Title: PowerPoint Presentation URL Source: https://is.gd/TsQ9Vl Published Time: Fri, 30 May 2025 18:30:29 GMT Markdown Content: BlackRock Throgmorton Trust plc # April 2025 The information contained in this release was correct as at 30 April 2025 Information on the Company’s up to date net asset values can be found on the London Stock Exchange Website at: https://www.londonstockexchange.com/exchange/news/market -news/market - news -home.html # Company objective To provide shareholders with long term capital growth and an attractive total return through investment primarily in UK smaller companies and mid - capitalisation companies traded on the London Stock Exchange. # Key risk factors 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’s investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance in smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at or near the last market price quoted or at a value considered to be fair. 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 own. Derivatives can also be used to generate exposure to investments greater than the net asset value of the Company. Investment Managers refer to this practice as obtaining market leverage or gearing. As a result, a small positive or negative movement in stock markets will have a larger impact on the value of these derivatives than owning the investments. The use of derivatives in this manner may have the effect of increasing the overall risk profile of the Company. Approximately 30% of the Company’s net assets may be invested in Contracts for Difference (“CFDs”). Please refer to the glossary for a fuller definition # blackrock.com/ uk /thrg Fund information (as at 30/04/25) Net asset value capital only: 603.16p Net asset value incl. income: 609.90p Share price 541.00p Discount to cum income NAV 11.3% Net yield: 1 3.3% Total gross assets: 2 £476.2m Net market exposure as a % of net asset value: 3 101.8% Ordinary shares in issue: 4 78,071,864 2024 ongoing charges (excluding performance fees): 5,6 0.56% 2024 ongoing charges ratio (including performance fees): 5,6,7 0.82% The figures shown relate to past performance. 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. > 1 Calculated using the Final Dividend declared on 20 February 2025 payable on 11 April 2025, together with the Interim Dividend declared on 24 July 2024 paid on 21 August 2024. > 2 Includes current year revenue and excludes gross exposure through contracts for difference. > 3 Long exposure less short exposure as a percentage of net asset value. > 4 Excluding 25,138,000 shares held in treasury. > 5 The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses, excluding performance fees, finance costs, direct transaction charges, VAT recovered, taxation and certain other non -recurring items for the year ended 30 November 2024. > 6 With effect from 1 August 2017 the base management fee was reduced from 0.70% to 0.35% of gross assets per annum. The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses, including performance fees, but excluding finance costs, direct transaction charges, VAT recovered, taxation and certain other non - recurring items for the year ended 30 November 2023. > 7 Effective 1st December 2017 the annual performance fee is calculated using performance data on an annualised rolling two -year basis (previously, one year) and the maximum annual performance fee payable is effectively reduced to 0.90% of two year rolling average month end gross assets (from 1% of average annual gross assets over one year). Additionally, the Company now accrues this fee at a rate of 15% of outperformance (previously 10%). The maximum annual total management fees (comprising the base management fee of 0.35% and a potential performance fee of 0.90%) are therefore 1.25% of average month end gross assets on a two -year rolling basis (from 1.70% of average annual gross assets). The latest performance data can be found on the BlackRock Investment Management (UK) Limited website at blackrock .com/ uk /thrg . > RETH0525E/S-4533100-1/9 1 With effect from 15 January 2024 the Numis Smaller Companies plus AIM (excluding Investment Companies) Index changed to the D eut sche Numis Smaller Companies plus AIM (excluding Investment Companies). Source: BlackRock, Datastream as stated. The latest performance data can be found on the BlackRock Investment Management (UK) Limited website at blackrock.com/uk/thrg . The above Net Asset Value (NAV) performance statistics are based on an NAV with income included with any income reinvested on th e ex -dividend date, net of ongoing charges and any applicable performance fee. Share price performance figures are calculated on a mid market basis in sterling ter ms with income reinvested on the ex - dividend date. A fuller definition of ongoing charges, which includes the annual management fee, is given in the Glossary. De tai ls of the management and performance fees are given in the fund information table overleaf. The performance of the Company’s portfolio, or NAV performance, is no t t he same as share price performance and shareholders may not realise returns which are the same as NAV performance . Sterling 1M% 3M% 1Y% 3Y% 5Y% Net asset value 2.9 -6.4 -4.1 -6.9 29.8 Share price 2.7 -8.0 -5.3 -11.0 13.7 Benchmark 1 2.6 -4.4 0.3 -7.3 35.0 Cumulative performance (as at 30/04/25) Sterling 31/12 /24 31/09 /25 % 31/12 /23 31/12 /24 % 31/12/22 31/12 /23 % 31 /12 /21 31/12 /22 % 31 /12 /20 31/12 /21 % Net asset value -6.7 10.2 -17.6 -3.8 76.1 Share price -7.4 3.4 -21.4 -4.6 75.6 Benchmark 1 -0.4 3.0 -13.4 -2.1 71.3 Annual performance to the last quarter end (as at 31/03/2025) Sector allocations (as at 30/04/25) % of total assets Industrials 31.5 Financials 24.1 Consumer Discretionary 9.6 Basic Materials 7.1 Technology 6.5 Real Estate 3.8 Consumer Staples 3.7 Health Care 2.3 Communication Services 1.5 Telecommunications 0.8 Energy 0.6 Net Current Assets 8.5 Total 100.0 Holdings are as at the date shown and do not necessarily represent current or future portfolio holdings. Risk: The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. Allocations are as of date shown and do not necessarily represent current or future portfolio holdings. Company % of total gross assets Tatton Asset Management 3.1 GPE 3.0 Bellway 3.0 Rotork 3.0 Breedon 2.8 XPS Pensions Group 2.8 IntegraFin 2.8 Grafton Group 2.5 Morgan Sindall 2.5 Alpha Group International 2.4 ## Top 10 investments (as at 30/04/25) Country allocations (as at 30/04/25) % of total assets United Kingdom 94.9 United States 3.8 Australia 0.8 Canada 0.5 Total 100.0 Allocations are as of date shown and do not necessarily represent current or future portfolio holdings. A full disclosure of portfolio investments for the Company as at 31 December 2024 has been made available on the Company’s website at the link given below: https://www.blackrock.com/uk/individual/literature/policies/th rogmorton -portfolio -disclosure.pdf The figures shown relate to past performance. 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. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. > RETH0525E/S-4533100-2/9 Market exposure – quarterly 31.05.24 % 31.08.24 % 30.11.24 % 28.02.25 % Long 114.9 111.7 111.9 117.8 Short 2.3 2.7 3.4 4.9 Gross exposure 117.2 114.4 115.3 122.7 Net exposure 112.6 109.0 108.5 112.9 Source: BlackRock as at 28 February 2025 > RETH0525E/S-4533100-3/9 Comments from the portfolio manager: Please note that the commentary below includes historic information in respect of the performance of portfolio investments, index performance data and the Company’s NAV and share performance. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. The Company returned 2.9% in April, outperforming its benchmark, the Deutsche Numis Smaller Companies +AIM (excluding Investment Companies) Index, which returned 2.6%. 1 April was dominated by global trade policy with President Trump's ‘Liberation Day’ announcements of reciprocal tariffs sparking broad market volatility across asset classes. The US Dollar fell, equities fell, and bond yields rose as markets attempted to grapple with the implications for the global economy. The bond market's violent response prompted a 90 day pause from the US administration and market relief. The US also cited strong progress in negotiations with several countries as the month progressed raising hopes that the impact of tariffs would be lower than feared. In the US, the second half of the month saw a relatively strong earnings season, which also helped sentiment. The result was that stock markets fell quickly then sharply rebounded. It is too early to tell what the exact impact of the tariff proposals will be (or even what the final tariff rates will be post negotiations). Economic data in the month was contradictory in the US, with a large divergence between "soft" survey data worsening and "hard" data remaining robust. Companies who reported largely cited little change to consumer behaviour or pricing so far, but this probably does not yet reflect the post tariff pricing or demand impacts. In the UK, macro data remains mixed but corporate earnings remain robust, particularly in domestically exposed sectors. Bucking the trend of recent months, UK small and mid -caps fared better than large caps, with the FTSE 250 Index up +2.7%, while the FTSE 100 Index fell, reflecting a combination of investor positioning, currency moves, and of course that on average UK smaller companies have lower direct exposure to US tariffs. Alongside broad market volatility, there was plenty of stock and industry moves driving performance of the portfolio during April. The clearest identifiable theme was the strength of UK domestics, in particular housebuilding (Bellway ) and related supply chain ( Grafton ) as well as property ( Great Portland ). Meanwhile M&A (mergers and acquisitions) activity was also a feature, albeit this made both positive and negative contributions for the portfolio, and reminds us of the difficulty shorting in the current environment when the whole spectrum of “quality” seems up for grabs from strategic buyers! UK housebuilder Bellway was the top contributor. Bellway didn’t report in the period, but we heard from a number of peers in the sector, which all gave a familiar and reassuring message with regard current sales rates and build costs. From several discussions we have had with Management teams across the sector it is increasingly clear that Labour’s action on supply side reforms is already making a demonstrable positive impact on planning permission. The sector more broadly has benefitted from falling 2 -year and 5-year swap rates and whilst these metrics are unlikely to be closely monitored by the average consumer (ditto the 10 -year) there