BLACKROCK SMALLER COMPANIES TRUST PLC (LEI: 549300MS535KC2WH4082)
All information is at 30 June 2017 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* | -3.5 | 7.1 | 44.5 | 50.0 | 138.1 |
| Share price* | -4.8 | 13.4 | 47.3 | 49.4 | 147.9 |
| Numis ex Inv Companies + AIM Index | -2.9 | 3.3 | 28.4 | 19.7 | 68.4 |
*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): | 1,350.91p |
| Net asset value Capital only(debt at fair value): | 1,342.81p |
| Net asset value incl. Income(debt at par value)**: | 1,366.43p |
| Net asset value incl. Income(debt at fair value)**: | 1,358.33p |
| Share price | 1,185.00p |
| Discount to Cum Income NAV (debt at par value): | 13.3% |
| Discount to Cum Income NAV (debt at fair value): | 12.8% |
| Net yield^^^: | 1.8% |
| Gross assets^: | £718.9m |
| Gearing range as a % of net assets: | 0-15% |
| Net gearing including income (debt at par): | 8.6% |
| 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 15.52p.
^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 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 | 29.7 |
| Consumer Services | 18.0 |
| Financials | 14.3 |
| Consumer Goods | 9.6 |
| Basic Materials | 9.2 |
| Health Care | 8.6 |
| Technology | 7.2 |
| Oil & Gas | 2.7 |
| Utilities | 0.4 |
| Travel & Leisure | 0.3 |
| ----- | |
| Total | 100.0 |
| ===== | |
| Ten Largest Equity Investments | |
| Company | % of portfolio |
| CVS Group | 2.2 |
| Dechra Pharmaceuticals | 1.9 |
| 4imprint Group | 1.8 |
| Avon Rubber | 1.7 |
| Advanced Medical Solutions | 1.6 |
| Hill & Smith | 1.6 |
| Countryside Properties | 1.5 |
| Workspace Group | 1.4 |
| Ibstock | 1.3 |
| Restore | 1.3 |
Commenting on the markets, Mike Prentis, representing the Investment Manager, noted:
During June the Company's NAV per share fell by 3.5% to 1350.91p, whilst the benchmark (Numis ex Inv Companies + AIM Index) fell by 2.9%; the FTSE 100 Index fell by 2.4% (all performance figures are on a capital only basis and net of ongoing charges and any applicable performance fees).
Stock selection detracted from performance during the month, with sector allocation and gearing also contributing negatively.
Asset manager Polar Capital Holdings' results for the year to March showed a 12% increase in AUM (assets under management) over the 12 month period, with improving momentum in inflows during the second half of the year and strong investment performance across funds. The company's balance sheet remains very strong, supporting the dividend. WANdisco shares rallied after the company announced that it had secured a new contract with a major American retailer.
Colour cosmetics company Warpaint provided an update showing trading for 2017 has been in-line with expectations, with particular strength in the US where they have seen double digit sales growth. However the lack of sales growth in Europe, which has remained similar to this time last year, caused the shares to fall during the month. CVS and Dechra Pharmaceuticals gave back some of their recent strong performance and JD Sports fell with other UK retailers on weak consumer spending data.
Activity during June included participating in the IPO (initial public offering) of Tatton Asset Management.
20 July 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.
