Portfolio Update

BLACKROCK THROGMORTON TRUST PLC

All information is at 31 January 2015 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One    Three        One      Three
                                    Month   Months       Year      Years
Net asset value                      2.0%     7.4%      -1.5%      62.5%
Share price                          2.2%     3.8%      -8.8%      67.3%
Benchmark*                           0.4%     2.9%      -2.6%      46.3%

Sources: BlackRock and Datastream

*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. The
three year period indices have been blended to reflect this. 

At month end
Net asset value capital only:                331.81p
Net asset value incl. income:                337.17p
Share price:                                 283.00p
Discount to cum income NAV                     16.1%
Net yield:                                      1.4%*
Total Gross assets:                          £249.5m**
Net market exposure as
a % of net asset value^:                      108.5%
Ordinary shares in issue:                 73,130,326***
2014 Ongoing charges:                           1.1%****
2014 ongoing charges ratio (including
performance fees):                              1.2%
 
* 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.
**** Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended
30 November 2014.
^Long positions less short positions as a percentage of net asset value.

Sector Weightings                        % of total gross assets

Industrials                                    26.6
Consumer Services                              19.7
Financials                                     18.3
Consumer Goods                                  8.6
Basic Materials                                 8.1
Health Care                                     7.5
Technology                                      7.2
Oil & Gas                                       2.7
Telecommunications                              1.3
Net current liabilities                         0.0
                                              -----
Total                                         100.0
                                              =====
Market Exposure (Quarterly)

                      28.02.14   31.05.14   31.08.14   30.11.14  
Long                    118.8%     116.9%     113.5%     117.4%    
Short                    10.7%      12.4%      13.5%       9.8%     
Gross exposure          129.5%     129.3%     127.0%     127.2%    
Net exposure            108.1%     104.5%     100.0%     107.6%    

Ten Largest Investments

Company                                  % of Total Gross assets

Workspace Group                                 2.6
Senior Engineering                              2.5
Lookers                                         2.4
Rathbone Brothers                               2.4
4imprint                                        2.2
CVS                                             2.2
Savills                                         2.1
Ted Baker                                       2.1
Tyman                                           2.1
Victrex                                         2.1
 
Commenting on the markets, Mike Prentis and Ralph Cox, representing the
Investment Manager noted:

During January the Company's NAV per share rose by 2.0% on a cum income basis
whilst the benchmark index rose by 0.4%; the FTSE 100 Index rose by 2.9%.

The CFD portfolio had an excellent month adding 0.9% to the NAV. Both the long
and short portfolios added value, with the long portfolio accounting for just
over half of the monthly gain.

The largest contributor to relative outperformance was our holding in Lookers.
Lookers is one of the largest car retailers in the UK, and has seen strong
trading over the last few years. UK car sales have remained good in recent
months, and this is likely to have benefitted Lookers; the company's shares
remain attractively valued at just 12.5 times forecast earnings for the year
ended December 2014.

The largest detractors from relative performance were our holdings in
Skyepharma and Boohoo. Skyepharma indicated that it 2014 results should be
in-line with expectations, and in particular that sales of its key drug,
flutiform, are developing well (as expected). Skyepharma has seen a rise in
cash reserves recently and is increasing its spending on research and
development. This has inevitably led to reductions in previously forecast
profits as research costs are expensed.  Boohoo announced that sales over the
four months to 31 December 2014 had grown by 25%, but this was behind market
expectations and the shares fell. We feel that in absolute terms the growth
rate remains good, and the company looks well set. 

We generally saw good trading updates from holdings during the month including
Ted Baker and Workspace Group.

Activity in the portfolios during the month was fairly limited although
following the sharp fall in the oil price and the share prices of oil
producers, we have added modestly to the sector.

16 February 2015

ENDS

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