BlackRock Throgmorton Trust : THRG – final results

Over the year ended 30 November 2013 Throgmorton managed to generate a 52.3% total return to shareholders as the NAV returned 40.1% and the discount narrowed. The equivalent return on the Numis Smaller Companies plus AIM (excluding investment companies) Index – THRG’s benchmark – was 31.6%. the performance was good enough to generate a performance fee for the manager of £3.9m.

Good performance was generated by raft of holdings including Xaar, Blinkx, Optimal Payments, Howden Joinery, Polar Capital and Ashtead. Relative to the benchmark, THRG lost out by not holding Ocado and buying Thomas Cook after its shares had already risen significantly. Also holding AZ Electronic Materials when its earnings were downgraded and selling before it got bid was unhelpful.

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