PR Newswire
LONDON, United Kingdom, March 02
The information contained in this release was correct as at 31 January 2026.
Information on the Company’s up to date net asset values can be found on the
London Stock Exchange Website at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news
-home.html.
BLACKROCK THROGMORTON TRUST PLC (LEI: 5493003B7ETS1JEDPF59)
All information is at 31 January 2026 and unaudited.
Performance at month end is calculated on a cum income basis
One Three One Three Five
Month months year years years
% % % % %
Net asset value 7.5 6.3 11.1 18.4 6.2
Share price 5.3 7.7 12.5 11.6 -3.8
Benchmark* 4.9 6.2 16.1 21.0 18.3
Sources: BlackRock and Deutsche Numis
*With effect from 15 January 2024 the Numis Smaller Companies plus AIM
(excluding Investment Companies) Index changed to the Deutsche Numis Smaller
Companies plus AIM (excluding Investment Companies).
At month end
Net asset value capital only: 703.27p
Net asset value incl. income: 719.73p
Share price 657.00p
Discount to cum income NAV 8.7%
Net yield1: 2.8%
Total Gross assets2: £540.0m
Net market exposure as a % of net asset value3: 101.4%
Ordinary shares in issue4: 75,033,364
2024 ongoing charges (excluding performance fees)5,6: 0.56%
2024 ongoing charges ratio (including performance 0.82%
fees)5,6,7:
1. Calculated using the Final Dividend declared on 20 February 2025 paid on 11
April 2025, together with the Interim Dividend declared on 01 August 2025 paid
on 05 September 2025.
2. Includes current year revenue and excludes gross exposure through contracts
for difference.
3. Long exposure less short exposure as a percentage of net asset value.
4. Excluding 28,176,500 shares held in treasury.
5. 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 performance fees, finance costs, direct transaction charges, VAT
recovered, taxation and certain other non-recurring items for the year ended 30
November 2024.
6. With effect from 1 August 2017 the base management fee was reduced from 0.70%
to 0.35% of gross assets per annum. 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, including performance fees, but excluding finance
costs, direct transaction charges, VAT recovered, taxation and certain other non
-recurring items for the year ended 30 November 2024.
7. Effective 1st December 2017 the annual performance fee is calculated using
performance data on an annualised rolling two-year basis (previously, one year)
and the maximum annual performance fee payable is effectively reduced to 0.90%
of two year rolling average month end gross assets (from 1% of average annual
gross assets over one year). Additionally, the Company now accrues this fee at a
rate of 15% of outperformance (previously 10%). The maximum annual total
management fees (comprising the base management fee of 0.35% and a potential
performance fee of 0.90%) are therefore 1.25% of average month end gross assets
on a two-year rolling basis (from 1.70% of average annual gross assets).
Sector Weightings % of Total Assets
Industrials 30.0
Financials 26.0
Basic Materials 8.6
Technology 6.4
Consumer Staples 5.8
Consumer Discretionary 4.8
Real Estate 2.9
Health Care 2.6
Telecommunications 1.6
Energy 1.4
Communication Services 0.7
Utilities 0.6
Net Current Assets 8.6
—–
Total 100.0
=====
Country Weightings % of Total Assets
United Kingdom 89.3
United States 9.6
Italy 0.6
France 0.5
—–
Total 100.0
=====
Market Exposure (Quarterly)
28.02.25 31.05.25 31.08.25 30.11.25
% % % %
Long 117.8 108.4 113.2 113.0
Short 4.9 2.8 6.1 6.1
Gross exposure 122.7 111.1 119.3 119.1
Net exposure 112.9 105.6 107.1 106.9
Ten Largest Investments
Company % of Total Gross Assets
XPS Pensions Group 3.2
Serco Group 3.2
Morgan Sindall 2.9
Rosebank Industries 2.9
Boku 2.8
GPE 2.8
Tatton Asset Management 2.7
Goodwin 2.4
Plus500 Ltd 2.4
Ig Group Holdings 2.3
Commenting on the markets, Dan Whitestone, representing the Investment Manager
noted:
The Company returned 7.5% January, outperforming its benchmark, the Deutsche
Numis Smaller Companies +AIM (excluding Investment Companies) Index, which
returned 4.9%.
2026 has started where 2025 left off in many ways, strong headline market
returns amidst vast underlying volatility. Given changes to market structure
over recent years, this level of dispersion should not surprise us, and we
should probably expect it to continue. Broadly speaking, cyclical sectors
outperformed while defensives underperformed as more data suggested firmness in
economic growth across the world but particularly in the US and in Germany where
we are seeing the first hints that fiscal stimulus is being felt in the real
economy. Markets continue to punish ‘AI losers’, whether there is tangible
evidence of disruption or not. As in much of last year, geopolitics continues to
weigh on markets and cause volatility. The US’s actions in Venezuela and
potentially in Iran helped fuel oil price rises in the month. This uncertainty
also helped propel precious metals prices to record highs. This risk on
sentiment saw UK small and mid-caps outperform the large cap FTSE 100 Index.
The largest contributor during the month was Hochschild Mining, which continued
to rise because of ongoing strength in the gold price. The company released its
production report for the 12 months to 31 December 2025, with production in-line
with previously revised guidance, and flagged strong operational performance and
cost discipline to underpin higher margins. Shares in CDMO business, Oxford
Biomedica, rallied following a bid from Swedish private equity group, EQT. Great
Portland shares were strong after another strong leasing update in January, with
the most recent quarter’s lettings coming in 9% ahead of ERV (estimated rental
value), continuing to demonstrate the strength of demand for prime space in
London. Great Portland owns an extraordinarily attractive portfolio of assets
and is trading at an extraordinarily cheap valuation, despite the strength in
the month, the shares still trade at a c.30% discount to NAV and it remains a
core holding in the Portfolio.
The largest detractor during the month was Craneware, the US focused hospital
billing software business. Despite reporting strong H1 trading, showing
resilient demand across core healthcare markets, the negative sentiment
impacting software companies as perceived “AI losers” weighed on the shares. The
holding in Rosebank, the UK-listed but US industrial asset, with a
buy/improve/sell mantra, detracted from relative performance during the month
(albeit the shares were not particularly weak in absolute terms) despite no
stock specific newsflow. The third largest detractor came from a short in a UK
defence technology business, which rallied in response to a trading update which
highlighted progress in the thread quarter, notably a five year MoD (Ministry of
Defence) contract extension.
The outlook for the UK remains challenged, with softer growth and weaker
employment as the effects of Labour’s tax on jobs have now transmitted into the
economy. This, coupled with a lack of confidence in the UK small and mid-cap
equity market more broadly has contributed to the ongoing outflows further
pressuring valuations of thinly traded shares.
We remain of the view that there is compelling value on offer in the UK small
and mid-cap complex but concede there are limited positive catalysts in the near
term to stem the sector outflows. M&A (Mergers & Acquisitions) activity is
likely to continue at pace as Private Equity and Corporates take advantage of
this backdrop, whilst the broader de-equitisation from company share buyback
programmes continues.
In recent weeks we have taken steps to reduce the net to around 105% and the
gross to c.110%.
We thank shareholders for your ongoing support.
2 March 2026
ENDS
Latest information is available by typing www.blackrock.com/uk/thrg 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.
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