Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 May 2013 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One    Three       One     Three
                                    Month   Months      Year     Years
Net asset value*                     5.0%     7.2%     36.5%    103.6%
Net asset value                      5.0%     7.2%     36.5%     90.0%
Share price                          5.4%     8.6%     41.9%     89.7%
Numis plus AIM (ex Inv Cos)          3.3%     3.3%     30.0%     50.8%

Sources: BlackRock and Datastream
* Prior to dilution arising on conversion of subscription shares.

At month end
Net asset value capital only:                285.52p
Net asset value incl. income:                287.59p
Share price:                                 243.50p
Discount to cum income NAV                     15.3%
Net yield:                                      1.4%*
Total assets:                                £211.6**
Net market exposure as
a % of net asset value^:                      107.1%
Ordinary shares in issue:                 73,130,326***
 
*Calculated using prior year interim and final dividends paid.
**Includes current year revenue and excludes the gross exposure through
contracts for difference.
***Excluding 7,400,000 shares held in treasury.
^Long positions plus short positions as a percentage of net asset value.

Sector Weightings                        % of total assets

Industrials                                    26.2
Consumer Services                              20.1
Financials                                     16.6
Consumer Goods                                  9.1
Technology                                      8.9
Basic Materials                                 8.5
Health Care                                     6.5
Oil & Gas                                       4.2
Telecommunications                              1.8
Net current liabilities                        -1.9
                                              -----
Total                                         100.0
                                              =====
Market Exposure (Quarterly)

 

                      31.08.12   30.11.12   28.02.13   31.05.13 

Long                    116.1%     115.6%     118.0%     117.3%
Short                    12.3%      10.8%      10.5%      10.2%
Gross exposure          128.4%     126.4%     128.5%     127.5%
Net exposure            103.8%     104.8%     107.5%     107.1%

Ten Largest Equity Investments

Company                                  % of total assets

Senior                                           2.7
Bellway                                          2.6
Howden Joinery Group                             2.3                   
Victrex                                          2.2
Workspace Group                                  2.2
ITE                                              2.1
Oxford Instruments                               2.1
Booker Group                                     1.9
Blinkx                                           1.9
Dunelm Group                                     1.8 
  
Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

During May the Company's NAV per share rose by 5.0% on a cum income basis. The
benchmark index rose by 3.3% whilst the FTSE 100 Index rose by 2.8%; both on a
cum income basis.

The relative contribution from stock selection was positive, with a slight
positive contribution from sector allocation. The CFD portfolio performed well.

The positive contribution from stock selection included good contributions from
a number of high growth holdings, in particular Blinkx and Xaar; both of which
are held in the long only portfolio and as long CFDs. Blinkx, the leading
supplier of internet video search capability and content, announced full year
results with revenue up by 73% and earnings up by 94%, both ahead of
expectations. Xaar shares continued to benefit from the strong trading update
made in April, which itself followed excellent full year results.

On the negative side, the largest detractor from stock selection was Ocado, a
benchmark constituent but not a holding. Ocado shares increased by 59.9% during
the month impacting relative contribution by 25 basis points.

During the month we took part in placings in Tyman and Thomas Cook. Tyman
manufactures door fittings and is benefitting from an increase in new
housebuilding activity in the US. During the month Tyman announced the purchase
of Truth from Melrose, and with this its sales will be 60% US based, mainly to
the new housebuilding market. Thomas Cook is the well-known travel operator.
During May it announced a firm placing and rights issue to strengthen its
balance sheet. Following an update from management we bought some stock in the
firm placing; this is a small position.

18 June 2013

ENDS

Latest information is available by typing www.blackrock.co.uk/thrg 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.