BlackRock Throg Tst Portfolio Update
29 Mayo 2020 - 4:56AM
UK Regulatory
TIDMTHRG
BLACKROCK THROGMORTON TRUST PLC (LEI: 5493003B7ETS1JEDPF59)
All information is at 30 April 2020 and unaudited.
Performance at month end is calculated on a cum income basis
One Three One Three Five
Month months year years years
% % % % %
Net asset value 13.8 -22.9 -7.5 8.4 55.8
Share price 13.9 -23.2 -1.8 37.0 97.6
Benchmark* 13.2 -22.2 -16.5 -15.7 4.7
Sources: BlackRock and Datastream
*With effect from 22 March 2018 the Numis Smaller Companies plus AIM (excluding
Investment Companies) Index replaced the Numis Smaller Companies excluding AIM
(excluding Investment Companies) Index as the Company's benchmark. The
performance of the indices have been blended to reflect this.
At month end
Net asset value capital only: 512.72p
Net asset value incl. income: 516.96p
Share price 526.00p
Premium to cum income NAV 1.7%
Net yield1: 1.9%
Total Gross assets2: GBP432.1m
Net market exposure as a % of net asset value3: 111.7%
Ordinary shares in issue4: 83,588,462
2019 ongoing charges (excluding performance fees)5,6: 0.6%
2019 ongoing charges ratio (including performance 1.8%
fees)5,6,7:
1. Calculated using the 2019 interim dividend declared on 23 July 2019 and paid
on 28 August 2019, together with the 2019 final dividend declared on 06
February 2020 and paid on 27 March 2020.
2. Includes current year revenue and excludes gross exposure through contracts
for difference.
3. Long exposure less short exposure as a percentage of net asset value.
4. Excluding 0 shares held in treasury.
5. Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended 30 November
2019.
6. With effect from 1 August 2017 the base management fee was reduced from
0.70% to 0.35% of gross assets per annum.
7. Effective 1st December 2017 the annual performance fee is calculated using
performance data on an annualised rolling two year basis (previously, one year)
and the maximum annual performance fee payable is effectively reduced to 0.90%
of two year rolling average month end gross assets (from 1% of average annual
gross assets over one year). Additionally, the Company now accrues this fee at
a rate of 15% of outperformance (previously 10%). The maximum annual total
management fees (comprising the base management fee of 0.35% and a potential
performance fee of 0.90%) are therefore 1.25% of average month end gross assets
on a two year rolling basis (from 1.70% of average annual gross assets).
Sector Weightings % of Total Assets
Industrials 30.3
Consumer Services 19.3
Financials 17.9
Consumer Goods 12.5
Technology 8.3
Health Care 7.0
Telecommunications 2.7
Basic Materials 1.8
Net current assets 0.2
-----
Total 100.0
=====
Market Exposure (Quarterly)
31.05.19 31.08.19 30.11.19 29.02.20
% % % %
Long 113.7 109.1 103.2 119.3
Short 13.2 11.2 7.4 8.9
Gross exposure 126.9 120.3 110.6 128.2
Net exposure 100.5 97.9 95.8 110.4
Ten Largest Investments
Company % of Total Gross Assets
YouGov 3.1
Breedon 3.0
IntegraFin 2.9
Serco Group 2.9
Dechra Pharmaceuticals 2.7
Gamma Communications 2.7
Games Workshop 2.4
Watches of Switzerland 2.3
Qinetiq Group 2.2
Bodycote 2.0
Commenting on the markets, Dan Whitestone, representing the Investment Manager
noted:
During the month the Company returned 13.8% (net of fees), outperforming our
benchmark which returned 13.2%. The positive performance was generated by the
long book, with the short book detracting modestly (circa 0.5%).
Equity markets rebounded during April as news flow surrounding COVID-19 showed
signs of improvement, with many countries appearing to have passed the peak and
taking steps to lift restrictions. Meanwhile monetary support continued to
provide liquidity to financial markets, with governments around the world
signalling the intention to use a wide variety of measures to stimulate
economic activity, which is being significantly impacted by lockdowns.
Whilst the long book benefited from the reversal in performance of many shares
that were impacted during the initial market sell-off back in March, our short
book also experienced a similar effect. It is often the case that in the early
stages of a recovery/rebound, our shorts recover faster than our longs,
vindicating our decision to close a number of shorts in late March / early
April.
Two of the largest contributors to performance came from holdings in Consumer
Services, a sector that has been impacted by Government lockdowns. Games
Workshop, the creator of the Warhammer miniatures game, rose in response to a
positive trading update where the company confirmed that online orders would
recommence in May following assessments to ensure health and safety for staff.
Shares in luxury watch retailer, Watches of Switzerland, also rallied from
their March lows. While sales in airport outlets will undoubtedly be impacted
by travel disruption, we believe this is a market where long-term demand
exceeds supply and we believe Watches of Switzerland has built itself an
advantaged market position.
Companies at the forefront of digital transformation have fared particularly
well. This is an industrial trend we have highlighted before and remains a key
investment proposition for the Company. Looking forward, we expect an
acceleration in digitisation across many business verticals (niche businesses
serving a specific audience) and we have deliberately sought to increase
exposure to this multi-year secular trend across digital payments,
software-as-a-service, unified communications, and exchanges to name but a few.
Our holding in Gamma Communications, a UK leader in unified
communications-as-a-service, was a top contributor during the month, and we
expect the company to continue to benefit from this trend.
There are little conclusions to be drawn from detractors during the month, with
many simply being companies that failed to keep pace with the market rally or
those which gave back some relative outperformance from the prior month, for
example, Team17 which was the largest positive contributor during March.
Similarly, Qinetiq and Serco both underperformed during the month, which we
would attribute to these businesses being more defensive.
The economic backdrop remains highly uncertain as a result of the ongoing
COVID-19 pandemic. We are continuing to engage with companies to understand the
trends and impacts to the industries in which they operate, and how Management
teams expect to deal with this disruption. We believe that this crisis is
likely to see an acceleration of some secular industry trends, notably to the
benefit of digital-ready businesses and businesses that enable the digital
transformation. Other companies with strong financial footing with a
differentiated product offering should be able to use this market disruption to
their long-term advantage, as and when competitors and capacity exit the
market. Therefore, we do not expect to alter the positioning of the portfolio
materially but are always looking to add or remove individual holdings where
our latest research suggests there is change occurring. We continue to operate
with a lower gross exposure than usual given the ongoing market volatility but
have started to increase our net exposure in recent weeks as we have reduced/
taken profits in a number of shorts that had fallen a long way. We continue to
thank shareholders for their ongoing support.
29 May 2020
1Source: BlackRock as at 30 April 2020S
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
(END) Dow Jones Newswires
May 29, 2020 05:56 ET (09:56 GMT)
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