Last checked at 13 Dec 2016 12:10
BLACKROCK SMALLER COMPANIES TRUST PLC - Portfolio UpdateBLACKROCK SMALLER COMPANIES TRUST PLC - Portfolio Update
PR Newswire
London, December 13
| BLACKROCK SMALLER COMPANIES TRUST PLC All information is at 30 November 2016 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* | 2.4 | 2.6 | 5.1 | 22.7 | 106.7 | |
| Share price* | 0.0 | 0.3 | -6.7 | 7.2 | 111.8 | |
| Numis ex Inv Companies + AIM | 0.3 | 1.3 | 4.8 | 5.0 | 53.3 | |
| *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): | 1,092.00p | |||||
| Net asset value Capital only(debt at fair value): | 1,082.43p | |||||
| Net asset value incl. Income(debt at par value)**: | 1,104.21p | |||||
| Net asset value incl. Income(debt at fair value)**: | 1,094.63p | |||||
| Share price: | 898.00p | |||||
| Discount to Cum Income NAV (debt at par value): | 18.7% | |||||
| Discount to Cum Income NAV (debt at fair value): | 18.0% | |||||
| Net yield^^^: | 2.1% | |||||
| Gross assets^: | £578.6m | |||||
| Gearing range as a % of net assets: | 0-15% | |||||
| Net gearing including income (debt at par): | 9.0% | |||||
| 2016 Ongoing charges ratio^^ | 0.7% | |||||
| 2016 Ongoing charges ratio (including performance fees): | 0.9% | |||||
| Ordinary shares in issue#: | 47,879,792 | |||||
| **includes net revenue of 12.21p ^includes current year revenue ^^ As reported in the Annual Financial Report for the year ended 29 February 2016, 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 10.50 pence per share, (announced on 25 April 2016, ex-dividend on 19 May 2016) 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 | 29.1 | |||||
| Consumer Services | 20.1 | |||||
| Financials | 13.8 | |||||
| Basic Materials | 10.9 | |||||
| Consumer Goods | 8.2 | |||||
| Technology | 7.6 | |||||
| Health Care | 7.3 | |||||
| Oil & Gas | 2.7 | |||||
| Utilities | 0.3 | |||||
| ----- | ||||||
| Total | 100.0 | |||||
| ===== | ||||||
| Ten Largest Equity Investments | |
| Company | % of portfolio |
| CVS Group | 2.7 |
| 4imprint Group | 2.5 |
| Avon Rubber | 1.9 |
| Hill & Smith | 1.8 |
| Dechra Pharmaceuticals | 1.8 |
| JD Sports Fashion | 1.7 |
| Advanced Medical Solutions | 1.7 |
| Accesso Technology | 1.4 |
| Workspace Group | 1.4 |
| Headlam Group | 1.3 |
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:November was a better month for the Company with the NAV on a capital only basis increasing by 2.4% to 1092p per share. The benchmark increased by 0.3%, and the FTSE 100 Index fell by 2.5%, both also on a capital only basis. Outperformance was largely driven by good stock selection, although sector allocation was also positive.
The biggest positive contributors to stock selection were our holdings in CVS Group, Lavendon and Hill & Smith. CVS Group continues to trade strongly, with most recent disclosed like for like sales growth of 6.3%. It has continued to carry out acquisitions of veterinary practices and ancillary activities, recently expanding into the Netherlands. Lavendon received a takeover approach from a private Belgian company and the shares bounced sharply. We decided to sell our stock, although subsequently another approach was made. Hill & Smith is benefitting from increased infrastructure spending, especially road widening. It has a good presence in the UK and the US, both countries where infrastructure spending is likely to increase.
There were no material detractors from a stock selection point of view during the month.
Sector allocation was positive with our overweight position in aerospace and defence companies proving beneficial.
We added a small holding in Warpaint which listed during the month. Warpaint is a colour cosmetics business with an own-brand W7 supplying high-quality cosmetics at affordable prices.
13 December 2016ENDS
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.