Portfolio Update


 
TIDMTHRG TIDMTHRS 
 
THE THROGMORTON TRUST PLC 
 
All information is at 31 July 2011 and unaudited. 
 
Performance at month end is calculated on a cum income basis 
 
                                 One      Three       One     Three 
                               Month     Months      Year     Years 
 
Net asset value#               -0.3%      -2.8%     44.4%     92.9% 
Net asset value^               -0.3%      -2.8%     44.4%     84.2% 
Net asset value^^              -0.3%      -1.3%     40.5%     74.0% 
Share price                     2.7%       2.0%     44.6%     82.8% 
Subscription share price        6.4%       0.8%    514.5%       n/a 
HGSC plus AIM (ex Inv Cos)     -0.9%      -3.1%     24.7%     38.6% 
 
# NAV prior to costs of repaying the debentures early 
^ NAV after costs of repaying the debentures early - undiluted 
^^ NAV after costs of repaying debentures early - diluted 
Sources: BlackRock and Datastream 
 
At month end 
 
Net asset value capital only:                               242.90p 
Net asset value capital only (diluted for 
subscription shares):                                       229.32p 
Net asset value incl. income:                               244.92p 
Net asset value incl. income (diluted for 
subscription shares):                                       231.06p 
Share price:                                               198.625p 
Discount to NAV including income (diluted for 
subscriptions shares):                                        14.0% 
Subscription share price:                                   47.625p 
Net yield:                                                     1.5% * 
Total assets:                                               GBP163.6m ** 
Net CFD portfolio as % of net asset value:                     6.1% 
Ordinary shares in issue:                                62,879,817 *** 
Subscription shares in issue:                            10,250,509 
 
*Calculated using prior year interim and final dividends paid. 
**Includes current year revenue. 
***Excluding 7,400,000 shares held in treasury. 
 
Ten Largest Sector 
Weightings                                                % of Total Assets 
 
Software & Computer Services                                            9.5 
Support Services                                                        8.8 
Electronic & Electrical Equipment                                       8.1 
Mining                                                                  8.0 
Financial Services                                                      6.7 
Oil & Gas Producers                                                     6.6 
Media                                                                   5.5 
Industrial Engineering                                                  5.0 
Pharmaceutical & Biotechnology                                          4.9 
General Retailers                                                       4.5 
                                                                       ---- 
Total                                                                  67.6 
                                                                       ==== 
Ten Largest Equity Investments (in alphabetical order) 
 
Company 
 
Aveva Group 
Bellway 
City of London Investment Group 
Fidessa 
Hargreaves Services 
Hutchison China Meditech 
ITE 
Oxford Instruments 
Senior 
Victrex 
 
Commenting on the markets, Mike Prentis and Richard Plackett, representing the 
Investment Manager noted: 
 
During July the Company's NAV per share fell by 0.3% on a cum income basis; the 
benchmark index fell by 0.9%. The FTSE 100 Index fell by 2.2%. 
 
No one stock contributed more than 0.25% to the relative performance of the 
long only portfolio during the month, the best performer for the second 
consecutive month was Oxford Instruments. Equally no one stock detracted from 
relative performance by more than 0.25%. 
 
The CFD portfolio performed well with gains on short positions exceeding losses 
on long positions. 
 
We sold a few small holdings in the long only portfolio, and trimmed a few 
others where we felt valuations were looking rather full or our exposure too 
great. There were no significant new investments during the month. We continue 
to adopt a cautious approach and remain about 9% geared. Newsflow from our 
holdings has, with a few exceptions, been positive, as have company meetings. 
 
In early August stockmarkets have been very weak, driven down by concerns over 
high debt levels in Italy, Spain and the US, and weaker than expected GDP 
growth in the US. Our portfolio has been hit hard by this correction; our 
absolute and relative performance in early August has been poor. Even though 
most of our holdings are trading well, their share prices have seen sustained 
profit taking in many cases. Our approach has continued to be to focus our 
portfolio more on the holdings which we regard as the highest quality, and to 
reduce or sell holdings where our conviction is less strong. 
 
16 August 2011 
 
ENDS 
 
Latest information is available by typing www.blackrock.co.uk/thrg on the 
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV 
terminal). Neither the contents of the Manager's website nor the contents of 
any website accessible from hyperlinks on the Manager's website (or any other 
website) is incorporated into, or forms part of, this announcement. 
 
 
 
END
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