Portfolio Update

BLACKROCK THROGMORTON TRUST PLC All information is at30 June 2015 and unaudited.
Performance at month end is calculated on a cum income basis
			One		Three		One	Three			Five
			month		months		year	years			years
			%		%		%	%			%
Net asset value (undiluted)#			-1.1		8.9		17.0	81.0			176.6
Net asset value (fully diluted)			-1.1		8.9		17.0	81.0			158.1
Share price			-1.4		13.7		18.5	96.8			164.8
Benchmark*			-1.8		6.4		10.4	63.8			97.8
Sources: BlackRock and Datastream #Prior to dilution arising on conversion of subscription shares. *With effect from 1 December 2013 the Numis Smaller Companies excluding AIM (excluding investment companies) Index replaced the Numis Smaller Companies plus AIM (excluding investment companies) Index as the Company’s benchmark. The three and five year period indices have been blended to reflect this.
At month end
Net asset value capital only:									372.16p
Net asset value incl. income:									377.66p
Share price									325.50p
Discount to cum income NAV									13.8%
Net yield									1.4%*
Total Gross assets									£276.7m**
Net market exposure as a % of net asset value^									108.3%
Ordinary shares in issue:									73,130,326***
2014 ongoing charges (excluding performance fees):									1.1%****
2014 ongoing charges ratio (including performance fees):									1.2%
* 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. **** Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 30 November 2014. ^Long positions less short positions as a percentage of net asset value.
Industry Weightings				% of Total Gross Assets
Industrials				27.1
Consumer Services				20.6
Financials				19.9
Consumer Goods				9.3
Health Care				7.3
Basic Materials				7.1
Technology				5.7
Oil & Gas				3.6
Telecommunications				0.5
Net current liabilities				-1.1
				-----
Total				100.0
				=====
Market Exposure (Quarterly)
	31.08.14	30.11.14				28.02.15				31.05.15
	%	%				%				%
Long	113.5	117.4				121.9				116.8
Short	13.5	9.8				10.3				9.6
Gross exposure	127.0	127.2				132.2				126.4
Net exposure	100.0	107.6				111.6				107.2
Ten Largest Investments
Company				% of Total Gross assets
CVS Group				2.7
4imprint				2.5
Workspace Group				2.4
Savills				2.4
Lookers				2.3
Northgate				2.1
Topps Tiles				2.1
Rathbone Brothers				2.1
Polar Capital Holdings				2.0
Ted Baker				1.9
Commenting on the markets, Mike Prentis and Dan Whitestone, representing the Investment Manager noted:
During June the Company’s NAV per share fell by 1.1% on a cum income basis whilst the benchmark index fell by 1.8%; the FTSE 100 Index fell by 6.4%. Outperformance was derived mainly from stock selection in the long only portfolio and a positive contribution from the CFD portfolio. The long only portfolio fell in value by 1.1%, outperforming the benchmark by 0.7%. The CFD portfolio added 0.17% to the NAV with the short CFDs generating 0.21% of positive contribution, and the long CFDs losing a modest 0.04% during the month. These individual portfolio returns are before costs.
Within the long only portfolio the largest positive contributors to stock selection during the month were our holdings in Polar Capital Holdings and Gooch & Housego. Polar Capital Holdings released final results which showed 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. The company 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 by 21% and increased net cash of £11.9 million. We had a good meeting with management who refer 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 strong run in recent months.
Despite running with a net market exposure of 6.57% during the month, the CFD portfolio navigated the month of June well, benefitting from the short book in particular. The two biggest positive monthly contributors were both short positions that issued profit warnings during the month, and together added 0.18% to the NAV. Our long position in JD Sports added 0.05% and was the third biggest positive contributor. Focusing on the detractors during the month, the largest was a short position in a retailer that was bid for, which cost us 0.06%.  The next three biggest detractors were long positions in the CFD portfolio, Cineworld, Northgate and Betfair, which combined cost 0.13%.
We did not make any significant changes to the portfolios during the month.
14 July 2015
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.