January 19, 2017 - 10:03 AM EST
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All information is at 31 December 2016 and unaudited.
Performance at month end is calculated on a cum income basis

Net asset value 4.3 4.7 10.0 31.2 129.5
Share price 7.5 4.5 -2.7 16.8 141.9
Benchmark* 5.0    4.6 11.1 20.6 93.8

Sources: BlackRock and Datastream

*With effect from 1 December 2013 the Numis Smaller Companies excluding AIM (excluding investment companies) Index replaced the Numis Smaller Companies plus AIM (excluding investment companies) Index as the Company’s benchmark. The five year period indices have been blended to reflect this.

At month end
Net asset value capital only: 423.36p
Net asset value incl. income: 430.20p
Share price: 349.50p
Discount to cum income NAV: 18.8%
Net yield1: 2.0%
Total Gross assets2: £314.6m
Net market exposure as a % of net asset value5: 111.3%
Ordinary shares in issue3: 73,130,326
2015 ongoing charges (excluding performance fees)4: 1.1%
2015 ongoing charges ratio (including performance fees): 2.3%

1. Calculated using 2016 interim dividend paid on 19 August 2016 and 2015 final dividend.
2. Includes current year revenue and excludes the gross exposure through contracts for difference.
3. Excluding 7,400,000 shares held in treasury.
4. Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 30 November 2015.
5. Long positions less short positions as a percentage of net asset value.

Sector Weightings % of Total Assets
Industrials 30.4
Consumer Services 22.9
Financials 16.3
Consumer Goods 11.1
Basic Materials 8.8
Technology 4.5
Health Care 4.3
Oil & Gas 2.3
Net current liabilities -0.6
Total 100.0
Market Exposure (Quarterly)
Long 118.2 114.4 114.3 116.9
Short 11.2 8.3 8.3 8.5
Gross exposure 129.4 122.7 122.6 125.4
Net exposure 107.0 106.1 106.0 108.4


Ten Largest Investments
Company % of Total Gross Assets
CVS Group 3.6
4imprint Group 3.2
JD Sports Fashion 2.8
Cineworld Group 2.6
Dechra Pharmaceuticals 2.5
Hill & Smith 2.0
Big Yellow 2.0
Avon Rubber 2.0
Workspace Group 1.9
Berkeley Group 1.8

Commenting on the markets, Mike Prentis and Dan Whitestone, representing the Investment Manager noted:

During December the Company’s NAV per share rose by 4.3% to 430.2p on a cum income basis whilst our benchmark index rose by 5.0%; the FTSE 100 Index rose by 5.4%.

The biggest positive contributors to stock selection were our holdings in e2v and Faroe Petroleum. e2v attracted an agreed bid from Teledyne Technologies Inc at a 48% premium. This is yet another example of an overseas buyer seeing good value in UK listed stocks. The agreement by OPEC to limit production, and the rising oil price, helped Faroe shares. Delek Group also bought a 13% stake in Faroe, clearly a supportive sign.

On the negative side, our substantial holding in JD Sports performed poorly for once, with the shares falling 4.4% in a rising market. In January JD Sports has announced a further strong trading update.

Turning to sector allocation, for the first time in many months our underweight position in mining shares was a positive.

During the month we added to our holdings in Bellway and Berkeley Group, both after good meetings with management. We also added to our holdings in Big Yellow and Rightmove. These are all high quality companies shares in which are cheaper than 12 months ago. We trimmed or sold some of our smaller holdings.

19 January 2017


Latest information is available by typing www.blackrock.co.uk/thrg on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.

Source: PR Newswire (January 19, 2017 - 10:03 AM EST)

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