BlackRock Smll Cos Portfolio Update
January 12 2018 - 11:32AM
UK Regulatory
TIDMBRSC
BLACKROCK SMALLER COMPANIES TRUST PLC (LEI: 549300MS535KC2WH4082)
All information is at 31 December 2017 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* 3.7 5.5 31.2 67.5 133.3
Share price* 1.9 5.0 35.8 69.7 139.2
Numis ex Inv Companies + AIM Index 2.8 4.0 18.9 36.7 62.0
*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): 1,501.70p
Net asset value Capital only(debt at fair value): 1,492.98p
Net asset value incl. Income(debt at par value)**: 1,519.75p
Net asset value incl. Income(debt at fair value)**: 1,511.02p
Share price 1,305.00p
Discount to Cum Income NAV (debt at par value): 14.1%
Discount to Cum Income NAV (debt at fair value): 13.6%
Net yield^^^: 1.8%
Gross assets^: GBP802.3m
Gearing range as a % of net assets: 0-15%
Net gearing including income (debt at par): 10.2%
2017 Ongoing charges ratio^^ 0.7%
2017 Ongoing charges ratio (including performance fees): 1.0%
Ordinary shares in issue#: 47,879,792
**includes net revenue of 18.05p
^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 10.00 pence per share (announced on 30
October 2017 and gone ex-dividend on 9 November 2017)
#excludes 2,113,731 shares held in treasury.
Sector Weightings % of portfolio
Industrials 33.0
Financials 15.8
Consumer Services 13.1
Consumer Goods 10.3
Basic Materials 8.5
Health Care 8.3
Technology 7.7
Oil & Gas 2.9
Utilities 0.4
-----
Total 100.0
=====
Ten Largest Equity Investments
Company % of portfolio
Dechra Pharmaceuticals 2.1
Avon Rubber 1.8
4imprint Group 1.7
Central Asia Metals 1.6
Robert Walters 1.6
Hill & Smith 1.5
Big Yellow 1.5
Ibstock 1.5
Advanced Medical Solutions 1.5
Restore 1.4
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:
During December the Company's NAV per share rose by 3.7% to 1501.7p on a
capital only basis, whilst our benchmark index rose by 2.8%; the FTSE 100 Index
rose 4.9% on a capital only basis.
Stock selection was the primary contributor to performance during the month
while sector allocation and gearing also contributed positively to relative
returns.
The largest positive contributors to performance during December were our
holdings in Central Asia Metals and Kaz Minerals which both performed well
along with the wider mining sector, which benefitted from the strength in
metals prices at the end of the year. Colour cosmetics company Warpaint pulled
back some of the lost ground from earlier in the year and announced the
completion of the acquisition of Retra Holdings, a deal that continues to build
on their strategy of growing a global brand, giving the company access to
Retra's offices in China and Hong Kong. Shares in Premier Asset Management
performed well with the company being a beneficiary of strong market returns
whilst also seeing continuing inflows into its multi-asset products where it
has first quartile performance.
The largest detractor during December was SDL, which specialises in language
translation technology and services. The shares fell after the company provided
a trading update warning that c.GBP3m of deals were likely to be deferred until
next year and therefore 2017 like for like earnings would fall short of
expectations. Elsewhere some holdings that have performed well in recent months
gave back some recent gains, for example Accesso and Dechra Pharmaceuticals.
Activity during December included participating in the IPOs of video game
developer Sumo Group, and motor insurance company Sabre Insurance. As noted in
previous updates we have continued to reduce some of our UK domestically
exposed holdings.
12 January 2018
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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