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About this investment trust

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.

The Company aims to achieve long-term capital growth for shareholders through investment mainly in smaller UK quoted companies.

Blackrock Smaller Companies Trust plc

The Blackrock Smaller Companies Trust aims to achieve long-term capital growth by investing in small and mid-sized UK quoted companies.

With more than a thousand of these companies listed on the UK stock market, the opportunity set is vast and diverse.(1)

This is an under-researched part of the market, which portfolio manager Roland Arnold believes leads to exciting and under-valued opportunities with sustainable organic growth potential.

This is because smaller companies tend to be more focused and nimble, which allows them to respond quickly to change.

Roland looks to identify ‘hidden gems’ in niche growth areas, looking for five key characteristics.

(1)Strong management teams

(2)Market leadership which provides pricing power

(3)A track record of growth

(4)Good cash generation that funds future growth

(5)Financial strength to overcome difficult market conditions

Roland also has a strong sell discipline, which involves managing risk based on portfolio weight rather than target price. This means taking profits as shares outperform and topping back up to target should shares underperform.

[FINAL SLIDE]

Smaller Companies

Finding the hidden gems in the UK’s diverse and exciting smaller companies market.

Key differentiators

(1)Managed by a highly experienced investment team with a robust investment process(1)

(2)Focuses on high-quality growth businesses with the ability to generate sustainable long-term growth(2)

(3)Fully leverages the benefits of Blackrock’s scale with excellent market access, close relationships with company management and dedicated stewardship resources(3)

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

BlackRock Smaller Companies Trust plc

Counterparty Risk, Gearing Risk, Liquidity Risk, Smaller Company Investments

Description of Fund Risks

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.

Smaller Company Investments

Shares in smaller companies typically trade in less volume and experience greater price variations than larger companies.

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 trusts listed 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.

© 2024 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.

Source: https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-smaller-companies-investment-trust/trust-information – 0m 16s to 0m 22s, page 4, https://www.blackrock.com/uk/literature/interim-report/blackrock-smaller-companies-trust-plc-interim-report.pdf
Source: https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-smaller-companies-investment-trust/trust-information – 0m 27s to 0m 36s
Source: https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-smaller-companies-investment-trust/trust-information – 3m 53s to 4m 34s
(1)https://www.investmentweek.co.uk/news/4053617/uk-listed-companies-falls#:~:text=UK%20AIM%20IPOs%20fall%20to%20lowest%20levels%20since%202009&text=In%20May%202019%2C%20there%20were,%C2%A326bn%20in%20tax%20revenue.

MKTGH0224E/S-3393867

Blackrock Smaller Companies Trust plc

The Blackrock Smaller Companies Trust aims to achieve long-term capital growth by investing in small and mid-sized UK quoted companies.

With more than a thousand of these companies listed on the UK stock market, the opportunity set is vast and diverse.(1)

This is an under-researched part of the market, which portfolio manager Roland Arnold believes leads to exciting and under-valued opportunities with sustainable organic growth potential.

This is because smaller companies tend to be more focused and nimble, which allows them to respond quickly to change.

Roland looks to identify ‘hidden gems’ in niche growth areas, looking for five key characteristics.

(1)Strong management teams

(2)Market leadership which provides pricing power

(3)A track record of growth

(4)Good cash generation that funds future growth

(5)Financial strength to overcome difficult market conditions

Roland also has a strong sell discipline, which involves managing risk based on portfolio weight rather than target price. This means taking profits as shares outperform and topping back up to target should shares underperform.

[FINAL SLIDE]

Smaller Companies

Finding the hidden gems in the UK’s diverse and exciting smaller companies market.

Key differentiators

(1)Managed by a highly experienced investment team with a robust investment process(1)

(2)Focuses on high-quality growth businesses with the ability to generate sustainable long-term growth(2)

(3)Fully leverages the benefits of Blackrock’s scale with excellent market access, close relationships with company management and dedicated stewardship resources(3)

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

BlackRock Smaller Companies Trust plc

Counterparty Risk, Gearing Risk, Liquidity Risk, Smaller Company Investments

Description of Fund Risks

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.

Smaller Company Investments

Shares in smaller companies typically trade in less volume and experience greater price variations than larger companies.

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 trusts listed 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.

© 2024 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.

