BlackRock Smaller Companies Trust Plc - Portfolio Update
Updated : 16:30
BlackRock Smaller Companies Trust Plc - Portfolio Update
PR Newswire
London, March 19
BLACKROCK SMALLER COMPANIES TRUST PLC (LEI: 549300MS535KC2WH4082)
All information is at 28 February 2018 and unaudited.
Performance at month end is calculated on a capital only basis
| One month % | Three months % | One year % | Three years % | Five years % | |
| Net asset value* | -2.2 | 2.7 | 20.7 | 57.8 | 108.8 |
| Share price* | -1.9 | 3.4 | 25.0 | 63.2 | 111.5 |
| Numis ex Inv Companies + AIM Index | -3.1 | -2.4 | 8.3 | 24.6 | 41.6 |
*performance calculations based on a capital only NAV with debt at par, without income reinvested. Share price performance calculations exclude income reinvestment.
Sources: BlackRock and Datastream
| At month end | |
| Net asset value Capital only(debt at par value): | 1,487.51p |
| Net asset value Capital only(debt at fair value): | 1,480.77p |
| Net asset value incl. Income(debt at par value)**: | 1,506.82p |
| Net asset value incl. Income(debt at fair value)**: | 1,500.08p |
| Share price | 1,325.00p |
| Discount to Cum Income NAV (debt at par value): | 12.1% |
| Discount to Cum Income NAV (debt at fair value): | 11.7% |
| Net yield^^^: | 1.7% |
| Gross assets^: | £796.1m |
| Gearing range as a % of net assets: | 0-15% |
| Net gearing including income (debt at par): | 9.8% |
| 2017 Ongoing charges ratio^^ | 0.7% |
| 2017 Ongoing charges ratio (including performance fees): | 1.0% |
| Ordinary shares in issue#: | 47,879,792 |
**includes net revenue of 19.31p
^includes current year revenue
^^As reported in the Annual Financial Report for the year ended 28 February 2017, 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 of the final dividend of 13.00 pence per share, (announced on 02 May 2017, ex-dividend on 18 May 2017) and the interim dividend of 10.00 pence per share (announced on 30 October 2017 and gone ex-dividend on 9 November 2017)
#excludes 2,113,731 shares held in treasury.
| Sector Weightings | % of portfolio |
| Industrials | 33.4 |
| Financials | 17.2 |
| Consumer Services | 13.1 |
| Consumer Goods | 8.9 |
| Health Care | 8.1 |
| Basic Materials | 8.0 |
| Technology | 8.0 |
| Oil & Gas | 2.9 |
| Utilities | 0.4 |
| ----- | |
| Total | 100.0 |
| ===== | |
| Ten Largest Equity Investments | |
| Company | % of portfolio |
| Dechra Pharmaceuticals | 2.2 |
| Robert Walters | 1.9 |
| Central Asia Metals | 1.8 |
| CVS Group | 1.6 |
| 4imprint Group | 1.6 |
| Avon Rubber | 1.6 |
| Ibstock | 1.5 |
| Big Yellow | 1.5 |
| Advanced Medical Solutions | 1.4 |
| Hill & Smith | 1.4 |
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:
During February the Company’s NAV per share fell by 2.2% to 1487.51p on a capital only basis, whilst our benchmark index fell by 3.1%; the FTSE 100 Index also fell 4.0% on a capital only basis.
Positive stock selection drove outperformance during the month.
Dechra Pharmaceuticals was the largest contributor during the month after the company reported interim results for the 6 months to 31 December 2017, showing strong revenue growth in both Europe and North America while management stated that current trading remains in line with expectations. Zotefoams rallied on further consideration of the good January trading update and announcement of a strategic partnership with Nike. Integrafin, which we purchased at IPO during the month, made a positive start to its life as a listed company. Ascential performed well after the company announced full year results which beat expectations; the outlook remains confident. Our positioning within the mining sector, holdings such as Central Asia Metals and Kaz Minerals, also added to relative performance during the month.
Veterinary group operator CVS Group reported in-line results, with continued good like for like sales growth. The shares fell however in response to the company raising additional capital to fund the company’s strong and growing pipeline of acquisitions. While the move is initially dilutive to earnings per share, partially explaining the short-term share price reaction, this will quickly rebuild as the acquisitions complete, and remains consistent with the company’s strategy of consolidating their fragmented end market.
As mentioned above we purchased a new holding in Integrafin, which owns the fast growing Transact investments platform, at IPO during the month. We also added to a few smaller holdings where we saw good value.
19 March 2018
ENDS
Latest information is available by typing www.blackrock.co.uk/brsc 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.