BLACKROCK SMALLER COMPANIES TRUST PLC (LEI: 549300MS535KC2WH4082)
All information is at 31 December 2017 and unaudited.
Performance at month end is calculated on a capital only basis
|Net asset value*||3.7||5.5||31.2||67.5||133.3|
|Numis ex Inv Companies + AIM Index||2.8||4.0||18.9||36.7||62.0|
*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):||1,501.70p|
|Net asset value Capital only(debt at fair value):||1,492.98p|
|Net asset value incl. Income(debt at par value)**:||1,519.75p|
|Net asset value incl. Income(debt at fair value)**:||1,511.02p|
|Discount to Cum Income NAV (debt at par value):||14.1%|
|Discount to Cum Income NAV (debt at fair value):||13.6%|
|Gearing range as a % of net assets:||0-15%|
|Net gearing including income (debt at par):||10.2%|
|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 18.05p
^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|
|Oil & Gas||2.9|
|Ten Largest Equity Investments|
|Company||% of portfolio|
|Central Asia Metals||1.6|
|Hill & Smith||1.5|
|Advanced Medical Solutions||1.5|
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:
During December the Company's NAV per share rose by 3.7% to 1501.7p on a capital only basis, whilst our benchmark index rose by 2.8%; the FTSE 100 Index rose 4.9% on a capital only basis.
Stock selection was the primary contributor to performance during the month while sector allocation and gearing also contributed positively to relative returns.
The largest positive contributors to performance during December were our holdings in Central Asia Metals and Kaz Minerals which both performed well along with the wider mining sector, which benefitted from the strength in metals prices at the end of the year. Colour cosmetics company Warpaint pulled back some of the lost ground from earlier in the year and announced the completion of the acquisition of Retra Holdings, a deal that continues to build on their strategy of growing a global brand, giving the company access to Retra's offices in China and Hong Kong. Shares in Premier Asset Management performed well with the company being a beneficiary of strong market returns whilst also seeing continuing inflows into its multi-asset products where it has first quartile performance.
The largest detractor during December was SDL, which specialises in language translation technology and services. The shares fell after the company provided a trading update warning that c.£3m of deals were likely to be deferred until next year and therefore 2017 like for like earnings would fall short of expectations. Elsewhere some holdings that have performed well in recent months gave back some recent gains, for example Accesso and Dechra Pharmaceuticals.
Activity during December included participating in the IPOs of video game developer Sumo Group, and motor insurance company Sabre Insurance. As noted in previous updates we have continued to reduce some of our UK domestically exposed holdings.
12 January 2018
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.