THROGMORTON TRUST PLC: Portfolio Update
THE THROGMORTON TRUST PLC
All information is at 31 July 2013 and unaudited.
Performance at month end is calculated on a cum income basis
One Three One Three
Month Months Year Years Net asset value* 7.2% 8.7% 38.6% 93.1% Net asset value 7.2% 8.7% 38.6% 80.3% Share price 9.4% 11.6% 50.0% 93.8% Numis plus AIM (ex Inv Cos) 6.6% 6.7% 31.1% 52.0%
Sources: BlackRock and Datastream * Prior to dilution arising on conversion of subscription shares.
At month end Net asset value capital only: 294.08p Net asset value incl. income: 297.08p Share price: 257.00p Discount to cum income NAV 13.5% Net yield: 1.3%* Total assets: £217.3** Net market exposure as a % of net asset value^: 105.4% Ordinary shares in issue: 73,130,326***
*Calculated using current year interim and prior year final dividends paid. **Includes current year revenue and excludes the gross exposure through contracts for difference. ***Excluding 7,400,000 shares held in treasury. ^Long positions less short positions as a percentage of net asset value.
Sector Weightings % of total assets
Industrials 24.4 Consumer Services 22.1 Financials 20.4 Consumer Goods 9.6 Technology 7.5 Basic Materials 6.1 Health Care 6.0 Oil & Gas 3.9 Telecommunications 1.6 Net current liabilities -1.6
----- Total 100.0
Market Exposure (Quarterly)
31.08.12 30.11.12 28.02.13 31.05.13
Long 116.1% 115.6% 118.0% 117.3% Short 12.3% 10.8% 10.5% 10.2% Gross exposure 128.4% 126.4% 128.5% 127.5% Net exposure 103.8% 104.8% 107.5% 107.1%
Ten Largest Equity Investments
Company % of total assets
Bellway 2.6 Howden Joinery Group 2.4 Workspace Group 2.4 Booker Group 2.0 Dunelm Group 2.0 Senior 2.0 ITE Group 1.9 Ashtead Group 1.9 Restaurant Group 1.8 Oxford Instruments 1.7
Commenting on the markets, Mike Prentis and Richard Plackett, representing the Investment Manager noted:
During July the Company's NAV per share rose by 7.2% and the benchmark index rose by 6.6% whilst the FTSE 100 Index rose by 6.5%; all figures on a cum income basis. Markets rebounded from the weaker tone experienced in June as confidence grew that the US Federal Reserve is unlikely to taper bond purchases until it is satisfied that economic growth is clearly sustainable. It is also likely that markets took some comfort from the fact that the Chinese Government appeared committed to an economic growth rate of approximately 7%.
The relative contribution from the long only portfolio stock selection was positive. Contributions from the long only portfolio sector allocation and the CFD portfolio were also slightly positive.
No one stock contributed to, or detracted from, relative performance by more than 20 basis points during the month. On the positive side the best contributors were Workspace, LSL Property Services and Blinkx. On the negative side the largest contributors were ITE Group and Consort Medical, although newsflow from these companies remained positive during the month.
Activity during the month was limited. We added small holdings in Speedy Hire and Grainger, both companies have been owned before, and both are largely focused on the UK economy.
16 August 2013
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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