BLACKROCK THROGMORTON TRUST PLC All information is at 31 December 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* 4.0% 11.4% 40.8% 59.7% Net asset value 4.0% 11.4% 40.8% 50.2% Share price 8.5% 11.8% 60.7% 77.4% Benchmark~ 2.9% 8.0% 31.2% 39.7% ~With effect from 1 December 2013 the Numis Smaller Companies excluding AIM (excluding investment companies) Index replaced the Numis Smaller Companies plus AIM (excluding investment companies) Index as the Company's benchmark. For the three month, one year and three year periods the above indices have been blended to reflect this. Sources: BlackRock and Datastream * Prior to dilution arising on conversion of subscription shares. At month end Net asset value capital only: 337.79p Net asset value incl. income: 342.36p Share price: 314.75p Discount to cum income NAV 8.1% Net yield: 1.1%* Total assets: £256.4m** Net market exposure as a % of net asset value^: 108.1% Ordinary shares in issue: 73,130,326*** *Calculated using current year interim and 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 25.6 Financials 20.3 Consumer Services 19.6 Consumer Goods 9.7 Technology 7.2 Health Care 6.8 Basic Materials 6.3 Oil & Gas 3.1 Telecommunications 1.5 Net current liabilities -0.1 ----- Total 100.0 ===== Market Exposure (Quarterly) 28.02.13 31.05.13 31.08.13 30.11.13 Long 118.0% 117.3% 117.5% 118.4% Short 10.5% 10.2% 12.0% 11.2% Gross exposure 128.5% 127.5% 129.5% 129.6% Net exposure 107.5% 107.1% 105.4% 107.2% Ten Largest Equity Investments Company % of total assets Bellway 2.4 Workspace Group 2.0 Senior 2.0 Xaar 1.9 Optimal Payments 1.9 Howden Joinery 1.8 ITE Group 1.8 Booker Group 1.8 Oxford Instruments 1.8 Polar Capital 1.6 Commenting on the markets, Mike Prentis and Richard Plackett, representing the Investment Manager noted: During December the Company's NAV per share rose by 4.0% on a cum income basis. The benchmark index (now Numis Smaller Companies excluding AIM (excluding investment companies) Index) rose by 2.9%, whilst the FTSE 100 Index rose by 1.5%; all on a cum income basis. The relative contributions from long only portfolio stock selection and sector allocation were slightly positive; the CFD portfolio performed strongly making a contribution of approximately £1.4 million. The largest positive contributor to stock selection was our holding in Oxford Instruments. Following on from better than expected interims announced in November, Oxford Instruments reached agreement with the Board of Andor Technologies and launched a recommended offer. The largest detractor from relative performance during the month was AZ Electronic Materials, a company which is in the benchmark index but not currently in the portfolio. We had sold our holding some months ago following further downgrades. AZ was bid for by Merck, and the shares rose by 42% during the month. Whilst it is disappointing that we had sold out of the company it is good to see a return of Mergers & Acquisitions activity. The largest contributor to positive sector allocation was our long standing overweight position in electronics companies. In the CFD portfolio strong gains on the long positions, including a position in Oxford Instruments, offset modest losses on the short positions. During December, we sold the last part of our holding in Ashtead following its promotion to the FTSE 100. We had bought the holding back in 2010 when the share price was approximately 100p. The company has been well managed and has taken full advantage of improving conditions in the US market. We believe that it looks well set but our usual practice is to sell holdings when they get into the FTSE 100, as we did with our holding in Hargreaves Lansdown, for instance. We have used the proceeds to buy back into Brewin Dolphin and we had a good meeting with management during the month. We have also started a position in Xchanging, the outsourcing and technology company, again following a good meeting with management. 15 January 2014 ENDS 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. END -0- Jan/15/2014 16:57 GMT
BLACKROCK THROGMORTON TRUST PLC: Portfolio Update
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