Overview
BlackRock Throgmorton Trust aims to provide shareholders with capital growth and an attractive total return through investment primarily in UK smaller and mid-capitalisation companies listed on the main market of the London Stock Exchange.
There used to be a restriction on the trust’s exposure to AIM companies, but this was removed in March 2018 and, at the same time, the manager was given permission to invest up to 15% of the portfolio in stocks listed on exchanges outside the UK.
In addition to holding a conventional long only portfolio of UK smaller and mid-capitalisation equities, the company will hold approximately 30 per cent. of its net assets in a portfolio of contracts for difference (“CFD”) and/or comparable equity derivatives which provide both long and short exposure. Under normal circumstances, the long only portfolio is expected to comprise 100 per cent. of the company’s net assets. Therefore, the company can have gross exposure of 130 per cent. of net assets, albeit that some of this exposure represents short positions.
You can access the manager’s website here
Fundamentals
Price
Research History
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03 Jul 2024 1 min read
Exclusive interview with Dan Whitestone: insights & strategies for 2024
BlackRock Throgmorton Trust is one of the largest trusts specialising in investment into smaller UK companies. Its manager Dan Whitestone is passionate about the trust and the companies that he is backing and this comes through in this video. In it, we explore how the portfolio is managed, what makes it unique, and hopefully give […]
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11 Jun 2024 24 min read
BlackRock Throgmorton Trust – get it while the price is good
Throgmorton – get it while the price is good Dan Whitestone, BlackRock Throgmorton’s (THRG’s) manager, believes that the historic selloff of UK equites represents both a disconnect to the strong earnings reported by UK companies, and an attractive valuation opportunity. UK companies remain more than competitive compared to international peers, and overseas companies are taking […]
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25 min read
BlackRock Throgmorton Trust – get it while the price is good
Throgmorton – get it while the price is good Dan Whitestone, BlackRock Throgmorton’s (THRG’s) manager, believes that the historic selloff of UK equities, with investors taking their money out of UK equities in record numbers, is a behaviour that represents both a disconnect to the strong earnings reported by UK companies, and an attractive valuation […]
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22 min read
BlackRock Throgmorton Trust – opportunities in a discounted UK?
Throgmorton – opportunities in a discounted UK? Dan Whitestone, BlackRock Throgmorton’s (THRG’s) manager, believes that the historic selloff of UK equities represents both a disconnect to the strong earnings reported by UK companies, and a potential valuation opportunity. Dan’s observation is that UK companies remain competitive compared to international peers, and that some overseas companies […]
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20 Mar 2024 6 min read
BlackRock Throgmorton – AGM update
BlackRock Throgmorton – AGM update Investment companies | Flash note | 20 March 2024 Has Throgmorton’s fuse been lit? In yesterday’s BlackRock Throgmorton (THRG) annual general meeting, manager Dan Whitestone outlined what he sees as the significant potential for a surge in UK small and mid-cap valuations to outstrip those in the large cap sector […]
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6 min read
BlackRock Throgmorton – AGM update
BlackRock Throgmorton – AGM update Investment companies | Flash note | 20 March 2024 Throgmorton’s fuse is lit In yesterday’s BlackRock Throgmorton (THRG) annual general meeting, manager Dan Whitestone outlined the significant potential for a surge in UK equities, with small and mid-caps outperforming large caps by a sizeable margin, as the macroeconomic outlook in […]
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6 min read
BlackRock Throgmorton – AGM update
BlackRock Throgmorton – AGM update Investment Companies | Flash note | 20 March 2024 Throgmorton’s fuse is lit In yesterday’s BlackRock Throgmorton (THRG) annual general meeting, manager Dan Whitestone outlined the significant potential for a surge in UK small and mid-cap valuations to outstrip those in the large cap sector when the macroeconomic backdrop in […]
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22 Nov 2023 13 min read
BlackRock Throgmorton Trust – Growth in all things
BlackRock Throgmorton Trust Investment companies | Update | 22 November 2023 Growth in all things BlackRock Throgmorton Trust (THRG) remains committed to the UK quality-growth small-and-mid-caps that has long characterised the trust. While the UK small-and-mid-cap sector has appeared to have been out of favour recently, THRG’s holdings seem to have stock specific strengths that […]
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14 min read
BlackRock Throgmorton Trust – Growth in all things
BlackRock Throgmorton Trust Investment companies | Update | 22 November 2023 Growth in all things BlackRock Throgmorton Trust (THRG) continues to demonstrate its commitment to UK quality-growth small-and-mid-caps that has long characterised the trust, even in the face of apparent headwinds, such as rising interest rates and lower UK economic growth. While the UK small-and-mid-cap […]
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14 min read
BlackRock Throgmorton Trust – Growth in all things
BlackRock Throgmorton Trust Investment companies | Update | 22 November 2023 Growth in all things BlackRock Throgmorton Trust’s (THRG’s) continues to demonstrate its commitment to UK quality-growth small-and-mid-caps that has long characterised the trust, even in the face of apparent headwinds. While the UK small-and-mid-cap sector has been somewhat out of favour recently, the stock-specific […]
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09 Mar 2023 64 min read
QuotedData’s Economic and Political Monthly Roundup March 2023
Economic and Political Monthly Roundup Investment companies | Monthly | March 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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09 Feb 2023 40 min read
QuotedData’s Economic and Political Monthly Roundup February 2023
Economic and Political Monthly Roundup Investment companies | Monthly | February 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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29 Nov 2022 23 min read
BlackRock Throgmorton Trust – The strong have only gotten cheaper
BlackRock Throgmorton Trust Investment companies | Update | 22 November 2022 The strong have only gotten cheaper Dan Whitestone, manager of BlackRock Throgmorton (THRG), remains steadfast in his commitment to the most-attractive, highest-quality growth opportunities within the UK small cap sector, despite the apparent headwinds. Whilst THRG has lagged its benchmark and peers recently, having […]
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22 min read
BlackRock Throgmorton Trust – The strong have only gotten cheaper
BlackRock Throgmorton Trust Investment companies | Update | 22 November 2022 The strong have only gotten cheaper Dan Whitestone, manager of BlackRock Throgmorton (THRG), remains steadfast in his commitment to the most-attractive, highest-quality growth opportunities within the UK small cap sector, despite the apparent headwinds facing this strategy. Whilst THRG has lagged its benchmark and […]
