BlackRock Throgmorton Investment Trust plc
This Trust is a high-conviction portfolio, seeks to invest in the UK’s most differentiated and exciting emerging companies, with quality management teams, and dominant market positions. We also seek out companies leading industry change, the “disruptors”. Our aim is long-term capital growth.
BlackRock Throgmorton Trust plc
The Blackrock Throgmorton Trust aims to deliver long-term capital growth and total return by investing primarily in UK small and mid-sized companies.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Portfolio manager Dan Whitehouse looks to invest in a diversified portfolio of the UK’s most exciting emerging companies.
The UK offers a broad spectrum of leading companies that are exposed to global trends. This means Dan can build a portfolio that reaches far beyond the UK economy and accesses attractive global growth.
Dan seeks out two types of companies. The first type possesses what he calls 'quality differentials'. These are things like strategic positioning, product strengths and quality management that can provide a long-term competitive advantage, which couldn then lead to longer-term compounding growth.
The second type of company Dan looks for come under the category of 'industry change'. These are 'disruptors' that use their technological edge, alignment to customer trends or cost advantage, to genuinely transform the industries in which they compete.
Unlike most investment trusts, Blackrock Throgmorton can take short positions through derivatives such as 'contracts for difference' as a way of accessing additional returns. This can provide a higher exposure to the market.
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Marketing Material
Risk Warnings
Investors should refer to the prospectus or offering documentation for the funds full list of risks.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.
Fund-specific risks
Description of Fund Risks
Capital Growth / Income Variation
Investors in the Fund should understand that capital growth is not a priority and values may fluctuate and the level of income may vary from time to time and is not guaranteed.
Complex Derivative Strategies
Derivatives may be used substantially for complex investment strategies. These include the creation of short positions where the Investment Manager artificially sells an investment it does not physically own.
Derivatives can also be used to generate exposure to investments greater than the net asset value of the fund / investment trust. Investment Managers refer to this practice as obtaining market leverage or gearing. As a result, a small positive or negative movement in stockmarkets will have a larger impact on the value of these derivatives than owning the physical investments. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Funds.
Counterparty Risk
The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Financial Markets, Counterparties and Service Providers
The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Gearing Risk
Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.
Liquidity Risk
The Fund's investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realise the investment at the latest market price or at a price considered fair.
Important Information
In the UK this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
UK Investment Trust Funds: This document is marketing material. The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL™ is a trademark of the London Stock Exchange plc and is used under licence.
Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance.
The investment trust above currently conduct their affairs so that their securities can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to nonmainstream investment products and intend to continue to do so for the foreseeable future. The securities are excluded from the Financial Conduct Authority’s restrictions which apply to non-mainstream investment products because they are securities issued by investment trusts. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in local language in registered jurisdictions.
BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure you understand whether our product is suitable, please read the fund specific risks in the Key Investor Document (KID) which gives more information about the risk profile of the investment. The KID and other documentation are available on the relevant product pages at www.blackrock.co.uk/its. We recommend you seek independent professional advice prior to investing.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
MKTGH0224E/S-3363110
About this trust
Objective
The Company aims to provide shareholders with long-term capital growth and an attractive total return by investing primarily in UK smaller companies and mid-capitalisation companies traded on the London Stock Exchange.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Please be aware that the costs and fees shown may not be exhaustive. Please refer to the prospectus for more information.
Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.
There is no guarantee that a positive investment outcome will be achieved.
Portfolio Managers & Board of Directors
Dan Whitestone
The Trust is governed by an elected Board of Directors
The annual report gives investors a clear overview of the company's financial performance, including detailed revenue and profit analyses. It features the Chairman's statement, providing insights into the company's direction, and the Portfolio Manager's report, which details investment strategies and portfolio performance.
The half-year report updates investors on the company's financial performance, including key revenue and profit metrics. It includes a brief statement from the Chairman, offering insights into the company's progress and strategic direction for the first six months. Additionally, the Portfolio Manager's summary highlights investment strategies.
The factsheet provides an overview of the company's objective and strategy, including a monthly update of the company's performance. It highlights the portfolio's sector allocation and top 10 holdings, along with the portfolio managers' monthly commentary.
