Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC All information is at31 March 2016 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*	3.9	-3.2	9.0		40.3	68.3
Share price*	0.7	-12.7	6.6		38.8	62.7
Numis ex Inv Companies + AIM	4.1	-1.7	0.7		12.5	23.9
*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):				1016.63p
Net asset value Capital only(debt at fair value):				1007.04p
Net asset value incl. Income(debt at par value)**:				1031.71p
Net asset value incl. Income(debt at fair value)**:				1022.12p
Share price				869.00p
Discount to Cum Income NAV (debt at par value):				15.8%
Discount to Cum Income NAV (debt at fair value):				15.0%
Net yield^^^:				1.84%
Gross assets^:				£533.9
Gearing range as a % of net assets:				0-15%
Net gearing including income (debt at par):				8.1%
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 15.08p ^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 final dividend of 9.00 pence per share, (announced on 27 April 2015, gone ex-dividend on 21 May 2015) and the interim dividend of 7.00 pence per share (announced on 26 October 2015 and gone ex-dividend on 5 November 2015) #excludes 2,113,731 shares held in treasury.
Sector Weightings	% of portfolio
Industrials	27.1
Consumer Services	19.0
Financials	18.5
Technology	9.6
Health Care	9.3
Consumer Goods	8.8
Basic Materials	5.6
Oil & Gas	1.9
Telecommunications	0.2
	-----
Total	100.0
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Ten Largest Equity Investments
Company	% of portfolio
CVS Group	2.2
4imprint Group	2.2
Dechra Pharmaceuticals	1.8
Workspace Group	1.7
JD Sports	1.7
Restore	1.6
Savills	1.6
Rathbone Brothers	1.5
Marshalls	1.5
Topps Tiles	1.5
Commenting on the markets, Mike Prentis, representing the Investment Manager noted: During March the Company’s NAV per share rose by 3.9% on a capital only basis whilst our benchmark index rose by 4.1%; the FTSE 100 Index rose by 1.3%. Gearing contributed positively to performance during the month, although gearing has been running below usual levels for some months. Stock selection did not contribute significantly to relative performance during the month despite many good sets of full year results being announced by our portfolio companies. Sector allocation detracted from relative performance. Underweight sector positions in food producers and mining companies, and our overweight position in household goods companies and housebuilders, all negatively impacted relative performance. The largest positive contributors to stock selection during the month were our holdings in Marshalls and Fevertree Drinks. Marshalls released full year results for the year ended 31 December 2015 which showed revenues were up 8% but operating margins were much improved to 9.7% driving earnings growth of 41% and return on capital employed up to 19.0%. The management confirmed that 2016 has started well. Marshalls increased their final dividend by 19% and was one of a number of holdings reporting during the month which also declared a special dividend. Fevertree Drinks shares saw profit taking in February but the shares rebounded in March. Their full year results showed revenues were up by 71% and EBITDA (earnings before interest, taxes, depreciation and amortization) was up by 82%. Management commented that they are increasingly well positioned to take advantage of growth in all geographies with the brand’s growing international reputation. Other companies delivering strong full year results during the month included Hill and Smith, Savills and 4imprint Group. Each of these companies is very international in its operations. For instance, 4imprint Group, which announced that revenues and earnings were both up by 20%, derives all of its revenues in the US. We held many encouraging meetings with management of our holdings during the month. Activity within the portfolio during the month was fairly limited. We did however take part in the IPO of Watkin Jones, a developer of student accommodation in the UK. 18 April 2016 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.