Portfolio Update

BLACKROCK THROGMORTON TRUST PLC All information is at30 September 2015 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 (undiluted)#			-1.0		0.6		19.6	69.3			118.9
Net asset value (fully diluted)			-1.0		0.6		19.6	69.3			104.3
Share price			-1.7		1.3		20.2	83.1			134.0
Benchmark*			-2.5		-3.3		9.9	46.6			67.7
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. The three and five year period indices have been blended to reflect this.
At month end
Net asset value capital only:									373.12p
Net asset value incl. income:									378.97p
Share price									328.50p
Discount to cum income NAV									13.3%
Net yield									1.4%*
Total Gross assets									£277.1m**
Net market exposure as a % of net asset value^									107.2%
Ordinary shares in issue:									73,130,326***
2014 ongoing charges (excluding performance fees):									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				25.3
Consumer Services				22.2
Financials				19.5
Consumer Goods				8.8
Health Care				7.8
Technology				7.4
Basic Materials				6.3
Oil & Gas				2.5
Telecommunications				0.5
Net current liabilities				-0.3
				-----
Total				100.0
				====
Market Exposure (Quarterly)
	30.11.14	28.02.15				31.05.15				31.08.15
	%	%				%				%
Long	117.4	121.9				116.8				115.2
Short	9.8	10.3				9.6				9.0
Gross exposure	127.2	132.2				126.4				124.2
Net exposure	107.6	111.6				107.2				106.2
Ten Largest Investments
Company				% of Total Gross assets
CVS Group				2.9
4imprint Group				2.9
Workspace Group				2.5
JD Sports				2.3
Lookers				2.2
Savills				2.2
Topps Tiles				2.1
Rathbone Brothers				2.1
Ted Baker				2.0
Cineworld				1.8
Commenting on the markets, Mike Prentis and Dan Whitestone, representing the Investment Manager noted:
During September the Company’s NAV per share fell by 1.0% on a cum income basis, whilst the benchmark fell by 2.5%; the FTSE 100 Index fell by 2.9%. September was another difficult month for equities generally with worries about Chinese GDP growth, some poor high profile company news, for instance from Volkswagen, and continued weak commodity prices. Outperformance came both from the long only portfolio and from the CFD portfolio. The long only portfolio fell in value by 1.3%, outperforming the benchmark by 1.3%. The CFD portfolio added 0.2% to the NAV. These individual portfolio returns are before costs. In the long only portfolio relative outperformance was derived mainly from good stock selection. Sector allocation contributed modestly principally due to our overweight positions in healthcare equipment companies and general financials. The largest positive contributors to stock selection during the month were our holdings in 4imprint and CVS Group. 4imprint shares had seen some profit taking in August and recovered during September. CVS announced good full year results with revenues rising by 17% and earnings per share increasing by 30%. We had a very positive meeting with management. The largest detractor was Topps Tiles, one of our better performers over the last year, which saw some profit taking. Topps announced a pre-close update which indicated like-for-like sales growth of approximately 5.3% for the year to 30 September 2015, reflecting continued growth in market share. We did not make any significant changes to the long only portfolio during the month although we sold several smaller holdings, and trimmed a few others. Within the CFD portfolio, the 0.3% gain in the short book offset the 0.1% loss in the long book, and the CFD portfolio returned 0.2% in September. The top 5 positive contributors comprised 3 long positions (JD Sports, 4imprint, and Darty Group) and 2 short positions (an industrial and a biotech company).  The gains ranged from between 0.04% and 0.09%. The biggest contributor was once again JD Sports, where interim results were ahead of market expectations. Several short positions delivered strong returns, from a range of different industries, the stand out in the month being an industrial that had a profit warning on weaker end demand. Turning to the detractors within the CFD portfolio, the top 5 impacted by between -0.04% and -0.05% and comprised 1 short position (online white goods retailer) and 4 long positions Topps Tiles, Robert Walters, Kier Group, and Grafton. No significant changes were made to the CFD portfolio during the month.
16 October 2015
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.