Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC All information is at31 October 2015 and unaudited.
Performance at month end is calculated on a capital only basis
	One	Three		One	Three	Five
	month	months		year	years	years
	%	%		%	%	%
Net asset value*	1.9	-1.8		19.6	65.3	96.2
Share price*	5.4	-0.4		18.6	75.1	116.2
Numis ex Inv Companies + AIM	1.4	-3.3		6.1	28.9	38.3
*performance calculations based on a capital only NAV with debt at par, without income reinvested. Share price performance calculations exclude income reinvestment.
Sources:  BlackRock and Datastream
At month end
Net asset value Capital only (debt at par value):			1030.76p
Net asset value Capital only (debt at fair value):			1020.53p
Net asset value incl. Income (debt at par value)**:			1048.51p
Net asset value incl. Income (debt at fair value)**:			1038.28p
Share price			926.50p
Discount to Cum Income NAV (debt at par value):			11.6%
Discount to Cum Income NAV (debt at fair value):			10.8%
Net yield^^^:			1.78%
Gross assets^:			£541.9m
Gearing range as a % of net assets:			0-15%
Net gearing including income (debt at par):			5.7%
2015 Ongoing charges ratio^^			0.7%
2015 Ongoing charges ratio (including performance fees):			1.0%
Ordinary shares in issue#:			47,879,792
**includes net revenue of 17.75p ^includes current year revenue ^^ As reported in the Annual Financial Report for the year ended 28 February 2015, the ongoing charges ratio is calculated as a percentage of net assets and using operating expenses, excluding performance fees, finance costs and taxation. ^^^Yield calculations are based on dividends announced in the last 12 months as at the date of release of this announcement, and comprise of the Final dividend of 9.50 pence per share, (announced on 27 April 2015, gone ex-dividend on 21 May 2015) and the interim dividend of 7.00 pence per share (announced on 26 October 2015 and going ex-dividend on 5 November 2015) excludes 2,113,731 shares held in treasury.
Sector Weightings	% of portfolio
Industrials	24.9
Consumer Services	20.8
Financials	19.4
Technology	9.2
Health Care	8.7
Consumer Goods	8.3
Basic Materials	5.6
Oil & Gas	2.6
Telecommunications	0.5
	-----
Total	100.0
	=====
Ten Largest Equity Investments
Company	% of portfolio
4imprint Group	2.2
CVS Group	2.1
Avon Rubber	1.9
Savills	1.8
Workspace Group	1.8
Rathbone Brothers	1.7
Hutchison China Meditech	1.7
Headlam Group	1.6
Topps Tiles	1.5
Ted Baker	1.5
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:
During October the Company’s NAV per share rose by 1.9% on a capital only basis whilst our benchmark index rose by 1.4%; the FTSE 100 Index rose by 4.9%.
Relative outperformance mainly derived from good stock selection. Neither sector allocation nor gearing had much impact on relative performance during the month.
The largest positive contributors to stock selection during the month were our holdings in Hutchison China MediTech (‘Chi-Med’) and Avon Rubber. Chi-Med announced that it had filed to raise money on NASDAQ, which was taken well. We had a good meeting with management who are very confident about the prospects for their key oncology drugs. Avon Rubber announced that its financial year to 30 September had ended strongly, helped by a late order from a Middle Eastern customer for respirators. As a result management anticipate profits will be significantly ahead of market expectations.
The largest detractor from relative performance came from a stock in the benchmark but which we do not own, Al Noor Hospitals. This company was subject to a bid.
We reduced or sold holdings in a few mainly midcap companies where our conviction about trading has weakened. We made small new investments in a few microcap companies including Quartix and Gama Aviation. Quartix is a leading supplier of subscription-based vehicle tracking systems, software and services. Installations of Quartix solutions continue to grow fast in the UK, and are beginning to grow in the US. Gama Aviation is a global private aviation services company having more than 100 aircraft under management across 5 continents. Gama offers a comprehensive fleet management service to business jet owners managing a wide range of aspects of running an aircraft on behalf of the aircraft owner. Much of Gama’s revenues are essential, non-cyclical spend, charter being a small proportion of revenues. We were impressed with management, their track record so far, and their strategy.
20 November 2015
ENDS
Latest information is available by typing www.blackrock.co.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.