Explore the key moments of the 2025 BlackRock Throgmorton Trust Annual General Meeting with our video highlights. Gain insights directly from Dan Whitestone, Portfolio Manager of the BlackRock Throgmorton Trust.
Investment Philosophy and Performance Highlights
00:03:37,933 --> 00:03:40,966
We like to focus on companies that have strong
protected market positions, that invest
00:03:40,966 --> 00:03:43,700
in that people, plant, property and equipment
and also invest in their products.
00:03:43,700 --> 00:03:47,566
Therefore they solve customer problems
and therefore price is not
00:03:48,200 --> 00:03:49,866
or may never feature in the discussion.
00:03:49,866 --> 00:03:52,100
If it does feature
it is some way down on the list.
00:03:52,100 --> 00:03:56,433
It's all about tapping into a consumer
zeitgeist or in solving industrial,
00:03:57,200 --> 00:04:00,200
complex problems
with value added solutions.
00:04:00,933 --> 00:04:03,700
We like companies
to have strong financial positions
00:04:03,700 --> 00:04:06,466
because it means they're in control
their own destiny.
00:04:06,466 --> 00:04:07,500
And we like companies that
00:04:07,500 --> 00:04:11,266
no matter how you define your earnings,
you convert that earnings into cash flow.
00:04:11,433 --> 00:04:13,366
It's the one metric doesn't really lie.
00:04:13,366 --> 00:04:16,800
And then those cash flows, our primary
focus would always be to be reinvested
00:04:16,800 --> 00:04:19,066
back into the business
at high rates of return.
00:04:19,066 --> 00:04:21,766
If you can't do that,
the other methods to return capital
00:04:21,766 --> 00:04:25,233
our preferred measure right now
clearly be share buybacks and failing that,
00:04:25,233 --> 00:04:27,000
obviously attractive,
00:04:28,733 --> 00:04:31,733
acquisition investment.
00:04:33,166 --> 00:04:33,600
Okay.
00:04:33,600 --> 00:04:38,000
Here's a compliance slide where you have
to show performance in calendar years,
00:04:38,500 --> 00:04:41,166
which is always slightly confusing
because we have a November year end.
00:04:41,166 --> 00:04:44,733
So I prefer to use our financial year
ends, which is on next slide.
00:04:44,733 --> 00:04:47,100
But the message is ultimately
one of the same.
00:04:47,100 --> 00:04:50,100
You can see here the 14 years
of outperformance since BlackRock
00:04:50,500 --> 00:04:53,166
as a business or as a company, took over
00:04:53,166 --> 00:04:56,166
the management of Throgmorton.
00:04:56,233 --> 00:04:59,100
I wasn't at BlackRock in 2009.
00:04:59,100 --> 00:05:03,600
I was back then,
I think at UBS advising, my old boss,
00:05:03,600 --> 00:05:06,900
who ended up hiring me on shares
that he should be buying or selling.
00:05:07,200 --> 00:05:11,800
And I, you know, I've now run the team
that he used to run, but I joined in 2013.
00:05:11,800 --> 00:05:14,833
And I took over in March of 2015.
00:05:14,833 --> 00:05:20,366
So, as our chairman said,
I have now run this trust for ten years.
00:05:20,600 --> 00:05:23,800
And you can see that in our entire history
I have only ever had two down years.
00:05:23,800 --> 00:05:26,766
But in the ten years I've run,
I've only had one down year.
00:05:26,766 --> 00:05:30,200
And that clearly was a down year,
my sort of annus horribilis, which I'm
00:05:30,200 --> 00:05:31,000
still sort of like,
00:05:32,366 --> 00:05:34,766
Well, still apologising for.
00:05:34,766 --> 00:05:37,200
And it was obviously
a particularly challenging period.
00:05:37,200 --> 00:05:41,700
But you can see that ultimately
I've had nine years of outperformance.
00:05:43,200 --> 00:05:45,700
And I'm hoping that that can continue.
00:05:45,700 --> 00:05:48,700
Clearly that one year in 2022 will
00:05:48,700 --> 00:05:52,500
obviously influence negatively
the three and five year numbers.
00:05:52,866 --> 00:05:55,200
You know, I've got to wait
for the maths bits to roll through.
00:05:55,200 --> 00:05:56,333
But I think it's
00:05:56,333 --> 00:05:59,566
rather than just looking at something
when you still got that in your three
00:05:59,566 --> 00:06:01,633
five numbers,
I think it's much more instructive
00:06:01,633 --> 00:06:05,666
to look at in a context of ten years
and seeing nine years of outperformance
00:06:05,666 --> 00:06:08,666
including some very big years
of outperformance.
00:06:09,700 --> 00:06:12,433
Over the ten years I've managed the trust
00:06:12,433 --> 00:06:15,700
I've outperformed the benchmark net of all
fees by over 4%
00:06:15,700 --> 00:06:16,366
compound.
Risk Warnings
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.
