Last checked at 16 Jan 2017 15:06
BLACKROCK SMALLER COMPANIES TRUST PLC - Portfolio UpdateBLACKROCK SMALLER COMPANIES TRUST PLC - Portfolio Update
PR Newswire
London, January 16
BLACKROCK SMALLER COMPANIES TRUST PLC
All information is at 31 December 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* | 4.8 | 4.4 | 9.0 | 24.1 | 117.7 |
| Share price* | 7.0 | 3.0 | -3.4 | 5.0 | 124.9 |
| Numis ex Inv Companies + AIM | 4.2 | 3.3 | 9.1 | 6.8 | 62.8 |
*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): | 1,144.86p |
| Net asset value Capital only(debt at fair value): | 1,135.30p |
| Net asset value incl. Income(debt at par value)**: | 1,158.61p |
| Net asset value incl. Income(debt at fair value)**: | 1,149.05p |
| Share price | 961.00p |
| Discount to Cum Income NAV (debt at par value): | 17.1% |
| Discount to Cum Income NAV (debt at fair value): | 16.4% |
| Net yield^^^: | 1.9% |
| Gross assets^: | £604.7m |
| Gearing range as a % of net assets: | 0-15% |
| Net gearing including income (debt at par): | 7.2% |
| 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 13.75p
^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 | 30.4 |
| Consumer Services | 20.0 |
| Financials | 14.2 |
| Basic Materials | 10.2 |
| Consumer Goods | 7.9 |
| Technology | 7.2 |
| Health Care | 6.7 |
| Oil & Gas | 3.1 |
| Utilities | 0.3 |
| ----- | |
| Total | 100.0 |
| ==== |
| Ten Largest Equity Investments | |
| Company | % of portfolio |
| CVS Group | 2.8 |
| 4imprint Group | 2.6 |
| Avon Rubber | 1.9 |
| Dechra Pharmaceuticals | 1.8 |
| Hill & Smith | 1.7 |
| JD Sports Fashion | 1.6 |
| Advanced Medical Solutions | 1.6 |
| Workspace Group | 1.6 |
| Headlam Group | 1.3 |
| Accesso Technology | 1.3 |
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:During December the Company’s NAV per share rose by 4.8% to 1144.86p on a capital only basis whilst our benchmark (Numis ex Inv Companies + AIM Index) index rose by 4.2%; the FTSE 100 Index rose by 5.3%.
Outperformance was largely driven by good stock selection, although gearing was also a positive contributor.
The biggest positive contributors to stock selection were our holdings in e2v and Faroe Petroleum. e2v attracted an agreed bid from Teledyne Technologies Inc. at a 48% premium. This is yet another example of an overseas buyer seeing good value in UK listed stocks. The agreement by OPEC to limit production, and the rising oil price, helped Faroe shares. Delek Group also bought a 13% stake in Faroe, clearly a supportive sign.
There were no material detractors from a stock selection point of view during the month. Sector allocation had no significant impact during the month.
Activity during the month was also quite limited.
16 January 2017ENDS
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.