PR Newswire
LONDON, United Kingdom, March 02
The information contained in this release was correct as at 31 January 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 31 January 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 6.2 5.0 6.2 6.1 3.8
Share price 4.7 4.7 4.1 8.2 -4.1
Benchmark* 4.9 6.2 16.1 21.0 18.3
Sources: BlackRock and Deutsche Numis
*With effect from 15 January 2024 the Numis Smaller Companies plus AIM
(excluding Investment Companies) Index changed to the Deutsche Numis Smaller
Companies plus AIM (excluding Investment Companies).
At month end
Net asset value Capital only (debt at par value): 1,484.82p
Net asset value Capital only (debt at fair value): 1,550.76p
Net asset value incl. Income (debt at par value)1: 1,514.30p
Net asset value incl. Income (debt at fair value)1: 1,580.24p
Share price: 1,372.00p
Discount to Cum Income NAV (debt at par value): 9.4%
Discount to Cum Income NAV (debt at fair value): 13.2%
Net yield2: 3.2%
Gross assets3: £672.5m
Gearing range as a % of net assets: 0-15%
Net gearing including income (debt at par): 4.9%
Ongoing charges ratio (actual)4: 0.8%
Ordinary shares in issue5: 39,812,792
1. Includes net revenue of 29.48p
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 07 May 2025, ex-date on 15 May 2025, and
paid on 26 June 2025) 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 31.1
Financials 25.3
Consumer Discretionary 11.0
Basic Materials 8.3
Consumer Staples 7.7
Real Estate 5.7
Health Care 4.3
Communication Services 2.5
Technology 2.3
Energy 1.6
Utilities 0.2
—–
Total 100.0
=====
Country Weightings % of portfolio
United Kingdom 97.2
United States 2.8
—–
Total 100.0
=====
Ten Largest Equity Investments % of portfolio
Company
Great Portland Estates 3.2
XPS Pensions 3.0
IntegraFin 2.8
Serco Group 2.8
Boku 2.8
Morgan Sindall 2.7
Tatton Asset Management 2.7
Greencore Group Plc 2.6
Sigmaroc Plc 2.1
Helios Towers Plc 2.0
Commenting on the markets, Roland Arnold, representing the Investment Manager
noted:
During January the Company’s NAV per share rose by 6.2% to 1,580.24p on a total
return basis, outperforming our benchmark index, the Deutsche Numis Smaller
Companies plus AIM (excluding Investment Companies) Index, which returned 4.9%.
January was a positive month for equities, with a broadening of performance
drivers and cyclical sectors outperforming, as firming economic growth led to
improving risk appetite. In the UK, inflation surprised to the upside, printing
at 3.37% year-on-year, alongside November GDP (Gross Domestic Product) data
exceeding expectations on a sequential basis. This was partially offset by a
slightly more dovish labour market report. Geopolitical tensions continued to
drive volatility in markets. US actions in Venezuela, alongside potential
tensions with Iran, underpinned oil price strength, while heightened uncertainty
propelled precious metals to record levels. In this risk on environment, UK
small and mid-caps outperformed the FTSE 100 Index.
Our largest holding, Great Portland, rose after the company reported strong
leasing update in January. Demand for their premium London office space remains
strong, with lettings 9% ahead of ERV (Estimated Rental Value), however despite
solid trading and an increasingly attractive portfolio of assets, the shares
continue to trade at around a 30% discount to NAV. Greencore added to
performance as the company delivered a positive Q1 trading update, with revenue
growing ahead of expectations, supported by volume growth ahead of the wider
grocery market. The company launched 129 new products including high-protein and
fibre options and the integration of recently acquired Bakkavor is underway.
Shares in CDMO (Contract Development and Manufacturing Organization) business,
Oxford Biomedica, rallied following a bid from Swedish private equity group,
EQT.
Craneware declined over the month. While the company reported trading numbers in
line with market expectations, this was insufficient to shift the prevailing
negative sentiment towards software companies perceived as AI Losers, which
continued to weigh on the share price. Pollen Street, the specialist alternative
asset manager, also drifted lower during the month despite no specific newsflow.
Other notable detractors were mainly shares that we do not own in smaller
companies, for example Goodwin, that rose with the broader market.
It is very easy to be negative. The geo-political situation is volatile, the
economic outlook is unstable, there are significant structural and technological
trends upending industries, Western governments are weighed down by debt at the
same time the requirements for defence, welfare and health continue to rise.
From a UK perspective the budget has increased pressure on businesses and
injected further inflationary pressures into the economy, in turn making it
harder for the Bank of England to reduce rates. This uncertainty has resulted in
significant outflows across UK equities, which have been particularly damaging
to SMID companies. Whilst history does not necessarily repeat, it can provide a
guide. Smaller companies have seen much of this before, the Global Financial
Crisis, Brexit, Covid, and many of them came through these difficult times
better positioned. The level of M&A (Mergers & Acquisitions) in the UK tells us
others perceive value in the asset class, all we need now is to encourage equity
investors to sense the same opportunity.
We thank shareholders for your ongoing support.
2 March 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.
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The following files are available for download:
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