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 -3.8 0.7 14.1 -20.0 22.3 Share price -3.9 0.8 20.1 -22.8 20.3 Benchmark* -2.1 2.5 14.1 -13.9 22.0
Sources: BlackRock and Deutsche Numis
*With effect from
At month end
Net asset value Capital only (debt at par value): 1,539.10p Net asset value Capital only (debt at fair value): 1,589.86p Net asset value incl. Income (debt at par value)1: 1,570.08p Net asset value incl. Income (debt at fair value)1: 1,620.85p Share price: 1,464.00p Discount to Cum Income NAV (debt at par value): 6.8% Discount to Cum Income NAV (debt at fair value): 9.7% Net yield2: 2.9% Gross assets3: £809.0m Gearing range as a % of net assets: 0-15% Net gearing including income (debt at par): 9.6% Ongoing charges ratio (actual)4: 0.7% Ordinary shares in issue5: 47,099,792
1. Includes net revenue of 30.98p 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 ended29 February 2024 . 5. Excludes 2,893,731 ordinary shares held in treasury.
Sector Weightings % of portfolio Industrials 29.0 Financials 22.3 Consumer Discretionary 15.2 Basic Materials 13.2 Technology 4.9 Real Estate 4.7 Consumer Staples 3.4 Health Care 2.5 Telecommunications 2.4 Communication Services 1.7 Energy 0.7 ----- Total 100.0 ===== Country Weightings % of portfolioUnited Kingdom 98.3United States 1.7 ----- Total 100.0 =====
Ten Largest Equity Investments % of portfolio Company Workspace Group 2.7 IntegraFin 2.6 Hill & Smith 2.6 Breedon 2.5 Gamma Communications 2.4 Bloomsbury Publishing 2.1 Tatton Asset Management 1.9 Chemring Group 1.9 Great Portland Estates 1.9 XPS Pensions 1.8
Commenting on the markets,
During September the Company’s NAV per share returned -3.8% to 1,620.85p on a total return basis, while our benchmark index returned -2.1%. For comparison the large cap
Equity markets experienced significant volatility early in September, as concerns over global economic slowdown and heightened tensions in the
September was a difficult environment for the
The largest positive contributor during the month was Gamma Communications. The company reported double digit growth in both pre-tax profit and revenue, with its expanded suite of product offerings fuelling an increase in demand from clients with more complex communication needs. Funding Circle rallied after the business reported an unexpected profit for the first half of 2024 and upgraded guidance. The company has made a strategic shift to focus on the profitable
With potential changes to IHT, pensions, and capital gains tax, investors are doing what they traditionally do in the face of an information vacuum, selling. We, like everyone else with exposure to the
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.