Source - PRN
All information is at31 August 2016 and unaudited.
Performance at month end is calculated on a capital only basis
One Three One Three Five
month months year years years
% % % % %
Net asset value* 5.0 2.1 3.7 33.7 95.1
Share price* 6.0 -1.6 -3.2 21.3 88.1
Numis ex Inv Companies + AIM (capital only) 3.4 3.0 2.1 11.4 44.7
*performance calculations based on a capital only NAV with debt at par, without income reinvested. Share price performance calculations exclude income reinvestment.
Sources:  BlackRock and Datastream
At month end
Net asset value Capital only(debt at par value): 1,064.58p
Net asset value Capital only(debt at fair value): 1,055.00p
Net asset value incl. Income(debt at par value)**: 1,079.29p
Net asset value incl. Income(debt at fair value)**: 1,069.71p
Share price 895.50p
Discount to Cum Income NAV (debt at par value): 17.0%
Discount to Cum Income NAV (debt at fair value): 16.3%
Net yield^^^: 1.95%
Gross assets^: £551.7m
Gearing range as a % of net assets: 0-15%
Net gearing including income (debt at par): 6.9%
2016 Ongoing charges ratio^^ 0.7%
2016 Ongoing charges ratio (including performance fees): 0.9%
Ordinary shares in issue#: 47,879,792
**includes net revenue of 14.71p
^includes current year revenue
^^ As reported in the Annual Financial Report for the year ended 29 February 2016, the ongoing charges ratio is calculated as a percentage of net assets and using operating expenses, excluding performance fees, finance costs and taxation.
^^^Yield calculations are based on dividends announced in the last 12 months as at the date of release of this announcement, and comprise of the final dividend of 10.50 pence per share, (announced on 25 April 2016, ex-dividend on 19 May 2016) and the interim dividend of 7.00 pence per share (announced on 26 October 2015 and gone ex-dividend on 5 November 2015)
#excludes 2,113,731 shares held in treasury.
Sector Weightings % of portfolio
Industrials   29.1
Consumer Services   20.3
Financials 13.8
Technology 9.9
Consumer Goods 9.0
Basic Materials 8.1
Health Care 7.7
Oil & Gas 1.9
Utilities 0.2
Total 100.0


Ten Largest Equity Investments
Company % of portfolio
4imprint Group 2.7
CVS Group 2.4
Fevertree Drinks 2.0
Dechra Pharmaceuticals 1.9
Hill & Smith 1.8
Advanced Medical Solutions 1.7
Restore 1.7
GB Group 1.6
Savills 1.5
Accesso Technology 1.4
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:

During August the Company’s NAV per share rose by 5.0% on a capital only basis whilst our benchmark index, the Numis ex Inv Companies + AIM (capital only), rose by 3.4%; the FTSE 100 Index rose by 0.8%.

Outperformance was largely driven by stock selection with our large holdings in 4imprint Group and CVS Group contributing well. 4imprint announced half year results which showed revenues up 17%, all organic, 19% increase in earnings per share and net cash of $20m. 96% of 4imprint Group’s revenue is generated in the USA. Trading patterns in the first half are expected to continue into the second half. CVS Group put out a year end trading update which indicated results were expected to be modestly ahead of market expectations. Like-for-like revenues were up 4.8% for the year to 30 June, up from a more normal 3.0% in the first half. CVS Group has continued to be acquisitive adding 67 surgeries in the year taking its total surgeries operated to 360.

There were no holdings which were significant detractors from relative performance from a stock specific point of view during the month.

Gearing added modestly to relative performance. Sector allocation made a small position contribution with our overweight position in housing related stocks helping.

During the month we added a number of small holdings including Ultra Electronics, Coats, Dairy Crest and Costain. Ultra and Coats both generate the majority of their revenues internationally. Ultra is more confident of seeing a return to organic sales growth and defence budgets are generally looking better underpinned. Coats is benefitting from the growth of the Asian consumer, although it is a truly global business. Dairy Crest should benefit from higher cheese profits and the growth of its demineralised whey business. Costain should benefit from increasing infrastructure spending.  

20 September 2016

Latest information is available by typing 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.