Last checked at 15 Aug 2017 14:30
BlackRock Smaller Companies Trust Plc - Portfolio UpdateBlackRock Smaller Companies Trust Plc - Portfolio Update
PR Newswire
London, August 15
BLACKROCK SMALLER COMPANIES TRUST PLC (LEI: 549300MS535KC2WH4082)
All information is at 31 July 2017 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* | 3.1 | 3.5 | 37.4 | 56.1 | 144.5 |
| Share price* | 1.5 | 4.9 | 42.5 | 53.0 | 149.2 |
| Numis ex Inv Companies + AIM Index | 2.5 | 2.0 | 23.1 | 24.5 | 71.6 |
*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): | 1,392.56p |
| Net asset value Capital only(debt at fair value): | 1,384.56p |
| Net asset value incl. Income(debt at par value)**: | 1,410.10p |
| Net asset value incl. Income(debt at fair value)**: | 1,402.10p |
| Share price | 1,203.00p |
| Discount to Cum Income NAV (debt at par value): | 14.7% |
| Discount to Cum Income NAV (debt at fair value): | 14.2% |
| Net yield^^^: | 1.7% |
| Gross assets^: | £746.8m |
| Gearing range as a % of net assets: | 0-15% |
| Net gearing including income (debt at par): | 9.7% |
| 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 17.54p^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 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 | 30.0 |
| Consumer Services | 17.7 |
| Financials | 14.1 |
| Consumer Goods | 9.4 |
| Basic Materials | 9.2 |
| Health Care | 8.6 |
| Technology | 7.9 |
| Oil & Gas | 2.8 |
| Utilities | 0.3 |
| ----- | |
| Total | 100.0 |
| ==== |
| Ten Largest Equity Investments | |
| Company | % of portfolio |
| CVS Group | 2.1 |
| Dechra Pharmaceuticals | 1.9 |
| 4imprint Group | 1.7 |
| Advanced Medical Solutions | 1.6 |
| Avon Rubber | 1.6 |
| Bodycote | 1.5 |
| Countryside Properties | 1.5 |
| Hill & Smith | 1.5 |
| Headlam Group | 1.3 |
| Workspace Group | 1.3 |
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:During July the Company’s NAV per share rose by 3.1% to 1392.56p on a capital only basis, whilst the benchmark (Numis ex Inv Companies + AIM Index) rose by 2.5%; the FTSE 100 Index rose by 0.9% (all performance figures are on a capital only basis and net of ongoing charges and any applicable performance fees).
Stock selection drove outperformance during the month, while sector allocation and gearing also contributed positively.
Many of our holdings announced good trading updates during the month. Keywords Studios reported preliminary results showing strong growth in revenues and profits driven by continued organic growth as well as positive contributions from acquisitions. Kaz Minerals has benefited from the strength in the copper price, which it is particularly sensitive to, and has also been assisted by company specific factors such as their recent statement showed production running ahead of 2017 guidance. Bodycote rallied after reporting an 18% increase in first half revenues helped by a recovery in its general industrial business which has seen a return to growth.
Safestyle, a company engaged in the sale and manufacture of PVCu windows and doors, issued a half year trading update warning that revenue growth for the second half is expected to be modest given the weaker consumer backdrop. As a result profits for the full year will be less than previously anticipated and broadly in-line with 2016. Despite the challenging backdrop, with Safestyle’s end market seeing falling volumes in excess of 10%, the company continues to grow and take market share.
Activity during July included a small investment in the IPO of Nexus Infrastructure, a UK focused infrastructure business. We also added to our holdings in Ultra Electronics and Accesso, both of which are very international.
15 August 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.