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BlackRock Throgmorton Trust PLC GBP
(LSE:THRG)
BlackRock Throgmorton Trust PLC GBP (THRG) vs. iShares MSCI United Kingdom ETF (EWC)
BlackRock Throgmorton Trust PLC GBP Business Overview & Revenue Model
BlackRock Throgmorton Trust PLC GBP Financial Statement Overview
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | -6.33M | 94.52M | -2.33M | -300.67M | 224.47M |
| Gross Profit | -8.04M | 87.29M | -11.51M | -305.79M | 213.01M |
| EBITDA | -8.90M | 86.48M | -3.11M | -295.22M | 223.36M |
| Net Income | -9.04M | 86.32M | -15.75M | -295.89M | 223.33M |
Balance Sheet | |||||
| Total Assets | 508.10M | 606.30M | 586.04M | 643.67M | 956.87M |
| Cash, Cash Equivalents and Short-Term Investments | 30.88M | 43.89M | 24.33M | 58.79M | 25.22M |
| Total Debt | 0.00 | 0.00 | 306.00K | 0.00 | 0.00 |
| Total Liabilities | 6.49M | 10.39M | 10.12M | 10.31M | 21.72M |
| Stockholders Equity | 501.62M | 595.91M | 575.92M | 633.36M | 935.15M |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 86.61M | 6.88M | 39.04M | -101.02M |
| Operating Cash Flow | 222.00K | 86.61M | 6.88M | 39.04M | -101.02M |
| Investing Cash Flow | 71.48M | 59.59M | -9.21M | 93.85M | -138.88M |
| Financing Cash Flow | -85.25M | -66.68M | -41.54M | -4.79M | 114.46M |
BlackRock Throgmorton Trust PLC GBP Technical Analysis
BlackRock Throgmorton Trust PLC GBP Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | £3.69B | 9.24 | 6.50% | 7.21% | -7.11% | 0.45% | |
76 Outperform | £196.54M | 5.84 | 12.06% | 8.15% | 1.29% | 11.17% | |
74 Outperform | £881.83M | 8.25 | 7.11% | 2.70% | -4.38% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | £157.79M | 11.47 | 9.72% | 21.31% | -15.65% | -12.27% | |
50 Neutral | ― | 8.48 | 0.44% | 2.93% | -141.34% | -151.52% |
BlackRock Throgmorton Trust PLC GBP Corporate Events
BlackRock Throgmorton Trust plc has submitted its Annual Report for the year ended 30 November 2025 and the related Form of Proxy for its upcoming Annual General Meeting to the UK National Storage Mechanism. The documents, which detail the trust’s latest financial year and governance matters requiring shareholder approval, are now available for public inspection and can also be accessed via the company’s website, enhancing transparency for investors and other stakeholders.
The most recent analyst rating on (GB:THRG) stock is a Buy with a £706.00 price target. To see the full list of analyst forecasts on BlackRock Throgmorton Trust PLC GBP stock, see the GB:THRG Stock Forecast page.
BlackRock Throgmorton Trust reported a 7.5% net asset value return in January 2026, comfortably ahead of its Deutsche Numis Smaller Companies plus AIM benchmark’s 4.9% gain, and ended the month with total gross assets of £540 million and a net market exposure of 101.4%. The portfolio remains heavily weighted toward UK small and mid-caps, particularly in industrials and financials, with the shares trading at an 8.7% discount to cum-income NAV and a net yield of 2.8%.
Manager Dan Whitestone highlighted strong headline returns amid high market volatility, with cyclical sectors outperforming defensives and UK small and mid-caps outpacing large caps against a backdrop of geopolitical tensions and rising commodity prices. Stock selection was a key driver, with Hochschild Mining, Oxford Biomedica and Great Portland Estates among the top contributors, while Craneware, Rosebank Industries and a short in a UK defence technology business detracted.
Despite the trust’s recent outperformance, Whitestone warned that the outlook for the UK remains challenged by softer growth, weaker employment and continued outflows from small and mid-cap equities, which have depressed valuations. Even so, he argued that valuations across the UK small and mid-cap space are compelling and likely to spur ongoing M&A and de-equitisation, and the trust has recently trimmed its net exposure to around 105% and gross exposure to about 110% in response to market conditions.
The most recent analyst rating on (GB:THRG) stock is a Buy with a £706.00 price target. To see the full list of analyst forecasts on BlackRock Throgmorton Trust PLC GBP stock, see the GB:THRG Stock Forecast page.
BlackRock Throgmorton Trust plc has reported that, as of 28 February 2026, its issued share capital consists of 75,033,364 ordinary shares of £0.05 each, excluding 28,176,500 shares held in treasury. The company has clarified that shareholders should use the figure of 75,033,364 shares as the denominator when assessing whether they must disclose holdings or changes in their interests under the FCA’s Disclosure Guidance and Transparency Rules, ensuring accurate compliance and transparent reporting of significant shareholdings.
The most recent analyst rating on (GB:THRG) stock is a Buy with a £706.00 price target. To see the full list of analyst forecasts on BlackRock Throgmorton Trust PLC GBP stock, see the GB:THRG Stock Forecast page.
