REG-BlackRock Smaller Companies Trust Plc: Portfolio Update

Blackrock Smaller Companies TrustAnnouncement

Tue 17:00

The information contained in this release was correct as at                   
              30 April 2026                               .                  
   Information on the Company’s up to date net asset values can be found on
the London Stock Exchange Website at

https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
                              .

 

 

BLACKROCK SMALLER COMPANIES TRUST PLC (LEI:549300MS535KC2WH4082)              
                
           

All information is at                                  30 April 2026          
                     and unaudited.          
                     Performance at month end is calculated on a Total Return
basis based on NAV per share with debt at fair value                    
           

                  One month    Three months    One       Three      Five       
                   %            %               year      years      years     
                                                %         %          %         
 Net asset value  7.0          -5.0            8.6       5.8        -16.4      
 Share price      9.3          -4.9            8.2       7.5        -21.7      
 Benchmark*       7.1          -4.6            15.9      18.6       -2.3       

 

Sources:                      BlackRock and Deutsche Numis

*With effect from 15 January 2024 the Numis Smaller Companies plus AIM
(excluding Investment Companies) Index changed to Deutsche Numis Smaller
Companies plus AIM (excluding Investment Companies).

  

At month end

 Net asset value Capital only (debt at par value):      1,399.36p   
 Net asset value Capital only (debt at fair value):     1,455.89p   
 Net asset value incl. Income (debt at par value) 1 :   1,415.51p   
 Net asset value incl. Income (debt at fair value) 1 :  1,472.04p   
 Share price:                                           1,276.00p   
 Discount to Cum Income NAV (debt at par value):        9.9%        
 Discount to Cum Income NAV (debt at fair value):       13.3%       
 Net yield 2 :                                          3.5%        
 Gross assets 3 :                                       £771.1m     
 Gearing range as a % of net assets:                    0-15%       
 Net gearing including income (debt at par):            7.1%        
 Ongoing charges ratio (actual) 4 :                     0.8%        
 Ordinary shares in issue 5 :                           49,557,790  
                                                                    
1.                        Includes net revenue of 16.15p                     
2.                        Yield calculations are based on dividends announced
in the last 12 months as at the date of release of this announcement and
comprise the Final dividend of 28.50 pence per share (announced on 31 March
2026, ex-date on 09 April 2026, and payable on 08 May 2026) and Interim
dividend of 16.00 pence per share (announced on 24 October 2025, ex-date on 06
November 2025, and pay date 10 December 2025).                     
3.                        Includes current year revenue.                     
4.                        The Company’s ongoing charges are calculated as a
percentage of average daily net assets and using the management fee and all
other operating expenses excluding finance costs, direct transaction costs,
custody transaction charges, VAT recovered, taxation and certain non-recurring
items for year ended 28 February 2025.                      
5.                        Excludes 10,180,731 ordinary shares held in
treasury.
 

                         
 Sector Weightings       % of portfolio  
 Industrials             33.0            
 Financials              24.6            
 Consumer Discretionary  11.1            
 Consumer Staples        7.7             
 Basic Materials         6.7             
 Technology              4.1             
 Real Estate             3.7             
 Health Care             3.5             
 Communication Services  3.0             
 Energy                  2.6             
                         -----           
 Total                   100.0           
                         =====           
                                         
                                         
 Country Weightings      % of portfolio  
 United Kingdom          91.9            
 United States           8.1             
                         -----           
 Total                   100.0           
                         =====           
                                         
                                           

 

 Ten Largest Equity Investments    % of portfolio  
   Company                                         
 XPS Pensions                      3.0             
 Greencore Group Plc               2.9             
 Morgan Sindall                    2.9             
 Boku                              2.7             
 IntegraFin                        2.6             
 Tatton Asset Management           2.5             
 Great Portland Estates            2.5             
 Serco Group                       2.3             
 Helios Towers Plc                 2.2             
 Rosebank                          1.9             
                                                   
                                                   

Commenting on the markets, Roland Arnold, representing the Investment Manager
noted:                    
          
          During April the Company’s NAV per share returned 7.0% to
1,472.04p on a total return basis, while our benchmark index, the Deutsche
Numis Smaller Companies plus AIM (excluding Investment Companies) Index,
returned 7.1%.

