1st Aug 2025 18:29
(Alliance News) - Blackrock Throgmorton Trust PLC on Friday said it faced a challenging first half of its financial year, underperforming its benchmark and grappling with persistent uncertainty over UK growth prospects.
For the six months to May 31, the trust reported a net asset value total return of 0.0%, lagging its benchmark index - the Numis Smaller Companies plus AIM (excluding investment companies) - which rose 3.4% over the same period.
NAV per share fell to 652.56 pence at May 31 from 682.82p at November 30.
Despite the tough backdrop, the interim dividend per share rose slightly to 3.80p from 3.75p a year prior.
Chair Chris Samuel described the period as "challenging," citing inflationary pressures, interest rate uncertainty, and volatile investor sentiment. However, he stressed that "the outlook for UK equities is not wholly negative," pointing to a growing number of UK-listed companies receiving takeover bids.
Portfolio manager Dan Whitestone said market uncertainty remains, particularly regarding the UK’s growth outlook, but added: "We fear the current backdrop is not conducive to encouraging consumers to spend, and we have reduced our UK mid cap domestic exposure. We have exited or reduced several positions across travel & leisure, retail, as well as other consumption related exposures, like housebuilders, RMI and related supply chains."
Shares in Blackrock Throgmorton closed 1.7% lower at 591.00 pence in London on Friday.
By Eva Castanedo, Alliance News reporter
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