BlackRock Throgmorton Trust and BlackRock Smaller Companies Trust plan to merge, creating a larger, more liquid vehicle in the UK smaller companies space under co-managers Roland Arnold and Dan Whitestone. With the portfolios already sharing about 75% of their holdings, the integration is expected to be relatively seamless, reinforcing their combined position in the specialist smaller-companies trust sector.
The merged trust will operate with a reduced management fee, cutting the ongoing charges ratio by nearly 20 basis points to about 0.63%, placing it among the most cost-competitive peers. The proposal also includes shareholder-friendly measures such as a performance-related tender offer every three years and the removal of activist investor Saba from the share register, moves likely to appeal to existing and prospective investors.
The most recent analyst rating on (GB:THRG) stock is a Buy with a £706.00 price target. To see the full list of analyst forecasts on BlackRock Throgmorton Trust PLC GBP stock, see the GB:THRG Stock Forecast page.
BlackRock Throgmorton Trust PLC reported a modest net asset value (NAV) total return of 0.2% for December 2025, underperforming its Deutsche Numis Smaller Companies + AIM (excluding Investment Companies) benchmark, which rose 1.4%, while the share price gained 2% over the month and traded at a 6.8% discount to cum-income NAV. The trust’s total gross assets stood at £502.4m with net market exposure of 105.8%, and ongoing charges for 2024 were 0.56% excluding performance fees and 0.82% including them, reflecting a relatively lean cost base; sector exposure remained concentrated in UK industrials and financials, with leading positions in XPS Pensions Group, Serco Group and Rosebank Industries. Performance in December was driven by strong contributions from holdings such as IG Group, Hochschild Mining and Plus500, which benefited from higher trading revenues, stronger precious metals prices and new US futures market partnerships, while detractors included the absence of Greatland Resources in the portfolio, a short position in a UK travel retail business undergoing strategic review, and share-price weakness in XPS Pensions despite continued operational growth. The investment manager highlighted a challenging macro backdrop for the UK, citing softer growth, weaker employment, higher inflation and persistent outflows from UK small and mid-caps that are suppressing valuations, but maintained that the small and mid-cap segment offers compelling value even as near-term catalysts to reverse sentiment remain limited.
The most recent analyst rating on (GB:THRG) stock is a Buy with a £706.00 price target. To see the full list of analyst forecasts on BlackRock Throgmorton Trust PLC GBP stock, see the GB:THRG Stock Forecast page.
BlackRock Throgmorton Trust plc reported that, as of 31 January 2026, its issued share capital consists of 75,033,364 ordinary shares of £0.05 each, excluding 28,176,500 shares held in treasury. Shareholders are instructed to use the figure of 75,033,364 shares as the denominator when calculating whether they must disclose holdings or changes in their interests under the FCA’s Disclosure Guidance and Transparency Rules, clarifying the trust’s current capital base and regulatory reporting parameters for investors.
The most recent analyst rating on (GB:THRG) stock is a Buy with a £706.00 price target. To see the full list of analyst forecasts on BlackRock Throgmorton Trust PLC GBP stock, see the GB:THRG Stock Forecast page.
BlackRock Throgmorton Trust plc has reported that, as of 31 December 2025, its issued share capital consists of 75,033,364 ordinary shares of £0.05 each, excluding 28,176,500 shares held in treasury. The company has instructed shareholders to use this figure as the denominator when calculating whether they must disclose holdings or changes in holdings under the FCA’s Disclosure Guidance and Transparency Rules, clarifying the base for regulatory reporting and ensuring accurate transparency compliance for investors and market participants.
The most recent analyst rating on (GB:THRG) stock is a Buy with a £684.00 price target. To see the full list of analyst forecasts on BlackRock Throgmorton Trust PLC GBP stock, see the GB:THRG Stock Forecast page.
BlackRock Throgmorton Trust PLC reported a 1.3% decline in net asset value for November 2025, underperforming its Deutsche Numis Smaller Companies plus AIM benchmark, which fell 0.2%, while the share price gained 0.3%. Over one year the trust’s NAV rose 0.7% versus a 10.1% benchmark gain, reflecting a difficult financial year marked by style headwinds as value and lower-quality shares outperformed the quality growth names that dominate its portfolio. At month-end, the trust’s cum-income NAV stood at 668.55p with the shares trading at 612p, representing an 8.5% discount, total gross assets of £501.6m, a net yield of 3.0%, and net market exposure of 106.9%, with industrials and financials accounting for more than half of total assets and the UK representing nearly 89% of geographic exposure. Investment manager Dan Whitestone highlighted sharp market volatility and narrow leadership in both UK and US markets, noting that only a small fraction of benchmark constituents have driven overall returns, while many of the trust’s holdings have delivered operationally strong results without being rewarded in share prices. XPS Pensions Group was the largest positive contributor after strong interim results underscored structural growth in the UK pensions market, while names such as PayPoint and Boku detracted amid guidance delays and broader sector moves, underlining the ongoing challenge of aligning strong company fundamentals with unfavourable market style trends for small and mid-cap growth stocks.