Last checked at 15 Sep 2015 15:26
BLACKROCK THROGMORTON TRUST PLC - Portfolio UpdateBLACKROCK THROGMORTON TRUST PLC - Portfolio Update
PR Newswire
London, September 15
| BLACKROCK THROGMORTON TRUST PLC All information is at 31 August 2015 and unaudited. | |||||||||||
| Performance at month end is calculated on a cum income basis | |||||||||||
| One | Three | One | Three | Five | |||||||
| month | months | year | years | years | |||||||
| % | % | % | % | % | |||||||
| Net asset value (undiluted)# | -1.6 | 0.5 | 16.7 | 77.4 | 152.8 | ||||||
| Net asset value (fully diluted) | -1.6 | 0.5 | 16.7 | 77.4 | 136.0 | ||||||
| Share price | 1.4 | 1.6 | 18.3 | 91.9 | 158.1 | ||||||
| Benchmark* | -2.2 | -2.6 | 9.0 | 55.9 | 87.2 | ||||||
| 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 Companies plus AIM (excluding investment companies) Index as the Company’s benchmark. The three and five year period indices have been blended to reflect this. | |||||||||||
| At month end | |||||||||||
| Net asset value capital only: | 377.62p | ||||||||||
| Net asset value incl. income: | 382.78p | ||||||||||
| Share price | 334.25p | ||||||||||
| Discount to cum income NAV | 12.7% | ||||||||||
| Net yield | 1.4%* | ||||||||||
| Total Gross assets | £279.9m** | ||||||||||
| Net market exposure as a % of net asset value^ | 106.2% | ||||||||||
| Ordinary shares in issue: | 73,130,326*** | ||||||||||
| 2014 ongoing charges (excluding performance fees): | 1.1%**** | ||||||||||
| 2014 ongoing charges ratio (including performance fees): | 1.2% | ||||||||||
| * Calculated using current year interim and prior year final dividends paid. ** Includes current year revenue and excludes the gross exposure through contracts 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 ended 30 November 2014. ^Long positions less short positions as a percentage of net asset value. | |||||||||||
| Industry Weightings | % of Total Gross Assets | ||||||||||
| Industrials | 25.5 | ||||||||||
| Consumer Services | 21.3 | ||||||||||
| Financials | 18.9 | ||||||||||
| Consumer Goods | 9.3 | ||||||||||
| Health Care | 7.9 | ||||||||||
| Technology | 6.6 | ||||||||||
| Basic Materials | 6.1 | ||||||||||
| Oil & Gas | 2.5 | ||||||||||
| Telecommunications | 0.5 | ||||||||||
| Net current liabilities | 1.4 | ||||||||||
| ----- | |||||||||||
| Total | 100.0 | ||||||||||
| ===== | |||||||||||
| Market Exposure (Quarterly) | |||||||||||
| 30.11.14 | 28.02.15 | 31.05.15 | 31.08.15 | ||||||||
| % | % | % | % | ||||||||
| Long | 117.4 | 121.9 | 116.8 | 115.2 | |||||||
| Short | 9.8 | 10.3 | 9.6 | 9.0 | |||||||
| Gross exposure | 127.2 | 132.2 | 126.4 | 124.2 | |||||||
| Net exposure | 107.6 | 111.6 | 107.2 | 106.2 | |||||||
| Ten Largest Investments | |||||||||||
| Company | % of Total Gross assets | ||||||||||
| CVS Group | 2.7 | ||||||||||
| 4imprint Group | 2.6 | ||||||||||
| Workspace Group | 2.4 | ||||||||||
| Topps Tiles | 2.3 | ||||||||||
| Lookers | 2.3 | ||||||||||
| Rathbone Brothers | 2.2 | ||||||||||
| Savills | 2.1 | ||||||||||
| Cineworld | 1.9 | ||||||||||
| Ted Baker | 1.9 | ||||||||||
| JD Sports | 1.8 | ||||||||||
| Commenting on the markets, Mike Prentis and Dan Whitestone, representing the Investment Manager noted: | |||||||||||
| During August the Company’s NAV per share fell by 1.6% on a cum income basis, whilst the benchmark fell by 2.2%; the FTSE 100 Index fell by 6.0%. August was a difficult month for equities generally with Chinese GDP expectations lowered, the Chinese authorities taking steps to reduce the value of their currency and further volatility in the oil price. In general the results we saw during the month from our portfolio companies were good, with notably strong performances from Betfair and Marshalls. Outperformance was derived mainly from stock selection in the long only portfolio and by another strong performance from the CFD portfolio. The long only portfolio fell in value by 1.7%, outperforming the benchmark by 0.5%. The CFD portfolio added 0.25% to the NAV. These individual portfolio returns are before costs. Within the long only portfolio we decided to sell, in the market, holdings such as Quintain and HellermannTyton which had been subject to bids. Consequently, we had slightly more cash than usual going into August. Within the long only portfolio the largest positive contributors to stock selection during the month were our holdings in Betfair, Avon Rubber and Accesso, although none was especially large. Each of these companies announced good trading updates. Betfair also announced a merger with Paddy Power, which was taken well, and Avon Rubber announced a strategic acquisition. There were no major detractors from relative outperformance during the month. The largest detractor was 4imprint, one of our best performers over the last year, which saw some profit taking. Within the CFD portfolio the long book made a marginal contribution of 1 basis point (bp) and the short book drove a 24bp gain. The top 10 positive contributors were 6 long positions (Cineworld, Novae, JD Sports, FDM, Betfair, Aldermore) and 4 short positions (a general retailer, an industrial, an exploration and production, and an energy broker). The gains ranged between 9bps and 3bps. The biggest contributions came from Cineworld and Novae Group, which both responded favourably to strong H1 results reported in the month. Despite some modest profit taking, both remain core holdings. The top 10 detractors during the month comprised 8 long positions and 2 short positions, ranging between 2bp and 6bps of negative performance. The biggest detractor was a long position in Fuller, Smith & Turner, which fell, not as a consequence of any stock specific news, showing that even a well managed London/South East focused London pub operator could not escape the global sell-off witnessed during the month. We did not make any significant changes to the portfolios during the month. | |||||||||||
| 15 September 2015 | |||||||||||
| 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. | |||||||||||