Throgmorton Trust Regulatory News (THRG)

BLACKROCK THROGMORTON TRUST PLC All information is at 30 April 2015 and unaudited. Performance at month end is calculated on a cum income basis One Three One Three Five Month Months Year Years YearsNet asset value (undiluted)# 4.2% 8.3% 8.3% 59.9% 142.6%Net asset value (fully diluted) 4.2% 8.3% 8.3% 59.9% 126.4%Share price 2.3% 4.7% -2.4% 61.6% 123.8%Benchmark* 3.5% 8.3% 6.0% 48.8% 74.4% Sources: BlackRock and Datastream #Prior to dilution arising on conversion of subscription shares. *With effect from 1 December 2013 the Numis Smaller Companies excluding AIM(excluding investment companies) Index replaced the Numis Smaller Companiesplus AIM (excluding investment companies) Index as the Company's benchmark. Thethree year period indices have been blended to reflect this. At month endNet asset value capital only: 357.52pNet asset value incl. income: 361.40pShare price: 292.75pDiscount to cum income NAV 19.0%Net yield: 1.5%*Total Gross assets: £264.7m**Net market exposure asa % of net asset value^: 108.6%Ordinary shares in issue: 73,130,326***2014 ongoing charges (excludingperformance fees): 1.1%****2014 ongoing charges ratio (includingperformance fees): 1.2% * Calculated using prior year interim and final dividends paid.** Includes current year revenue and excludes the gross exposure throughcontracts for difference.*** Excluding 7,400,000 shares held in treasury.**** Calculated as a percentage of average net assets and using expenses,excluding performance fees and interest costs for the year ended30 November 2014.^Long positions less short positions as a percentage of net asset value. Industry Weightings % of Total Gross assets Industrials 26.8Consumer Services 18.9Financials 18.7Consumer Goods 9.0Basic Materials 8.6Health Care 8.2Technology 5.9Oil & Gas 3.8Telecommunications 0.5Net current liabilities -0.4 -----Total 100.0 ===== Market Exposure (Quarterly) 31.05.14 31.08.14 30.11.14 28.02.15 Long 116.9% 113.5% 117.4% 121.9%Short 12.4% 13.5% 9.8% 10.3%Gross exposure 129.3% 127.0% 127.2% 132.2%Net exposure 104.5% 100.0% 107.6% 111.6% Ten Largest Investments Company % of Total Gross assets 4imprint 2.7CVS Group 2.6Workspace Group 2.4Lookers 2.3Savills 2.3Northgate 2.2Rathbone Brothers 2.2Ted Baker 2.1Senior Engineering 2.1Tyman 2.0 Commenting on the markets, Mike Prentis and Dan Whitestone, representing theInvestment Manager noted: During April the Company's NAV per share rose by 4.2% on a cum income basiswhilst the benchmark index rose by 3.5%; the FTSE 100 Index rose by 3.2%. Both the long only portfolio and the CFD portfolio performed well during themonth. Strong gains on the long CFDs exceeded modest losses on the short CFDs. The major positive contributors to stock selection in the long only portfolioduring the month were our holdings in Hutchison China Meditech and CVS Group.Shares in Hutchison China Meditech were strong performers following theannouncement that the first trial of fruquintinib in patients achieved theprimary endpoint, and also following directors' share buying. We had an excellentmeeting with CVS Group management who continue to grow their veterinary business bothorganically and by small bolt on acquisitions. Interim results showed sales upby 19%, with like for like sales growth of 10% and earnings per share growth of34%. CVS Group still has only 11% of the UK veterinary surgery market. The largest detractor from relative outperformance during the month wasNorthbridge Industrial Services. Northbridge was impacted by the decline in theoil price. Approximately 30% of the company's sales relate to the rental of oiltools and demand for these has weakened significantly. The majority of itsrevenues involve the sale and rental of loadbanks in power related applicationsand demand remains firm in these areas. We added a portfolio holding in JD Sports, a leading retailer and distributorof branded sportswear and fashionwear. The group now has more than 800 storesacross six countries. Growth has been strong with revenues up by 25% to £1.5billion in the year to 31 January 2015 and earnings per share up by 26%. Thebusiness has also generated strong cashflow and had net cash of £84 million at31 January 2015. 15 May 2014 ENDS Latest information is available by typing www.blackrock.co.uk/thrg on theinternet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICVterminal). Neither the contents of the Manager's website nor the contents ofany website accessible from hyperlinks on the Manager's website (or any otherwebsite) is incorporated into, or forms part of, this announcement.