**SummaryBlackRock Throgmorton Trust PLC Portfolio Update (as of 30 September 2025)**
BlackRock Throgmorton Trust PLC released its portfolio update, highlighting performance, asset allocation, and market insights as of 30 September 2025. The trust returned **2.9%** in September, matching its benchmark, the **Deutsche Numis Smaller Companies +AIM (excluding Investment Companies) Index**. Key performance metrics over various periods include
**One month**Net asset value (NAV) +2.9%, share price +1.5%.
**One year**: NAV -0.7%share price +0.9%.
**Three years**: NAV +30.8%share price +26.2%.
**Five years**: NAV +20.8%share price +13.2%.
At month-end, the **NAV (including income) was 665.73p**, with a **share price of 599.00p**, trading at a **10% discount to NAV**. The trustโs **net yield was 3.0%**, and **total gross assets stood at ยฃ503.7m**. **Net market exposure was 105.4% of NAV**, with **75,656,364 ordinary shares in issue**. Ongoing charges for 2024 were **0.56% (excluding performance fees)** and **0.82% (including performance fees)**.
**Sector weightings** were led by Industrials (31.3%), Financials (27.4%), and Basic Materials (7.9%). **Country exposure** was heavily UK-focused (87.3%), with smaller allocations to the US (9.8%), Germany (1.5%), and other European countries.
**Top holdings** included Rosebank Industries (3.3%), XPS Pensions Group (3.2%), and Boku (3.1%). Strong performers in September were **Rambus** (US memory supplier), **Renk Group** (German defence company), and **Rosebank** (UK-listed industrial asset), driven by improving industry conditions and strategic positioning. Detractors included **Greatland Resources** (mining sector rally), **Hilton Food Group** (profit downgrade), and a short position in a UK software company (rally due to upgraded guidance).
The trustโs investment manager, Dan Whitestone, noted that global markets performed well in September, particularly in the US, supported by AI-related developments and Federal Reserve rate cuts. However, the UK market faced challenges due to fiscal concerns and weak consumer confidence. The trust continued to reduce exposure to UK domestic earners and increased overseas investments.
Looking ahead, the manager acknowledged the UKโs economic challenges but emphasized compelling value in UK small and mid-cap stocks. M&A activity and share buybacks are expected to remain active. The trust ended September with **gross exposure at 116%** and **net exposure at 108%**.
For more informationvisit **www.blackrock.com/uk/thrg**.
**Key Takeaways**
September performance matched benchmark.
UK economic challenges persist, but value opportunities exist in small/mid-caps.
Portfolio adjustments favor overseas exposure and defensive sectors.
M&A and share buybacks expected to drive activity.
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