11.2% 51.8%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: 329.27pNet asset value incl. income: 332.25pShare price: 287.00pDiscount to cum income NAV 13.6%Net yield: 1.4%*Total Gross assets: £243.0m**Net market exposure asa % of net asset value^: 100.0%Ordinary shares in issue: 73,130,326***2013 Ongoing charges^^: 1.1%2013 Ongoing charges ratio (includingperformance fees): 3.0%* 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.^^ Calculated as a percentage of average net assets and using expenses,excluding performance fees and interest costs for the year ended30 November 2013.^Long positions less short positions as a percentage of net asset value.Sector Weightings % of total assetsIndustrials 29.5Consumer Services 18.3Financials 17.0Technology 8.3Basic Materials 8.3Health Care 6.9Consumer Goods 5.9Oil & Gas 3.6Telecommunications 2.3Net current liabilities -0.1 -----Total 100.0 =====Market Exposure (Quarterly) 30.11.13 28.02.14 31.05.14 31.08.14Long 118.4% 118.8% 116.9% 113.5%Short 11.2% 10.7% 12.4% 13.5%Gross exposure 129.6% 129.5% 129.3% 127.0%Net exposure 107.2% 108.1% 104.5% 100.0%Ten Largest InvestmentsCompany % of total assetsWorkspace Group 2.5Senior Engineering 2.4Bodycote 1.9Elementis 1.9Ted Baker 1.9Optimal Payments 1.8Restaurant Group 1.8Rathbone Brothers 1.7Keller Group 1.7Avon Rubber 1.7Commenting on the markets, Mike Prentis and Ralph Cox*, representing theInvestment Manager noted:During August the Company's NAV per share rose by 2.6% whilst the benchmarkindex rose by 1.6%; by contrast the FTSE 100 Index rose by 2.1%. All data is ona cum income basis.Outperformance was driven mainly by stock selection although sector allocationwas also positive without any one sector making a meaningful contribution. TheCFD portfolio incurred a small loss with losses on short CFDs exceeding gainson long CFDs.The largest individual stock contributor to relative outperformance wasSkyepharma, a relatively new holding. Skyepharma announced interim results inthe month with operating profits up by 187%. This is largely driven by thesuccess of Flutiform, Skyeparma's treatment for asthma, which has now beenlaunched in 23 countries. Market sales of Flutiform grew by 34% in Q2 2014compared to Q1 2014.There were no significant detractors from relative performance during themonth.Activity within the portfolio was limited during the month.*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.11 September 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.