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Blackrock Throgmorton Trust PLC - London-based investment trust looking to outperform the Numis Smaller Cos plus AIM, excluding investment cos, Index - Net asset value per share ends June 30 at 592.34 pence, which it says is a 11.9% drop over the past month and a 21% drop over the past three months.
It noted this was behind its benchmark, the Numis Smaller Companies plus AIM excluding investment trusts, which returned negative 9.4% in the month, and negative 12.3% in the three month period.
Investment Manager Dan Whitestone says: ‘June was a particularly poor month for equity markets, particularly the UK small & mid-cap market as concerns of a global recession magnified.
‘Recent actions including reducing the gross and net helped protect against further relative underperformance, but importantly the mix of the market also played its part, with our short book delivering a positive return as over indebted companies with weak margin structures fell hard in addition to economically sensitive cyclicals. In contrast, companies with strong financial profiles fared better, also helping the portfolio on a relative basis.’
Current stock price: 612.00 pence, down 2.9% on Tuesday
Year-to-date change: down 37%
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