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20 min read
BlackRock Throgmorton Trust – The strong have only gotten cheaper
BlackRock Throgmorton Trust Investment companies | Update | 22 November 2022 The strong have only gotten cheaper Dan Whitestone, manager of BlackRock Throgmorton (THRG), remains steadfast in his commitment to what he believes to be the most-attractive, highest-quality growth opportunities within the UK small cap sector, despite the apparent headwinds. Whilst THRG has lagged its […]
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17 Dec 2021 10 min read
BlackRock Throgmorton – Powering on
Powering on BlackRock Throgmorton Trust (THRG)’s results for the accounting year ended 30 November 2021 will not be published for a while yet, but it looks as though THRG has had another good year, with NAV and share price returns well above peer group averages and its benchmark. It might have been reasonable to think […]
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11 min read
BlackRock Throgmorton – Powering on
Powering on BlackRock Throgmorton Trust (THRG)’s results for the accounting year ended 30 November 2021 will not be published for a while yet, but it looks as though THRG has had another great year, with NAV and share price returns well above peer group averages and its benchmark. It might have been reasonable to think […]
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10 min read
BlackRock Throgmorton – Powering on
Powering on BlackRock Throgmorton Trust (THRG)’s results for the accounting year ended 30 November 2021 will not be published for a while yet, but it looks as though THRG has had another great year, with its net asset value (NAV) and share price returns well above peer group averages and its benchmark (see pages 8 […]
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29 Sep 2021 18 min read
BlackRock Throgmorton Trust – Confidence rewarded
Confidence rewarded In mid-December 2020, when we last published a note on BlackRock Throgmorton Trust (THRG), its manager Dan Whitestone said he was genuinely excited about the prospects for the stocks in its portfolio. That enthusiasm has been vindicated and the many investors that have embraced the trust over the past year have been well-rewarded. […]
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17 min read
BlackRock Throgmorton Trust – Confidence rewarded
Confidence rewarded In mid-December 2020, when QuotedData last published a note on BlackRock Throgmorton Trust (THRG), its manager Dan Whitestone said he was genuinely excited about the prospects for the stocks in its portfolio. That enthusiasm has been vindicated by the strong performance since and the many investors that have embraced the trust over the […]
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17 min read
BlackRock Throgmorton Trust – Confidence rewarded
Confidence rewarded In mid-December 2020, when we last published a note on BlackRock Throgmorton Trust (THRG), its manager Dan Whitestone said he was genuinely excited about the prospects for the stocks in its portfolio. That enthusiasm has been vindicated and the many investors that have embraced the trust over the past year have been well-rewarded. […]
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14 Dec 2020 10 min read
BlackRock Throgmorton – Infectious enthusiasm
Infectious enthusiasm BlackRock Throgmorton Trust (THRG) has shrugged off the effects of COVID and delivered decent returns over 2020. Dan Whitestone, its manager, remains genuinely excited about THRG’s prospects. He has been banging the drum for the trust, encouraging investors to set aside any doubts over the outlook for the UK, and back THRG’s portfolio […]
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10 min read
BlackRock Throgmorton – Manager genuinely excited
Manager genuinely excited BlackRock Throgmorton Trust’s (THRG’s) share price has recovered from the effects of COVID-19 and delivered decent returns over 2020. Dan Whitestone, its manager, remains genuinely excited about THRG’s prospects. He has been banging the drum for the trust, encouraging investors to set aside any doubts over the outlook for the UK, and […]
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10 min read
BlackRock Throgmorton – Infectious enthusiasm
Infectious enthusiasm BlackRock Throgmorton Trust (THRG) has shrugged off the effects of COVID-19, which triggered sharp falls in markets in March, and delivered decent returns over 2020. Dan Whitestone, its manager, remains genuinely excited about THRG’s prospects. He has been banging the drum for the trust, encouraging investors to set aside any doubts over the […]
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15 Oct 2020 3 min read
QuotedData’s Growth Strategies Conference – playback
On the 14th October 2020 we hosted our Growth Strategies Conference webinar. The event showcased 4 investment trust managers investing across a range of investment themes with an overriding focus on growth. We would like to thank all our speakers and our attendees for joining us. Click below to watch the individual managers’ presentations – […]
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10 Aug 2020 4 min read
QuotedData’s Economic Roundup – August 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 Jul 2020 8 min read
QuotedData’s Economic Roundup – July 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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10 Jun 2020 15 min read
BlackRock Throgmorton Trust – Separating the wheat from the chaff
Separating the wheat from the chaff COVID-19-related falls in markets have weighed on BlackRock Throgmorton Trust (THRG), although it has held up well relative to both its peer group and its benchmark. Its manager sees this as a defining moment for investors – one that could set the stage for many years to come. Identifying […]
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15 min read
BlackRock Throgmorton Trust – Separating the wheat from the chaff
Separating the wheat from the chaff COVID-19-related falls in markets have weighed on BlackRock Throgmorton Trust (THRG), although it has held up well relative to both its peer group and its benchmark. Its manager sees this as a defining moment for investors – one that could set the stage for many years to come. Identifying […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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17 Dec 2019 11 min read
BlackRock Throgmorton Trust – Look past the short-term noise
Look past the short-term noise Helped by a positive contribution from its short positions, BlackRock Throgmorton (THRG) continues to turn out benchmark-beating returns and leads its sector over the medium term. A share price return of 46.5% over the year to the end of November is the best among all AIC investment trusts. This is […]
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11 min read
BlackRock Throgmorton Trust – Look past the short-term noise
Look past the short-term noise Helped by a positive contribution from its short positions, BlackRock Throgmorton (THRG) continues to turn out benchmark-beating returns and leads its peer group, the AIC’s UK Smaller companies sector, over the medium term. A share price return of 46.5% over the year to the end of November is the best […]
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07 Aug 2019 5 min read
QuotedData’s economic roundup – August 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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18 Jul 2019 14 min read
