BLACKROCK SMALLER COMPANIES TRUST PLC
All information is at 28 March 2013 and unaudited.
Performance at month end is calculated on a capital only basis
One Three One Three Five
Month Months Year Years Years
Net asset value 1.7% 12.6% 17.8% 75.0% 82.0%
Share price -0.1% 14.8% 19.9% 91.7% 97.5%
Numis ex Inv Companies + AIM 0.5% 9.2% 12.5% 31.5% 23.1%
Sources: BlackRock and Datastream
At month end
Net asset value Capital only (debt at par value): 724.58p
Net asset value Capital only (debt at fair value): 718.03p
Net asset value incl. Income (debt at par value)**: 733.74p
Net asset value incl. Income (debt at fair value)**: 727.19p
Share price: 626.00p
Discount to Cum Income NAV (debt at par value): 14.7%
Discount to Cum Income NAV (debt at fair value): 13.9%
Net yield: 1.5%
Total assets^: £385.0m
Gearing range as a % of gross assets: 0-15%
Net gearing including income (debt at par): 9.6%
2012 Total Expense Ratio ("TER")^^: 0.7%
Ordinary shares in issue#: 47,879,792
*performance calculations based on a capital only NAV with debt at par, without
income reinvested. Share price performance calculations exclude income
reinvestment.
**includes net revenue of 9.16p
^includes current year revenue
^^As reported in the Annual Financial Statements for the year ended
29 February 2012, the TER is calculated as a percentage of net assets and using
operating expenses, excluding performance fees, finance costs and taxation.
#excludes 2,113,731 shares held in treasury
Sector Weightings % of portfolio
Industrials 23.0
Consumer Services 18.5
Financials 14.3
Basic Materials 10.4
Technology 8.9
Consumer Goods 8.8
Health Care 7.9
Oil & Gas 6.7
Telecommunications Services 1.5
-----
Total 100.0
=====
Ten Largest Equity Investments
Company Total Market Value %
Bellway 2.5
Howden Joinery 2.4
Senior 2.3
Victrex 2.1
Booker Group 1.9
Workspace 1.8
Oxford Instruments 1.8
Dunelm Group 1.8
Ashtead 1.8
ITE Group 1.7
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:
During March the Company's NAV per share increased by 1.7% on a capital only
basis. The benchmark index increased by 0.5% and the FTSE 100 Index by 0.8%;
again both on a capital only basis.
The relative contribution from stock selection was strongly positive, with no
contribution from sector allocation.
The positive contribution from stock selection included good contributions from
a number of core holdings, notably Ashtead, Bellway, Howden Joinery and Xaar.
These share price performances were all due to good trading results. Ashtead
shares have performed well on the back of strong trading in the US, where
Ashtead provides good exposure to recovery in the housing market; its quarterly
profits were up by 173% on the comparable quarter in the prior year. Bellway
announced 2012 earnings per share up by 50% and is benefitting from building
more on recently acquired land and a firmer housing market. Howden continues to
gain significant market share in a fairly flat kitchens market in the UK; we
believe this can continue and that scale advantages will allow good future
profits growth. Xaar announced 2012 earnings per share up 88% on the back of
strong sales of its platform 3 printheads for use in the printing on ceramics.
Xaar shares rose 26% during the month.
Looking at the negative contributors to stock selection, the only significant
disappointment was Anite, shares in which fell by 20% during March on the back
of a slightly disappointing trading update, but the impact on relative
performance was limited to 15 basis points.
Activity during the month was limited.
19 April 2013
ENDS
Latest information is available by typing www.blackrock.co.uk/brscon the
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website) is incorporated into, or forms part of, this announcement.
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