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 SMALL COMPANIES
Sector
IT UK Smaller Companies
Fund type
Investment Trust
Primary aim
GROWTH
Why Money Observer Rates BlackRock Throgmorton IT

New for 2017. Gaining in all market conditions from the use of CFDs

After stiff competition from its sister trust BlackRock Smaller Companies, BlackRock Throgmorton won Money Observer's Best UK Smaller Companies Trust award in 2016. Both trusts are managed by Mike Prentis. The difference is that this trust can invest up to 30 per cent of its assets in contracts for difference (CFDs).

This part of the portfolio has been managed by Dan Whitestone since 2015. The 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.

However, 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 more UK-focused with strong market positions.

In terms of size, the trust's last report shows that it was around a third invested in FTSE 250 companies, and just under a third in FTSE Small Cap and the same in Aim-listed companies. Prentis likes Aim companies because they have greater flexibility to carry out acquisitions, and because the market as a whole is still under-researched, especially at the smaller end.

3 Year Performance
Fund Performance65.1%
Average of Rated Funds Group61.2%
Sector Performance51.7%
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
  • Lucy Marmionsince 26/03/2015
  • Richard Plackettsince 30/06/2008
  • Mike Prentissince 30/06/2008
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 AIM (ex IT) Index
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
43.4%
1 Year rank in sector
4/17
Sector
IT UK Smaller Companies
Yield
1.8%
Fund size
£312m
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.
127
Mid price
427
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.
511.34
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.
-16.49
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.
100
Top in this sector
Fund name1 Year
River & Merc UK Micro Cap59.2%
Rights & Issues IT50.7%
BlackRock Sm Cos IT46.3%
BlkRck Throgmrtn TstPLC43.4%
Invesco Perp UK Sm Cos plc42.3%
...more in IT UK Smaller Companies

Performance snapshot

Holdings snapshot

  • UK100.5%
    Net Current Liabilities-0.5%
  • Industrials30.2%
    Consumer Services23.6%
    Financials15.5%
    Consumer Goods12.2%
    Basic Materials7.7%
  • UK Equities100.5%
    Money Market-0.5%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.5%8.2%22.1%43.4%65.1%164.3%
Sector-0.2%4.8%14.1%33.1%51.7%139.5%
Rank within sector11 / 183 / 172 / 174 / 173 / 156 / 15
Quartile3rd1st1st1st1st2nd
Calendar performance
 YTD - 20172016201520142013
Fund24.2%-2.7%34.7%-10.9%60.7%
Sector17.1%4%25.3%-5.1%44.7%
Rank within sector4 / 1710 / 173 / 1610 / 154 / 15
Quartile1st3rd1st3rd2nd
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.
-0.28
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.
1.23
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.
0.8
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%.
17.28
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.
9.44
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.
0.24
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.
0.72
Price movement
52 week high436.75
52 week low303.75
Current bid price427
Current offer price430
Current mid price427
Region
1UK100.5%
2Net Current Liabilities-0.5%
Industry sector
1Industrials30.2%
2Consumer Services23.6%
3Financials15.5%
4Consumer Goods12.2%
5Basic Materials7.7%
6Health Care5%
7Technology3.6%
8Oil & Gas2.7%
9Net Current Liabilities-0.5%
Asset type
1UK Equities100.5%
2Money Market-0.5%
Individual holdings
1CVS GROUP PLC3.5%
2JD SPORTS FASHION PLC3.1%
34IMPRINT GROUP PLC2.8%
4DECHRA PHARMACEUTICALS2.6%
5CINEWORLD GROUP2.4%
6ASCENTIAL PLC2.1%
7BERKELEY GROUP HLDGS2.1%
8BELLWAY2%
9BIG YELLOW GROUP2%
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 AIM (ex IT) Index
Investment style
No data available.
Investment method
No data available.
Fund managers
NameSinceBiography
Dan Whitestone26/03/2015
Lucy Marmion26/03/2015Lucy Marmion, CFA, Vice President and Portfolio Manager, is a member of the UK Equity team in the Fundamental Equity division of BlackRock's Alpha Strategies Group. She is responsible for managing small and mid-cap equity portfolios and as well as researching the capital goods sector. Ms. Marmion's service with the firm dates back to 2008 when she joined the firm as a member of the Investment training program and was an investment analyst on the UK Equity team and the European Specialist Equity team. Ms. Marmion earned a BA (Hons) degree in economics from Durham University in 2007
Richard Plackett30/06/2008Richard Plackett, Managing Director and portfolio manager, is Head of the UK Small/Mid Cap Team in the Fundamental Equity division of BlackRock's Alpha Strategies Group. Mr. Plackett co-manages the BlackRock UK Special Situations Fund and the BlackRock UK Emerging Companies Hedge Fund. He has also been joint manager of The Throgmorton Trust since July 2008. Mr Plackett's service with the firm dates back to 2002, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Prior to joining MLIM in 2002, Mr Plackett worked for M&G, where he managed the smaller companies and income fund teams, as well as heading up the entire UK investment process. He began his career at 3i private equity. Mr Plackett earned an MA in Economics from Cambridge University in 1985.
Mike Prentis30/06/2008Mike Prentis is manager of BlackRock Smaller Companies Trust plc and is co-manager of the BlackRock Throgmorton Trust plc and is a member of the UK Equity Team. Prior to joining BlackRock in 2005 Mike worked at 3i in both their asset management and private equity businesses. Mike has a degree in geography.
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 price511.34
CurrencyGBX
Price updated19/07/2017
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 price504.26
CurrencyGBX
Price updated19/07/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFR95
Data provided by

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