BlackRock Smaller Companies Trust Plc - Portfolio Update
The information contained in this release was correct as at
https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html .
All information is at
Performance at month end is calculated on a Total Return basis based on NAV per share with debt at fair value
One month Three months One Three Five % % year years years % % % Net asset value -2.2 5.9 -3.6 -9.6 19.8 Share price -0.7 1.4 -0.8 -15.8 12.5 Benchmark* -2.2 4.5 -5.8 -11.6 11.9
Sources: BlackRock and Deutsche Numis
*With effect from
At month end
Net asset value Capital only (debt at par value): 1,423.83p Net asset value Capital only (debt at fair value): 1,475.94p Net asset value incl. Income (debt at par value)1: 1,450.13p Net asset value incl. Income (debt at fair value)1: 1,502.24p Share price: 1,326.00p Discount to Cum Income NAV (debt at par value): 8.6% Discount to Cum Income NAV (debt at fair value): 11.7% Net yield2: 3.1% Gross assets3: £755.7m Gearing range as a % of net assets: 0-15% Net gearing including income (debt at par): 11.5% Ongoing charges ratio (actual)4: 0.7% Ordinary shares in issue5: 47,319,792
1. Includes net revenue of 26.30p 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 of15.00 pence per share (announced on26 October 2023 , ex-dividend on2 November 2023 , and paid on4 December 2023 ) and the final dividend of25.50 pence per share (announced on05 May 2023 , ex-date on 18May 2023 , and paid27 June 2023 ). 3. Includes current year revenue. 4. The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items for year ended28 February 2023 . 5. Excludes 2,673,731 ordinary shares held in treasury.
Sector Weightings % of portfolio Industrials 33.7 Consumer Discretionary 18.9 Financials 16.8 Basic Materials 8.9 Technology 6.7 Consumer Staples 3.5 Health Care 2.8 Telecommunications 2.7 Energy 2.2 Real Estate 2.1 Communication Services 1.7 ----- Total 100.0 ===== Country Weightings % of portfolioUnited Kingdom 98.1United States 1.4Ireland 0.5 ----- Total 100.0 =====
Ten Largest Equity Investments % of portfolio Company Gamma Communications 2.7 4imprint Group 2.5 Bloomsbury Publishing 2.2 Hill & Smith 2.2 Chemring Group 2.1 Workspace Group 2.1 Breedon 2.0 YouGov 1.9 Tatton Asset Management 1.8 CVS Group 1.8
Commenting on the markets,
During February the Company’s NAV per share retuned -2.2% to 1,502.24p on a total return basis, while our benchmark index also returned -2.2%. For comparison the large cap
The
February was another month that saw small and mid-caps in the
The largest detractor during the month was operator of vet practices CVS Group. The shares drifted lower during February, with the overhang of the ongoing CMA (Competition and Markets Authority) review (launched in September last year), weighing on the shares. Post month end, the shares were hit by the announcement that the CMA will launch a market investigation into veterinary services in the
Since the end of 2021 rising interest rates have been weighing on the valuations of long-duration, higher growth shares in the stock market. As a result,
Against this backdrop, the question remains, what is the catalysts for this trend to change? Unfortunately, there is no simple answer. While there are many headwinds to the
As ever, we remain focused on the micro, industry level change and stock specific analysis and the opportunities we are seeing today in our universe are as exciting as ever. Historically, periods of heightened volatility have been followed by strong returns for the strategy and presented excellent investment opportunities.
We thank shareholders for your ongoing support.
1
Source: BlackRock as at
ENDS
Latest information is available by typing www.blackrock.com/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.