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About this investment trust

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.

Why choose it?

The BlackRock Throgmorton Trust looks to back the UK’s strongest emerging companies. An unusual feature of the Trust is its ability to ‘short’ companies that we find unattractive, enabling us to profit if the share price falls. This gives the Trust’s manager the opportunity to back investment ideas with real conviction, within a strong risk framework.  

Suited to…

Investors who want a dynamically managed portfolio of growing companies but are comfortable with a limited degree of ‘short’ exposure.

Frequently Asked Questions

  • An investment trust is a public limited company that aims to make money by investing in a range of companies carefully chosen by a professional fund manager: it lists on an exchange, has a board of directors and trades like a normal share. It is an easy and tax-efficient way of investing in a variety of different companies.

    Find out more here

  • You can buy shares in an investment trust via a stockbroker or an online platform during market hours.

    Find out more information here

  • Selling shares in an investment trust can be done during market hours through a stockbroker or online platform.

  • You can see the recent performance of the Trust here. To get an up to date valuation of your holding in the Trust, you will need to ask your stockbroker or online platform. 

  • The interim dividends are paid in August and final dividends are paid in April.

  • The Trust was incorporated in December 1957 and BlackRock took over management of the Trust on 1 July 2008.

  • The Board of Directors oversee the Trust, ensuring the portfolio managers are investing in line with its objectives. They are there to protect investors' interests, hold managers to account and report to shareholders on performance and progress.

    Find out more about our directors here

  • If you are not entirely satisfied with any aspect of the service you have received, we want to help. Details of our complaints handling process are available at www.blackrock.com/uk/individual/about-blackrock/contact-us.

    You can also write to the Investor Services Team, at our Registered Office, 12 Throgmorton Avenue, London, EC2N 2DL or e-mail them at cosec@blackrock.com.

  • Liquidity risk: The Trust’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Trust may not be able to realise the investment at the latest market price or at a price considered fair.

    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 trusts.

    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 Trust 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.

  • Find out more about our fees and charges here.

  • The KID document provides important information about the Trust – including costs and charges, its investment objectives and risk ratings. You can view it by clicking this link here.

  • Please write to the Investor Services Team, at our Registered Office, 12 Throgmorton Avenue, London, EC2N 2DL or e-mail them at cosec@blackrock.com.

  • The AGM is held in March every year. All shareholders are welcome to attend.

  • Yes. Investment trusts can be held in an ISA wrapper, which is a tax-efficient wrapper in which you can buy, hold and sell investments. It is available to all UK resident taxpayers.

  • The interim results are announced in July, while the final results are announced in February.

  • The dividend yield will vary with market conditions and the Trust’s share price. The current net dividend yield can be found on our performance and holdings page here.

  • We have over 25 years’ experience in running investment trusts. Our managers can draw on unparalleled proprietary research capabilities across the globe when choosing where to invest your money. We have regular meetings with senior company management to delve into their strategy and prospects.

    Investment is not just about knowing where to invest, but also about knowing the pitfalls. With that in mind, we have sophisticated risk management teams that help our fund managers understand where they are taking risks and how to manage it. We are trusted by millions of people across the globe to manage their money effectively and responsibly.

    This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or financial product or to adopt any investment strategy.

THRG - Money Observer   AJ Bell - 2021 - THRG    THRG - KEpler    investment-trusts/AJ Bell - 2021 - THRG

Money Observer Investment Trust Awards: As at 30 April 2020.
AJ Bell Award: As at 30 September 2020.
Kepler: As at 30 January 2021.
AJ Bell Online Personal Wealth Awards 2021: As at 8 March 2021.

What are the 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.
  • 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 Trust’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Trust may not be able to realise the investment at the latest market price or at a price considered fair.
  • Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.
  • 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.
  • 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.

Useful information

Fees & Charges

Annual Expenses as at Date: 30/11/2020

Ongoing Charge (including any Performance Fee): 1.60% as at 30/11/2020

Important Notice: Key Investor Document (KID) – Other Ongoing Costs disclosure error
During the period 5th March 2021 – 6th April 2021, the figure for “Other ongoing costs” included within the “Composition of costs” section of the KID was incorrectly stated as 0.57%. The correct figure should have been 0.65%. This has now been updated in the revised KID that was published on 7 April 2021. The “Total costs” figure included in the KID, together with the stated “Impact on return (RIY) per year”, were correct throughout the period.

Please accept our apologies for the error. You are not required to take any action as a result of this statement. If you have any queries regarding the above, please contact our Investor Services Team by email at uk.investor@blackrock.com. Alternatively, please feel free to contact us by telephone on 0800 44 55 22, quoting the relevant account number. Our lines are open from 8.30am to 6.00pm, Monday to Friday. For your protection, telephone calls may be recorded.

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.

  • ISIN: GB0008910555

    Sedol: 0891055

    Bloomberg: THRG.LN

    Reuters: THRG.L

    LSE code: THRG

  • 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

  • Year End: 30 November

    Results Announced: July (interim), February (final)

    AGM: March

    Dividends Paid: August (interim), April (final)

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Fund manager commentary

31 March 2021

Please note that the commentary below includes historic information in respect of the performance of portfolio investments, index performance data and the Company’s NAV and share performance.

The figures shown relate to past performance.  Past performance is not a reliable indicator of current or future results.