Useful information
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Fees & Charges
Annual Expenses as at Date: 30/11/2024
Ongoing Charge (excluding any Performance Fee): 0.56% as at 30/11/2024
Ongoing Charge (including any Performance Fee): 0.82% as at 30/11/2024
Management Fee Summary: Management fee of 0.35% of the gross assets value of the Company’s long only portfolio plus the gross economic exposure of the total long and short portfolio. The fee structure includes a performance fee of 15% of the NAV (total return) outperformance against the Numis Smaller Companies plus AIM (excluding Investment Companies) Index, measured over a two year rolling basis and applied on average gross assets over two years. A cap on total management fees of 1.25% of average gross assets over a two year period will also apply. As the performance fee model operates on a rolling two year period, there is an annual cap of circa 0.9% on average gross assets over two years. On first day of the financial year outperformance from the previous financial year can be carried forward and accrued in the daily NAV released to the London Stock Exchange on that day. The maximum annual accrual under these circumstances is circa 0.9% of average gross assets.
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ISIN: GB0008910555
Sedol: 0891055
Bloomberg: THRG.LN
Reuters: THRG.L
LSE code: THRG
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Name of Company: BlackRock Fund Managers Limited
Telephone: 020 7743 3000
Email: cosec@blackrock.com
Website: www.blackrock.com/uk
Correspondence Address: Investment Trusts
BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue
London
EC2N 2DL
Name of Registrar: Computershare PLC
Registered Office: 12 Throgmorton Avenue
London
EC2N 2DL
Registrar Telephone: +44 (0)370 707 4016
Place of Registration: England
Registered Number: 594634
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Year End: 30 November
Results Announced: July (interim), February (final)
AGM: March
Dividends Paid: August (interim), April (final)
BlackRock Throgmorton Investment Trust THRG FAQs
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The BlackRock Throgmorton Trust aims to achieve long-term capital growth along with an attractive total return for shareholders. It is a high-conviction portfolio focusing on UK emerging companies with an ability to “short” unattractive companies, providing flexibility and potential for profit. The Trust seeks differentiated, exciting firms with quality management and dominant market positions, aiming to capitalise on industry disruptors within a strong risk framework and is most suited to investors who are comfortable with a dynamically managed portfolio and limited “short” exposure. It employs a unique strategy to back investment ideas with conviction.
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Daniel Whitestone is the lead Portfolio Manager for BlackRock Throgmorton Trust. Daniel joined BlackRock in 2013, previously heading the UK small and mid-cap sales desk at UBS where he ranked first in the Extel Small/Mid-Cap sales ratings in 2011 and 2012.
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A high conviction portfolio can be described as an investment portfolio that holds a relatively concentrated number of positions, typically in a limited number of securities or assets in which the fund manager has high confidence. In other words, the fund manager believes strongly in the potential of the selected investments to outperform the market and as a result allocates a significant portion of the portfolio to those specific assets.
For BlackRock Throgmorton Trust, having a high conviction portfolio is relevant because it aligns with the Trust’s investment objective of achieving long-term capital growth through investing in smaller UK companies. By maintaining a concentrated portfolio of carefully selected securities, the fund manager aims to capitalise on what they believe to be the more promising investment opportunities within the realm of smaller UK companies.
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Investing in UK small and medium-sized companies offers potential for growth, innovation and diversification. These agile firms can capitalise on market inefficiencies, providing opportunities for superior returns. Contributing to economic growth, they may become acquisition targets, adding to their appeal for investors seeking higher-risk, higher-reward opportunities.
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The BlackRock Throgmorton Trust primarily invests in UK small and mid-market companies on the London Stock Exchange. Up to 15% of its assets may be allocated to non-UK securities.
ESG Integration
The fund noted above does not commit to sustainable criteria nor does it have a sustainable investment objective.
BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.
Latest company announcements
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
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To receive email alert notifications once an update to the Trust occurs, please sign up and select the updates you would like to receive via The Association of Investment Companies website here. Please be aware by clicking on this link you are leaving BlackRock and entering a third party’s website. As such, BlackRock is not liable for its content.
Portfolio manager biography
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Daniel Whitestone, Managing Director, is Head of the Emerging Companies team, within the Fundamental Equity Division of BlackRock's Active Equity business. He is the lead Portfolio Manager for BlackRock Throgmorton Trust plc, BlackRock UK Emerging Companies Hedge Fund and BlackRock UK Emerging Companies Absolute Return Fund.
