Last checked at 17 Mar 2017 15:59
BLACKROCK THROGMORTON TRUST PLC - Portfolio UpdateBLACKROCK THROGMORTON TRUST PLC - Portfolio Update
PR Newswire
London, March 17
BLACKROCK THROGMORTON TRUST PLC (LEI: 5493003B7ETS1JEDPF59)
All information is at 28 February 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 | 4.1 | 11.4 | 25.9 | 33.3 | 111.7 |
| Share price | 7.8 | 19.3 | 24.5 | 27.0 | 120.8 |
| Benchmark* | 2.4 | 8.3 | 21.2 | 16.8 | 72.7 |
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: | 452.67p |
| Net asset value incl. income: | 452.92p |
| Share price | 381.50p |
| Discount to cum income NAV | 15.8% |
| Net yield1: | 2.0% |
| Total Gross assets2: | £331.2m |
| Net market exposure as a % of net asset value5: | 114.7% |
| 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 declared on 6 February 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 | 29.9 | ||||
| Consumer Services | 22.5 | ||||
| Financials | 17.9 | ||||
| Consumer Goods | 11.8 | ||||
| Basic Materials | 8.9 | ||||
| Health Care | 4.2 | ||||
| Technology | 3.6 | ||||
| Oil & Gas | 3.4 | ||||
| Net current liabilities | -2.2 | ||||
| ----- | |||||
| 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 | 3.2 |
| Dechra Pharmaceuticals | 2.9 |
| 4imprint Group | 2.9 |
| JD Sports Fashion | 2.8 |
| Cineworld Group | 2.8 |
| Berkeley Group Holdings | 2.2 |
| Big Yellow | 2.1 |
| Bellway | 2.0 |
| Workspace Group | 1.8 |
| RPC Group | 1.8 |
Commenting on the markets, Mike Prentis and Dan Whitestone, representing the Investment Manager noted:
During February the Company’s NAV per share rose by 4.1% to 452.7p on a cum income basis whilst our benchmark index rose by 2.4%; the FTSE 100 Index rose by 3.1%.
Outperformance was largely driven by good stock selection, although sector allocation also contributed positively.
There were no major individual positive contributors to stock selection. The largest positive contributor was Derwent London which unveiled satisfactory final results with their NAV up 0.5% in challenging London office markets. Derwent London shares trade at a discount to NAV in excess of 20%, which we see as good value for such a well run, well invested business. The Company also announced a special dividend.
There were also no major individual stock detractors from relative performance during the month. The largest detractor was RPC, which announced the acquisition of Letica for $490m funded by a 1 for 4 rights issue. This naturally has had a dampening effect on the shares in the short term. RPC’s management have an excellent track record and remain ambitious.
Sector allocation was helped by our overweight sector position in construction companies and housebuilders.
We invested in the IPO of Xafinity, a UK specialist in pensions actuarial, consulting and administration, providing advisory and compliance services to more than 550 pension scheme clients. The Company combines expertise, insight and technology to meet the needs of both pension trustees and sponsoring companies. Xafinity’s revenues are very sticky because it typically works closely with trustees on pension schemes over the long term. We were impressed by management and see Xafinity’s earnings as high quality.
17 March 2017
ENDS
Latest information is available by typing www.blackrock.co.uk/thrg 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.