Source: https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-smaller-companies-investment-trust/trust-information – 0m 16s to 0m 22s, page 4, https://www.blackrock.com/uk/literature/interim-report/blackrock-smaller-companies-trust-plc-interim-report.pdf
Source: https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-smaller-companies-investment-trust/trust-information – 0m 27s to 0m 36s
Source: https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-smaller-companies-investment-trust/trust-information – 3m 53s to 4m 34s
(1)https://www.investmentweek.co.uk/news/4053617/uk-listed-companies-falls#:~:text=UK%20AIM%20IPOs%20fall%20to%20lowest%20levels%20since%202009&text=In%20May%202019%2C%20there%20were,%C2%A326bn%20in%20tax%20revenue.

MKTGH0224E/S-3393867

Why choose it?

We aim to find the ‘hidden gems’ within the small cap universe, investing in high-quality growth companies that are able to shape their own futures regardless of the wider economic environment. As active managers, we believe this area presents us with an attractive hunting ground: these companies are often under-researched, and pricing is inefficient. This gives us great opportunities to generate returns for our clients over the long term.

Suited to…

Investors looking for carefully selected opportunities among the UK’s vibrant small cap sector for long-term capital growth. Investors need to be able to tolerate variation in their capital.

BlackRock Smaller CompaniesTrust FAQs

  • The BlackRock Smaller Companies Trust’s seeks to achieve long-term capital growth for investors by predominantly investing in smaller UK companies. It aims to uncover “hidden gems” within the small-cap realm, focusing on high-quality growth companies capable of shaping their own futures irrespective of broader economic conditions. As active managers, the Trust views the small-cap space as attractive for its potential for under-researched opportunities and inefficient pricing, providing ample opportunities to generate returns over the long term.

  • Roland Arnold has been the manager of BlackRock Smaller Companies Trust since 2018. He is also co-manager of the BlackRock UK Special Situations Fund, a manager of Small and Mid-Cap UK Equity Portfolios and a member of the UK Equity Team.

  • Dividends are declared and paid out semi-annually. Interim dividend payments are made in November with the final payment of dividends on ordinary shares being paid in June.

  • The smaller companies sector which the BlackRock Smaller Companies Trust invests in is home to numerous market-leading businesses that have historically outperformed larger companies over the long term1. Smaller companies can be more focused, enabling investors to target niche growth areas that may not be as accessible with larger, more diversified companies. They can respond quickly to market changes, and be more entrepreneurial in seizing opportunities. Overall, investing in smaller companies can enhance returns and bring valuable diversification to client portfolios.2

    1 Source: Kepler Trust Intelligence as at June 2023.
    2 Source: BlackRock as at April 2023.

  • Smaller companies may be considered to be riskier investments due to factors including greater volatility, limited financial resources, lower market liquidity, concentrated business risk and a limited track record. Smaller companies can experience higher price fluctuations, making them more susceptible to economic downturns and unexpected challenges. Their limited financial resources may pose challenges during adverse market conditions, and lower liquidity can result in larger price swings.

    Despite these risks, smaller companies could offer growth opportunities and the BlackRock Smaller Companies Investment Trust actively manages these challenges to potentially capitalise on higher returns while navigating associated risks through thorough research and strategic investment decisions.

Image of Morningstar rating logo 

Morningstar Rating: Since January 2012.
Awards/Ratings have not been superseded to date.

The Morningstar Analyst Rating is subjective in nature and reflects Morningstar’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, Morningstar does not guarantee that a fund will perform in line with its Morningstar Analyst Rating. Likewise, the Morningstar Analyst Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.

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.

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.
  • Smaller company investments are often associated with greater investment risk than those of larger company shares.

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: 28/02/2024

Ongoing Charge (including any Performance Fee): 0.8%

Management Fee Summary: BlackRock receives an annual fee which is calculated based on 0.60% in respect of the first GBP 750m of the Company's total assets less current liabilities, reducing to 0.50% thereafter. There are no performance fee arrangements in place.

  • ISIN: GB0006436108

    Sedol: 0643610

    Bloomberg: BRSC:LN

    Reuters: BRSC.L

    LSE code: BRSC

  • Name of Company: BlackRock Fund Managers Limited

    Telephone: 020 7743 3000

    Email: cosec@blackrock.com

    Website: www.blackrock.com/uk

    Correspondence Address: Investor Services

    BlackRock Investment Management (UK) Limited

    12 Throgmorton Avenue

    London

    EC2N 2DL

    Name of Registrar: Computershare PLC

    Registered Office: Exchange Place 1

    1 Semple Street

    Edinburgh EH3 8BL

    Registrar Telephone: +44 (0)370 707 1649

    Place of Registration: Scotland

    Registered Number: 006176

  • Year End: 28 February

    Results Announced: October (interim), April/May (final)

    AGM: July

    Dividends Paid: November (interim), June (final)

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.