BlackRock Throgmorton Trust – Impressive run continues
Impressive run continues Since QuotedData last published on BlackRock Throgmorton Trust (THRG), it has continued to beat both its benchmark and the average of its peer group by some margin. In a period where the market has been rising, the trust’s short positions managed to break even on average, whilst the long positions outperformed (see […]
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14 min read
BlackRock Throgmorton Trust – Impressive run continues
THRG : BlackRock Throgmorton Trust – Impressive run continues Impressive run continues Since we last published on BlackRock Throgmorton Trust (THRG), it has continued to beat both its benchmark and the average of its peer group by some margin. In a period where the market has been rising, the trust’s short positions managed to break […]
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15 Apr 2019 6 min read
Quarterly Investment Companies Roundup – First Quarter 2019
Quarterly Investment Companies Roundup – First Quarter 2019 QuotedData news Through the first quarter of 2019, global equities largely clawed back the losses suffered over the final weeks of 2018. How much longer this ten-year bull market can sustain itself is the subject of much debate. US interest rate rises have stalled, reflecting growing cautiousness. Elsewhere, […]
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22 Mar 2019 2 min read
QuotedData’s economic roundup – March 2019
QuotedData’s economic roundup – March 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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25 Jan 2019 1 min read
QuotedData review of 2018 – Annual report investment companies
QuotedData review of 2018 – Annual report investment companies 2018 – the return of volatility A trade war, Brexit, US interest rate rises, slowing Chinese growth, a US government shutdown, a dispute over Italy’s budget, the Skripal poisonings, numerous elections – there was plenty to worry about in 2018. A last-minute dive left the US […]
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16 Jan 2019 1 min read
BlackRock Throgmorton Trust – Throg’s shorts shine
BlackRock Throgmorton Trust – Throg’s shorts shine – With a decision on Brexit looming and US rates climbing, many investors appear to have adopted a more defensive stance. Dan Whitestone, manager of BlackRock Throgmorton Trust (THRG), has reduced the portfolio’s net exposure to markets to well below 100%, taking profits on some positions. Otherwise, Dan’s focus […]
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1 min read
BlackRock Throgmorton Trust – Throg’s shorts shine
BlackRock Throgmorton Trust – Throg’s shorts shine With Brexit looming and US rates climbing, many investors appear to have adopted a more defensive stance. Dan Whitestone, manager of BlackRock Throgmorton Trust (THRG), has reduced the portfolio’s net exposure to well below 100, taking profits on some positions. Otherwise, Dan’s focus remains on the long-term drivers […]
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13 Nov 2018 1 min read
QuotedData’s investment companies roundup – November 2018
QuotedData’s investment companies roundup – November 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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12 Oct 2018 1 min read
QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]
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14 Sep 2018 1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
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11 Sep 2018 1 min read
BlackRock Throgmorton Trust – Vision, execution and adaptability
BlackRock Throgmorton Trust – Vision, execution and adaptability Dan Whitestone, manager of BlackRock Throgmorton Trust (THRG), has a dual-pronged approach to selecting investments that involves identifying what he describes as “high- quality differentiated companies” and companies driving industry change. Dan looks for management teams with vision, the ability to execute according to that vision and […]
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1 min read
BlackRock Throgmorton Trust – Vision, execution and adaptability
BlackRock Throgmorton Trust – Vision, execution and adaptability Dan Whitestone, manager of BlackRock Throgmorton Trust (THRG), has a dual-pronged approach to selecting investments that involves identifying what he describes as “high- quality differentiated companies” and companies driving industry change. Dan looks for management teams with vision, the ability to execute according to that vision and […]
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15 Aug 2018 1 min read
QuotedData’s Economic round up – August 2018
QuotedData’s Economic round up – August 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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11 May 2018 1 min read
QuotedData’s investment companies roundup – May 2018
QuotedData investment companies roundup – May 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2018. Kindly sponsored by Baillie Gifford. India Capital Growth has experience a rebound in performance in the past month, as […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
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13 Mar 2018 1 min read
QuotedData’s Economic round up – March 2018
QuotedData’s economic round up – March 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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03 Aug 2017 2 min read
QuotedData’s economic round up – August 2017
QuotedData’s economic round up – August 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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1 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
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15 Mar 2017 1 min read
QuotedData’s round up of views on the global economy – March 2017
A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned. Kindly sponsored […]
News
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20 Feb 2025 3 min read
BlackRock Throgmorton extends lead over benchmark in difficult year
Black Rock Throgmorton has announced results for the 12 months ended 30 November 2024. Over that period, its NAV return was 16.3%, ahead of the benchmark Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index which returned 14.1%. However, the discount widened from 3.6% to 13.2% and that meant the return to shareholders was […]
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31 Jan 2025 2 min read
QuotedData’s morning briefing 31 January 2025 – LBOW, ESCT, THRG, IEM, ORIT
In QuotedData’s morning briefing 31 January 2025: ICG-Longbow Senior Secured UK Property Debt (LBOW) has issued an update in which it says it continues to make progress in exiting its three final investments in what remain challenging market conditions. The asset securing the Affinity loan has been placed under offer for sale following a competitive bidding […]
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22 Jan 2025 3 min read
BlackRock Trusts off limits for Saba until at least 2027
Separately, the boards of BlackRock World Mining (BRWM), BlackRock Energy and Resources Income (BERI), BlackRock American Income (BRAI) and BlackRock Smaller Companies (BRSC) have all issued statements this morning that say they have entered into agreements with Saba Capital Management LP, under which Saba has given a number of undertakings to each trust as follows: […]
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13 Dec 2024 5 min read
From outflows to inflows: Has the UK equity market finally turned a corner?