are signs of more competition in the mortgage market, which the average consumer is much more attune with. UK housebuilders remain a large thematic position in the portfolio and our conviction grows as funding costs fall, sales rates remain resilient, and planning approvals increase. Better still, despite an improving backdrop, this is an industry trading towards historic trough multiples of book value despite extremely depressed industry volumes. We expect a rapid improvement in ROCE (return on capital employed) as volumes recover and a significant tightening in price to book ratios as NAVs increase. Jet2 rallied following a £250 million share buyback announcement alongside a solid trading update, citing encouraging demand for summer 2025. Growth has been partly driven by the launch of two new UK operating bases at Bournemouth and Luton airports. The flurry of M&A, which has been such a dominant feature in our universe over the last couple of years, in most cases having been a headwind to performance, was beneficial for our position in food delivery service business, Deliveroo, which agreed to a £2.9 billion takeover from US listed peer, DoorDash. Risk: Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. 1 Datastream and London Stock Exchange as at 30 April 2025. Any opinions or forecasts represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation. > RETH0525E/S-4533100-4/9 Comments from the portfolio manager: Please note that the commentary below includes historic information in respect of the performance of portfolio investments, index performance data and the Company’s NAV and share performance. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. April proved to be a difficult month for shorting, with two of the top three detractors coming from short positions. The largest detractor was a short in a facilities management business which reported a better than expected Q4 trading update with upgrades to full year guidance while announcing a new share buyback program. The second biggest detractor was a short position in a UK listed semiconductor business . The company has seen multiple downgrades, and we continue to question its financial disclosure (too much emphasis on bookings growth whilst most other metrics seem to be revised down, such as revenues, profits and cashflows). However, the shares rose in the period on the news of a potential takeover from US chipmaker, Qualcomm. We have retained a short on the hope that no firm bid emerges and also the fact that the shares have moved up on the news. The third largest detractor was identity verification specialist, GB Group , which fell after the company warned that near term growth could be impacted by ongoing global tariff uncertainty. April was another volatile month and one in which we felt the portfolio performed credibly given the environment. Furthermore, and a change from what has felt like the ongoing narrative for all too long now, it was pleasing to see small and mid -caps outperforming large caps. We don’t know the outcome of tariff negotiations or what the end state for global trade will be. However, the companies we have spoken to have all spoken of the increased uncertainty slowing decision making, and therefore ultimately lower activity levels. Some negative GDP impact globally and especially in the US and China should therefore be expected. The range of outcomes for both the extent and duration of those impacts remains very large, perhaps the most uncertain economic environment since the start of the Covid pandemic. Inevitably, with such uncertainty comes opportunity for companies to differentiate themselves (positively or negatively) and the opportunity for fundamental analysis to identify those winners and losers. Despite all the tariff noise, we think the Company remains well diversified by stock, theme, and industry. We still think the opportunity set is as rich and compelling as we have ever seen and look forward to updating you in due course. As a result of the ongoing difficult outlook, we reduced the gross and net at the beginning of the month to circa 111% and 105% respectively. 2 We thank shareholders for your patience and ongoing support. Risk: Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. > 2 Please refer to Glossary for definition of net and gross exposure. Any opinions or forecasts represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation. > RETH0525E/S-4533100-5/9 ## Key company details Fund characteristics: Incorporation date December 1957 Date BlackRock took over management 1 July 2008 Dealing currency Sterling Association of Investment Companies sector (AIC) UK Smaller Companies Benchmark Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index* *With effect from 15 January 2024 the Numis Smaller Companies plus AIM (excluding Investment Companies) Index changed to Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies). Traded London Stock Exchange Ordinary share codes: ISIN GB0008910555 Sedol 0891055 Bloomberg THRG:LN Reuters THRG.L Ticker THRG/LON Financial calendar: Year end 30 November Results announced July (half yearly) February (final) Annual General Meeting March Dividends paid August (interim) April (final) Management: Alternative investment fund manager (with effect from 2 July 2014) BlackRock Fund Managers Limited Portfolio manager Dan Whitestone Annual Management