Trust-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 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 video 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 in this video 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 affiliates. All other trademarks are those of their respective owners.
Investment Philosophy
We like to focus on companies that have strong protected market positions… that solve customer problems and therefore price is not—or may never—feature in the discussion. If it does, it is some way down on the list.
Mergers and Acquisitions
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.
00:08:30,166 --> 00:08:33,200
M&A does continue at large.
00:08:33,200 --> 00:08:36,566
I spoke a year ago that I thought M&A
would be a big feature of the calendar
00:08:36,566 --> 00:08:37,733
2024.
00:08:37,733 --> 00:08:41,366
It was, I think will be
a big feature of 2025, because ultimately
00:08:41,366 --> 00:08:46,833
there only are really two buyers of any
significance right now in this asset class.
00:08:46,833 --> 00:08:48,866
And the one is the companies themselves.
00:08:48,866 --> 00:08:52,133
Because unlike what you might think,
company balance sheets are very,
00:08:52,133 --> 00:08:53,000
very strong.
00:08:53,000 --> 00:08:54,966
And so many,
many companies are buying back
00:08:54,966 --> 00:08:55,900
and should know this one
00:08:55,900 --> 00:08:57,766
to the company statements
at seven in the morning,
00:08:57,766 --> 00:09:01,533
you've got to trail through 65
or 70 company announcements where their
00:09:01,533 --> 00:09:04,533
share counts and will be adjusted
for their ongoing daily buyback.
00:09:05,433 --> 00:09:07,333
And two are corporates.
00:09:07,333 --> 00:09:10,200
And so last year
it was a record year in terms of number
00:09:10,200 --> 00:09:13,400
of transactions,
not the aggregate value for M&A.
00:09:13,400 --> 00:09:16,200
It was a combination of private equity
and corporates.
00:09:16,200 --> 00:09:19,700
Now this is a very sort of like
this is a double-edged sword
00:09:19,900 --> 00:09:23,533
if it's a good thing or a bad thing,
I mean in the long term it's bad because we
00:09:23,566 --> 00:09:27,500
are just de-equitising the small mid-cap
asset class through share buybacks
00:09:27,600 --> 00:09:29,433
and companies leaving.
00:09:29,433 --> 00:09:32,466
It could be great for absolute
and relative performance.
00:09:32,466 --> 00:09:35,566
If you are owning something
that's taken out a 50%
00:09:35,566 --> 00:09:39,900
or 75% premium. It could be terrible
for your relative performance
00:09:39,900 --> 00:09:42,433
if something in the benchmark is taken
out, which you don't own.
00:09:43,533 --> 00:09:45,866
It can also be very bad if you own it
and effectively
00:09:45,866 --> 00:09:50,433
you're selling something on the cheap
when really like your own view
00:09:50,433 --> 00:09:54,000
of the
intrinsic value is company far exceeds
00:09:54,000 --> 00:09:57,466
the cash in the hand offer today.
00:09:57,800 --> 00:09:58,633
But that is the case.
00:09:58,633 --> 00:10:03,300
And I say all this because
the M&A activity in our index last year
00:10:03,300 --> 00:10:08,033
cost me on a relative basis,
around 300 basis points of performance.
00:10:08,600 --> 00:10:11,666
That's a headwind I've never experienced
in the ten years I'm running it.
00:10:11,733 --> 00:10:16,033
I'm almost 300 basis points behind the
benchmark just from things being acquired
00:10:16,500 --> 00:10:17,633
that I don't own.
00:10:17,633 --> 00:10:19,366
And that could be true this year.
00:10:19,366 --> 00:10:20,700
It could be a good thing for me.
00:10:20,700 --> 00:10:21,800
It could be a bad thing,
00:10:21,800 --> 00:10:25,733
something that I can't rely on but
can definitely skew relative performance
00:10:25,733 --> 00:10:27,366
versus the benchmark, and certainly
00:10:27,366 --> 00:10:31,533
versus the peer group, which is why
I think it's important to flag it.
Risk Warnings
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.
Trust-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 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 video 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 in this video 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 affiliates. All other trademarks are those of their respective owners.
Mergers and acquisitions
Last year it was a record year in terms of number of transactions—not the aggregate value—for M&A. It was a combination of private equity and corporates.
The Case for BlackRock Throgmorton 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.
00:35:21,733 --> 00:35:25,233
But let me just try and wrap things up
okay.
00:35:25,233 --> 00:35:28,766
We see so many companies, the companies
that we ourselves see,
00:35:28,766 --> 00:35:31,800
some say they themselves
feel under the kosh,
00:35:31,800 --> 00:35:35,466
their share prices
aren't going in the right direction.
00:35:35,466 --> 00:35:38,466
Yet they feel
they're making all this improvement.
00:35:38,533 --> 00:35:41,300
And generally, they've been conditioned
now into giving a somewhat,
00:35:41,300 --> 00:35:44,800
you know, fairly
like conservative outcome.
00:35:44,800 --> 00:35:45,433
Right? Okay.
