Helped by a positive contribution from its short positions, BlackRock Throgmorton (THRG) continues to turn out benchmark-beating returns and leads its peer group, the AIC’s UK Smaller companies sector, over the medium term. A share price return of 46.5% over the year to the end of November is the best among all AIC investment trusts… Read more
This is all the more impressive when you consider the backdrop for these returns – a paralysis in politics, slowing global growth and a major trade war. Dan Whitestone, THRG’s manager, points out that there is always something to worry about, but by focusing on businesses that have control over their own destinies and shorting troubled companies, THRG can look past the noise and thrive regardless.
Both long and short positions in UK small-and-mid-cap companies
THRG aims to provide shareholders with capital growth and an attractive total return by investing primarily in UK smaller companies and mid‑capitalisation companies traded on the London Stock Exchange. It uses the Numis Smaller Companies Index (plus AIM stocks but excluding investment companies) as a benchmark for performance purposes, but the index has no bearing on the way that the manager constructs the portfolio. Uniquely among listed UK smaller companies trusts, THRG’s portfolio may include a meaningful allocation to short as well as long positions in stocks.
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