fee 0.35% per annum on gross assets (the annual management fee forms part of the ongoing charges as disclosed in the Fund Information section) Performance fee 15% of the outperformance of the net asset value total return against the be nchmark index, measured on an annualised two year rolling average basis. The performance fee is effectively capped at 0.9%. NMPI Status The Company currently conducts its affairs so that its securities can be recommended by IFAs (Independent Financial Adviser) to ordinary retail investors in accordance with the FCA's (Financial Conduct Authority) rules in relation to Non -Mainstream Pooled Investments (NMPI) and intends to continue to do so for the foreseeable future . The securities are excluded from the FCA's restrictions which apply to non -mainstream pooled investment because they are shares in an investment trust . # Want to know more? blackrock.com/uk/thrg | Tel: 0207 743 3000 | cosec@blackrock.com > RETH0525E/S-4533100-6/9 ## Glossary of Terms Alternative Investment Market (AIM) AIM is the London Stock Exchange’s international market for smaller growing companies. The AIM market has no restrictions on market capitalisation, and financial reporting is more flexible than for companies listed on the main market of the London Stock Exchange. CFD (Contracts for Difference) Under a CFD contract the seller undertakes to pay to the buyer the difference between the current value of an asset and its value at a specified end date; this may be a positive or negative amount dependant on how the price has moved. A CFD contract may be used to profit from the price of the underlying asset falling as well as rising; if the buyer enters into a contract where the transaction will generate a profit if the price of the underlying holding falls, this is called a short position. A CFD contract also enables the Company to take advantage of price movements by paying only a small margin and without the cost outlay of purchasing the underlying stock. CFD contracts are not without risks. They may generate losses as well as profits if the price of the underlying asset moves in an unfavourable direction. CFDs also involve counterparty risk – the risk the CFD provider or another counterparty to a trade fails to fulfil their obligations – and liquidity risk, which means market conditions/the mechanics of trading could alter in such a way that trades cannot be made . Discount/Premium Investment trust shares frequently trade at a discount or premium to the NAV. This occurs when the share price is less than (a discount) or more than (a premium) the NAV. The discount or premium is the difference between the share price (based on mid -market share prices) and the NAV, expressed as a percentage of the NAV. Discounts and premiums are mainly the consequence of supply and demand for the shares on the stock market. Gearing Investment companies can borrow to purchase additional investments. This is called ‘gearing’. It allows investment companies to take advantage of a long -term view on a sector or to take advantage of a favorable situation or a particularly attractive stock without having to sell existing investments. Gearing works by magnifying the company’s performance. If a company ‘gears up’ and then markets rise and the returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified. Long and short positions Holding a long position in a security means that the holder owns the security or has gained exposure to the security via a CFD contract in the expectation that the stock will rise in value in the future. A short position generally refers to an arrangement to sell at a future date a stock that is not currently owned by the investor. Investors who sell short believe the price of the stock will decrease in value. If the price drops, they can buy the stock at the lower price and make a profit. If the price of the stock rises and they buy it back later at the higher price, a loss will be incurred. CFD contracts may be used to take short positions. Market exposure Gross exposure is calculated by adding the ‘long’ and ‘short’ positions together. For example, if the Company has 120% ‘long’ exposure through a combination of securities and ‘long’ CFDs and 10% held in ‘short’ CFDs it has a gross exposure of 130%. Net exposure refers to the exposure of the Company when the short positions are deducted from total long exposure. For example, if the Company has 120% ‘long’ exposure through securities and CFDs and 10% ‘short’ exposure through CFD positions the net exposure is 110%; this measurement provides a guide to the net directional market exposure and takes into account the fact that long and short positions can often offset one another when the market moves in a particular direction NAV (Net Asset Value) A company’s undiluted NAV is its available shareholders’ funds divided by the number of shares in issue (excluding treasury shares), before making any adjustment for any potentially dilutive securities which the Company may have in issue, such as subscription shares, convertible bonds or treasury shares. A diluted NAV is calculated on the assumption that holders of any convertibles have converted, subscription shares have been exercised and treasury shares are re -issued at the mid -market price, to the extent that the NAV per share is higher than the price of each of these shares or