BlackRock Smll Cos Portfolio Update
October 21 2015 - 3:45AM
UK Regulatory
TIDMBRSC
BLACKROCK SMALLER COMPANIES TRUST PLC
All information is at 30 September 2015 and unaudited.
Performance at month end is calculated on a capital only basis
One Three One Three Five
month months year years years
% % % % %
Net asset value* -1.4 -0.7 14.6 66.4 104.6
Share price* -5.0 -5.4 12.5 71.0 118.5
Numis ex Inv Companies + AIM -2.4 -3.8 2.6 29.2 41.1
*performance calculations based on a capital only NAV with debt at par, without
income reinvested. Share price performance calculations exclude income
reinvestment.
Sources: BlackRock and Datastream
At month end
Net asset value Capital only (debt at par value): 1011.76p
Net asset value Capital only (debt at fair value): 1001.22p
Net asset value incl. Income (debt at par value)**: 1027.14p
Net asset value incl. Income (debt at fair value)**: 1016.59p
Share price 879.00p
Discount to Cum Income NAV (debt at par value): 14.4%
Discount to Cum Income NAV (debt at fair value): 13.5%
Net yield^^^: 1.6%
Gross assets^: GBP531.7m
Gearing range as a % of net assets: 0-15%
Net gearing including income (debt at par): 5.5%
2015 Ongoing charges ratio^^ 0.7%
2015 Ongoing charges ratio (including performance fees): 1.0%
Ordinary shares in issue#: 47,879,792
**includes net revenue of 15.38p
^includes current year revenue
^^ As reported in the Annual Financial Report for the year ended
28 February 2015, the ongoing charges ratio is calculated as a percentage of
net assets and using operating expenses, excluding performance fees, finance
costs and taxation.
^^^Yield calculations are based on dividends announced in the last 12 months as
at the date of release of this announcement, and comprise of the interim
dividend of 5.50 pence per share, (announced on 24 October 2014, gone
ex-dividend on 6 November 2014) and the final dividend of 9.00 pence per share
(announced on 27 April 2015 and going ex-dividend on 21 May 2015)
#excludes 2,113,731 shares held in treasury.
Sector Weightings % of portfolio
Industrials 25.1
Consumer Services 21.1
Financials 18.9
Consumer Goods 9.1
Technology 8.2
Health Care 8.2
Basic Materials 6.4
Oil & Gas 2.4
Telecommunications 0.6
-----
Total 100.0
=====
Ten Largest Equity Investments
Company % of portfolio
CVS Group 2.2
4imprint Group 2.2
Savills 1.8
Workspace Group 1.8
Lookers 1.7
Ted Baker 1.6
Avon Rubber 1.6
Topps Tiles 1.6
Rathbone Brothers 1.5
Headlam Group 1.5
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:
During September the Company's NAV per share fell by 1.4% on a capital only
basis whilst our benchmark index fell by 2.4%; the FTSE 100 Index fell by 3.0%.
September was another difficult month for equities generally with worries about
Chinese GDP growth, some poor high profile company news, for instance from
Volkswagen, and continued weak commodity prices.
Relative outperformance mainly derived from good stock selection. Sector
allocation contributed modestly mainly due to our overweight position in
healthcare equipment companies. Gearing detracted from performance.
The largest positive contributors to stock selection during the month were our
holdings in 4imprint Group and CVS Group. 4imprint Group's shares had seen some
profit taking in August and recovered during September. CVS Group announced
good full year results with revenues up 17% and earnings per share up 30%. We
also had a very positive meeting with management.
The largest detractor was Topps Tiles, one of our better performers over the
last year, which saw some profit taking. Topps Tiles announced a pre-close
update which indicated like-for-like sales growth of about 5.3% for the year to
30 September 2015, reflecting continued growth in market share.
We did not make any significant changes to the portfolio during the month
although we did sell several smaller holdings, and trimmed a few other
holdings.
21 October 2015
ENDS
Latest information is available by typing www.blackrock.co.uk/brsc on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.
END
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