REG-BlackRock Throgmorton Trust Plc: Portfolio Update

Blackrock Throgmorton TrustAnnouncement

Yesterday 17:00

The information contained in this release was correct as at 31 January 2026.  
                   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 January 2026        
                       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  7.5        6.3         11.1      18.4       6.2        
 Share price      5.3        7.7         12.5      11.6       -3.8       
 Benchmark*       4.9        6.2         16.1      21.0       18.3       

            

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:                            703.27p     
 Net asset value incl. income:                            719.73p     
 Share price                                              657.00p     
 Discount to cum income NAV                               8.7%        
 Net yield 1 :                                            2.8%        
 Total Gross assets 2 :                                   £540.0m     
 Net market exposure as a % of net asset value 3 :        101.4%      
 Ordinary shares in issue 4 :                             75,033,364  
 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 28,176,500 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             30.0               
 Financials              26.0               
 Basic Materials         8.6                
 Technology              6.4                
 Consumer Staples        5.8                
 Consumer Discretionary  4.8                
 Real Estate             2.9                
 Health Care             2.6                
 Telecommunications      1.6                
 Energy                  1.4                
 Communication Services  0.7                
 Utilities               0.6                
 Net Current Assets      8.6                
                         -----              
 Total                   100.0              
                         =====              
                                            
 Country Weightings      % of Total Assets  
                                            
 United Kingdom          89.3               
 United States           9.6                
 Italy                   0.6                
 France                  0.5                
                                            
                         -----              
 Total                   100.0              
                         =====              

 

 Market Exposure (Quarterly)                                     
                                                                 
                 28.02.25    31.05.25    31.08.25    30.11.25    
                  %           %           %           %          
 Long            117.8       108.4       113.2       113.0       
 Short           4.9         2.8         6.1         6.1         
 Gross exposure  122.7       111.1       119.3       119.1       
 Net exposure    112.9       105.6       107.1       106.9       

 

 Ten Largest Investments                           
                                                   
 Company                  % of Total Gross Assets  
                                                   
 XPS Pensions Group       3.2                      
 Serco Group              3.2                      
 Morgan Sindall           2.9                      
 Rosebank Industries      2.9                      
 Boku                     2.8                      
 GPE                      2.8                      
 Tatton Asset Management  2.7                      
 Goodwin                  2.4                      
 Plus500 Ltd              2.4                      
 Ig Group Holdings        2.3                      

 

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

 

The Company returned 7.5% January, outperforming its benchmark, the Deutsche
Numis Smaller Companies +AIM (excluding Investment Companies) Index, which
returned 4.9%.

 

2026 has started where 2025 left off in many ways, strong headline market
returns amidst vast underlying volatility. Given changes to market structure
over recent years, this level of dispersion should not surprise us, and we
should probably expect it to continue. Broadly speaking, cyclical sectors
outperformed while defensives underperformed as more data suggested firmness
in economic growth across the world but particularly in the US and in Germany
where we are seeing the first hints that fiscal stimulus is being felt in the
real economy. Markets continue to punish 'AI losers', whether there is
tangible evidence of disruption or not. As in much of last year, geopolitics
continues to weigh on markets and cause volatility. The US's actions in
Venezuela and potentially in Iran helped fuel oil price rises in the month.
This uncertainty also helped propel precious metals prices to record highs.
This risk on sentiment saw UK small and mid-caps outperform the large cap FTSE
100 Index.

 

The largest contributor during the month was                      Hochschild
Mining                    , which continued to rise because of ongoing
strength in the gold price. The company released its production report for the
12 months to 31 December 2025, with production in-line with previously revised
guidance, and flagged strong operational performance and cost discipline to
underpin higher margins. Shares in CDMO business,                      Oxford
Biomedica                    , rallied following a bid from Swedish private
equity group, EQT.                      Great Portland                    
shares were strong after another strong leasing update in January, with the
most recent quarter’s lettings coming in 9% ahead of ERV (estimated rental
value), continuing to demonstrate the strength of demand for prime space in
London. Great Portland owns an extraordinarily attractive portfolio of assets
and is trading at an extraordinarily cheap valuation, despite the strength in
the month, the shares still trade at a c.30% discount to NAV and it remains a
core holding in the Portfolio.

 

The largest detractor during the month was                      Craneware     
              , the US focused hospital billing software business. Despite
reporting strong H1 trading, showing resilient demand across core healthcare
markets, the negative sentiment impacting software companies as perceived
“AI losers” weighed on the shares. The holding in                     
Rosebank                    , the UK-listed but US industrial asset, with a
buy/improve/sell mantra, detracted from relative performance during the month
(albeit the shares were not particularly weak in absolute terms) despite no
stock specific newsflow. The third largest detractor came from                
     a short in a UK defence technology business                    , which
rallied in response to a trading update which highlighted progress in the
thread quarter, notably a five year MoD (Ministry of Defence) contract
extension.

 

The outlook for the UK remains challenged, with softer growth and weaker
employment as the effects of Labour’s tax on jobs have now transmitted into
the economy. This, coupled with a lack of confidence in the UK small and
mid-cap equity market more broadly has contributed to the ongoing outflows
further pressuring valuations of thinly traded shares.

 

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.           

 

In recent weeks we have taken steps to reduce the net to around 105% and the
gross to c.110%.

 

We thank shareholders for your ongoing support.

 

2 March 2026

 

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/22398/4315507/3960524.pdf)  



Copyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved