Portfolio Update

BLACKROCK THROGMORTON TRUST PLC All information is at31 March 2016 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)#			3.9		-3.0		11.6	44.4			77.8
Net asset value (fully diluted)			3.9		-3.0		11.6	44.4			68.3
Share price			0.9		-12.5		12.6	46.4			77.9
Benchmark*			4.8		-1.0		4.2	28.5			48.7
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:									379.20p
Net asset value incl. income:									380.31p
Share price									315.50p
Discount to cum income NAV									17.0%
Net yield									2.1%*
Total Gross assets									£278.1m**
Net market exposure as a % of net asset value^									105.9%
Ordinary shares in issue:									73,130,326***
2015 ongoing charges (excluding performance fees):									1.1%****
2015 ongoing charges ratio (including performance fees):									2.3%
* Calculated using prior year interim and 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 2015. ^Long positions less short positions as a percentage of net asset value.
Sector Weightings				% of Total Assets
Industrials				27.4
Consumer Services				20.0
Financials				19.1
Technology				9.6
Consumer Goods				9.0
Health Care				8.8
Basic Materials				4.7
Oil & Gas				1.9
Telecommunications				0.2
Net current liabilities				-0.7
				-----
Total				100.0
				=====
Market Exposure (Quarterly)
	31.05.15	31.08.15				30.11.15				29.02.16
	%	%				%				%
Long	116.8	115.2				115.2				118.2
Short	9.6	9.0				9.2				11.2
Gross exposure	126.4	124.2				124.4				129.4
Net exposure	107.2	106.2				106.0				107.0
Ten Largest Investments
Company				% of Total Gross Assets
4imprint Group				2.8
CVS Group				2.8
JD Sports				2.7
Dechra Pharmaceuticals				2.4
Workspace Group				2.3
Rathbone Brothers				2.1
Savills				1.9
Topps Tiles				1.8
Fevertree Drinks				1.8
Restore				1.7
Commenting on the markets, Mike Prentis and Dan Whitestone, representing the Investment Manager noted: During March the Company’s NAV per share rose by 3.9% on a cum income basis whilst our benchmark index rose by 4.8%; the FTSE 100 Index rose by 1.8%. Relative underperformance was mainly derived from the long only portfolio, which increased in value by 3.9%, the CFD portfolio fell by 0.1% of NAV. These individual portfolio returns are before costs. Stock selection and sector allocation both detracted from relative performance in the long only portfolio. Underweight sector positions in food producers and mining companies, and our overweight position in household goods companies and housebuilders, all negatively impacted relative performance. Within the long only portfolio the largest positive contributors to stock selection were our holdings in Fevertree Drinks and Marshalls. Fevertree Drinks’ shares saw profit taking in February but the shares rebounded in March. The company’s full year results showed revenues up by 71% and EBITDA (earnings before interest, taxes, depreciation and amortization) up by 82%. Management commented that they are increasingly well positioned to take advantage of growth in all geographies with the brand’s growing international reputation. Marshalls released full year results for the year ended 31 December 2015 which showed revenues up by 8% and operating margins much improved to 9.7% driving earnings growth of 41% and return on capital employed to 19.0%. Management confirmed that 2016 had started well. Marshalls increased the final dividend by 19% and was one of a number of holdings that reported during the month which also declared a special dividend. Other companies delivering strong full year results included Hill and Smith, Savills and 4imprint Group. Each of these companies is very international in its operations. For instance, 4imprint Group, which announced revenues and earnings both up by 20%, derives all of its revenues from the US. We held many encouraging meetings with the management teams of our holdings during the month. The largest detractors from relative performance from a stock selection point of view were three benchmark stocks, none of which we owned in the portfolio, Allied Minds, Evraz and Premier Foods, which saw share price increases of 56%, 31% and 88% respectively. Premier Foods was subject to a bid from the US.   Activity within the portfolio was fairly limited, although we took part in the IPO of Watkin Jones, a developer of student accommodation in the UK. The CFD portfolio got off to a difficult start in March, as the reversal in market leadership witnessed in February continued into the first week or so of March. However, performance in March improved steadily from the second week onwards and we recovered most of the month’s losses, culminating in a negative 9 basis points (bps) of overall performance, with the long CFDs contributing 43bps, and the short CFDs detracting by 52bps. We consider the long CFD portfolio is in good shape, having navigated the reporting season strongly, generally either meeting or exceeding expectations. The short book proved more mixed.  We suffered from our short exposure to industrial and commodity related shares, but generated some strong stock specific success in the short book, with the biggest contributor to overall performance coming from the largest CFD short position (in the leisure sector) that profit warned for the second time this month. Overall, the top ten contributors to performance were comprised of eight long positions and two short positions, and ranged from 2bps to 8bps of positive performance.  Aside from the leisure short that was the biggest contributor, long standing long positions in Novae, Fevertree Drinks and 4imprint Group also performed well.  The top ten detractors comprised of one long position and nine short positions.  The biggest detractor was in Paddy Power Betfair which experienced some profit taking this month. We have now exited the position as Paddy Power Betfair joined the FTSE 100, the company has been a significant contributor to performance over the last few years. The other top detractors were all in short positions, generally related, but not exclusively, to commodities and industrials. In terms of portfolio positioning little change has been made. Ultimately, we believe the key shares and sectors where we see good long investment opportunities are the same, and the short book still targets those areas that we see as overearning or under structural or cyclical pressure. Whilst this stance has been a modest drag on performance this year, we remain positive and still believe the CFD portfolio is positioned correctly, seeing the small giveback over the first quarter in 2016 in the context of the strong returns achieved last year. 18 April 2016 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.