During March the Company returned 4.0%1, marginally trailing its benchmark, the Numis Smaller Companies plus AIM (excluding Investment Companies) Index, which returned 4.3%1. The long book rose during the month but lagged the benchmark, while the short book modestly detracted which should be expected in light of the strong market movements (both on a gross basis).

March saw an extension of the theme from February, with markets continuing to rise and the shares in favour were generally those associated with “reopening” or other companies and industries that had endured a difficult 2020. Conversely, “growth” shares tended to lag the market. This is not to say that they fell in fact some rose to new highs by the end of March but generally, they did lag behind re opening shares. As with last month, we have continued to see strong trading updates from our long holdings and look forward to the first quarter reporting in April. Profits continue to move forward, and we expect share prices will follow. We have also started to see large equity raises from many reopening companies, and we believe that the extra shares in issue caps the upside and limits our appetite to chase them.

Despite trailing the benchmark, the Company did not suffer any meaningful disappointments at the stock level and underperformance was more a result of broader market forces and of share price retrenchment, which we are convinced will be temporary given the strong underlying trading that many of these companies continue to report. Dr Martens gave back some share price gains after a very strong IPO (Initial Public Offering) in January, and Chegg, one of our US holdings which has traded exceptionally well over the past year, fell during the month despite the attractive runway for growth in online education that Chegg remains well set to monetise. XP Power also fell despite no negative newsflow , and subsequently (during April), the group provided a positive first quarter trading update which reaffirmed our confidence in the long term prospects for this business.

On the positive side, Gamma Communications, a long term holding which we have added to in recent months, reported results in March which were strong. Gamma continues to be at the forefront of the structural change within cloud communications as a service in UK and is increasingly building its European presence where cloud penetration rates are even lower. We also saw very strong trading updates from Oxford Instruments and CVS Group which are all large holdings in the portfolio, and we are confident in the growth outlook for revenues and profits in both companies.

The discussion over interest rates and the recovery trade continued in March from where it left off in February, and our outlook remains unchanged. As mentioned last month, we continue to believe that higher interest rates won’t be an enduring phenomenon as any rise in inflation will be tolerated by central bankers, therefore we do not expect material rises in policy rates. Our main takeaway from March is that the increased number of equity issues among recovery names speaks to the fact that debts have substantially increased over 2020. Since equity issuance is now being used to pay down this debt it is best to avoid looking at the 2019 share price as a target because there are likely to be many more shares in issue in 2021 than 2019. Meanwhile, many cash generative and growing companies continue to trade well, often beating and “raising their forecasts”, and in some cases shrinking their share count. Most importantly, we have been impressed by the strength in trading in many of our core holdings, as highlighted above.

We continue to believe the Company remains in great shape and we are very positive on the prospects for our holdings in the long book. We remain extremely positive on the opportunity set for the Company and this is reflected in our net exposure which is now c.120%. We thank shareholders for their support.

Source: Unless otherwise stated all data is sourced from BlackRock as at 31 March 2021.

Source: 1Datastream as at 31 March 2021

Any opinions or forecasts represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events or a guarantee of future results.  This information should not be relied upon by the reader as research, investment advice or a recommendation. 

Risk: Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies.

 

Portfolio manager biography

Daniel Whitestone, 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.

Portfolio Manager
Dan Whitestone
Dan Whitestone

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.

Christopher Samuel (Chairman) was appointed to the Board in June 2016. He was Chief Executive of Ignis Asset Management from 2009 until its sale to Standard Life Investments in 2014. He was previously Chief Operating Officer at Gartmore and Hill Samuel Asset Management and was a partner at Cambridge Place Investment Management. He is a Non-Executive Director of the Alliance Trust plc, UIL Limited, its subsidiary UIL Finance Limited, and Sarasin & Partners LLP. He is also Non-Executive Chairman of JP Morgan Japanese Investment Trust plc and Quilter Financial Planning. He graduated from Oxford with an MA in Philosophy, Politics and Economics. He qualified as a Chartered Accountant with KPMG.

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 a Non-Executive Director of Pacific Horizon Investment Trust plc and Dunedin Enterprise Investment Trust plc, where she is also Chairman of the audit committee.

Loudon Greenlees was appointed to the Board in March 2014. He was previously Chief Financial Officer and Chief Operating Officer of Thames River Capital from 1999 until 2007 and then Commercial Director until May 2013, prior to this he had been Group Finance Director and Chief Operating Officer of Rothschild Asset Management and Group Finance Director of Baring Asset Management. He qualified as a Chartered Accountant in 1974.

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 Mobile Streams plc. He was formerly a Non-Executive Director of Digitalbox plc, Corcel plc, Modern Water plc, Alexander Mining 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-in-Chief of MoneyWeek, the UK personal finance magazine and writes extensively on this subject across radio and television. She brings valuable investment trust specific experience and is currently a Non-Executive Director of Murray Income Investment Trust plc, Baillie Gifford Shin Nippon Public Limited Company and Netwealth Investments Limited.

Investment strategies targeting growth and income
Investment strategies targeting growth and income
Over 25 years of proven experience running investment trusts
Over 27 years of proven experience running investment trusts. (December 2019)
Unparalleled research capabilities
Unparalleled research capabilities and experienced stock pickers
Contact
To get in touch contact us on:
Telephone: 020 7743 3000
Email: cosec@blackrock.com

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