Portfolio Update

BLACKROCK THROGMORTON TRUST PLC All information is at31 December 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)#			1.7		5.1		22.0	67.9			90.4
Net asset value (fully diluted)			1.7		5.1		22.0	67.9			79.1
Share price			8.1		11.7		34.7	92.9			112.9
Benchmark*			0.5		2.3		10.6	42.5			51.7
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:									390.92p
Net asset value incl. income:									398.25p
Share price									367.00p
Discount to cum income NAV									7.8%
Net yield									1.3%*
Total Gross assets									£291.4m**
Net market exposure as a % of net asset value^									106.3%
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 the interim dividend paid for the year ended 30 November 2015, and final dividend paid for the year ended 30 November 2014. ** 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.
Sector Weightings				% of Total Assets
Industrials				25.2
Consumer Services				21.8
Financials				20.0
Technology				9.5
Health Care				8.6
Consumer Goods				8.3
Basic Materials				4.6
Oil & Gas				1.6
Telecommunications				0.4
Net current liabilities				0.0
				-----
Total				100.0
				====
Market Exposure (Quarterly)
	28.02.15	31.05.15				31.08.15				30.11.15
	%	%				%				%
Long	121.9	116.8				115.2				115.2
Short	10.3	9.6				9.0				9.2
Gross exposure	132.2	126.4				124.2				124.4
Net exposure	111.6	107.2				106.2				106.0
Ten Largest Investments
Company				% of Total Gross assets
CVS Group				3.0
4imprint Group				2.8
JD Sports				2.5
Workspace Group				2.5
Rathbone Brothers				2.3
Savills				2.0
Dechra Pharmaceuticals				2.0
Topps Tiles				2.0
Avon Rubber				1.9
Fuller Smith & Turner				1.8
Commenting on the markets, Mike Prentis and Dan Whitestone, representing the Investment Manager noted: During December the Company’s NAV per share rose by 1.7% on a cum income basis whilst our benchmark index rose by 0.5%; the FTSE 100 Index fell by 1.7%. Relative outperformance was derived from good stock selection in the long only portfolio and a strong performance from the CFD portfolio. The long only portfolio increased in value by 1.6%, outperforming the benchmark by 1.1%. The CFD portfolio added a further 0.6% to the NAV. 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 CVS Group and Skyepharma. CVS announced the purchase of a further 11 veterinary surgeries, 2 pet crematoria and a significant veterinary products and services buying group. Earnings forecasts were raised by 3-6% helping the shares higher. Skyepharma held an upbeat Capital Markets Day at the end of November and subsequently announced the partnering of its SKP-2076 product with Mundipharma, also a key partner for flutiform. The largest detractor from relative performance was Avon Rubber, although this was small with the shares down by 7% during the month due to profit taking. Avon Rubber has been one of our more successful holdings in 2015. We added holdings in New River Retail, Photo-Me and Park Group, each about 0.5% of net assets with the holdings in New River and Park Group being acquired in placings. New River Retail is a leading property investor specialising in the UK retail sector.  The Company has a very experienced management team who have been good at finding high yielding assets, and working these assets hard partly through redevelopment; this has led to good valuation uplifts. Photo-Me is well known for photo vending, operating in 17 countries. We see opportunities for good growth in the short term in Japan, where the requirement for Japanese people to have ‘My Number’ cards is leading to a significant pickup in demand for ID photos. Amongst other areas, Photo-Me is having good success with its laundry offering. The attractiveness of Photo-Me depends on the ability to innovate, operate internationally in many markets, and achieve very quick cash to cash returns. Park Group is a leading multi-retailer voucher and prepaid gift card business. Operating profits have grown steadily in recent years, and we expect this to continue. Within the CFD portfolio, it was pleasing to see positive returns across both sides of the book, with the long positions generating 0.47% and the shorts generating 0.15%.  This was another month defined by strong stock specifics. The top 5 contributors comprised 3 long positions (GVC Holdings, JD Sports, and CVS Group) and 2 short positions (a retailer, and a technology company). Both the short positions benefitted from profit warnings during the month.  The top 5 detractors comprised 1 long position (Ted Baker) and 4 short positions. No significant changes were made to the CFD portfolio in the month, and positioning remains unchanged as we consider that many of the trends identified in FY15 will continue into FY16.  We therefore see the fund well positioned to benefit. 15 January 2016 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.