BlackRock Throgmorton Trust

Last updated 20 November 2019

One of the most reliable trusts in the UK, THRG has shown the ability to perform strongly in both rising and falling markets at low levels of volatility…

Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by BlackRock Throgmorton Trust. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

BlackRock Throgmorton Trust

BlackRock Throgmorton Trust (THRG) is managed by Dan Whitestone, who runs a UK-focused portfolio of high-quality growth companies. THRG can also use contracts for difference (CFDs) to both gear up and short individual companies. This means the trust can vary its exposure to the market quickly and flexibly, giving it greater capacity to benefit from volatility in the markets and the potential to generate additional alpha.

The trust has an exceptional long-term track record of outperformance relative to the benchmark and peer group alike. Particularly noteworthy is the manager’s ability to outperform during both rising and falling markets, still at low levels of volatility.

The trust’s discount has narrowed significantly since the referendum in 2016, after which it reached a 22% discount at one point. This year has seen the discount continue to narrow, and seen the trust now start to trade at a premium of 1.16%. This has allowed the board to begin to issue shares to investors, providing significant liquidity for investors entering the trust at scale.

William Sobczak
William joined Kepler Partners in February 2018 as an investment trust analyst. Prior to joining, William graduated from the University of Western Australia, with a BSc in Psychology.

Fund History

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Key facts

Investment objective

The company aims to provide shareholders with long-term capital growth and an attractive total return by investing primarily in UK smaller companies and mid-capitalisation companies traded on the London Stock Exchange

As at:

19/11/19

Group/Investment

BlackRock Throgmorton Trust

Ticker

THRG

Management Company

BlackRock Inc

Manager Name

Dan Whitestone

Association of Investment Companies (AIC) Sector

UK Smaller Companies

12 Mo Yield

1.7%

Dividend Distribution Frequency

Semi-Annually

Latest Market Capitalisation

£460,721,054

Latest Net Gearing (Cum Fair)

3%

Latest Ongoing Charge Ex Perf Fee

0.57%

Turnover Ratio

64.6%

Shares Outstanding

73,240,326

(Discount)/ Premium (Cum Fair)

1.2%

Daily Closing Price

630p

Source: Morningstar

Disclaimer

This report has been issued by Kepler Partners LLP.  The analyst who has prepared this report is aware that Kepler Partners LLP has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research.

Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. It is strongly recommended that if you are a private investor independent financial advice should be taken before making any investment or financial decision.

Kepler Partners is not authorised to make recommendations to retail clients. This report has been issued by Kepler Partners LLP, is based on factual information only, is solely for information purposes only and any views contained in it must not be construed as investment or tax advice or a recommendation to buy, sell or take any action in relation to any investment.

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