BLACKROCK SMALLER COMPANIES TRUST PLC: Portfolio Update
BLACKROCK SMALLER COMPANIES TRUST PLC
All information is at 30 APRIL 2012 and unaudited.
Performance at month end is calculated on a capital only basis
One Three One Three Five
Month Months Year Years Years
Net asset value 0.7% 9.2% -1.6% 128.8% 30.1% Share price 0.0% 13.0% 0.2% 134.3% 28.7% Numis ex Inv Trust + AIM* -1.3% 5.8% -6.5% 61.5% -15.7%
Sources: BlackRock and Datastream
*With effect from 1 September 2007 the Numis Smaller Companies Index plus AIM (ex Investment Companies) Index, formerly the Hoare Govett Smaller Companies plus AIM (ex Investment Companies) Index, replaced the FTSE SmallCap Index (ex Investment Companies) as the Company's benchmark. For the five year period the above index has been blended to reflect this.
At month end
Net asset value Capital only (debt at par value): 619.65p Net asset value Capital only (debt at fair value): 615.46p Net asset value incl. Income (debt at par value): 627.37p** Net asset value incl. Income (debt at fair value): 623.17p** Share price: 522.00p Discount to Cum Income NAV (debt at par value): 16.8% Discount to Cum Income NAV (debt at fair value): 16.2% Net yield: 1.6% Total assets: £327.0m^ Gearing incl. Income (debt at fair value): 9.5% Ordinary shares in issue: 47,879,792^^
**includes net revenue of 7.72p ^includes current year revenue ^^excludes 2,113,731 shares held in treasury
Ten Largest Sector Weightings % of total assets
Oil & Gas Producers 9.9 Support Services 9.6 Electronic & Electrical Equipment 8.7 Industrial Metals & Mining 7.6 Software & Computer Services 7.6 Chemicals 6.0 Financial Services 5.7 Media 5.3 General Retailers 4.6 Household Goods & Home Construction 4.3
---- Total 69.3
Ten Largest Equity Investments (in alphabetical order) Company
Aveva Group Bellway Booker Elementis Hargreaves Services ITE Group Oxford Instruments Senior Spirax Sarco Engineering Victrex
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:
During March, the NAV on a capital only basis rose by 0.7%; the benchmark fell by 1.3%. The FTSE 100 Index fell by 0.5% during the month.
Outperformance was driven by both stock selection and sector allocation, with sector allocation more substantial. Positive sector allocation was driven largely by our large overweight position in electronics & electrical equipment, a complete reversal of March's underperformance in this sector.
No one stock contributed more than 0.25% to relative performance, the largest contributor being our holding in Spirax Sarco Engineering, whose shares rose 12% over the month. Newsflow in the month was generally positive; this included good trading updates from core holdings Senior and Elementis, and from Vectura whose partner, Novartis, disclosed good Phase 111 QVA149 data.
There were no individually significant detractors from relative performance during the month.
Following disposal of our holding in Cove Energy, which was bid for by Shell, we invested in Ophir Energy, exploring like Cove off the coasts of Africa, and Coastal Energy, an oil producer mainly producing offshore Thailand.
17 May 2012
Latest information is available by typing www.blackrock.co.uk/brsc 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.
END -0- May/17/2012 15:58 GMT