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.

Fund manager commentary

31 August 2024

Comments from the Portfolio Manager

Please note that the commentary below includes historic information on the Company’s NAV performance and index performance.

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

During August, the Company’s NAV per share returned -2.0% to 1,684.48p on a total return basis, while our benchmark index (Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index) returned -1.2%.1

Equity market volatility remained a feature during August. Early in the month, markets around the world saw sharp declines in response to a combination of disappointing economic data out of the US and an interest rate hike by the Bank of Japan. Market sentiment improved during the second half of the month as investors found reassurance in the potential interest rate cuts by the Federal Reserve (Fed), especially following comments made by Powell at the economic symposium at Jackson Hole, as well as a robust Q2 earnings season. As a result, most markets were able to recover their losses and end the month in positive territory, however despite the second half pullback, UK small and mid-caps ended the month down.

During the month, The Bank of England (BoE) cut the base interest rate by 0.25 percentage points to 5%, marking the first reduction since the pandemic. The BoE also upgraded its growth forecast for 2024 to 1.25%. Additionally, the Office for National Statistics reported that the UK economy grew by 0.6% in the second quarter of 2024, all of which contributed to the upshift and stabilization of the markets.

The Company’s performance during the month was somewhat disappointing, as positive updates from our holdings far outweighed any negative stock specific developments. However, there are sometimes months where the overall portfolio performance is more impacted by what we don’t own than what we do. August was one of those months where four of the top five detractors to performance were shares that we do not own; Bank of Cyprus, Playtech, Plus500 and Just Group all saw double digit share prices, causing a significant headwind to relative performance. Shares in 4imprint drifted lower after the company reported H1 results with a slightly more cautious tone. Although the company continued to grow revenue and profits, while maintaining a double-digit operating margin, management highlighted ongoing softness in industry demand, with recession, interest rates and inflation, weighing on their customers budgets.

The largest positive contributor during the month was specialist business advisory firm, FRP Advisory. The company recently reported solid full year results to the end of April, highlighting excellent growth in both revenues and profits, with all five of its key pillars making a positive contribution. Strong organic growth across the group has been supplemented by targeted acquisitions, and the company maintains a net cash balance sheet with healthy M&A pipeline, which was further demonstrated post month-end with the acquisition of WlliamsAli Corporate Finance. Other notable contributors included Gamma Communications, which has seen a steady increase in its share price through the course of the year, and Baltic Classifieds which continued to appreciate following solid full-year results in July.

In summary, and as we have highlighted for a long period of time now, the current valuation of the UK market, and in particular UK small and mid-cap, is about as attractive as we have ever seen. Meanwhile, the economic backdrop is certainly improving. Unemployment remains low, balance sheets remain strong, inflation is falling, consumer confidence and PMIs are improving. This backdrop gives confidence that the earnings outlook for our businesses is broadly supportive for an earnings recovery. Meanwhile, Labour’s victory in the General election could now mark the end of the persistent investor aversion from the UK and stem the outflows from UK small and mid-caps. Labour’s business friendly policies and some much-needed stability in government, should provide a more positive backdrop for businesses to start investing with some level of certainty and investors to once again look to the UK market for an attractive return. Furthermore, the first interest rate cut announced by the BoE could be a catalyst for equity market leadership to broaden beyond US mega cap tech, which should begin to filter down into the UK SMID (small and mid cap) universe. In this scenario, we could see an environment where small and mid-caps, and in particular the holdings in this portfolio, could move a long way on limited liquidity.

As ever, we remain focused on the micro, industry level change and stock specific analysis and the opportunities we are seeing today in our universe are as exciting as ever. Historically, periods of heightened volatility have been followed by strong returns for the strategy and presented excellent investment opportunities.

We thank shareholders for your ongoing support.

1Source: BlackRock as at 31 August 2024

Unless otherwise stated all data is sourced from BlackRock as at 31 August 2024.

Any opinions, forecasts represent an assessment of the market environment at a specific time and is 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

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.