It is a well-documented fact that international investors have been shunning the UK equity market in recent years, leaving it cheap versus other regions. The reasons why have already been well-rehearsed, so I will not dwell on them here, but selected highlights would include the Brexit referendum in 2016 and the economic uncertainty that created; […]
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16 Aug 2024 3 min read
Gold medals and UK growth
A lot has been said by some commentators about Great Britain’s 7th placed finish and worst gold medal haul since Athens in 2004 at this year’s Olympics. However, the absolute weighting of golds on the ‘official’ table feels misguided given the often-infinitesimal margins between places on the podium. A total medal count of 65 should […]
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05 Aug 2024 2 min read
QuotedData’s morning briefing 5 August 2024 – DNE, SSIT, THRG, TFIF, MMIT
In QuotedData’s morning briefing 5 August 2024: Dunedin Enterprise (DNE) has announced that Dunedin Buyout Fund III LP has entered into a legally binding agreement for the realisation of its investment in EV, a provider of high-performance video cameras and quantitative visual analytics to the global energy industry. The investment in EV was valued, net […]
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12 Jul 2024 4 min read
QD View – Spotlight on democracy
Around half of the world’s population, some 4 billion people, will have the opportunity to go to the polls for national elections in 2024. For many, it’s the first chance to have a say since the COVID-19 pandemic and comes at a time when disaffection among voters has reached record highs. The consequences of this […]
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28 Mar 2024 3 min read
QD view – What goes down must come up?
The UK has become a bit of punching bag in recent times, stumbling from one crisis to another while presiding over an economy stuck in neutral. In many respects, it’s of little surprise its benchmark index has trailed the MSCI All Countries World index by almost 50% over the last five years. Of late, stubborn […]
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05 Feb 2024 3 min read
Throgmorton easily surpasses its benchmark
BlackRock Throgmorton Trust (THRG) has released its annual results for the financial year ending 30 November 2023. Over the 12 month period THRG reported a NAV total return of -2.3% and share price total return of -0.8%. Both these represented an outperformance relative to THRG’s benchmark index, the Numis Smaller Companies plus AIM (excluding Investment […]
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22 Sep 2023 3 min read
QD view – Lehman terms
A milestone was passed very recently without much fanfare. 15 September 2023 marked the 15th anniversary of the collapse of Lehman Brothers, a vanquished titan of American finance, an event which precipitated the 2008 global financial crisis, the most significant downturn since the great depression of the 1930s. While the societal consequence of the crisis […]
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04 Aug 2023 4 min read
QD view – the future of growth investing
In the second of our QD views trailing our upcoming investment companies forum, James Carthew sets the scene for our ‘future of growth investing‘ panel. At the end of 2021, most growth-focused funds were sitting at or close to all-time highs, but the start of 2022 saw a savage rotation away from growth towards value. […]
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28 Apr 2023 4 min read
QD view – Finding courage in uncertain times
Fortune favours the brave, or so they say, and, as it turns out, so do the markets. One of the most important factors in investing is simply being first to bat, as by the time your turn comes, the game could be already over. Putting aside the metaphors, there is a distinct possibility that we […]
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10 Feb 2023 3 min read
Throgmorton’s fundamentals remain robust despite market turmoil
BlackRock Throgmorton Trust (THRG) has released its annual results for the financial year ending 30 November 2022 Over the 12 month period THRG reported a NAV total return of -31.1%, and share price total return of -35.5%. This compares to the -17.5% return of its benchmark index the Numis Smaller Companies plus AIM (excluding Investment […]
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10 Jan 2023 2 min read
QuotedData’s morning briefing 10 January 2023
In QuotedData’s morning briefing 10 January 2023: Ben Durrant has been made deputy portfolio manager of Pacific Horizon (PHI). Ben is an investment manager in Baillie Gifford’s Emerging Markets Equity Team. He joined Baillie Gifford in 2017 having previously worked for RBS in its Group Strategy and Corporate Finance Team. Prior to re-joining the Emerging […]
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16 Dec 2022 5 min read
QD view – The inflation trade – an early Christmas present?
