Blackrock Throgmorton Investment Trust PLC — Net Asset Value 2014

Dec 11, 2014

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BLACKROCK THROGMORTON TRUST PLC - Portfolio Update

PR Newswire

London, December 11

BLACKROCK THROGMORTON TRUST PLCAll information is at 30 November 2014 and unaudited.Performance at month end is calculated on a cum income basis One Three One Three Month Months Year YearsNet asset value* 2.5% -3.1% -1.0% 65.6%Net asset value 2.5% -3.1% -1.0% 65.6%Share price -1.0% -5.9% -5.7% 66.2%Benchmark** 0.7% -3.3% -0.6% 52.4%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 three year period the indices have been blended to reflect this.At month endNet asset value capital only: 317.59pNet asset value incl. income: 322.01pShare price: 270.00pDiscount to cum income NAV 16.2%Net yield: 1.5%*Total Gross assets: £236.9m**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 26.7Consumer Services 19.9Financials 18.3Basic Materials 8.3Technology 8.3Health Care 7.8Consumer Goods 6.9Oil & Gas 2.1Telecommunications 1.8Net current liabilities -0.1 -----Total 100.0 =====Market Exposure (Quarterly) 28.02.14 31.05.14 31.08.14 30.11.14Long 118.8% 116.9% 113.5% 117.4%Short 10.7% 12.4% 13.5% 9.8%Gross exposure 129.5% 129.3% 127.0% 127.2%Net exposure 108.1% 104.5% 100.0% 107.6%Ten Largest InvestmentsCompany % of Total Gross assetsWorkspace Group 2.5Senior Engineering 2.5Rathbone Brothers 2.2Elementis 2.1Victrex 2.1Ted Baker 2.1Tyman 2.04imprint 2.0Polar Capital Holdings 2.0Lookers 2.0Commenting on the markets, Mike Prentis and Ralph Cox, representing theInvestment Manager noted:During November the Company's NAV per share rose by 2.5% on a cum income basiswhilst the benchmark index rose by 0.7%; the FTSE 100 Index rose by 3.1%. (Allreturns in sterling terms with net income reinvested.)Both the long only portfolio and the CFD portfolio performed well. The CFDportfolio achieved gains in excess of £1.3 million during the month with boththe long and short positions adding value.Outperformance was helped by a number of stocks including Hutchison ChinaMeditech, on further consideration of good interims and director's sharebuying; Topps Tiles, on final results showing earnings per share growth of21.9%; and Fevertree Drinks, on a successful IPO. Our holdings in QuintainEstates and Avon Rubber also performed well and we had good meetings with themanagement of both companies following results.The largest detractor during the month was our holding Amerisur Resources,which, like most oil producers, was sold aggressively as the oil price fellsharply late in November.We decided to take some profit in a few of our AIM holdings, including some ofour holdings in oil producers. We took part in a few IPOs including FevertreeDrinks, which develops and sells high quality soft drinks including tonicwater; and Virgin Money. We added a few other small holdings in companies thathave recently impressed us during meetings.11 December 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.