REG-BlackRock Throg Tst: Portfolio Update <Origin Href="QuoteRef">THRG.L</Origin>

Blackrock Throgmorton TrustAnnouncement

17/03/2017 16:00

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     Three     One    Three     Five  
                    Month    months    year    years    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 yield (1):                                                   2.0% 
 Total Gross assets (2):                                       £331.2m 
 Net market exposure as a % of net asset value (5):             114.7% 
 Ordinary shares in issue (3):                              73,130,326 
 2016 ongoing charges (excluding performance fees (4):            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.



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