Half-year report update with Portfolio Manager, Dan Whitestone

View the latest research on the Trust

Kepler > QuotedData >

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.

Video Player-1,Paragraph-1,Accordion-1,Paragraph-2,Paragraph-3,Paragraph-4,Paragraph-5,Paragraph-6
Paragraph-7,Accordion-2
Free Form Html-4,Paragraph-8
Paragraph-12
Paragraph-9
Paragraph-10,Bio-1,Paragraph-11

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 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.

Video Player is loading.
Current Time 0:00
Loaded: 0%

BlackRock Throgmorton Trust plc

The Blackrock Throgmorton Trust aims to deliver long-term capital growth and total return by investing primarily in UK small and mid-sized companies.

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.

Portfolio manager Dan Whitehouse looks to invest in a diversified portfolio of the UK’s most exciting emerging companies.

The UK offers a broad spectrum of leading companies that are exposed to global trends. This means Dan can build a portfolio that reaches far beyond the UK economy and accesses attractive global growth.

Dan seeks out two types of companies. The first type possesses what he calls 'quality differentials'. These are things like strategic positioning, product strengths and quality management that can provide a long-term competitive advantage, which couldn then lead to longer-term compounding growth.

The second type of company Dan looks for come under the category of 'industry change'. These are 'disruptors' that use their technological edge, alignment to customer trends or cost advantage, to genuinely transform the industries in which they compete.

Unlike most investment trusts, Blackrock Throgmorton can take short positions through derivatives such as 'contracts for difference' as a way of accessing additional returns. This can provide a higher exposure to the market.

Subscribe to receive regular updates on the progress of this trust.

-----------END----------

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

Description of Fund Risks

Capital Growth / Income Variation

Investors in the Fund should understand that capital growth is not a priority and values may fluctuate and the level of income may vary from time to time and is not guaranteed.

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 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 trust 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.

MKTGH0224E/S-3363110

BlackRock Throgmorton Trust plc

The Blackrock Throgmorton Trust aims to deliver long-term capital growth and total return by investing primarily in UK small and mid-sized companies.

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.

Portfolio manager Dan Whitehouse looks to invest in a diversified portfolio of the UK’s most exciting emerging companies.

The UK offers a broad spectrum of leading companies that are exposed to global trends. This means Dan can build a portfolio that reaches far beyond the UK economy and accesses attractive global growth.

Dan seeks out two types of companies. The first type possesses what he calls 'quality differentials'. These are things like strategic positioning, product strengths and quality management that can provide a long-term competitive advantage, which couldn then lead to longer-term compounding growth.

The second type of company Dan looks for come under the category of 'industry change'. These are 'disruptors' that use their technological edge, alignment to customer trends or cost advantage, to genuinely transform the industries in which they compete.

Unlike most investment trusts, Blackrock Throgmorton can take short positions through derivatives such as 'contracts for difference' as a way of accessing additional returns. This can provide a higher exposure to the market.

Subscribe to receive regular updates on the progress of this trust.

-----------END----------

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

Description of Fund Risks

Capital Growth / Income Variation

Investors in the Fund should understand that capital growth is not a priority and values may fluctuate and the level of income may vary from time to time and is not guaranteed.

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 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 trust 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.

MKTGH0224E/S-3363110

Why choose it?

The BlackRock Throgmorton Trust looks to back the UK’s 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

  • The BlackRock Throgmorton Trust aims to achieve long-term capital growth along with an attractive total return for shareholders. It is a high-conviction portfolio focusing on UK emerging companies with an ability to “short” unattractive companies, providing flexibility and potential for profit. The Trust seeks differentiated, exciting firms with quality management and dominant market positions, aiming to capitalise on industry disruptors within a strong risk framework and is most suited to investors who are comfortable with a dynamically managed portfolio and limited “short” exposure. It employs a unique strategy to back investment ideas with conviction.

  • Daniel Whitestone is the lead Portfolio Manager for BlackRock Throgmorton Trust. Daniel joined BlackRock in 2013, previously heading the UK small and mid-cap sales desk at UBS where he ranked first in the Extel Small/Mid-Cap sales ratings in 2011 and 2012.

  • A high conviction portfolio can be described as an investment portfolio that holds a relatively concentrated number of positions, typically in a limited number of securities or assets in which the fund manager has high confidence. In other words, the fund manager believes strongly in the potential of the selected investments to outperform the market and as a result allocates a significant portion of the portfolio to those specific assets.

    For BlackRock Throgmorton Trust, having a high conviction portfolio is relevant because it aligns with the Trust’s investment objective of achieving long-term capital growth through investing in smaller UK companies. By maintaining a concentrated portfolio of carefully selected securities, the fund manager aims to capitalise on what they believe to be the more promising investment opportunities within the realm of smaller UK companies.

  • Investing in UK small and medium-sized companies offers potential for growth, innovation and diversification. These agile firms can capitalise on market inefficiencies, providing opportunities for superior returns. Contributing to economic growth, they may become acquisition targets, adding to their appeal for investors seeking higher-risk, higher-reward opportunities.

  • The BlackRock Throgmorton Trust primarily invests in UK small and mid-market companies on the London Stock Exchange. Up to 15% of its assets may be allocated to non-UK securities. The Trust diversifies its portfolio across various sectors, which include industrials, consumer services, financials, technology, healthcare and telecommunications.

AJ Bell Best Investment Trust for Growth logo    AJ Bell UK Smaller Companies – Active logo 

AJ Bell Online Personal Wealth Awards 2021: As at 8 March 2021.
AJ Bell Award: As at 3 September 2021.

Awards/Ratings have not been superseded to date.
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.
  • 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.
Image of a target board
Investment strategies targeting growth and income.
Image of a bar chart
Decades of proven experience running investment trusts since 1992.
Image of a magnifying glass
Unparalleled research capabilities and experienced stock pickers.
Contact
To get in touch contact us on:
Telephone: 020 7743 3000
Email: cosec@blackrock.com