**Summary**
BlackRock Throgmorton Trust PLC released its portfolio update as of 28 February 2026, highlighting performance, asset allocation, and market insights. The trust’s net asset value (NAV) remained flat (0.0%) for the month, while its share price declined by 2.1%, underperforming the benchmark (Deutsche Numis Smaller Companies plus AIM Index), which returned 0.8%. Over longer periods, the trust’s NAV outperformed the benchmark on a three-year basis (18.9% vs. 21.5%) but lagged on a five-year basis (3.4% vs. 14.0%).
Key metrics included a NAV of 719.58p (including income), a share price of 643.00p, and a discount to NAV of 10.6%. Total gross assets stood at £539.9 million, with a net market exposure of 100.5%. The portfolio was heavily weighted towards Industrials (30.9%) and Financials (26.8%), with 89.0% of assets in the UK and 10.5% in the US.
Top holdings included Serco Group, Morgan Sindall, and XPS Pensions Group, each representing around 3% of total gross assets. Boku was the largest detractor due to AI-related market weakness, while Advanced Energy Industries and Pan African Resources were top contributors, driven by strong earnings and gold price gains.
The investment manager noted a shift in market leadership towards cyclical and value-oriented sectors, with ongoing debates around AI investment, policy uncertainty, and geopolitical risks influencing sentiment. Despite near-term challenges in UK small and mid-cap markets, the manager sees compelling value and expects continued M&A activity. The trust reduced its net and gross exposure to manage volatility.
Ongoing charges for 2025 were 0.63% (excluding performance fees) and 0.51% (including performance fees). The manager expressed gratitude to shareholders for their support.