Source - PRN


All information is at 31 May 2017 and unaudited.
Performance at month end is calculated on a capital only basis

One month
Three months
Net asset value* 4.0 13.6 34.2 51.9 150.3
Share price* 8.5 17.5 36.8 52.8 164.6
Numis ex Inv Companies + AIM Index 2.5 8.7 23.2 20.8 75.7

*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): 1,399.66p
Net asset value Capital only(debt at fair value): 1,390.09p
Net asset value incl. Income(debt at par value)**: 1,411.37p
Net asset value incl. Income(debt at fair value)**: 1,401.81p
Share price 1,245.00p
Discount to Cum Income NAV (debt at par value): 11.8%
Discount to Cum Income NAV (debt at fair value): 11.2%
Net yield^^^: 1.7%
Gross assets^: £740.4m
Gearing range as a % of net assets: 0-15%
Net gearing including income (debt at par): 8.9%
2017 Ongoing charges ratio^^ 0.7%
2017 Ongoing charges ratio (including performance fees): 1.0%
Ordinary shares in issue#: 47,879,792

**includes net revenue of 11.71p

^includes current year revenue

^^As reported in the Annual Financial Report for the year ended 28 February 2017, 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 13.00 pence per share, (announced on 02 May 2017, ex-dividend on 18 May 2017) and the interim dividend of 8.00 pence per share (announced on 25 October 2016 and gone ex-dividend on 3 November 2016)

#excludes 2,113,731 shares held in treasury.

Sector Weightings % of portfolio
Industrials 29.2
Consumer Services 19.0
Financials 13.1
Consumer Goods 9.7
Basic Materials 9.4
Health Care 8.6
Technology 7.3
Oil & Gas 3.0
Travel & Leisure 0.4
Utilities 0.3
Total 100.0


Ten Largest Equity Investments
Company % of portfolio
CVS Group 2.4
Dechra Pharmaceuticals 2.2
4imprint Group 1.8
Avon Rubber 1.7
Hill & Smith 1.6
Advanced Medical Solutions 1.5
JD Sports Fashion 1.5
Countryside Properties 1.4
Headlam Group 1.4
Ibstock 1.3

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

During May the Company’s NAV per share rose by 4.0% to 1399.7p on a capital only basis whilst our benchmark index (Numis ex Inv Companies + AIM Index) rose by 2.5%; the FTSE 100 Index rose by 4.4%.

Stock selection was the primary driver of performance during the month, with sector allocation and gearing also contributing positively.

Colour cosmetics company Warpaint reported a 24% increase in 2016 earnings and announced a maiden final dividend of 1.5p. The shares have performed well since IPO and the outlook for the company remains strong. Specialty tape manufacturer Scapa’s full year results confirmed pre-tax profits had more than doubled while management also commented on their confidence for further growth in both the healthcare and industrial divisions. GB Group performed well after announcing the acquisition of address validation and data quality service provider PCA Predict. The deal is expected to be earnings enhancing in the first 12 months, whilst adding further international scale and bringing a large client base with an opportunity to upsell GB Group’s original software. Elsewhere, the portfolio’s holdings in Dechra Pharmaceuticals, CVS Group and Advanced Medical Solutions were all positive contributors, benefitting from the outperformance of more defensive areas of the market during the month.

There were no major individual stock detractors from relative performance during the month. The largest detractors included the Company’s holdings in mining companies as the sector underperformed on the back of commodity price weakness. 

Activity during May included a new purchase in Gear4Music after good meeting with management, and adding to the portfolio’s holdings in Treatt and Countryside Properties.

19 June 2017


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.