BLACKROCK SMALLER COMPANIES TRUST PLC
BLACKROCK SMALLER COMPANIES TRUST PLC
All information is at 30 September 2016 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* 3.0 17.3 8.4 33.7 112.9
Share price* 4.2 16.0 6.1 22.1 111.9
Numis ex Inv Companies + AIM 2.2 13.0 6.9 10.8 57.9
*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): 1,096.31p
Net asset value Capital only(debt at fair value): 1,086.73p
Net asset value incl. Income(debt at par value)**: 1,113.25p
Net asset value incl. Income(debt at fair value)**: 1,103.67p
Share price 933.00p
Discount to Cum Income NAV (debt at par value): 16.2%
Discount to Cum Income NAV (debt at fair value): 15.5%
Net yield^^^: 1.9%
Gross assets^: £577.9m
Gearing range as a % of net assets: 0-15%
Net gearing including income (debt at par): 8.5%
2016 Ongoing charges ratio^^ 0.7%
2016 Ongoing charges ratio (including performance fees): 0.9%
Ordinary shares in issue#: 47,879,792
**includes net revenue of 16.94p.
^includes current year revenue.
^^ As reported in the Annual Financial Report for the year ended 29 February
2016, 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 10.50 pence per share, (announced on 25 April 2016, ex-dividend on 19 May
2016) and the interim dividend of 7.00 pence per share (announced on 26 October
2015 and gone ex-dividend on 5 November 2015).
#excludes 2,113,731 shares held in treasury.
Sector Weightings % of portfolio
Industrials 29.5
Consumer Services 21.0
Financials 13.3
Technology 9.3
Basic Materials 8.8
Consumer Goods 8.3
Health Care 7.7
Oil & Gas 1.9
Utilities 0.2
-----
Total 100.0
=====
Ten Largest Equity Investments
Company % of portfolio
4imprint Group 2.8
CVS Group 2.2
Dechra Pharmaceuticals 1.9
Advanced Medical Solutions 1.7
Avon Rubber 1.7
Hill & Smith 1.7
Restore 1.6
Fevertree Drinks 1.6
GB Group 1.6
JD Sports 1.5
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:
During September the Company's NAV per share rose by 3.0% on a capital only
basis whilst the benchmark (Numis ex Inv Companies + AIM Index) rose by 2.2%;
the FTSE 100 Index rose by 1.7%. (All calculations without dividends
reinvested.)
Outperformance was largely driven by stock selection with the large portfolio
holdings in Avon Rubber, 4imprint Group and JD Sports contributing well. Avon
Rubber's September trading update confirmed that it was trading in line with
market expectations, helped by demand from the US. Avon Rubber is a major
exporter to the US, China and other countries. 4imprint Group's recent half
year results reflected a 19% increase in earnings per share; almost all of its
revenue is generated in the US. JD Sports' interim results showed revenues up
by 20% and earnings per share up by 69%; net cash was £231 million. JD Sports
continues to benefit from its strong association with the major sports brands,
and is gradually expanding its footprint throughout Europe.
There were no holdings which were significant detractors from relative
performance from a stock specific point of view during the month.
Gearing added modestly to relative performance. The portfolio's overweight
position in housing related stocks drove the positive contribution from sector
allocation to relative performance.
Activity during the month was fairly modest although we continued to
selectively reduce UK exposure in favour of companies with a higher degree of
US and emerging market exposure.
21 October 2016
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.
BLACKROCK SMALLER TRUST : Portfolio Update
October 21, 2016 at 07:18 am EDT
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© PRNewswire - 2016
