BlackRock Smaller Companies Trust Plc - Portfolio Update
The information contained in this release was correct as at
All information is at
Performance at month end is calculated on a capital only basis
One month Three months One Three Five % % year years years % % % Net asset value* 5.5 10.0 57.7 40.9 112.1 Share price* 6.4 9.5 74.8 44.8 140.1 Numis ex Inv Companies + AIM Index 4.2 3.7 45.2 24.8 53.1
*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): 2,257.97p Net asset value Capital only (debt at fair value): 2,246.27p Net asset value incl. Income (debt at par value)1: 2,278.01p Net asset value incl. Income (debt at fair value)1: 2,266.31p Share price: 2,150.00p Discount to Cum Income NAV (debt at par value): 5.6% Discount to Cum Income NAV (debt at fair value): 5.1% Net yield2: 1.5% Gross assets3: £1,112.3m Gearing range as a % of net assets: 0-15% Net gearing including income (debt at par): 6.9% Ongoing charges ratio (actual)4: 0.8% Ordinary shares in issue5: 48,829,792
1. Includes net revenue of 20.04p 2. Yield calculations are based on dividends announced in the last 12 months as at the date of release of this announcement, and comprise the first interim dividend of
12.8 penceper share (announced on 5 November 2020, ex-dividend on 12 November 2020, paid on 26 November 2020) and the second interim dividend of 20.5 penceper share (announced on 7 May 2021, ex-dividend on 20 May 2021, paid on 18 June 2021). 3. Includes current year revenue. 4. As reported in the Annual Financial Report for the year ended 28 February 2021the Ongoing Charges Ratio (OCR) was 0.8%. The OCR is calculated as a percentage of net assets and using operating expenses, excluding performance fees, finance costs and taxation. 5. Excludes 1,163,731 ordinary shares held in treasury.
Sector Weightings % of portfolio Industrials 30.7 Consumer Discretionary 20.3 Financials 16.2 Consumer Staples 10.7 Technology 8.0 Basic Materials 4.6 Health Care 3.9 Energy 3.4 Telecommunications 1.7 Real Estate 0.5 ----- Total 100.0 ===== Country Weightings % of portfolio
United Kingdom98.4 United States1.3 Guernsey 0.3 ----- Total 100.0 =====
Ten Largest Equity Investments % of portfolio Company Watches of
Switzerland2.5 Impax Asset Management 2.1 Treatt 2.0 CVS Group 1.9 Ergomed 1.8 Auction Technology 1.8 Stock Spirits Group 1.8 Integrafin 1.8 Oxford Instruments 1.8 Gamma Communications 1.7
Commenting on the markets,
During August the Company’s NAV per share rose by 5.5%1 to 2,257.97p, outperforming our benchmark index, Numis ex Inv Companies + AIM Index, which returned 4.2%1; for comparison the
Equity markets continued to rise in August as central banks around the world, led by the
The Company outperformed during the month, helped by a continuation of the above factors. The largest positive contributor was Stock Spirits, a premium spirits producer focused in
The largest detractor was Avon Protection which fell after warning of delayed orders, which the company attributed to a combination of COVID-19 and supply chain disruptions. Disappointingly this is the second warning this year, however, our view is that this is a short-term issue and ultimately these contracts will come through. Other detractors included Fuller Smith & Turner and video game developer Team17 which both fell back slightly during the month on no particular news.
The strength of trading that we have seen from many of our holdings reaffirms our confidence in current positioning and the outlook for many businesses across the portfolio. We continue to see evidence of companies that went into the COVID crisis in a strong position, both financially and operationally, emerging in even stronger positions. The ability of well financed, market leading businesses to improve their relative positions in times of stress has always been one of our core beliefs, and this crisis has only reinforced that view.
We continue to believe the ever-changing environment plays into the hands of dynamic smaller companies, those able to rapidly shift their business models to capitalise on new structural trends quickly as they emerge. We thank shareholders for their continued support.
1Source: BlackRock as at
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.