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Blackrock Throgmorton Annual Assets Improve On Manager's Strategy

Wed, 10th Feb 2021 11:28

(Alliance News) - Blackrock Throgmorton Trust PLC on Wednesday reported strong annual asset growth and backed its investment manager to continue the growth.

At the end of November, the midcap trust's net asset value per share stood at 681.24 pence, up from 634.10p at the same point the year before.

The trust - which mainly invests in London-listed small cap and mid cap firms - saw its net assets rise to GBP596.2 million from GBP470.1 million.

Throgmorton left its annual dividend unchanged at 10.20p.

As a result, the trust's NAV total return was 9.1%, ahead of its benchmark - the Numis Smaller Cos plus AIM Index - advancing 3.8%. Blackrock Throgmorton noted financial 2020 was the fifth consecutive year it has outperformed its benchmark.

Since the year-end, the NAV has increased by 15% to February 5 compared to the benchmark which has increased by 13%.

Portfolio manager, Dan Whitestone, said financial 2020 proved a "success for its strategy".

"This level of outperformance has certainly exceeded our expectations given the extreme circumstances experienced during the year, however, we believe that this result once again is proof that stock and industry specifics can triumph over the macro conditions, even in the midst of a global pandemic. Put simply, great companies with compelling offerings can continue to deliver great things regardless of what is thrown at them," Whitestone continued.

He added: "The strong outperformance during the year we believe is a testament to the superior toolkit that this company has available with a combination of both the long and short books returning 9.5% and 1.8% respectively, emphasising the advantages of the company's unique structure of being able to generate alpha from shares that can fall as well as rise."

Whitestone noted the top 10 largest contributors in the period were all long positions. The manager pointed out Games Workshop Group PLC, YouGov PLC, Avon Rubber PLC and Impax Asset Management Group PLC as highlights.

Looking ahead, Chair Christopher Samuel said he is "confident" in Whitestone's investment process.

He added: "The company's portfolio therefore remains focused on high quality companies which have robust business models, strong cash flows, favourable industry characteristics and which are led by experienced management teams. Overall, your manager believes there are grounds for cautious optimism."

Samuel said the trust remains "fully supportive" of the company's current approach and believes the company can continue to meet its objectives of "providing shareholders with long-term capital growth and an attractive total return".

Shares in Blackrock Throgmorton Trust were trading flat in London on Wednesday at 800.00 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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