Dan's service with the firm dates back to 2013. Prior to joining BlackRock, Dan worked for UBS, where he was the head of the UK small and mid-cap sales desk and ranked the number one salesperson in the Extel Small/Mid-Cap sales ratings in 2011 and 2012. Prior to working at UBS, Dan joined Noble and Co in 2006 as a UK small and mid-cap salesman. He began his career at Accenture, in 2003 as a strategy consultant.
Dan earned a BA Hons degree in Combined Studies from the University of Newcastle-Upon-Tyne.
Board of directors
All the Directors are non-executive, independent of the Investment Manager and members of the Audit Committee, Management Engagement Committee and the Nomination Committee.
James Will (Chairman) was appointed to the Board on 1 January 2025. He is an experienced Chair and non-executive director with an extensive knowledge of the investment company sector. Mr Will previously held the role of Chairman of The Scottish Investment Trust plc and was a non-executive Director of JP Morgan Global Growth and Income plc. Mr Will is currently the Chairman of Asia Dragon Trust plc. Mr Will is also the Senior Independent Director of Herald Investment Trust plc and a non-executive director of JP Morgan European Discovery Trust plc.
Mr Will was until 2014 Chairman of Scottish law firm Shepherd and Wedderburn LLP where he was a senior corporate partner heading its financial sector practice. He has experience of working in a wide range of industry sectors including financial services, technology, energy and life sciences.
Angela Lane was appointed to the Board in June 2020. She had previously spent 18 years working in private equity at 3i, becoming a partner in 3i's Growth Capital business managing the UK portfolio. Since 2007, Angela has held several non-executive and advisory roles for small and medium capitalised companies across a range of industries including business services, healthcare, travel, media, consumer goods and infrastructure. She is currently the Audit Chair and Non-Executive Director of Pacific Horizon Investment Trust plc and Seraphim Space Investment Trust plc.
Louise Nash was a UK Small and Mid-Cap Fund Manager, firstly at Cazenove Capital and latterly at M&G Investments which she left in 2015. She now works for family wine business Höpler. She also acts as a consultant to JLC Investor Relations. Louise holds an MA in German and Politics from the University of Edinburgh and the IMRO Investment Management Certificate.
Nigel Burton was appointed to the Board in December 2020. He has spent over 14 years as an investment banker at leading City institutions including UBS Warburg and Deutsche Bank, including as the Managing Director responsible for the energy and utilities industries. Nigel has also spent 15 years as Chief Financial Officer or Chief Executive Officer of a number of private and public companies. He is currently a Non-Executive Director of AIM listed companies DeepVerge plc, Microsaic Systems plc, eEnergy Group plc and Location Sciences Group plc. He was formerly a Non-Executive Director of Digitalbox plc, Corcel plc, Modern Water plc, Alexander Mining plc, Mobile Streams plc and Chairman of Remote Monitored Systems plc.
Merryn Somerset Webb was appointed to the Board in March 2021. She has significant experience of financial matters through her role as Editor at Large for Bloomberg Opinion and writes extensively on this subject across radio and television. She is also a former Editor-in-Chief of MoneyWeek, the UK personal finance magazine. Merryn brings valuable investment trust specific experience. She is currently a Non- executive Director of Schroder Japan Trust plc and is a former Non-Executive Director of Murray Income Investment Trust plc, Baillie Gifford Shin Nippon Public Limited Company and Netwealth Investments Limited.
Latest insights
What are the risks?
Risk Warnings
Investors should refer to the prospectus or offering documentation for the funds full list of risks.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
Fund-specific risks
Complex Derivative Strategies
Derivatives may be used substantially for complex investment strategies. These include the creation of short positions where the Investment Manager artificially sells an investment it does not physically own.
Derivatives can also be used to generate exposure to investments greater than the net asset value of the fund / investment trust. Investment Managers refer to this practice as obtaining market leverage or gearing. As a result, a small positive or negative movement in stock markets will have a larger impact on the value of these derivatives than owning the physical investments. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Funds.
Counterparty Risk
The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Gearing Risk
Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.
Liquidity Risk
The Fund's investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realise the investment at the latest market price or at a price considered fair.