00:35:45,433 --> 00:35:48,166
But like just talk me through the
last quarter.
00:35:48,166 --> 00:35:48,900
Oh, actually it's a
00:35:50,100 --> 00:35:51,800
really strong bit of trading.
00:35:51,800 --> 00:35:53,666
You know order in takes are up,
00:35:53,666 --> 00:35:57,000
order books are growing,
book to bill rates improving, customers are
00:35:57,000 --> 00:35:57,233
Oh yeah,
00:35:57,233 --> 00:36:00,233
They really like our new product. Okay, so,
00:36:00,333 --> 00:36:03,200
oh well like there's no mileage
in saying anything positive
00:36:03,200 --> 00:36:04,100
in the outlook statement,
00:36:04,100 --> 00:36:07,100
so, we just gave a very, very benign,
anodyne
00:36:07,733 --> 00:36:10,000
could be a lot of risks in 2025.
00:36:10,000 --> 00:36:11,666
That ultimately is
what you're getting outlook,
00:36:11,666 --> 00:36:14,100
but when you speak to the companies
and you look at what's going on
00:36:14,100 --> 00:36:18,600
and the current trends, which should augur
well into 2025, the picture actually,
00:36:18,600 --> 00:36:21,800
I think is much more robust
and attractive.
00:36:23,266 --> 00:36:24,466
It's an interesting time.
00:36:24,466 --> 00:36:26,366
This is a great asset class.
00:36:26,366 --> 00:36:28,100
We're in a bear market.
00:36:28,100 --> 00:36:30,333
We shouldn't all give up.
I mean, look at this.
00:36:30,333 --> 00:36:33,566
I mean that is a chart for small mid-caps
in the long term.
00:36:33,933 --> 00:36:38,633
It has absolutely hammered
large caps over the long run, even though
00:36:38,633 --> 00:36:42,166
we're in this very, very difficult period
of relative underperformance.
00:36:43,800 --> 00:36:46,233
This investment trust, you know,
00:36:46,233 --> 00:36:49,500
ten years of running there has been nine up years,
one down year.
00:36:49,633 --> 00:36:50,033
Sure.
00:36:50,033 --> 00:36:53,200
Like three and five year numbers have taken a hit
because of 2022.
00:36:53,200 --> 00:36:56,200
But ultimately the long term
numbers are great.
00:36:56,533 --> 00:37:00,000
You know, this asset class
has significant outperform large caps.
00:37:00,000 --> 00:37:03,000
And this Trust has massively outperformed
this asset class.
00:37:03,466 --> 00:37:04,500
And you will say, right,
00:37:04,500 --> 00:37:06,066
but you weren't here in 2008.
00:37:06,066 --> 00:37:08,466
And you're right - I wasn't.
00:37:08,466 --> 00:37:11,466
But that is my ten-year track record
00:37:11,700 --> 00:37:14,200
and I have more than doubled
the return of the benchmark.
00:37:14,200 --> 00:37:16,900
And my return is, after all, fees.
00:37:16,900 --> 00:37:19,633
This benchmark hasn't got any fees.
00:37:19,633 --> 00:37:22,300
If you want to go and buy a UK
small mid-cap ETF,
00:37:22,300 --> 00:37:25,400
then someone from Blackrock
will happily sell it to you, the OCF
00:37:25,400 --> 00:37:26,900
is 58 basis points,
00:37:28,066 --> 00:37:30,233
That's the cost
00:37:30,233 --> 00:37:33,233
for an ETF in UK small mid-caps.
00:37:33,600 --> 00:37:38,000
You stick on 0.58 on that and compound
that through time.
00:37:38,000 --> 00:37:41,200
You end up with a number
that is a lot lower than the one on the screen.
00:37:41,233 --> 00:37:44,566
So, I'm comparing a fund with all costs,
even though this is a basically
00:37:44,733 --> 00:37:47,733
a benchmark with no cost,
which you can't buy.
00:37:49,066 --> 00:37:50,433
It's a good asset class.
00:37:50,433 --> 00:37:52,033
We've got a process that works.
00:37:52,033 --> 00:37:53,566
You've got a great team.
00:37:53,566 --> 00:37:57,966
So, a lot of stuff going on,
but it's a difficult time right now.
00:37:57,966 --> 00:38:00,966
And so, I applaud your patience.
00:38:01,033 --> 00:38:02,266
I applaud your commitment.
00:38:02,266 --> 00:38:05,900
Surely be much more interesting sitting
listening to Ben Rogoff at Polar Technology,
00:38:06,400 --> 00:38:09,000
talking to you about AI and DC CapEx.
00:38:09,000 --> 00:38:11,600
But here you are. So, thank you very much.
Risk Warnings
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.
Trust-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 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 video 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.
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The Case for BlackRock Throgmorton Trust
When you speak to the companies and you look at what’s going on and the current trends, which should augur well into 2025, the picture actually, I think, is much more robust and attractive.
Description of Fund 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 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.
