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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 published a number of notes on the company:

  • Powering on, published in December 2021, was focused on the good progress of the companies within the portfolio
  • Confidence rewarded, published in September 2021, discussed the impressive performance of the trust since we last wrote
  • Infectious enthusiasm, published in December 2020, tried to convey the sense of optimism that the manager has about the future of the trust
  • Separating the wheat from the chaff published in June 2020 highlighted how well the trust had held up in the wake of the COVID-19 panic in markets
  • Look past the short-term noise published in December 2019 suggested that in an uncertain world, investors should focus on stocks
  • Impressive run continues published in July 2019 looked at the trust’s peer group beating performance
  • Throg’s shorts shine published in January 2019 discussed the benefits of shorting some shares in a market where investors seem increasingly nervous
  • Vision, execution and adaptability published in September 2018 was our detailed initiation note on the company

You can access the manager’s website here

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