BLACKROCK SMALLER COMPANIES TRUST PLC BLACKROCK SMALLER COMPANIES TRUST PLC (LEI: 549300MS535KC2WH4082)
All information is at 31 July 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* | 0.5 | 5.6 | 17.2 | 55.5 | 108.7 |
| Share price* | -1.3 | 6.1 | 25.9 | 62.8 | 117.9 |
| Numis ex Inv Companies + AIM Index | 0.1 | 0.3 | 3.6 | 23.1 | 39.2 |
*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): | 1,631.68p |
| Net asset value Capital only(debt at fair value): | 1,623.94p |
| Net asset value incl. Income(debt at par value)**: | 1,650.10p |
| Net asset value incl. Income(debt at fair value)**: | 1,642.35p |
| Share price | 1,515.00p |
| Discount to Cum Income NAV (debt at par value): | 8.2% |
| Discount to Cum Income NAV (debt at fair value): | 7.8% |
| Net yield^^^: | 1.7% |
| Gross assets^: | £864.8m |
| Gearing range as a % of net assets: | 0-15% |
| Net gearing including income (debt at par): | 8.0% |
| 2018 Ongoing charges ratio^^ | 0.7% |
| 2018 Ongoing charges ratio (including performance fees): | 1.0% |
| Ordinary shares in issue#: | 47,879,792 |
**includes net revenue of 18.42p
^includes current year revenue
^^As reported in the Annual Financial Report for the year ended 28 February 2018, 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 16.00 pence per share, (announced on 27 April 2018, ex-dividend on 17 May 2018) 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 | 20.7 |
| Consumer Services | 12.9 |
| Health Care | 7.9 |
| Consumer Goods | 7.2 |
| Technology | 7.1 |
| Oil & Gas | 5.4 |
| Basic Materials | 5.0 |
| Utilities | 0.4 |
| ----- | |
| Total | 100.0 |
| ===== | |
| Ten Largest Equity Investments | |
| Company | % of portfolio |
| Robert Walters | 2.0 |
| 4imprint Group | 1.8 |
| YouGov | 1.8 |
| Dechra Pharmaceuticals | 1.7 |
| Hill & Smith | 1.7 |
| IntegraFin | 1.7 |
| Premier Asset Management Group | 1.7 |
| CVS Group | 1.5 |
| Polar Capital Holdings | 1.5 |
| Bodycote | 1.5 |
Commenting on the markets, Mike Prentis and Roland Arnold, representing the Investment Manager noted:
During July the Company’s NAV per share rose by 0.5%* to 1631.68p on a capital only basis, outperforming our benchmark index which rose by 0.1%*; the FTSE 100 Index rose by 1.5%* on a capital only basis.
Stock selection was the key contributor to performance during the month, with several of our holdings providing good trading updates.
Shares in 4imprint rose after the company delivered better than expected results for the first half of the year. Investment in brand marketing has resulted in a strong increase in new customers, exceeding management’s expectations, and the outlook for the second half of the year looks positive. Ocean Wilsons rallied after its subsidiary, Wilson Sons Limited announced the start of a formal process involving its investments in container terminal and logistics assets, as part of its evaluation of strategic alternatives. However, first half results, released in mid-August, show profits are down on the prior year.
The largest detractor during the month was brick manufacturer Ibstock, which fell after the company issued a profit warning stating that earnings would be lower as a result of the decision by its new chief executive to carry out increased maintenance over the next twelve months. This will involve the temporary closure of certain plants as maintenance is carried out, resulting in reduced production.
During the month we took part in the Initial Public Offerings of theworks.co.uk and Nucleus Financial Group, and purchased a holding in Impax Asset Management, a former holding and specialist asset manager focused on sustainable investing.
Sources: BlackRock as at 31 July 2018.
17 August 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.
