Blackrock Throgmorton Investment Trust PLC — Net Asset Value 2014

Nov 17, 2014

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

BLACKROCK THROGMORTON TRUST PLC - Portfolio Update

PR Newswire

London, November 17

BLACKROCK THROGMORTON TRUST PLCAll information is at 31 October 2014 and unaudited.Performance at month end is calculated on a cum income basis One Three One Three Month Months Year YearsNet asset value* -2.2% -3.0% -1.1% 58.1%Net asset value -2.2% -3.0% -1.1% 53.9%Share price -1.8% -0.6% -4.0% 76.2%Benchmark** -0.7% -2.5% -0.1% 48.3%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: 309.78pNet asset value incl. income: 314.02pShare price: 272.75pDiscount to cum income NAV 13.1%Net yield: 1.5%*Total Gross assets: £229.6m**Net market exposure asa% of net asset value^: 107.6%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 Gross assetsIndustrials 26.8Consumer Services 20.2Financials 18.0Basic Materials 8.3Technology 8.2Health Care 7.3Consumer Goods 6.3Oil & Gas 3.0Telecommunications 2.2Net current liabilities -0.3 -----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 Gross assetsWorkspace Group 2.6Senior 2.4Elementis 2.2Rathbone Brothers 2.2Polar Capital Holdings 2.1Restaurant Group 2.1Bodycote 2.0Lookers 2.0Victrex 2.0Savills 2.0Commenting on the markets, Mike Prentis and Ralph Cox, representing theInvestment Manager noted:During October the Company's NAV per share fell by 2.2% on a cum income basiswhilst the benchmark index, the Numis Smaller Companies Index excluding AIM,fell by 0.7%; the FTSE 100 Index fell by 1.0%. Global stock markets werevolatile during the month, falling sharply in the first half before recoveringin the second half. The weakness continued to be driven partly by concernsabout GDP growth prospects, especially in Continental Europe. Towards the endof October markets were encouraged by the Bank of Japan taking steps tostimulate the Japanese economy. Within the UK, the FTSE 250 Index actuallyfinished up on the month. However smaller companies, and especially AIM listedcompanies, recovered less strongly finishing significantly down over the month.Turning to our portfolio, long only portfolio performance was negativelyimpacted by our exposure to AIM, and our lack of exposure to companies in thebenchmark which were bid for during October, especially New Britain Palm Oiland Synergy Healthcare. We suffered from profit taking in some of our AIMstocks, in particular Optimal Payments and Walker Greenbank, both of which havehad positive trading updates in recent months. On the positive side Avon Rubberissued a positive trading update, with earnings upgraded by 6%, and PolarCapital shares bounced back after a weak September. Encouragingly, the CFDportfolio almost broke even during the month despite being net long in a weakmarket.We decided to take some profit in a few of our AIM holdings, which are all offbenchmark, and selectively added to core holdings such as Elementis andRathbones during the month.17 November 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.