2022 has been a tough old year, with investors being visited by their own kind of Ghost of Christmas Past. One whose name is inflation, a long-forgotten spectre. 2022 has seen, for some countries, a truly parabolic growth rate of inflation. While pundits had predicted that the post-COVID rebound in activity would be a possible […]
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27 May 2022 4 min read
QD view – Unloved quality
At a time when high inflation and rising interest rates are unnerving global stock markets, it would seem like a moment for quality companies to come to the fore. These businesses should have impeccable credentials for an uncertain world – sound business models, strong management teams, expanding market share – providing stability at a time […]
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11 Feb 2022 1 min read
QuotedData’s weekly news show 11th February 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Strategic Equity Capital • UK Mortgages/Twenty Four Income • BlackRock Throgmorton This week’s interview was with Richard Aston of CC Japan Income & Growth […]
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07 Feb 2022 7 min read
Strong results from BlackRock Throgmorton during year which saw it bumped up to FTSE 250
Strong results from BlackRock Throgmorton during year which saw it bumped up to FTSE 250 – BlackRock Throgmorton (THRG) has published its annual results for the year to 30 November 2021. During the period, its NAV increased by 37% while its share price was up 38.8%. This compares with a 24.6% return from its benchmark […]
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09 Sep 2021 2 min read
QuotedData’s morning briefing 9 September 2021
In QuotedData’s morning briefing 9 September 2021: BlackRock Throgmorton is asking investors to allow it to issue more shares. The permission given by investors at the last AGM is starting to run out as the success of the trust attracts new investors. Growing the trust adds to the NAV, because all new shares are issued […]
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12 Feb 2021 3 min read
QD view – From infectious enthusiasm to IPO fever?
Back in December, we published a note on BlackRock Throgmorton, which we called “Infectious enthusiasm”. In it, we tried to bring out the excitement that its manager, Dan Whitestone, had about the future of the companies in his portfolio, and by implication the future of the trust. Over the two months since, the trust’s share […]
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10 Feb 2021 5 min read
BlackRock Throgmorton has an excellent year
BlackRock Throgmorton’s (THRG) annual results to 30 November 2020 saw it deliver a NAV total return of 9.1%, which was well ahead of the benchmark return of 3.8%. THRG’s market return was 8.2%, in another strong year for the UK smaller companies fund. Ability to short a defining feature but strong performance led by long positions […]
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02 Feb 2021 1 min read
QuotedData’s morning briefing 2 February 2021
In QuotedData’s morning briefing 2 February 2021: BlackRock World Mining has revalued its investment in OZ Minerals Brazilian Royalty from $23.6m to $30.1m, adding 2.7p to its NAV. BlackRock Throgmorton Trust has appointed Merryn Somerset Webb as a non-executive director with effect from 24 March 2021. Merryn is the editor-in-chief of MoneyWeek, the UK personal finance magazine […]
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11 Dec 2020 3 min read
QD view – UK clear-out heralds better times
QD view – UK clear-out heralds better times The AIC’s UK All Companies sector is set to shrink as shareholders in Jupiter UK Growth choose between cash or a rollover into an open-ended fund, Invesco Perpetual Select UK Equity moves to the UK equity income sector following its planned merger with Invesco Income Growth and […]
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23 Nov 2020 2 min read
QuotedData’s morning briefing 23 November 2020
In QuotedData’s morning briefing 23 November 2020: US Solar Fund says that all 41 projects in its portfolio, totaling 443MWDC, are now fully operating and generating revenue. The final project, the 128MWDC Milford plant in Utah, reached the commercial operations date under its power purchase agreement (PPA) on 19 November, on-time and under-budget – saving $4m […]
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20 Nov 2020 1 min read
QuotedData’s weekly news show 20 November 2020
QuotedData’s weekly news show 20 November 2020 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, James Carthew covered the week’s top stories: BlackRock Throgmorton’s fundraise Montanaro European’s excellent results UK Mortgage’s plan for the future Watch it again here We’ll be […]
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17 Nov 2020 1 min read
BlackRock Throgmorton Trust plans £22m placing
BlackRock Throgmorton Trust plans £22m placing – following on from the announcement on 12 November, the board of BlackRock Throgmorton Trust says that it proposes to raise additional equity capital through the issue of up to 3,307,686 new ordinary shares. The shares will be placed by Stifel Nicolaus Europe (the company’s broker) with mainly institutional shareholders (qualified […]
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12 Nov 2020 2 min read
QuotedData’s morning briefing 12 November 2020
In QuotedData’s morning briefing 12 November 2020: Further to its announcement on 17 September, Securities Trust of Scotland has provided an update confirming: Troy Asset Management Limited has been formally appointed as the Company’s investment manager James Harries is the named fund manager A discount control mechanism has been introduced that aims to ensure that the […]
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27 Apr 2020 3 min read
BlackRock Throgmorton’s short book provides some cushion to March decline
In a monthly update release, BlackRock Throgmorton (THRG), the UK-smaller companies sector fund, said that its NAV was down by (24.7) over the month of March 2020. This was cushioned by the trust’s short book, one of THRG’s defining features. At the time of writing, the shares are up over 10%, over the month of April. […]
