25th Apr 2016 16:06
LONDON (Alliance News) - BlackRock Smaller Companies Trust PLC on Monday reported growth in net asset value per share in its recently-ended financial year.
The trust said its NAV per share grew by 4.0% to 992.18 pence in the year ended February 29, from 954.34p the year before.
The Numis Smaller Companies plus AIM Index meanwhile, suffered a 4.4% decline. BlackRock Smaller Companies said this was the thirteenth consecutive year it has outperformed its benchmark.
BlackRock Smaller Companies said its results were due largely attributable to good stock selection, with the best performance coming from healthcare stocks and companies with exposure to leisure and UK consumer discretionary spending. It noted that its portfolio is overweight in those categories and underweight in oil and gas companies, which didn't perform so well.
"In the near term uncertainty over the outcome of the referendum on whether to stay in or leave the European Union is widely expected to affect the stock market and the potential impact of a vote to leave is unpredictable," Chairman Nicholas Fry said in a statement.
"Your board is confident that the portfolio is constructed to weather the uncertainty of the next few months and that the company will continue to produce rewarding results for shareholders," he added.
Shares in BlackRock Smaller Companies closed down 1% at 900.00 pence on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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