REG-BlackRock Throgmorton Trust Plc: Portfolio Update

Blackrock Throgmorton TrustAnnouncement

Yesterday 11:30

The information contained in this release was correct as at 28 February 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                                  28 February 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  0.0        7.6         17.0      18.9       3.4        
 Share price      -2.1       5.1         16.6      8.3        -7.8       
 Benchmark*       0.8        7.2         21.5      21.5       14.0       

            

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:                            702.33p     
 Net asset value incl. income:                            719.58p     
 Share price                                              643.00p     
 Discount to cum income NAV                               10.6%       
 Net yield 1 :                                            3.8%        
 Total Gross assets 2 :                                   £539.9.0m   
 Net market exposure as a % of net asset value 3 :        100.5%      
 Ordinary shares in issue 4 :                             75,033,364  
 2025 ongoing charges (excluding performance fees) 5,6 :  0.63%       
 2025 ongoing charges ratio (including performance        0.51%       
  fees) 5,6,7 :                                                       

1. Calculated using the Final Dividend declared on 02 March 2026 payable on 02
April 2026, the Pre-Liquidation Dividend declared on 02 March 2026 payable on
02 April 2026, 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 2025.

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
2025.

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             30.9               
 Financials              26.8               
 Basic Materials         9.5                
 Consumer Staples        5.6                
 Technology              5.2                
 Consumer Discretionary  4.9                
 Real Estate             2.7                
 Health Care             2.1                
 Telecommunications      1.8                
 Energy                  1.8                
 Communication Services  0.7                
 Net Current Assets      8.0                
                         -----              
 Total                   100.0              
                         =====              
                                            
 Country Weightings      % of Total Assets  
                                            
 United Kingdom          89.0               
 United States           10.5               
 France                  0.5                
                         -----              
 Total                   100.0              
                         =====              

 

 Market Exposure (Quarterly)                                     
                                                                 
                 31.05.25    31.08.25    30.11.25    28.02.26    
                  %           %           %           %          
 Long            108.4       113.2       113.0       105.5       
 Short           2.8         6.1         6.1         5.0         
 Gross exposure  111.1       119.3       119.1       110.5       
 Net exposure    105.6       107.1       106.9       100.5       

 

 Ten Largest Investments                           
                                                   
 Company                  % of Total Gross Assets  
                                                   
 Serco Group              3.0                      
 Morgan Sindall           3.0                      
 XPS Pensions Group       2.9                      
 Rosebank Industries      2.7                      
 GPE                      2.6                      
 Boku                     2.5                      
 Tatton Asset Management  2.4                      
 Plus500 Ltd              2.3                      
 Goodwin                  2.2                      
 Ig Group Holdings        2.2                      

 

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

 

The Company return was flat (0.0%) in February, while its benchmark, the
Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies)
Index, returned 0.8%.

 

Equity markets moved higher over the month, although leadership broadened as
investors rotated away from crowded AI and software names towards more
cyclical and value oriented areas. This shift reflected a more balanced
assessment of risk rather than a deterioration in overall sentiment. The macro
backdrop was shaped by ongoing debate around the payback from elevated AI
investment, increased policy uncertainty in the US following a Supreme Court
ruling on trade tariffs, and a late month rise in geopolitical risk as
tensions between the US and Iran escalated. Bond yields moved lower as
investors leaned back into a gradual disinflation narrative. Within the UK,
the FTSE 100 Index outperformed small & mid-caps given the value and defensive
nature of the large cap market,

 

The largest detractor in the month was                      Boku              
     . The shares fell in the month on no specific news but may have been
caught up in the AI induced weakness afflicting broader payment companies. As
for AI risk, we think Boku is well insulated, considering it is a regulated
network operating across multi jurisdictions, with multiple licenses with a
deep and broad pool of connections across myriad companies and merchants that
is an incredible barrier to entry and hard to replicate. Indeed, Boku reported
an extremely set of FY25 results in early March, confirming +30% year-on-year
revenue growth, and reiterating their comfort with their medium term revenue
guidance of c20% cagr (compound annual growth rate). At the sector level,     
                financials                     were a detractor, given macro
volatility and increased concerns around credit risk. Our holdings in         
            XPS Pensions                    ,                      IntegraFin 
                   and                      Tatton Asset Management           
         all detracted despite no stock specific news flow.

 

Turning to positives, the largest contributors were all companies within the
resources sectors. The largest stock contributor was US listed,               
      Advanced Energy Industries                    , which reported Q4 2025
earnings with revenues and EPS (earnings per share) ahead of expectations.
Revenue for 2025 grew by 21%, driven by semiconductor market demand, while
data centre revenue grew by 107%, further supporting the company’s positive
outlook.                      Pan African Resources                    
rallied after reporting a substantial increase in revenues for the six months
to December 2025, driven by a 51.5% rise in gold production and a 61.6% rise
in the average price received for gold.                      Hochshild Mining 
                   shares continued to perform strongly in February on the
back of the strength in the gold price. We have been trimming into strength to
keep the position size at our target weight of around 150bps.

 

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 continued to reduce the net to around 103% and the
gross to c.108% reflecting the increased market volatility.

 

We thank shareholders for your ongoing support.

 

1          Source: BlackRock as at 28 February 2026           

 

30 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/22398/4328125/4014225.pdf)  



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