REG-BlackRock Throgmorton Trust Plc: Portfolio Update

Blackrock Throgmorton TrustAnnouncement

01/12/2025 15:45

The information contained in this release was correct as at 31 October 2025.  
                   Information on the Company’s up to date net asset values
can be found on the London Stock Exchange Website at:

 

https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
                              .           

 

BLACKROCK THROGMORTON TRUST PLC (LEI: 5493003B7ETS1JEDPF59)                   
           
                      

All information is at                                  31 October 2025        
                       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  1.7        2.3         3.6       27.8       20.7       
 Share price      1.8        2.2         6.5       18.8       8.3        
 Benchmark*       0.4        2.5         11.0      25.4       35.1       

            

Sources: BlackRock and Deutsche Numis

*With effect from 15 January 2024 the Numis Smaller Companies plus AIM
(excluding Investment Companies) Index changed to the Deutsche Numis Smaller
Companies plus AIM (excluding Investment Companies).

 

 At month end                                                         
 Net asset value capital only:                            663.78p     
 Net asset value incl. income:                            677.16p     
 Share price                                              610.00p     
 Discount to cum income NAV                               9.9%        
 Net yield 1 :                                            3.0%        
 Total Gross assets 2 :                                   £508.6m     
 Net market exposure as a % of net asset value 3 :        109.6%      
 Ordinary shares in issue 4 :                             75,106,364  
 2024 ongoing charges (excluding performance fees) 5,6 :  0.56%       
 2024 ongoing charges ratio (including performance        0.82%       
  fees) 5,6,7 :                                                       

1. Calculated using the Final Dividend declared on 20 February 2025 paid on 11
April 2025, together with the Interim Dividend declared on 01 August 2025 paid
on 05 September 2025.

2. Includes current year revenue and excludes gross exposure through contracts
for difference.

3. Long exposure less short exposure as a percentage of net asset value.

4. Excluding 28,103,500 shares held in treasury.

5. The Company’s ongoing charges are calculated as a percentage of average
daily net assets and using the management fee and all other operating
expenses, excluding performance fees, finance costs, direct transaction
charges, VAT recovered, taxation and certain other non-recurring items for the
year ended 30 November 2024.

6. With effect from 1 August 2017 the base management fee was reduced from
0.70% to 0.35% of gross assets per annum. The Company’s ongoing charges are
calculated as a percentage of average daily net assets and using the
management fee and all other operating expenses, including performance fees,
but excluding finance costs, direct transaction charges, VAT recovered,
taxation and certain other non-recurring items for the year ended 30 November
2024.

7. Effective 1st December 2017 the annual performance fee is calculated using
performance data on an annualised rolling two-year basis (previously, one
year) and the maximum annual performance fee payable is effectively reduced to
0.90% of two year rolling average month end gross assets (from 1% of average
annual gross assets over one year). Additionally, the Company now accrues this
fee at a rate of 15% of outperformance (previously 10%). The maximum annual
total management fees (comprising the base management fee of 0.35% and a
potential performance fee of 0.90%) are therefore 1.25% of average month end
gross assets on a two-year rolling basis (from 1.70% of average annual gross
assets).

 

 Sector Weightings       % of Total Assets  
                                            
 Industrials             30.2               
 Financials              28.2               
 Basic Materials         8.0                
 Technology              7.1                
 Consumer Staples        5.9                
 Consumer Discretionary  4.5                
 Health Care             3.5                
 Real Estate             2.7                
 Energy                  1.7                
 Telecommunications      1.3                
 Utilities               0.9                
 Communication Services  0.8                
 Net Current Assets      5.2                
                         -----              
 Total                   100.0              
                         =====              
                                            
 Country Weightings      % of Total Assets  
                                            
 United Kingdom          87.5               
 United States           10.6               
 Germany                 0.9                
 Italy                   0.6                
 France                  0.4                
                                            
                         -----              
 Total                   100.0              
                         =====              

 

 Market Exposure (Quarterly)                                     
                                                                 
                 30.11.24    28.02.25    31.05.25    31.08.25    
                  %           %           %           %          
 Long            111.9       117.8       108.4       113.2       
 Short           3.4         4.9         2.8         6.1         
 Gross exposure  115.3       122.7       111.1       119.3       
 Net exposure    108.5       112.9       105.6       107.1       

 

 Ten Largest Investments                           
                                                   
 Company                  % of Total Gross Assets  
                                                   
 XPS Pensions Group       3.4                      
 Boku                     3.3                      
 Rosebank Industries      3.1                      
 Tatton Asset Management  3.1                      
 Serco Group              2.9                      
 Morgan Sindall           2.8                      
 IntegraFin               2.7                      
 GPE                      2.5                      
 Rotork                   2.5                      
 JTC plc                  2.4                      

 

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

 

The Company returned 1.7% in October, outperforming its benchmark, the
Deutsche Numis Smaller Companies +AIM (excluding Investment Companies) Index,
which returned 0.4%.          1

 

Global markets performed strongly in October, supported by easing inflation,
resilient earnings, and optimism around trade policy. In the UK, budget
speculation remains rife, with The Timeseporting the Chancellor is considering
up to 100 different changes to tax and spending ahead of the autumn statement
on the 26th November! Taxes seem certain to rise, and manifesto promises
likely to be broken. The economic impact remains to be seen but indicators are
softer on the margin. Sterling weakened throughout the month against most
major currencies. While all UK indices finished the month ahead in the month,
large caps once again outperformed small and mid-caps as the ongoing
uncertainty facing the UK continued to weigh on sentiment of the more
domestic, smaller end of the market.

 

With international markets continuing to outperform the UK, it was
unsurprising to see some of our overseas holdings in the top contributors
during the month. The largest was                      Advanced Energy
Industries                    , a precision power solutions provider, listed
in the US, which benefited from being a perceived AI beneficiary given it
supplies solutions used in semiconductor manufacturing and data centres. Post
month end, the company released third quarter results that were ahead of
guidance, driven by increased demand for data centre solutions.               
      SPX Technologies                     reported third quarter results that
beat estimates on revenue and earnings, and the company raised EBITDA
(earnings before interest, taxes, depreciation, and amortization) guidance for
2025 on the back of higher volumes in its HVAC (heating, ventilation, and air
conditioning) business and strong contributions from recent acquisitions in
its detection and measurement segment.                      Tatton Asset
Management                     reported strong results for the six months to
30 September 2025, with £1.7 billion of net inflows bringing total AUM
(Assets Under Management) to £25.8 billion, which represents a 37% annual
increase. Strong inflows during the period continue to be supported by the
business attracting new supporting IFAs (Independent Financial Advisers) to
the business, with a 5% increase since the end of the prior year.           

 

Shares in                      Renk                     fell in the month as
the market grew concerned about the pace of order intake in German defence
markets. We largely think this is a question of when rather than if orders
materialise, so we retain a position.                      Rosebank           
        , a UK-listed but US industrial asset, with a buy/improve/sell mantra,
gave back some of its performance from last month despite no stock specific
news flow. Another German defence specialist,                      Hensoldt,  
                  saw its shares slide during the month raising concerns
around near-term revenue growth, despite the long-term targets remaining
unchanged. While disappointing in the near term, we continue to believe in the
long-term attraction of the business, which is underpinned by the global
acceleration in military spend.

 

Our outlook remains broadly unchanged from last month as the asset class
remains in a bit of a holding pattern ahead of the budget at the end of
November, whilst active outflows continue, further pressuring valuations of
thinly traded shares. The broader UK economic backdrop remains challenged,
with softer growth, weaker employment and higher inflation as the effects of
Labour’s tax on jobs have now transmitted into the economy. However, we
remain of the view that there is compelling value on offer in the UK small and
mid cap complex but concede there are limited positive catalysts in the near
term to stem the sector outflows. M&A (Mergers & Acquisitions) activity is
likely to continue at pace as Private Equity and Corporates take advantage of
this backdrop, whilst the broader de-equitisation from company share buyback
programmes continues.           

 

We ended the month with the gross at c.116% and the net at c.112%.

 

We thank shareholders for your ongoing support.

 

1          Source: BlackRock as at 31 October 2025

 

1 December 2025

 

ENDS

 

Latest information is available by typing www.blackrock.com/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.

 

 

 Release  (https://mb.cision.com/Main/22398/4275052/3817794.pdf)  



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