BLACKROCK SMALLER COMPANIES TRUST PLC
BLACKROCK SMALLER COMPANIES TRUST PLC
All information is at 31 December 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* 4.8 4.4 9.0 24.1 117.7
Share price* 7.0 3.0 -3.4 5.0 124.9
Numis ex Inv Companies + AIM 4.2 3.3 9.1 6.8 62.8
*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): 1,144.86p
Net asset value Capital only(debt at fair value): 1,135.30p
Net asset value incl. Income(debt at par value)**: 1,158.61p
Net asset value incl. Income(debt at fair value)**: 1,149.05p
Share price 961.00p
Discount to Cum Income NAV (debt at par value): 17.1%
Discount to Cum Income NAV (debt at fair value): 16.4%
Net yield^^^: 1.9%
Gross assets^: £604.7m
Gearing range as a % of net assets: 0-15%
Net gearing including income (debt at par): 7.2%
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 13.75p
^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 8.00 pence per share (announced on 25 October
2016 and gone ex-dividend on 3 November 2016)
#excludes 2,113,731 shares held in treasury.
Sector Weightings % of portfolio
Industrials 30.4
Consumer Services 20.0
Financials 14.2
Basic Materials 10.2
Consumer Goods 7.9
Technology 7.2
Health Care 6.7
Oil & Gas 3.1
Utilities 0.3
-----
Total 100.0
====
Ten Largest Equity Investments
Company % of portfolio
CVS Group 2.8
4imprint Group 2.6
Avon Rubber 1.9
Dechra Pharmaceuticals 1.8
Hill & Smith 1.7
JD Sports Fashion 1.6
Advanced Medical Solutions 1.6
Workspace Group 1.6
Headlam Group 1.3
Accesso Technology 1.3
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:
During December the Company's NAV per share rose by 4.8% to 1144.86p on a
capital only basis whilst our benchmark (Numis ex Inv Companies + AIM Index)
index rose by 4.2%; the FTSE 100 Index rose by 5.3%.
Outperformance was largely driven by good stock selection, although gearing was
also a positive contributor.
The biggest positive contributors to stock selection were our holdings in e2v
and Faroe Petroleum. e2v attracted an agreed bid from Teledyne Technologies
Inc. at a 48% premium. This is yet another example of an overseas buyer seeing
good value in UK listed stocks. The agreement by OPEC to limit production, and
the rising oil price, helped Faroe shares. Delek Group also bought a 13% stake
in Faroe, clearly a supportive sign.
There were no material detractors from a stock selection point of view during
the month. Sector allocation had no significant impact during the month.
Activity during the month was also quite limited.
16 January 2017
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
January 16, 2017 at 10:07 am EST
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© PRNewswire - 2017