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07 Feb 2020 4 min read
Impressive returns from BlackRock Throgmorton
Impressive returns from BlackRock Throgmorton – Over the year ended 30 November 2019, BlackRock Throgmorton Trust delivered an NAV return of 24.4%, three times the 8.0% return on its benchmark index, the Numis Smaller Companies plus AIM (excluding Investment Companies) Index. The share price returned an even more impressive 42.8% during the year as the discount narrowed […]
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03 Feb 2020 1 min read
QuotedData’s other news 3 February 2020
In QuotedData’s other news 3 February 2020 BlackRock Throgmorton is asking shareholders for permission to issue more shares, having resold 5.5m of the 7m shares it was holding in Treasury. Ioannis Papalekas, the CEO of Globalworth has sold his entire stake in the company for €244.6m. he also freed up another €39m by selling the company […]
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12 Feb 2019 7 min read
BlackRock Throgmorton Trust substantially outperforms during a challenging year
BlackRock Throgmorton Trust (THRG) has announced its annual results for the year ended 30 November 2018. While THRG’s net assets fell during the year, the trust has provided a return substantially ahead of the benchmark index. Specifically, THRG provided NAV and share price total returns of -2.7% and +1.8% respectively, which it says compares against […]
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12 Feb 2018 4 min read
Dan Whitestone sole manager of BlackRock Throgmorton
Dan Whitestone sole manager of BlackRock Throgmorton – alongside the publication of its results, BlackRock Throgmorton has announced some changes to its management arrangements. During the year ended 30 November 2017 the fund’s NAV returned 33.9% on a total return basis, compared with a total return of 21.3% from the benchmark index, the Numis Smaller Companies excluding […]
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24 Jul 2017 2 min read
BlackRock Throgmorton reduces base fee, whilst upping its performance fee
BlackRock Throgmorton Trust has announced a change in the management fees payable to its manager, BlackRock Fund Managers Limited. Under the new fee structure, the base management fee will be reduced from 0.70 per cent. to 0.35 per cent. of gross assets per annum with effect from 1 August 2017. The performance fee is also […]
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20 Jun 2017 1 min read
Investment Trust Insider on UK Small Cap
From an economic standpoint recent news in the UK has been worrying. House prices are falling and so are retail sales. Inflation has exceeded the Bank of England’s target and so the monetary policy committee is edging closer to raising interest rates. We have a hung parliament and we are just about to embark on […]
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15 Feb 2017 3 min read
BlackRock Throgmorton says CFD portfolio added 2.5% to performance
BlackRock Throgmorton says that, during the year to 30 November 2016, the Net Asset Value per share returned 7.3% compared with a return of 6.3% from the benchmark, the Numis Smaller Companies excluding AIM (excluding Investment Companies) Index. They are paying a total dividend for the year of 7.50 pence per share, an increase of […]
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18 Jul 2016 2 min read
Throgmorton ahead of benchmark
For the six months ended 31 May 2016, BlackRock Throgmorton’s net asset value per share returned +1.9% compared with a return of +1.7% for the Numis Smaller Companies excluding AIM (excluding Investment Companies) Index. The FTSE All Share Index returned just 0.1% over the same period (all figures in sterling terms with income reinvested). The […]
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12 Feb 2016 2 min read
BlackRock Throgmorton gets its stock selection right
BlackRock Throgmorton Trust beat its benchmark by more than 10% over the year that ended on 30 November 2015. The Company’s net asset value per share returned 23.2% compared with a return of 11.9% for the Numis Smaller Companies excluding AIM (excluding Investment Companies) Index. Shareholders did even better – the share price return was […]
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24 Jul 2015 2 min read
Bumper period for Throgmorton as CFDs pay off
BlackRock Throgmorton says it generated a 19.85 return on net assets over the six months ended 31 May 2015 – ahead of the 15.7% return posted by the Numis Smaller Companies excluding AIM and investment companies index. Shareholders did even better as the discount narrowed taking their return to 23.8%. The interim dividend has been […]
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26 Mar 2015 1 min read
Ralph Cox stepping down at BlackRock Throgmorton
The Board of BlackRock Throgmorton Trust plc has been advised by BlackRock Investment Management (UK) Limited that Ralph Cox, the lead portfolio manager for its Contracts for Difference (CFD) portfolio, has decided to take an extended career break and has resigned from BlackRock. The Board is pleased to announce that, with immediate effect, Dan Whitestone […]
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13 Feb 2015 2 min read
Throgmorton hit by widening discount
BlackRock Throgmorton has published results for the year ended 30 November 2014 that show the company’s net asset value return marginally behind that of the Numis Smaller Companies excluding AIM (excluding Investment Companies) Index; the NAV returned -1.1%, the Index -0.6%. The share price return though was -5.7%, reflecting a widening of BlackRock Throgmorton’s discount. […]
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26 Sep 2014 1 min read
Richard Plackett stepping down as manager of investment trusts
THRG, BHUE : Richard Plackett stepping down as manager of investment trusts Richard Plackett is returning from his sabbatical on 7 October but will step down as co-manager of BlackRock Throgmorton Trust and BlackRock Hedge Selector. Ralph Cox who took on the job in Richard’s absence, will now get the job permanently.
