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BlackRock Throgmorton Trust : THRG

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.

We have written notes that explain how the fund works:

  • “Impressive run continues”, published in July 2019, despite concerns over Brexit, THRG is finding success in unsettled environment with long and short positions
  • Throg’s shorts shine“, published in January 2019, a defensive strategy and the ability to short unsound companies have helped add value in uncertain times
  • Vision, execution and adaptability“, published in September 2018, Manager Dan Whitestone since taking over in 2018 has preformed well against the benchmark and competing funds

You can access the manager’s website here

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