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 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. 
-0- Aug/16/2013 10:56 GMT
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