Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 May 2012 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One    Three       One     Three
                                    Month   Months      Year     Years
Net asset value*                    -9.0%    -7.2%     -8.4%    113.4%
Net asset value                     -9.0%    -7.2%    -12.1%     99.1%
Share price                         -8.0%    -7.4%    -11.2%     93.4%
Numis plus AIM (ex Inv Cos)         -8.0%    -8.4%    -11.3%     52.8%

Sources: BlackRock and Datastream

* Prior to dilution arising on conversion of subscription shares.

At month end
Net asset value capital only:                211.88p
Net asset value incl. income:                213.45p
Share price:                                 174.25p
Discount to cum income NAV                     18.4%
Net yield:                                      1.8%*
Total assets:                                £158.8m**
Net market exposure as
a% of net asset value:                       106.3%
Ordinary shares in issue:                 73,130,326***
 
*Calculated using prior year interim and final dividends paid.
**Includes current year revenue.
***Excluding 7,400,000 shares held in treasury.

Ten Largest Sector
Weightings                            % of total assets

Support Services                                9.8
Oil & Gas Producers                             9.1
Electronic & Electrical Equipment               9.1
Software & Computer Services                    7.9
Chemicals                                       6.6
Mining                                          6.1
Financial Services                              5.1
Media                                           4.9
General Retailers                               4.4
Travel & Leisure                                4.1
                                               ----
Total                                          67.1
                                               ====

Market Exposure (Quarterly)

               31.05.12    29.02.12   30.11.11   31.08.11 

Long             119.1%      119.8%     113.7%     116.4%   
Short             12.8%       13.0%      13.4%      12.7%    
Gross exposure   131.9%      132.8%     127.1%     129.1%   
Net exposure     106.3%      106.8%     100.3%     103.7%    

Ten Largest Equity Investments (in alphabetical order)
Company

Ashtead
Aveva
Bellway
Booker
Elementis
Fidessa
Oxford Instruments
Senior
Victrex
Yule Catto
 
Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

During May the NAV on a cum income basis fell by 9.0%; the benchmark fell by
8.0%. The FTSE 100 Index fell by 7.3% during the month.

May was a highly volatile month beset by concerns about the Eurozone's ability,
and will, to protect its weaker members. We seem to be no closer to a
resolution of these problems and have little clarity on how agreement can be
reached between the many interested parties. Alongside this, data from other
major markets has been generally weaker and confidence seems to be slipping
away. None of this is good for stockmarkets, especially investment in smaller
companies.   

Our benchmark, Numis Smaller Companies plus AIM Index was weak during the
month. By comparison the FTSE 250, FTSE Smallcap and AIM Indices fell by 7.5%,
7.8% and 11.1% respectively. Our portfolio has tended to be heavily overweight
small companies. Usually about 20% of the portfolio by value is in companies 
capitalised at less than £100 million, many of these are AIM listed.
Our overweight positioning in small and AIM listed companies is a significant
headwind in nervous markets when buyers for shares in such companies are often
scarce. 

Our relative underperformance in May was due to having net exposure to the
market of 106% and stock selection. Whilst being geared in falling markets is
not good, it continues to be the case that most of our core holdings have
balance sheets with net cash. In such a weak market it was inevitable that our
long CFDs would perform poorly. Our short CFDs performed well but profits on
these were lower than the losses on the long CFDs.

Long only portfolio stock selection was disappointing. Our worst performer was
Hargreaves Services. Hargreaves Services announced that they had encountered
problems driving out a new face at the underground coal mine at Maltby. This
will delay mining of this part of the mine by several months, and the lack of
revenue during this period will reduce profits in its new financial year. We
like the company and its management because it has had considerable success
increasing the range, scale and geographical spread of its activities in a low
risk way. Sadly the risks inherent in deep mining cannot be totally mitigated,
we hope this will prove to be a one-off issue and management can see no similar
issue in the mine's long history.  The second largest negative contributor to
relative performance was not owning Logica, a major constituent of our
benchmark (having joined it in January this year). Logica was bid for, and the
shares rose by 42% during the month. On the positive side we saw a good
contribution from Booker which delivered strong results with earnings up by
23%. It also announced the acquisition of Makro, which has 30 large cash and
carry stores in the UK. We had a good meeting with Booker management which
re-enforced our confidence in them and their strategy.

Sector allocation was positive with a good contribution from our large
overweight position in electronics. We are approximately neutrally weighted in
the resources sector, but in aggregate the oil & gas producers and mining
sectors represent about 17% of our portfolio and our benchmark. These are
highly volatile sectors and in weak markets they performed poorly falling by
16% during the month. 

Our long only and long CFD portfolio positioning remains unchanged with the
majority of our portfolio by value in high quality companies well known to us,
many of which are also exposed to faster growing parts of the world than
Europe. We supplement our core holdings with non-core holdings which have
significant potential. Some of these are higher risk, but where that is the
case, we only hold small positions. Our short CFDs are in companies we regard
as vulnerable.

21 June 2012

ENDS

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