BLACKROCK SMALLER COMPANIES TRUST PLC 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 reinvestment. **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 noted: 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 instance. 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 ENDS 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. END -0- Jan/20/2014 13:14 GMT
BLACKROCK SMALLER COMPANIES TRUST PLC: Portfolio Update
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