Fact sheet: Blackrock Throgmorton IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
UK SMALLER COMPANIES
Sector
IT UK Smaller Companies
Fund type
Investment Trust
Primary aim
GROWTH
Why Money Observer Rates Blackrock Throgmorton IT

Rated Fund 2017-2018. Adds value in falling and rising markets

Winner of Money Observer's Best UK Smaller Companies Trust award in 2016, BlackRock Throgmorton stands out due to its use of derivatives. It can invest up to 30 per cent of its assets in contracts for difference (CFDs), making this both a more interesting and perhaps a more risky proposition than the average trust in this sector.

Mike Prentis has run the trust since BlackRock took it over in 2008, with Dan Whitestone joining him in 2015 to manage the CFD portfolio. CFDs are used to add to the trust's exposure to companies it already holds or to short-sell shares in companies its managers expect to fall. They can therefore add value in falling and rising markets.

The trust derives most of its returns from its conventional 'long-only' portfolio. Here Prentis's aim is to hold a portfolio largely comprised of high-quality growth stocks capable of becoming much larger over the medium term. He looks for companies that are delivering strong organic growth, in some cases supplemented by sensible strategic acquisitions. He favours those with fairly predictable revenues, good operating margins and strong cash generators. They include companies that are international in terms of sales, and others that are more UK-focused with strong market positions.In terms of size, the trust's last report shows that it had 45 per cent invested in FTSE 250 companies, 30 per cent in Aim-listed companies and 22 per cent in FTSE Small Cap.Shares in the trust have traded at a discount to net asset value of between 10 and 20 per cent over the past three years.

3 Year Performance
Fund Performance84%
Average of Rated Funds Group67.3%
Sector Performance54.3%
Fund information
Fund name
BlackRock Throgmorton Trust PLC
Fund manager company
BlackRock Investment Managemen
Fund type
Investment Trust
Fund managers
  • Dan Whitestonesince 26/03/2015
Accolades
Winner - Best UK Smaller Companies trust
Fund objective
To provide shareholders with capital growth and an attractive total return through investment primarily in UK smaller companies and mid-capitalisation companies listed on the main market of the London Stock Exchange.
Benchmark
  • Numis Smaller Companies excluding AIM (ex Investment Companies)
Investment style
None
Investment method
Shares
Quick stats
1 Year return
29.8%
1 Year rank in sector
1/17
Sector
IT UK Smaller Companies
Yield
1.8%
Fund size
£369m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
115
Mid price
504
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
566.67
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-11.06
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
124
Top in this sector
Fund name1 Year
BlkRck Throgmrtn TstPLC29.8%
JPMorganSmCoITplc28.5%
SVM UK Emerging27.2%
Dunedin Sm Cos IT PLC25.7%
BlackRock Sm Cos IT23.2%
...more in IT UK Smaller Companies

Performance snapshot

Holdings snapshot

  • UK100.1%
    Money Market-0.1%
  • Industrials35%
    Financials19.1%
    Consumer Services16.1%
    Consumer Goods9.9%
    Basic Materials6.2%
  • UK Equities100.1%
    Money Market-0.1%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund4.8%4.3%10.9%29.8%84%143.3%
Sector1%-2.7%2.1%12.7%54.3%99.4%
Rank within sector2 / 192 / 192 / 191 / 172 / 162 / 15
Quartile1st1st1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund7.2%39.4%-2.7%34.7%-10.9%
Sector-1.4%27.6%4%25.3%-5.1%
Rank within sector2 / 193 / 1710 / 173 / 1610 / 15
Quartile1st1st3rd1st3rd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
3.04
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.16
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.04
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
16.97
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
9.5
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.51
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.69
Price movement
52 week high514
52 week low394.5
Current bid price504
Current offer price506
Current mid price504
Region
1UK100.1%
2Money Market-0.1%
Industry sector
1Industrials35%
2Financials19.1%
3Consumer Services16.1%
4Consumer Goods9.9%
5Basic Materials6.2%
6Health Care6%
7Technology5.8%
8Oil & Gas2%
9Net Current Liabilities-0.1%
Asset type
1UK Equities100.1%
2Money Market-0.1%
Individual holdings
1MELROSE INDUSTRIES PLC3.1%
2ASCENTIAL PLC2.8%
3DECHRA PHARMACEUTICALS PLC2.8%
44IMPRINT GROU ORD GBX38.42.6%
5ROBERT WALTERS ORD GBP0.22.4%
6CVS GROUP PLC2.3%
7IBSTOCK PLC2.1%
8BODYCOTE PLC2%
9JOHNSON SERVI ORD GBP0.102%
Management
Fund manager group
BlackRock
Fund manager company
BlackRock Investment Managemen
Fund type
Investment Trust
Fund objective
To provide shareholders with capital growth and an attractive total return through investment primarily in UK smaller companies and mid-capitalisation companies listed on the main market of the London Stock Exchange.
Benchmark
  • Numis Smaller Companies excluding AIM (ex Investment Companies)
Investment style
None
Investment method
Shares
Fund managers
NameSinceBiography
Dan Whitestone26/03/2015Daniel Whitestone is a Director in the UK Equity team in the Fundamental Equity division of BlackRock's Alpha Strategies Group. Dan is responsible for the BlackRock Throgmorton Trust's CFD portfolio, and is Lead Portfolio Manager for the UK Emerging Companies Hedge Fund. He is also responsible for researching the UK technology sector. His service with the firm dates back to 2013. Prior to joining BlackRock, he worked for UBS, where he was the head of the UK small and mid-cap sales desk and ranked the number one salesperson in the Extel Small/Mid-Cap sales ratings in 2011 and 2012. Prior to working at UBS, he joined Noble and Co in 2006 as a UK small and mid-cap salesman. He began his career at Accenture in 2003 as a strategy consultant. Dan has a degree in Combined Studies.
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom
BlackRock Throgmorton Trust PLC
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price566.67
CurrencyGBX
Price updated18/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJLL
BlackRock Throgmorton Trust PLC NAV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price562.4251
CurrencyGBX
Price updated18/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFR95
Data provided by

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