BLACKROCK SMALLER COMPANIES TRUST PLC: Portfolio Update
BLACKROCK SMALLER COMPANIES TRUST PLC
All information is at 31 August 2013 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* 1.8% 5.7% 35.8% 85.8% 103.8% Share price* 6.1% 12.0% 48.2% 111.5% 133.9% Numis ex Inv Companies + AIM 1.3% 4.2% 25.5% 43.9% 46.3%
Sources: BlackRock and Datastream
At month end Net asset value Capital only (debt at par value): 796.12p Net asset value Capital only (debt at fair value): 790.21p Net asset value incl. Income (debt at par value)**: 805.17p Net asset value incl. Income (debt at fair value)**: 799.26p Share price: 738.00p Discount to Cum Income NAV (debt at par value): 8.3% Discount to Cum Income NAV (debt at fair value): 7.7% Net yield^^^: 1.4% Total assets^: £423.4m Gearing range as a % of total assets: 0-15% Net gearing including income (debt at par): 9.6% 2013 Ongoing charges ratio^^: 0.6% Ordinary shares in issue#: 47,879,792
*performance calculations based on a capital only NAV with debt at par, without income reinvested. Share price performance calculations exclude income reinvestment. **includes net revenue of 9.05p ^includes current year revenue ^^As reported in the Annual Financial Statements for the year ended 28 February 2013, the ongoing charges ratio is calculated as a percentage of net assets and using operating expenses, excluding performance fees, finance costs and taxation. ^^^Yield calculations are based on dividends announced in the last 12 months as at the date of release of this announcement, and comprise the final dividend of 6.50 pence per share (announced on 26 April 2013 and going ex-dividend on 29 May 2013) and the interim dividend of 3.50 pence per share, paid on 7 December 2012. #excludes 2,113,731 shares held in treasury
Sector Weightings % of portfolio
Industrials 23.8 Consumer Services 21.4 Financials 18.7 Consumer Goods 9.3 Technology 8.2 Health Care 6.9 Basic Materials 6.4 Oil & Gas 3.9 Telecommunications Services 1.4
----- Total 100.0
Ten Largest Equity Investments
Company Total Market Value %
Bellway 2.3 Howden Joinery 2.1 Workspace 2.0 Senior 1.9 Dunelm Group 1.8 Booker Group 1.7 ITE Group 1.7 Restaurant Group 1.6 Ashtead 1.6 LSL Property Services 1.5
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:
During August the Company's NAV per share rose by 1.8% on a capital only basis. The benchmark index rose by 1.3% whilst the FTSE 100 Index fell by 3.1%; both on a capital only basis.
The relative contribution from stock selection, sector allocation and gearing were all slightly positive. Gearing remains in the 9%-10% range.
The portfolio remains well diversified and 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 contributor was Optimal Payments; on the negative side the largest detractor was Ashtead, although the company continues to trade strongly.
Looking at sector allocation the most significant contribution came from the housebuilders, where we have been overweight for some time. In August this had a negative impact on relative performance, although for most of the year this has been a strong positive contributor. Newsflow from the housebuilders remains good; we still like the sector and are happy to remain overweight.
Activity during the month was limited.
16 September 2013
Latest information is available by typing www.blackrock.co.uk/brscon 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- Sep/16/2013 15:11 GMT