BLACKROCK SMALLER COMPANIES TRUST PLC (LEI:
549300MS535KC2WH4082)
All information is at 30 April
2017 and unaudited.
Performance at month end is calculated on a capital only
basis
|
One
month
% |
Three
months
% |
One
year
% |
Three
years
% |
Five
years
% |
Net asset value* |
6.7 |
13.3 |
32.6 |
44.2 |
117.2 |
Share price* |
9.8 |
14.5 |
27.5 |
32.8 |
119.7 |
Numis ex Inv Companies
+ AIM Index |
3.8 |
8.6 |
21.3 |
17.8 |
57.2 |
*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): |
1,346.11p |
Net asset value Capital only(debt at
fair value): |
1,336.87p |
Net asset value incl. Income(debt at
par value)**: |
1,368.97p |
Net asset value incl. Income(debt at
fair value)**: |
1,359.73p |
Share price |
1,147.00p |
Discount to Cum Income NAV (debt at
par value): |
16.2% |
Discount to Cum Income NAV (debt at
fair value): |
15.6% |
Net yield^^^: |
1.8% |
Gross assets^: |
£705.4m |
Gearing range as a % of net
assets: |
0-15% |
Net gearing including income (debt
at par): |
8.5% |
Ongoing charges ratio^^ |
0.7% |
Ongoing charges ratio (including
performance fees): |
1.0% |
Ordinary shares in issue#: |
47,879,792 |
**includes net revenue of 22.86p
^includes current year revenue
^^As reported in the Annual Financial Report for the year ended
28 February 2017, 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 final dividend of 13.00
pence per share, (announced on 02 May
2017, ex-dividend on 18 May
2017) and the interim dividend of 8.00 pence per share (announced on 25 October 2016 and gone ex-dividend on
3 November 2016)
#excludes 2,113,731 shares held in treasury.
Sector
Weightings |
% of
portfolio |
|
|
Industrials |
29.7 |
Consumer Services |
20.4 |
Financials |
14.1 |
Basic Materials |
9.2 |
Consumer Goods |
8.6 |
Health Care |
8.4 |
Technology |
6.2 |
Oil & Gas |
2.7 |
Travel &
Leisure |
0.4 |
Utilities |
0.3 |
|
----- |
Total |
100.0 |
|
===== |
|
|
Ten Largest Equity
Investments |
|
Company |
% of
portfolio |
|
|
CVS Group |
2.7 |
4imprint Group |
2.2 |
Dechra
Pharmaceuticals |
1.9 |
JD Sports Fashion |
1.9 |
Avon Rubber |
1.7 |
Hill & Smith |
1.6 |
Advanced Medical
Solutions |
1.5 |
Headlam Group |
1.5 |
Workspace Group |
1.5 |
Bodycote |
1.4 |
Commenting on the markets, Mike
Prentis, representing the Investment Manager noted:
During April the Company’s NAV per share rose by 6.7% to 1346.1p
whilst our benchmark index, Numis ex Inv Companies + AIM Index,
rose by 3.8%; the FTSE 100 Index fell by 1.6% (all figures on
a capital only basis).
Stock selection was the primary driver of performance during the
month, with the contribution from gearing also positive.
Veterinary surgery operator CVS Group continued to perform well
after reporting strong results in March, highlighting continued
like for like sales growth and significant margin expansion
resulting in earnings upgrades. JD Sports Fashion delivered
excellent full year results with earnings per share up 55% helped
by strong like for like sales growth in the UK. European
development accelerated with 54 additional JD Sports fascia stores
opened and the first stores opened in Asia. The company also operates with net cash
and continues to look well placed. Keywords Studios delivered
strong full results with like for like revenues up 24% and earnings
up 61%. The company has been taking advantage of the significant
market fragmentation, having made eight acquisitions throughout the
year, and reiterated the intention to continue expanding its
capabilities and geographical presence through M&A.
There were no major individual stock detractors from relative
performance during the month. The underperformance of the resources
sector saw our holding in Faroe Petroleum detract from relative
performance, while Sanne and Walker
Greenbank fell despite no negative stock specific
news.
We purchased a new holding in Tristel, a UK manufacturer of
infection prevention and contamination control products. The
company has created a unique position in high level instrument
disinfection in the ambulatory care market, as well as sporicidal
surface disinfection in hospitals. Its core chlorine dioxide
chemistry is protected by 204 patents and deployed in circa 400
hospitals in the UK while also being internationally exposed with
39% of revenues generated overseas.
23 May 2017
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.