Roland Arnold is manager of BlackRock Smaller Companies Trust plc and a member of the UK Equity Team. Mr Arnold has been co-manager of the BlackRock UK Special Situations Fund since August 2012, and manager of Small & Mid Cap UK Equity Portfolios since 2006. Roland’s service with the firm dates back to 2000, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006.

Roland Arnold

Portfolio Manager
Roland Arnold

Board of directors

All of the Directors are independent of the management company and are members of the Management Engagement Committee. With the exception of the Chairman all Directors are members of the Audit Committee.

Ronald Gould (Chairman) was appointed to the Board in April 2019 and became chairman of the Company in June 2019. He is currently Chairman of Henderson Far East Income Trust plc, Think Alliance Asia and was previously Chairman of Credo Capital Partners AB, Compliance Science Ltd and a Non-Executive Director of the JPMorgan Asian Investment Trust plc. He was also previously Managing Director and Head of the Promontory Financial Group in China, CEO of Chi-X Asia Pacific, Senior Adviser to the UK Financial Services Authority, CEO of investment bank ABG Sundal Collier and Vice Chairman of Barclays Bank asset management activities.

Susan Platts-Martin (Senior Independent Director) appointed on 21 April 2016, is the Chairman of Baillie Gifford China Growth Trust plc and formerly sat on the Advisory Board of the Barings Targeted Return Fund. She previously acted as Protector of Power to Change Trust. A qualified chartered accountant with 26 years' experience in financial services, she was the first head of investment trusts at Fidelity International, responsible for establishing and growing a successful investment trust business. She has experience of both open and closed ended funds having also been director of product development and head of fund accounting at Fidelity.

Mark Little (Chairman of the Audit Committee) was appointed to the Board on 1 October 2020. He is a non-executive director and also chairs the audit committees of the Majedie Investment Trust Plc and Securities Trust of Scotland Plc and is a non-executive Director and audit committee chairman designate of the Abrdn Equity Income Trust plc. He was also previously Investment Director at Seven Investment Management and a non-executive director (and audit committee chairman) of Sanditon Investment Trust plc as well as a non-executive director for the start-up business UWI Technology and the charity Winning Scotland Foundation. Mr Little has a wealth of experience in the financial services sector, and began his career as a fund manager with Scottish Widows Investment Management after qualifying as a chartered accountant with Price Waterhouse in 1991. He subsequently worked as Global Head of Automotive Research for Deutsche Bank and joined Barclays Wealth in 2005, where he became Managing Director of Barclays Wealth (Scotland and Northern Ireland).

James Barnes was appointed to the Board on 31 July 2021. He is a Non-Executive Director and is also currently the Chairman of Vestey Holdings, the Horticultural Trades Association, Thirlstane Castle Trust and the Crieff Food Company and was previously a Director and Chairman of Dunedin Smaller Companies Trust plc. Mr Barnes was also previously a Director of Dobbies Garden Centres plc; he was instrumental in growing the business and leading its sale to Tesco in 2007. Mr Barnes has a wealth of experience in the financial services and UK smaller companies sector and began his career in corporate finance and investment banking.

Helen Sinclair was appointed to the Board on 1 March 2022. She began her career in investment banking and spent nearly eight years at 3i plc focusing on management buy-outs and growth capital investments. She later co-founded Matrix Private Equity (which became Mobeus Equity Partners) in 2000 and subsequently became Managing Director of the company before moving to take on a number of non-executive director roles. She is a non-executive director of WH Ireland Group plc, Shire Income plc and Sherborne Investors (Guernsey) C Limited and Chairman of Octopus Future Generations VCT PLC. Ms Sinclair was previously Chairman and non-executive director of British Smaller Companies VCT and a non-executive director of Mobeus Income & Growth 4 VCT plc and The Income & Growth VCT plc.

Dunke Afe was appointed to the Board on 1 January 2024 as a Non-Executive Director. She is an accomplished global marketing executive with extensive experience in raising brand awareness, delivering high-impact portfolio strategies and omni-channel marketing campaigns to drive business growth. She has previously worked with top blue chip multinationals including Unilever, Kimberly Clark and Estee Lauder. Ms Afe is also a Non-Executive Director of CT UK Capital and Income Investment Trust plc.

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Investment strategies targeting growth and income.
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Decades of proven experience running investment trusts since 1992.
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Unparalleled research capabilities and experienced stock pickers.
Contact
To get in touch contact us on:
Telephone: 020 7743 3000
Email: cosec@blackrock.com