securities and that they are 'in the money'. The aim is to ensure that shareholders have a full understanding of the potential impact on the Company’s NAV if these instruments had been exercised on a particular date. Net yield The net yield is calculated using total dividends declared in the last 12 months (as at date of this factsheet) as a percentage of month end share price. Ongoing charges ratio Ongoing charges (%) = Annualised ongoing charges Average undiluted net asset value in the period Ongoing charges are those expenses of a type which are likely to recur in the foreseeable future, whether charged to capital or revenue, and which relate to the operation of the investment company as a collective fund, excluding the costs of acquisition/disposal of investments, financing charges and gains/losses arising on investments. Ongoing charges are based on costs incurred in the year as being the best estimate of future costs and include the annual management fee. > RETH0525E/S-4533100-7/9 ## Glossary of Terms (continued) Gross and net exposure Market exposure gained through a CFD (Contract for Differences) contract refers to the gross market value of the underlying securities to which the investor is exposed through the CFD contract. Gross exposure refers to the total exposure the investor has through both long and short positions added together. For example, an investor who has 110% long market exposure through CFDs and 20% short market exposure through CFDs has gross market exposure of 130%. Net exposure refers to the exposure the investor has through long positions less any short positions. For example, an investor who has 110% long market exposure through CFDs and 20% short market exposure through CFDs has net market exposure of 90%; this method of measurement is looking at the net directional market exposure and takes into account the fact that long and short positions theoretically offset one another when the market moves in a particular direction. Price to Earnings Ratio (PE) and Book Value Price to Earnings Ratio is a way to value a company that measures its current share price relative to its EPS (earnings per share). PE is generally used as a measure to assess if a company’s stock is overvalued or undervalued. The book value of a company is the difference between a company’s total assets and total liabilities, for example, the amount of money that would be paid out to shareholders if a company was liquidated and all liabilities paid off. > RETH0525E/S-4533100-8/9 Risk Warnings 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 whe n 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 substantiall y. Levels and basis of taxation may change from time to time. Trust Specific risks Liquidity risk The Company’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Company may not be able to realise the investment at the latest market price or at a price considered fair. Complex derivative strategies. Derivatives can also be used to generate exposure to investments greater than the net asset value of the investment trust. Investment Managers refer to this practice as obtaining market leverage or gearing. As a result, a smal l p ositive or negative movement in stock markets 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 Company. 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 Company to financial loss. 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. Gearing risk Investment strategies, such as borrowing, used by the Company can result in even larger losses suffered when the value of the underlying investments fall. Investors should refer to the offering documentation for the funds full list of risks. Important Information This document is marketing material. 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. Registere d i n England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Condu ct Authority website for a list of authorised activities conducted by BlackRock. 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 l owe r or higher than NAV performance. BlackRock Throgmorton Trust plc currently conducts its affairs so that their securities can be recommended by IFAs to ordinar y r etail investors in accordance with the Financial Conduct Authority’s rules in relation to nonmainstream investment products and int end to continue to do so for the foreseeable future. The securities are excluded from the Financial Conduct Authority’s restrictions wh ich 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 p lea se go to https://www.blackrock.com/corporate/compliance/investor -right available in in local language in registered jurisdictions. BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure y ou understand whether our product is suitable, please read the fund specific risks in the Key Investor Document (KID) which give s m ore information about the risk profile of the investment. The KID and other documentation are available on the relevant product p age s at www.blackrock.com/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 s uch research are being made available only incidentally. The views expressed do not constitute investment or any other advice and ar e 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 Blac kRo ck funds and has not been prepared in connection with any such offer. © 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.