Throgmorton Trust Regulatory News (THRG)

BLACKROCK THROGMORTON TRUST PLC All information is at 28 February 2015 and unaudited. Performance at month end is calculated on a cum income basis One Three One Three Five Month Months Year Years YearsNet asset value (undiluted)* 4.5% 9.4% -0.9% 57.4% 168.4%Net asset value (fully diluted) 4.5% 9.4% -0.9% 57.4% 150.5%Share price 2.9% 7.8% -8.2% 59.6% 156.6%Benchmark** 6.0% 8.2% -1.8% 45.1% 88.8% Sources: BlackRock and Datastream *Prior to dilution arising on conversion of subscription shares.**With effect from 1 December 2013 the Numis Smaller Companies excluding AIM(excluding investment companies) Index replaced the Numis Smaller Companiesplus AIM (excluding investment companies) Index as the Company's benchmark. Thethree and five year period indices have been blended to reflect this. At month endNet asset value capital only: 347.52pNet asset value incl. income: 348.72pShare price: 287.50pDiscount to cum income NAV 17.6%Net yield: 1.5%*Total Gross assets: £255.9m**Net market exposure asa% of net asset value^: 111.6%Ordinary shares in issue: 73,130,326***2014 Ongoing charges: 1.1%****2014 ongoing charges ratio (includingperformance fees): 1.2% * Calculated using the current year interim dividend paid of 0.80p per shareand the final dividend declared of 3.60p per share.** Includes current year revenue and excludes the gross exposure throughcontracts for difference.*** Excluding 7,400,000 shares held in treasury.**** Calculated as a percentage of average net assets and using expenses,excluding performance fees and interest costs for the year ended30 November 2014.^Long positions less short positions as a percentage of net asset value. Sector Weightings % of Total Gross Assets Industrials 27.3Consumer Services 19.5Financials 18.7Consumer Goods 9.2Basic Materials 8.4Health Care 7.4Technology 6.6Oil & Gas 3.8Telecommunications 0.9Net current liabilities -1.8 -----Total 100.0 =====Market Exposure (Quarterly) 31.05.14 31.08.14 30.11.14 28.02.15 Long 116.9% 113.5% 117.4% 121.9%Short 12.4% 13.5% 9.8% 10.3%Gross exposure 129.3% 127.0% 127.2% 132.2%Net exposure 104.5% 100.0% 107.6% 111.6% Ten Largest Investments Company % of Total Gross Assets Workspace Group 2.7Senior Engineering 2.5Lookers 2.4Rathbone Brothers 2.4Bodycote 2.34imprint 2.3Ted Baker 2.2Tyman 2.2Bovis Homes 2.2Savills 2.1 Commenting on the markets, Mike Prentis and Ralph Cox, representing theInvestment Manager noted: During February the Company's NAV per share rose by 4.5% on a cum income basiswhilst the benchmark index rose by 6.0%; the FTSE 100 Index rose by 3.3%. The major driver of underperformance was an under-representation of FTSE 250stocks in the long only portfolio; the FTSE 250 increased by 6.5% during themonth. Conversely AIM rose by 3.5%; the long only portfolio is over-representedin AIM stocks. There were no significant stock contributors to, or detractors from,performance during the month. However newsflow from the portfolio continues tobe strong with particularly good recent results from companies such as 4imprintand Lookers. 4imprint is a leading supplier of promotional products operatingalmost wholly in the US market. Its growth continues to be very strong; in 2014it grew revenues organically by 25% and earnings per share rose by 32%. Itcontinues to have excellent growth prospects not least because of the strengthof the US economy but also its low market share, of less than 5%, in a highlyfragmented market. In 2014 Lookers, a leading UK retailer of cars, anddistributor of car parts, grew sales by 23% and earnings per share by 30%; theshares still trade at only 12 times forecast earnings. The CFD portfolio added value during the month, with strong gains on long CFDpositions exceeding losses on short CFD positions. Activity in the portfolio during the month was fairly limited although we addeda holding in industrial property company Hansteen, which we see as being wellplaced to benefit from a likely reduction in the relatively high yields inindustrial property. 17 March 2015 ENDS Latest information is available by typing www.blackrock.co.uk/thrg on theinternet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICVterminal). Neither the contents of the Manager's website nor the contents ofany website accessible from hyperlinks on the Manager's website (or any otherwebsite) is incorporated into, or forms part of, this announcement.