All information is at 31 December 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*               3.6%    12.4%     43.3%      55.5%     315.8%
Share price*                   9.2%    19.8%     67.8%      83.3%     404.4%
Numis ex Inv Companies + AIM   2.5%     7.1%     27.7%      29.5%     162.1% 
Sources:  BlackRock and Datastream 
At month end
Net asset value Capital only (debt at par value):     922.16p
Net asset value Capital only (debt at fair value):    914.69p
Net asset value incl. Income (debt at par value)**:   931.08p
Net asset value incl. Income (debt at fair value)**:  923.61p
Share price:                                          915.50p
Discount to Cum Income NAV (debt at par value):          1.7%
Discount to Cum Income NAV (debt at fair value):         0.9%
Net yield^^^:                                            1.2%
Total assets^:                                        £486.6m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              9.9%
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
**includes net revenue of 8.92p
^includes current year revenue
^^As reported in the Half Yearly Financial Report for the period ended
31 August 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 4.60 pence per share (announced on 24
October 2013, going ex-dividend on 30 October 2013).
#excludes 2,113,731 shares held in treasury 
Sector Weightings                      % of portfolio 
Industrials                                     26.0
Consumer Services                               19.1
Financials                                      18.8
Consumer Goods                                   9.3
Technology                                       8.9
Health Care                                      7.3
Basic Materials                                  6.0
Oil & Gas                                        3.0
Telecommunications Services                      1.6 
Total                                          100.0 
Ten Largest Equity Investments 
Company                                     Total Market Value % 
Bellway                                             2.3
Workspace                                           1.9
Senior                                              1.9
Optimal Payments                                    1.8
XAAR                                                1.8
Howden Joinery                                      1.7
ITE Group                                           1.7
Oxford Instruments                                  1.7
Booker Group                                        1.7
Polar Capital Holdings                              1.6 
Commenting on the markets, Mike Prentis, representing the Investment Manager
During December the Company's NAV per share rose by 3.6% on a capital only
basis. The benchmark index rose by 2.5% whilst the FTSE 100 Index rose by 1.5%;
again both on a capital only basis. 
The relative contribution from stock selection, sector allocation and gearing
were all slightly positive.  
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 we do not
currently own in the portfolio. We had sold our holding some months ago
following further downgrades. AZ was bid for by Merck, and the shares rose 42%
during the month. Whilst disappointing that we had sold out of the company it
is good to see a return of merger and acquisition activity. 
The largest contributor to positive sector allocation was our long standing
overweight position in electronics companies. 
During December we sold the last part of our holding in Ashtead following its
promotion to the FTSE 100 Index. We had bought the holding back in 2010 when
the share price was about 100p. The company has been very well managed and has
taken full advantage of improving conditions in the US market. We believe it
looks well set but our usual practice is to sell holdings when they get into
the FTSE 100 Index, as we did with our holding in Hargreaves Lansdown, for
We have used the proceeds to buy back into Brewin Dolphin, and had a good
meeting with management during the month. We have also initiated a position in
Xchanging, the outsourcing and technology company, again following a positive
meeting with management. 
20 January 2014 
Latest information is available by typing 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- Jan/20/2014 13:14 GMT
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