Blackrock Throgmorton Investment Trust PLC — Net Asset Value 2014

Oct 14, 2014

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BLACKROCK THROGMORTON TRUST PLC - Portfolio Update

PR Newswire

London, October 14

BLACKROCK THROGMORTON TRUST PLCAll information is at 30 September 2014 and unaudited.Performance at month end is calculated on a cum income basis One Three One Three Month Months Year YearsNet asset value* -3.4% -1.6% 5.7% 70.9%Net asset value -3.4% -1.6% 5.7% 66.3%Share price -3.3% -0.2% -0.1% 76.4%Benchmark** -3.4% -2.9% 4.3% 56.3%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: 317.38pNet asset value incl. income: 320.98pShare price: 277.63pDiscount to cum income NAV 13.5%Net yield: 1.5%*Total Gross assets: £234.7m**Net market exposure asa % of net asset value^: 104.7%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 29.6Consumer Services 18.5Financials 16.8Basic Materials 8.5Technology 8.2Health Care 7.2Consumer Goods 6.1Oil & Gas 3.5Telecommunications 2.3Net current liabilities -0.7 -----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 2.3Bodycote 2.0Restaurant Group 1.9Rathbone Brothers 1.9Savills 1.9Elementis 1.8Ted Baker 1.8Keller Group 1.7Avon Rubber 1.7Commenting on the markets, Mike Prentis and Ralph Cox, representing theInvestment Manager noted:During September, the Company's NAV per share fell by 3.4% on a cum incomebasis which was in line with the benchmark index. The FTSE 100 Index fell by2.8%. Global stock markets were weak during the month, partly driven byconcerns about GDP growth prospects, especially in Continental Europe, partlyby conflict in the Middle East and Ukraine and partly by some weak results.In the UK, there were profit warnings from a number of well known companiesincluding Tesco, Tate & Lyle, Balfour Beatty, De La Rue and Aveva. It wasprobably not surprising that markets gave up the gains made in August.Turning to our portfolio, we saw modest outperformance in the long onlyportfolio but a small loss in the CFD portfolio, with losses on long CFDsexceeding gains on short CFDs. Stock selection was positive with the bestcontributions coming from our holdings in Gemfields, Optimal Payments andHutchison China Meditech, although none made a major contribution. Detractingfrom this was our holding in Polar Capital, where shares were weak given thedip in world stockmarkets, although there was no company specific newsflow ofnote.Sector allocation had little impact on relative performance during September.Activity within the portfolio was limited during the month.14 October 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.