REG-BlackRock Throg Tst: Kepler Update Research

Blackrock Throgmorton TrustAnnouncement

08/04/2019 14:10

BlackRock Throgmorton Trust plc

(LEI: 5493003B7ETS1JEDPF59)

8 April 2019

BlackRock Throgmorton Trust offers a growth-oriented portfolio of UK small and
mid-caps managed by Dan Whitestone.

The Trust uses both long and short positions to deliver consistent capital
growth and attractive total returns. More specifically, this means the Trust
can increase its overall gross exposure to the market, varying its net
exposure over time. Dan aims to manage the portfolio so that the net exposure
amounts to between 70% of NAV and 115% of NAV. The shorts are typically a
smaller size than long positions, between 0.5% and 1% of NAV.

BlackRock Throgmorton Trust
(https://trustintelligence.co.uk/investor/articles/blackrock-throgmorton-trust-retail-apr-2019)
has an exceptional long-term track record of outperformance relative to the
benchmark and peer group alike. Over the past five years (to the end of
March), the Trust has delivered NAV returns of 67.6%, almost seven times
greater than the benchmark Numis Smaller Companies plus AIM ex inv com, (9.8%)
and close to double the FTSE All Share (34.9%). The Trust has also
significantly outperformed the previous benchmark, the Numis SC Ex Invt Com,
outperforming by c.38% over the past five years.

Given the company invests in one of the most out of favour sectors across the
globe, the Trust had a relatively strong year in 2018. The fact the smaller
companies portfolio outperformed the benchmark by over 6%, and only marginally
underperformed the FTSE All share (-9.5%) over this period, is surely a
testament to the manager, his quality driven investment style and ability to
add alpha through shorts.

The Trust’s discount has narrowed significantly since the referendum in 2016
– when it reached a 22% discount at one point - and we have continued to see
it narrowing over 2018 and 2019 ytd. Currently the discount sits at close to
5.5%.

Click here to read the full report
(https://trustintelligence.co.uk/investor/articles/blackrock-throgmorton-trust-retail-apr-2019)

Visit http://www.trustintelligence.co.uk/investor for more high quality
independent investment trust research.

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