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24 Jul 2014 1 min read
BlackRock Throgmorton Trust : THRG – interims
BlackRock Throgmorton Trust has released its interim figures. These cover the six months ended 31 May 2014. Over that period the net asset value total return was 2.7% – representing a small underperformance of the fund’s benchmark (the Numis Smaller Companies excluding AIM (excluding Investment Companies) Index), which returned 4.1%. The discount widened as well […]
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04 Mar 2014 1 min read
BlackRock Throgmorton : THRG – manager on sabbatical
Richard Plackett, manager of BlackRock Throgmorton, will take a six month sabbatical starting 1 April 2014. Ralph Cox (manager of BlackRock UK Smaller Companies fund) is taking over responsibility for the CFD portfolio
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10 Feb 2014 1 min read
BlackRock Throgmorton Trust : THRG – final results
Over the year ended 30 November 2013 Throgmorton managed to generate a 52.3% total return to shareholders as the NAV returned 40.1% and the discount narrowed. The equivalent return on the Numis Smaller Companies plus AIM (excluding investment companies) Index – THRG’s benchmark – was 31.6%. the performance was good enough to generate a performance […]
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23 Jan 2014 1 min read
F&C Managed Portfolio : FMPI – half yearly report
FMPI has announced its interim results covering the six months ended 30 November 2013. The net asset value returns for the period were 2.9% for the Income shares and 7% for the Growth shares. This compares to a 3.9% return on the FTSE All-Share Index and 3.1% on the FTSE Equity Investments Index. The Board say […]
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15 Jan 2025 1 min read
Investment trust insider on rising bond yields
Investment trust insider on rising bond yields – James Carthew: Higher bond yields deal blow to small-cap recovery Sliding sterling and elevated gilt yields have made for a painful month for small-cap and renewables trusts, and investors now need to be patient. I am going to press pause on the Saba saga this week (although […]
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14 Oct 2024 1 min read
Stocks that investment trust managers are backing for a UK recovery
By James Carthew, QuotedData for Trustnet, 14 October 2024: After a long period in the doldrums, there are glimmers of hope that investors might start to favour UK small-caps once again. Small-caps tend to outperform large-caps over the long term and the UK market is still very much cheaper than the US. With that in […]
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15 Jul 2024 1 min read
Trusts set to prosper under Labour
By Emma Wallis, News editor, Trustnet, 12 July 2024: Chancellor Rachel Reeves has barely been in office a week but has already announced planning reforms to “get Britain building again”.. Labour promised in its manifesto to build 1.5 million new homes during the next five years and is establishing a housing task force to tackle […]
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12 Jun 2024 1 min read
QuotedData: ‘Get Throgmorton while the price is still good’
Tom Aylott, Portfolio Adviser, 12 JUNE 2024: Investors should consider purchasing shares in BlackRock Throgmorton before its share price recovers, according to a new research note from QuotedData. The £565m trust is trading 10.8% below its net asset value (NAV), but that could shrink substantially when the conditions for UK small and mid-cap companies improve […]
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11 Oct 2023 1 min read
15 years on from Lehman’s: the funds and investment trusts that top the charts
by Kyle Caldwell from interactive investor, 10th October 2023: The 15-year anniversary of the collapse of Lehman Brothers, which sent shockwaves through global stock markets, recently passed. Prior to the largest bankruptcy in US history came the credit crunch. This put paid to over-borrowed banks such as Northern Rock. Then came the full-blown banking crisis […]
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22 Jun 2023 2 min read
Home Truths
James Carthew for Portfolio Adviser, 21 June 2023: For many years, there was a tendency among UK-based investment managers and financial advisers to overweight domestic stocks within client portfolios. As a result, we saw a proliferation of investment companies with a narrow focus on UK-listed businesses. Today, 54 investment companies have a listed UK equity […]
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09 May 2023 1 min read
Investment trust boards: what do they do, and do they add value?
by Faith Glasgow from interactive investor, 9 May 2023: The recent widely publicised spat between members of Scottish Mortgage’s board of directors has once again focused attention on investment trust boards as a unique aspect of the closed-ended fund structure… Investment trusts are required to have independently elected boards of directors because they are structured […]
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23 Mar 2022 1 min read
Interest rate rises trigger rotation
James Carthew for Investment Week, 17 March 2022: In the run up to the end of 2021 and into the early part of 2022, investors’ attention was focused on the growing threat of interest rate rises as a way of combating inflation. That triggered a sharp rotation out of growth stocks. In the space of […]
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23 Dec 2021 1 min read
2022: Picking winning investment trusts against a backdrop of uncertainty
James Carthew, Investment Week, 14 December 2021 Picking winners for next year is hard as, if Omicron turns out to be mild, we will be back to a faster growth, inflationary economy with possible rate rises and perhaps another leg up for value stocks. Alternatively, if we lose another winter to lockdowns, investors will be […]
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1 min read
Bargain Hunter: three trusts shaking things up to tackle their big discounts
7th December 2021 by Kyle Caldwell from interactive investor There are various tools a board can use in an attempt to boost demand for shares. Here are some examples. When an investment trust is persistently out of favour, its board can spring into action in an attempt to tackle its discount… Change at the top In a […]
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20 Dec 2021 1 min read
Investment trust insider on 2022
Investment trust insider on 2022 – James Carthew: Anomalies and opportunities on next year’s horizon Many of the themes that we had going into 2021 look likely to persist into 2022. Covid has not gone away, despite the success of vaccinations. God forbid we end up with lockdowns again, but this is quite possible. This […]
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22 Nov 2021 1 min read
The UK trusts on the biggest discount or premiums relative to their history
By Eve Maddock-Jones, Reporter, Trustnet, 19 November 2021 Trustnet looks at which UK investment trusts are trading below their five year average discount/premium level and which ones are running well ahead of the norm. Several UK investment trusts are running well below their five-year-average discount presenting major buying opportunities, according to fund pickers. The pandemic […]
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22 Sep 2021 1 min read
BlackRock Throgmorton in the FTSE 250: buy, hold or fold?
