Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

BlackRock Smll Cos (BRSC)

  Print      Mail a friend       Annual reports

Tuesday 13 February, 2018

BlackRock Smll Cos

Portfolio Update


All information is at 31 January 2018 and unaudited.
Performance at month end is calculated on a capital only basis

One month
Three months
Net asset value* 1.3 3.0 28.1 67.9 126.2
Share price* 3.4 5.1 34.8 64.0 127.0
Numis ex Inv Companies + AIM Index -2.0 -0.9 14.4 34.8 51.8

*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): 1,521.67p
Net asset value Capital only(debt at fair value): 1,514.97p
Net asset value incl. Income(debt at par value)**: 1,540.32p
Net asset value incl. Income(debt at fair value)**: 1,533.61p
Share price 1,350.00p
Discount to Cum Income NAV (debt at par value): 12.4%
Discount to Cum Income NAV (debt at fair value): 12.0%
Net yield^^^: 1.7%
Gross assets^: £812.2m
Gearing range as a % of net assets: 0-15%
Net gearing including income (debt at par): 9.7%
2017 Ongoing charges ratio^^ 0.7%
2017 Ongoing charges ratio (including performance fees): 1.0%
Ordinary shares in issue#: 47,879,792

**includes net revenue of 18.65p

^includes current year revenue

^^As reported in the Annual Financial Report for the year ended 28 February 2017, 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 13.00 pence per share, (announced on 02 May 2017, ex-dividend on 18 May 2017) and the interim dividend of 10.00 pence per share (announced on 30 October 2017 and gone ex-dividend on 9 November 2017)

#excludes 2,113,731 shares held in treasury.

Sector Weightings % of portfolio
Industrials 33.5
Financials 16.4
Consumer Services 13.6
Consumer Goods 8.9
Health Care 8.6
Technology 7.8
Basic Materials 7.7
Oil & Gas 3.1
Utilities 0.4
Total 100.0


Ten Largest Equity Investments
Company % of portfolio
Dechra Pharmaceuticals 2.5
CVS Group 2.0
4imprint Group  1.8
Robert Walters 1.8
Avon Rubber 1.8
Central Asia Metals 1.6
Big Yellow 1.5
Ibstock 1.4
Bodycote 1.4
Advanced Medical Solutions 1.4

Commenting on the markets, Mike Prentis, representing the Investment Manager noted:

During January the Company’s NAV per share rose by 1.3% to 1,521.67p on a capital only basis, whilst our benchmark index fell by 2.0%; the FTSE 100 Index also fell by 2.0% on a capital only basis.

Stock selection drove outperformance during the month, with a number of our core holdings performing well following positive trading updates.

Dechra Pharmaceuticals was the largest positive contributor during the month following a positive trading update, reporting revenues ahead of consensus, benefitting from strong performance in North America. The company also announced the €340m acquisition of a Dutch based veterinary pharmaceuticals company focused on generic products. Shares in veterinary surgeries business CVS Group rallied after the company reported better than expected like for like sales growth in the first six months of its financial year. The result was particularly welcome as CVS had been a large detractor in the fourth quarter of 2017 following a trading update flagging more volatility in sales growth. Liontrust Asset Management’s third quarter results showed AUM ahead of expectations, benefitting from strong flows on the back of good performance and investor demand in their Special Situations and Sustainable Investing Funds.

There were no significant stock detractors from relative performance during the month.

Activity during the month included adding to our holdings in RWS, CVS Group and Liontrust Asset Management. We also purchased a new holding in Computacenter, a provider of IT infrastructure services with a good and consistent long-term record.

Stock markets since mid January have been much more volatile, falling by more than 5%. Our current view is that the global economy is in good health; indeed, the falls were mainly driven by higher wage inflation in the US and suggestions that interest rates will rise sooner as a result. We see this as further interest rate normalisation, which handled well should not be the forerunner of recession.

13 February 2018


Latest information is available by typing 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.

a d v e r t i s e m e n t