Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC All information is at30 June 2015 and unaudited.
Performance at month end is calculated on a capital only basis
		One month	Three months		One year	Three years	Five years
		%	%		%	%	%
Net asset value*		-1.4	9.2		13.0	79.5	159.4
Share price*		0.8	14.0		17.2	94.4	185.8
Numis ex Inv Companies + AIM		-2.1	5.3		2.4	44.2	66.5
*performance calculations based on a capital only NAV with debt at par, without income reinvested. Share price performance calculations exclude income reinvestment.
Sources:  BlackRock and Datastream
At month end
Net asset value Capital only (debt at par value):				1018.39p
Net asset value Capital only (debt at fair value):				1007.84p
Net asset value incl. Income (debt at par value)**:				1029.56p
Net asset value incl. Income (debt at fair value)**:				1019.01p
Share price				929.00p
Discount to Cum Income NAV (debt at par value):				9.8%
Discount to Cum Income NAV (debt at fair value):				8.8%
Net yield^^^:				1.6%
Gross assets^:				£532.8m
Gearing range as a % of net assets:				0-15%
Net gearing including income (debt at par):				8.7%
2015 Ongoing charges ratio^^				0.7%
2015 Ongoing charges ratio (including performance fees):				1.0%
Ordinary shares in issue#:				47,879,792
**includes net revenue of 11.17p ^includes current year revenue ^^ As reported in the Annual Financial Report for the year ended 28 February 2015, the ongoing charges ratio is calculated as a percentage of net assets and using operating expenses, excluding performance fees, finance costs and taxation. ^^^Yield calculations are based on dividends announced in the last 12 months as at the date of release of this announcement, and comprise of the interim dividend of 5.50 pence per share, (announced on 24 October 2014, gone ex-dividend on 6 November 2014) and the final dividend of 9.00 pence per share (announced on 27 April 2015 and going ex-dividend on 21 May 2015) #excludes 2,113,731 shares held in treasury.
Sector Weightings	% of portfolio
Industrials	26.6
Financials	19.4
Consumer Services	19.3
Consumer Goods	9.5
Health Care	7.3
Basic Materials	7.3
Technology	6.6
Oil & Gas	3.4
Telecommunications	0.6
	-----
Total	100.0
	=====
Ten Largest Equity Investments
Company	% of portfolio
CVS Group	2.0
4imprint Group	1.8
Savills	1.8
Workspace Group	1.7
Polar Capital Holdings	1.7
Lookers	1.6
Topps Tiles	1.5
Northgate	1.5
Rathbone Brothers	1.5
Headlam Group	1.4
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:
During June the Company’s NAV per share fell by 1.4% on a capital only basis whilst the benchmark index fell by 2.1%; the FTSE 100 Index fell by 6.6%. Outperformance was derived from mainly from stock selection; gearing detracted from performance.
The largest positive contributors to stock selection during the month were our holdings in Polar Capital Holdings and Gooch & Housego. Polar Capital released final results which show a slight fall in earnings, as expected. Assets under management fell overall but this was due to outflows from the large Japan fund. Other funds have shown good inflows, and investment performance is good. Polar Capital has significant net cash and the shares yield 5.7%. We had a good meeting with management who remain upbeat.
Gooch & Housego released interim results showing 13% revenue growth, earnings per share up 21% and increased net cash of £11.9million. We had a good meeting with management who referred to gradually improving market conditions.
The largest detractor from relative outperformance during the month was Hutchison China Meditech which suffered from profit taking after a very strong run in recent months.
We did not make any significant changes to the portfolio during the month.
14 July 2015
ENDS
Latest information is available by typing www.blackrock.co.uk/brsc on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.