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

Blackrock Throgmorton TrustAnnouncement

22/05/2017 16:35

BLACKROCK THROGMORTON TRUST PLC (LEI: 5493003B7ETS1JEDPF59)
 

All information is at 30 April 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       7.0      15.3    34.3     55.7    129.8 
 Share price           7.6      14.5    26.8     40.9    133.1 
 Benchmark*            3.9       9.2    22.0     31.7     84.8 

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:                                 498.12p 
 Net asset value incl. income:                                 501.68p 
 Share price                                                   405.13p 
 Discount to cum income NAV                                      19.2% 
 Net yield (1):                                                   1.9% 
 Total Gross assets (2):                                       £367.1m 
 Net market exposure as a % of net asset value (5):             113.1% 
 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 paid on 29 March 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                                                     30.2 
 Consumer Services                                               23.6 
 Financials                                                      15.5 
 Consumer Goods                                                  12.2 
 Basic Materials                                                  7.7 
 Health Care                                                      5.0 
 Technology                                                       3.6 
 Oil & Gas                                                        2.7 
 Net current liabilities                                         -0.5 
                                                                ----- 
 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                                     3.5 
 JD Sports Fashion                             3.1 
 4imprint Group                                2.8 
 Dechra Pharmaceuticals                        2.6 
 Cineworld Group                               2.4 
 Berkeley Group Holdings                       2.1 
 Ascential                                     2.1 
 Derwent London                                2.0 
 Big Yellow                                    2.0 
 Bellway                                       2.0 

Commenting on the markets, Mike Prentis and Dan Whitestone, representing the
Investment Manager noted:

During April the Company’s NAV per share rose by 7.0% to 501.68p on a cum
income basis, whilst our benchmark index, the Numis Smaller Companies
excluding AIM (excluding Investment Companies) Index, rose by 3.9%; the FTSE
100 Index fell by 1.3%.

Outperformance during the month was predominantly driven by good stock
selection.

Veterinary surgery operator CVS Group continued to perform well after
reporting strong results in March, highlighting continued like-for-like sales
growth and significant margin expansion resulting in earnings upgrades. JD
Sports delivered excellent full year results with eps up 55%, helped by strong
like-for-like sales growth in the UK. European development accelerated with 54
additional JD fascia stores opened and the first stores opened in Asia. JD
operates with net cash and continues to look well placed. Keywords Studios
delivered strong full results with like-for-like revenues up 24% and earnings
up 61%. The company has been taking advantage of the significant market
fragmentation, having made eight acquisitions throughout the year, and
reiterated the intention to continue expanding its capabilities and
geographical presence through M&A.

There were no major individual stock detractors from relative performance
during the month. The underperformance of the resources sector saw our holding
in Faroe Petroleum detract from relative performance, while First Derivatives
also lagged despite providing a positive trading update during the month.

We bought a holding in bowling centre operator Hollywood Bowl. The company is
successfully driving organic growth through its refurbishment programme, while
also having a strong pipeline of new centres secured until 2020.

Performance within the long/short portfolio added 1.1% during the month, with
long positions contributing positively, whilst shorts were a modest detractor.
Long contributors included our long term core holdings in JD Sports, CVS
Group, Melrose Industries. The short book in aggregate detracted, impacted by
a rising market and also a rally in some of our UK consumer shorts as
domestically focussed companies responded well to sterling strength during the
month.

22 May 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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