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 -4.0 6.0 12.9 -16.7 21.2 Share price -3.1 11.2 17.8 -19.2 14.0 Benchmark* -3.2 5.0 10.0 -13.5 17.6
Sources: BlackRock and Deutsche Numis
*With effect from
At month end
Net asset value Capital only (debt at par value): 1,537.00p Net asset value Capital only (debt at fair value): 1,589.61p Net asset value incl. Income (debt at par value)1: 1,556.75p Net asset value incl. Income (debt at fair value)1: 1,609.36p Share price: 1,452.00p Discount to Cum Income NAV (debt at par value): 6.7% Discount to Cum Income NAV (debt at fair value): 9.8% Net yield2: 2.9% Gross assets3: £802.7m Gearing range as a % of net assets: 0-15% Net gearing including income (debt at par): 12.8% Ongoing charges ratio (actual)4: 0.7% Ordinary shares in issue5: 47,099,792
1. Includes net revenue of 19.75p 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 Interim dividend of15.00 pence per share (announced on26 October 2023 , ex-date on02 November 2023 , and paid04 December 2023 ) and the final dividend of27.00 pence per share (announced on14 May 2024 , ex-date on23 May 2024 , and paid24 June 2024 ). 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 2,893,731 ordinary shares held in treasury.
Sector Weightings % of portfolio Industrials 31.2 Financials 19.2 Consumer Discretionary 16.2 Basic Materials 12.2 Technology 6.6 Consumer Staples 3.3 Health Care 2.8 Real Estate 2.7 Telecommunications 2.6 Communication Services 1.7 Energy 1.5 ----- Total 100.0 ===== Country Weightings % of portfolioUnited Kingdom 98.1United States 1.6Ireland 0.3 ----- Total 100.0 =====
Ten Largest Equity Investments % of portfolio Company Hill & Smith 2.6 Gamma Communications 2.6 Breedon 2.4 Workspace Group 2.4 IntegraFin 2.4 4imprint Group 2.1 Chemring Group 2.1 Bloomsbury Publishing 2.1 Baltic Classifieds Group 2.0 Tatton Asset Management 1.9
Commenting on the markets,
During June the Company’s NAV per share retuned -4.0% to 1,609.36p on a total return basis, while our benchmark index returned -3.2%. For comparison the large cap
Despite market volatility during the month, economic data from the
The largest positive contributor in the month was XPS Pensions, which reported a strong fiscal year ending
The largest detractor was data analytics business, YouGov. The company issued a profit warning during the month, with the company highlighting numerous issues, but most concerning is the slowdown in its data products business, which has been its highest growth and margin area, Furthermore, the recent deal to buy CPS, took the company from a net cash to a net debt position. We had been reducing the holding in recent months and have now fully exited the position. Next 15 Group's share price fell significantly as their trading statement indicated a higher-than-normal weighting to the second half of the fiscal year as customers take longer to make investment decisions. The third largest detractor in June, was John Wood Group, a share that we do not own, but that rose having received several bids from
In summary, and as we have highlighted for a long period of time now, the current valuation of 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.
![](https://rt.prnewswire.com/rt.gif?NewsItemId=0116&Transmission_Id=202407251156PR_NEWS_UKDISCLO_0116&DateId=20240725)