PR Newswire
London, November 17
| BLACKROCK SMALLER COMPANIES TRUST PLC All information is at 31 October 2016 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* | -2.7 | 5.2 | 3.5 | 23.7 | 97.0 | |
| Share price* | -3.8 | 6.3 | -3.1 | 10.0 | 98.5 | |
| Numis ex Inv Companies + AIM | -1.2 | 4.4 | 4.2 | 5.8 | 49.4 | |
*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): | 1,066.56p | |||||
| Net asset value Capital only(debt at fair value): | 1,056.99p | |||||
| Net asset value incl. Income(debt at par value)**: | 1,085.98p | |||||
| Net asset value incl. Income(debt at fair value)**: | 1,076.40p | |||||
| Share price | 898.00p | |||||
| Discount to Cum Income NAV (debt at par value): | 17.3% | |||||
| Discount to Cum Income NAV (debt at fair value): | 16.6% | |||||
| Net yield^^^: | 2.1% | |||||
| Gross assets^: | £569.9m | |||||
| Gearing range as a % of net assets: | 0-15% | |||||
| Net gearing including income (debt at par): | 8.7% | |||||
| 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 19.42p. ^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 | 29.1 | |||||
| Consumer Services | 20.4 | |||||
| Financials | 13.5 | |||||
| Basic Materials | 10.5 | |||||
| Technology | 8.2 | |||||
| Consumer Goods | 8.0 | |||||
| Health Care | 7.4 | |||||
| Oil & Gas | 2.7 | |||||
| Utilities | 0.2 | |||||
| ----- | ||||||
| Total | 100.0 | |||||
| ===== | ||||||
| Ten Largest Equity Investments | ||||||
| Company | % of portfolio | |||||
| 4imprint Group | 2.5 | |||||
| CVS Group | 2.2 | |||||
| Dechra Pharmaceuticals | 1.9 | |||||
| Avon Rubber | 1.8 | |||||
| JD Sports | 1.6 | |||||
| Advanced Medical Solutions | 1.6 | |||||
| Hill & Smith | 1.5 | |||||
| Headlam Group | 1.4 | |||||
| Accesso Technology | 1.3 | |||||
| Restore | 1.3 | |||||
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:
During October the Company's NAV per share fell by 2.7% on a capital only basis whilst our benchmark (Numis ex Inv Companies + AIM Index) index fell by 1.2%; the FTSE 100 Index rose by 0.8%. (All calculations without dividends reinvested.)
Underperformance was largely driven by stock selection. The largest detractor was the portfolio holding in GB Group, a company focussed on identity verification and fraud prevention. GB Group announced a trading update covering the 6 months to 30 September 2016 indicating organic sales growth of 9% and operating profits up 11%. Growth was lower than expected and impacted by the slower than expected rollout of the GOV.UK Verify program. GB Group shares have been strong performers over the last few years, the shares had become highly rated, so any news not clearly good was likely to be taken poorly. GB Group shares fell 29% during the month. Our smaller holdings in NCC Group and Senior also put out weak statements during the month. Generally the outlook for business and Government spending appears to be more uncertain.
Sector allocation was broadly neutral during the month. The largest detractors were our overweight sector position in aerospace & defence companies and our underweight sector position in mining stocks. Our underweight sector position in IT hardware companies was positive.
Activity during the month was fairly modest.
17 November 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
