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 Performance84.1%
Average of Rated Funds Group70.9%
Sector Performance65.8%
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
  • 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 excluding AIM (ex Investment Companies)
Investment style
None
Investment method
Shares
Quick stats
1 Year return
38%
1 Year rank in sector
6/17
Sector
IT UK Smaller Companies
Yield
1.8%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.1%
Fund size
£335m
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.
122
Mid price
458
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.
543.53
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.
-15.74
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.
126
Top in this sector
Fund name1 Year
River & Merc UK Micro Cap64.1%
BlackRock Sm Cos IT43.9%
SVM UK Emerging42%
StnLf UKSmCoPL41.1%
Hndrsn SmCos IT39.8%
...more in IT UK Smaller Companies

Performance snapshot

Holdings snapshot

  • UK98.5%
    Money Market1.5%
  • Industrials30%
    Consumer Services18.2%
    Financials18.1%
    Consumer Goods13.3%
    Basic Materials7.8%
  • UK Equities98.5%
    Money Market1.5%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-3.1%4.1%8.8%38%84.1%159.8%
Sector0.3%4%7.1%28.9%65.8%129.9%
Rank within sector18 / 1911 / 199 / 186 / 175 / 166 / 15
Quartile4th3rd2nd2nd2nd2nd
Calendar performance
 YTD - 20172016201520142013
Fund33.8%-2.7%34.7%-10.9%60.7%
Sector24.9%4%25.3%-5.1%44.7%
Rank within sector6 / 1710 / 173 / 1610 / 154 / 15
Quartile2nd3rd1st3rd2nd
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.
0.41
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.
1.22
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.
1.07
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%.
16.89
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.
9.31
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.
0.36
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.
0.71
Price movement
52 week high474
52 week low339
Current bid price453.25
Current offer price457.75
Current mid price458
Region
1UK98.5%
2Money Market1.5%
Industry sector
1Industrials30%
2Consumer Services18.2%
3Financials18.1%
4Consumer Goods13.3%
5Basic Materials7.8%
6Health Care4.6%
7Technology4.1%
8Oil & Gas2.4%
9Net Current Assets1.5%
Asset type
1UK Equities98.5%
2Money Market1.5%
Individual holdings
1CVS GROUP PLC3.4%
2DECHRA PHARMACEUTICALS2.9%
34IMPRINT GROUP PLC2.7%
4IBSTOCK PLC2.2%
5HILL & SMITH HLDGS2.1%
6JOHNSON SERVICE GROUP PLC2.1%
7MELROSE INDUSTRIES PLC2.1%
8ACCESSO TECHNOLOGY GRP PLC2%
9ASCENTIAL PLC2%
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 Whitestone26/03/2015
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 price543.53
CurrencyGBX
Price updated11/12/2017
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 price534.9527
CurrencyGBX
Price updated11/12/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFR95
Data provided by

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Financial Express. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.