 

UK equities rebounded in April following the sharp March sell-off, although
performance remained highly concentrated beneath the surface. Large-cap
international earners outperformed, led by companies exposed to AI
infrastructure, semiconductors, defence and mining, while many UK domestically
exposed small and mid-cap growth companies continued to lag despite resilient
operational performance.

 

AI-related infrastructure themes remained the strongest area of the market as
investors responded to further evidence of accelerating hyperscaler capex and
enterprise AI adoption. Defence and aerospace-related companies also remained
well supported given ongoing geopolitical uncertainty and expectations for
structurally higher European defence spending. By contrast, UK domestic
sectors remained weaker, with elevated bond yields, softer consumer demand and
outflows from UK small caps continuing to weigh on sentiment and valuation
multiples across the universe.

 

Shares in Luceco continued to grind higher following strong FY25 results at
the end of March and an upgrade to profit guidance, driven by strong momentum
in its Energy Transition activities, particularly rapid growth in EV charging.
Improved cash generation, lower net debt and a materially higher dividend
reinforced confidence in balance sheet strength and earnings quality.
DiscoverIE delivered a strong finish to the year, with fourth quarter orders
rising 16% and sales increasing 5%, reflecting improving demand across the
group and particularly within Magnetics & Controls and Sensing & Connectivity.
Full-year orders grew 9%, while sales increased 5%, supported by both organic
momentum and acquisitions. The group also completed the acquisition of Trival
Antene and remains on track to deliver earnings growth in line with consensus
expectations. Filtronic shares rose strongly following the announcement of a
new defence contract with an existing major European customer, further
supporting confidence in the company’s RF (radio frequency) technology and
growth opportunities across defence and space markets. Shares were
additionally boosted by a significant broker target price upgrade and
continued investor enthusiasm around space-related equities.

 

Two of the largest detractors during the month came from shares that we do not
own. The first was Ceres Power, which rose sharply in April, and has more than
doubled year to date, as investors increasingly repositioned the company as a
potential AI infrastructure beneficiary following the launch of its new
“Endura” solid oxide platform for data centres. The second was ITM Power,
which rose strongly following the announcement of an £86.5 million UK
government funding package, including a strategic investment from Great
British Energy and support for manufacturing its next-generation “Chronos”
electrolyser platform. Shares were further supported by a new collaboration
with Rheinmetall and upgraded FY26 revenue guidance. The third largest
detractor was our off-benchmark position in Serco. The shares were broadly
flat, but caused a relative drag given the strong rebound for the benchmark,
which was highly concentrated towards certain themes, of which Serco, with its
exposure to UK Government-linked spending was left behind.

 

The current backdrop remains uncertain, with geopolitical tensions, fiscal
pressures and structural industry changes continuing to shape the investment
environment. In the UK, recent policy decisions have increased the burden on
businesses and may slow the pace at which interest rates can be reduced. This
has contributed to sustained outflows from UK equities, with small and mid-cap
companies particularly affected. However, history suggests that this part of
the market has demonstrated resilience through previous periods of disruption,
including the Global Financial Crisis, Brexit and the pandemic. We also note
that elevated levels of M&A activity in the UK point to the attractiveness of
valuations, with strategic and financial buyers recognising the opportunity.
In our view, this reinforces the long-term investment case for UK smaller
companies, even as near-term sentiment remains subdued.

 

We thank shareholders for your ongoing support.

 

2 June 2026

ENDS          
           

Latest information is available by typing www.blackrock.com/uk/brsc 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.

 Release  (https://mb.cision.com/Main/22402/4356739/4130012.pdf)  



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