Portfolio Update

BLACKROCK THROGMORTON TRUST PLC All information is at 31 July 2014 and unaudited. Performance at month end is calculated on a cum income basis One Three One Three Month Months Year Years Net asset value* -0.7% -4.0% 10.3% 43.5% Net asset value -0.7% -4.0% 10.3% 37.7% Share price -1.3% -9.6% 8.2% 45.0% Benchmark** -1.1% -2.4% 11.0% 35.3% 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 Companies plus AIM (excluding investment companies) Index as the Company's benchmark. For the one year and three year periods the indices have been blended to reflect this. At month end Net asset value capital only: 320.82p Net asset value incl. income: 323.78p Share price: 274.50p Discount to cum income NAV 15.2% Net yield: 1.5%* Total Gross assets: £236.8m** Net market exposure as a % of net asset value^: 100.9% Ordinary shares in issue: 73,130,326*** 2014 Ongoing charges^^: 1.1% 2014 Ongoing charges ratio (including performance fees): 3.0% * Calculated using current year interim and prior year final dividends paid. **Includes current year revenue and excludes the gross exposure through contracts for difference. ***Excluding 7,400,000 shares held in treasury. ^Long positions less short positions as a percentage of net asset value. ^^Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 30 November 2013. Sector Weightings % of total assets Industrials 30.6 Consumer Services 18.3 Financials 17.6 Basic Materials 8.7 Technology 7.9 Health Care 6.7 Consumer Goods 5.4 Oil & Gas 3.7 Telecommunications 2.0 Net current liabilities (0.9) ----- Total 100.0 ===== Market Exposure (Quarterly) 31.08.13 30.11.13 28.02.14 31.05.14 Long 117.5% 118.4% 118.8% 116.9% Short 12.0% 11.2% 10.7% 12.4% Gross exposure 129.5% 129.6% 129.5% 129.3% Net exposure 105.5% 107.2% 108.1% 104.5% Ten Largest Investments Company % of total assets Workspace Group 2.6 Senior Engineering 2.4 Restaurant Group 2.0 Rathbone Brothers 2.0 Bodycote 1.9 Optimal Payments 1.8 Elementis 1.8 Avon Rubber 1.8 Tyman 1.8 Keller Group 1.7 Commenting on the markets, Mike Prentis and Ralph Cox*, representing the Investment Manager noted: During July the Company's NAV per share fell by 0.7%, whilst the benchmark index fell by 1.1%; by contrast the FTSE 100 Index fell by 0.1%. All data is on a cum income basis. Modest outperformance was driven by stock selection. The impact from sector allocation was neutral, as was the contribution from the CFD portfolio where losses on the long CFDs were very closely matched by gains on the short CFDs. The largest individual stock contributor to relative outperformance was Hyder Consulting. Hyder received a bid from Arcadis. In early August, Nippon Koei announced a slightly higher offer for Hyder. During July, Hyder shares rose by 41%, a welcome and full recovery to the level before the profit warning earlier this year. On the negative side, Blinkx indicated that revenue growth had slowed; forecasts were cut. We decided to sell our holding. Activity within the portfolio was limited during the month. *From 1 April 2014, Richard Plackett is on a six-month sabbatical. During this period the BlackRock Throgmorton Trust plc is being co-managed by Ralph Cox. 15 August 2014 ENDS Latest information is available by typing www.blackrock.co.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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