The trust is the second-best performer in the IT UK Smaller Companies sector over 10 years, but can it keep it up? We asked a selection of analysts for their view. 21 September 2021 By Eve Maddock-Jones,, Reporter, Trustnet BlackRock Throgmorton Trust is one of the latest entrants to the FTSE 250, following the most recent quarterly […]
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21 Jul 2021 2 min read
QuotedData’s top investment company picks for H2 2021
Five companies to keep on your radar QuotedData, Investment Week, 21 July 2021 • 1 min read Apax Global Alpha invests in a range of private equity funds raised and advised by Apax Partners. To avoid the problem of uninvested cash dragging on returns, the trust invests surplus liquidity in a portfolio of derived investments […]
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08 Jul 2021 1 min read
A guide on how investors can protect against inflation
We share inflation-proofing ideas for equities, funds and trusts for investors looking to add protection to their portfolios. 8th July 2021 11:12 by Faith Glasgow from interactive investor After a decade largely out of the limelight, inflation is back on investors’ radars. UK consumer prices index (CPI) inflation leapt from 1.5% in April to 2.1% […]
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17 May 2021 1 min read
Beat the rush and invest in Bounceback Britain
UK is set for its fastest period of economic growth since the Second World War – so beat the rush and invest in Bounceback Britain By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:52, 15 May 2021 | UPDATED: 11:25, 16 May 2021 Are you ready for the Roaring Twenties? According to the Bank of England, the UK is set […]
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29 Mar 2021 1 min read
How to spot smaller companies winners
How to spot smaller companies winners There’s additional risk with small-cap funds but the good ones pay off March 23, 2021, Investors Chronicle, By Mary McDougall Funds that focus on smaller companies tend to outperform their benchmark indices by a greater proportion than their large-cap peers over time. The average share price and net asset value (NAV) total […]
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27 Nov 2020 1 min read
Schroders scrapes £75m for British Opportunities
Schroders scrapes £75m for British Opportunities Trust as UK smaller companies launches fail to entice Firm ‘faces headwinds’ David Brenchley, Investment Week, 27 November 2020 Schroders said it had scraped together £75m for its British Opportunities Trust (SBO), which aims to take stakes in firms from the more mature end of the smaller companies universe in both […]
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25 Aug 2020 1 min read
Small stocks could help you sail through
Small stocks could help you sail through the increasingly choppy waters of investments opportunities By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY PUBLISHED: 22:00, 15 August 2020 | UPDATED: 12:41, 16 August 2020 Some say small is beautiful, but if you have ever been on a yacht in a big storm, you will know it can be stomach-churning as well. That […]
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14 Jul 2020 1 min read
The best of British
Make your investments fly high by picking the best of British: Why top fund managers believe future could be rosy for UK shares By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:58, 11 July 2020 | UPDATED: 08:18, 13 July 2020 Investors who have flown the Union Flag over their portfolios this year have endured some stomach-churning turbulence as the […]
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15 Jun 2020 1 min read
How UK investors can cash in on the digital revolution
Don’t have a costly Kodak moment: How UK investors can cash in on the digital revolution and tech stocks By JEFF PRESTRIDGE, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:53, 13 June 2020 | UPDATED: 09:42, 14 June 2020 Technology is very much of the moment. It’s the investment theme that has driven the US stock market to claw back all the losses […]
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19 Feb 2020 1 min read
Investment trust insider on permanent capital vehicles
Investment trust insider on permanent capital vehicles – James Carthew: backfiring buybacks can be a permanent waste of shareholder capital I put a comment in last week’s article about Syncona (SYNC) that I thought might attract more attention than it did. Talking about the importance of having cash to back up the financing needs of the […]
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28 Jan 2020 1 min read
Investment Trust sackings deliver mixed results
Investment Trust sackings deliver mixed results By Kyle Caldwell, Money Observer’s quarterly trust magazine Kyle Caldwell analyses whether investment trust sackings stretching back over the past 15 years have resulted in improved performance for shareholders James Carthew is quoted in an article looking at changes in investment trust manager (including mergers) which have been on […]
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17 Dec 2019 1 min read
Investment trust insider on UK equity trusts
Investment trust insider on UK equity trusts – James Carthew: UK trust laggards should merge not seek new fund managers UK investment trusts of all types are enjoying a post-election rally, particularly those with the highest perceived exposure to domestically-focused companies. I am kicking myself for not having bought Aberforth Split Level Trust (ASIT), one of […]
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28 Mar 2019 2 min read
Top ISA picks for 2019
Top ISA picks for 2019 – QuotedData’s James Carthew is one of a number of analysts suggesting investment companies that could be worth considering for this year’s ISA. This article was written by Investors Chronicle’s Leonora Walters. 10 investment trusts for your Isa 2019 Investment trusts are a good option for many different types of […]
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07 Feb 2019 1 min read
Investment Trust Insider on the past decade
Investment Trust Insider on the past decade – James Carthew: the constant evolution of investment trusts A decade ago, when we were emerging from the global financial crisis, I was managing Advance UK Trust and Citywire was just 10 years old. All of this seems like a long time ago now. Recently, I found a Winterflood […]
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25 Oct 2018 1 min read
Fundswire on BlackRock Throgmorton
Fundswire on BlackRock Throgmorton Not surprisingly, we have been following BlackRock Throgmorton for years. I am pleased to say that, in its original guise, it is older than all of us here at Marten & Co. Throgmorton was first created in 1962 and has been part of BlackRock’s stable of Investment Companies since 2008. However, […]