BLACKROCK THROGMORTON TRUST PLC (LEI:
5493003B7ETS1JEDPF59)
All information is at 30 April
2017 and unaudited.
Performance at month end is calculated on a cum income
basis
|
One
Month
% |
Three
months
% |
One
year
% |
Three
years
% |
Five
years
% |
Net asset value |
7.0 |
15.3 |
34.3 |
55.7 |
129.8 |
Share price |
7.6 |
14.5 |
26.8 |
40.9 |
133.1 |
Benchmark* |
3.9 |
9.2 |
22.0 |
31.7 |
84.8 |
Sources: BlackRock and Datastream
*With effect from 1 December 2013
the Numis Smaller Companies excluding AIM (excluding Investment
Companies) Index replaced the Numis Smaller Companies plus AIM
(excluding Investment Companies) Index as the Company’s benchmark.
The five year period indices have been blended to reflect this.
At month end |
Net asset value capital
only: |
498.12p |
Net asset value incl.
income: |
501.68p |
Share price |
405.13p |
Discount to cum income
NAV |
19.2% |
Net
yield1: |
1.9% |
Total Gross
assets2: |
£367.1m |
Net market exposure as
a % of net asset value5: |
113.1% |
Ordinary shares in
issue3: |
73,130,326 |
2016 ongoing charges
(excluding performance fees4: |
1.1% |
2016 ongoing charges
ratio (including performance fees): |
1.3% |
1. Calculated using 2016 interim dividend paid on 19 August 2016 and 2016 final dividend paid on
29 March 2017.
2. Includes current year revenue and excludes gross exposure
through contracts for difference.
3. Excluding 7,400,000 shares held in treasury.
4. Calculated as a percentage of average net assets and using
expenses, excluding performance fees and interest costs for the
year ended 30 November 2016.
5. Long positions less short positions as a percentage of net asset
value.
Sector
Weightings |
% of Total Assets |
|
|
Industrials |
30.2 |
Consumer
Services |
23.6 |
Financials |
15.5 |
Consumer
Goods |
12.2 |
Basic
Materials |
7.7 |
Health
Care |
5.0 |
Technology |
3.6 |
Oil &
Gas |
2.7 |
Net current
liabilities |
-0.5 |
|
----- |
Total |
100.0 |
|
===== |
Market Exposure
(Quarterly) |
|
|
31.05.16
% |
31.08.16
% |
30.11.16
% |
28.02.17
% |
Long |
114.4 |
114.3 |
116.9 |
121.4 |
Short |
8.3 |
8.3 |
8.5 |
6.7 |
Gross exposure |
122.7 |
122.6 |
125.4 |
128.1 |
Net exposure |
106.1 |
106.0 |
108.4 |
114.7 |
Ten Largest
Investments |
|
Company |
% of
Total Gross Assets |
|
|
CVS Group |
3.5 |
JD Sports Fashion |
3.1 |
4imprint Group |
2.8 |
Dechra
Pharmaceuticals |
2.6 |
Cineworld Group |
2.4 |
Berkeley Group
Holdings |
2.1 |
Ascential |
2.1 |
Derwent London |
2.0 |
Big Yellow |
2.0 |
Bellway |
2.0 |
Commenting on the markets,
Mike Prentis and Dan Whitestone, representing the Investment
Manager noted:
During April the Company’s NAV per share rose by 7.0% to 501.68p
on a cum income basis, whilst our benchmark index, the Numis
Smaller Companies excluding AIM (excluding Investment Companies)
Index, rose by 3.9%; the FTSE 100 Index fell by 1.3%.
Outperformance during the month was predominantly driven by good
stock selection.
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 delivered excellent full
year results with eps up 55%, helped by strong like-for-like sales
growth in the UK. European development accelerated with 54
additional JD fascia stores opened and the first stores opened in
Asia. JD 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 First Derivatives also lagged despite providing
a positive trading update during the month.
We bought a holding in bowling centre operator Hollywood Bowl.
The company is successfully driving organic growth through its
refurbishment programme, while also having a strong pipeline of new
centres secured until 2020.
Performance within the long/short portfolio added 1.1% during
the month, with long positions contributing positively, whilst
shorts were a modest detractor. Long contributors included our long
term core holdings in JD Sports, CVS Group, Melrose Industries. The
short book in aggregate detracted, impacted by a rising market and
also a rally in some of our UK consumer shorts as domestically
focussed companies responded well to sterling strength during the
month.
22 May 2017
ENDS
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