Key Takeaways
- • BlackRock Smaller Companies Trust reported a net asset value total return of 2.7% for the six months to 31 August 2026, lagging its benchmark return of 4.3%.
- • The share price total return was 1.7% as the discount to NAV widened, averaging 12.7% over the period.
- • Post-merger NAV stands at £732M, a scale increase that may improve liquidity and reduce costs.
- • The ongoing charges ratio was cut to 0.63% (0.45% after waiver), with no performance fee, per the company.
- • The board declared a quarterly dividend of 2.225p, with ex-dividend date 5 November and payment on 10 December 2026.
Summary
BlackRock Smaller Companies Trust plc reported a net asset value (NAV) total return of 2.7% for the six months to 31 August 2026, according to a company announcement distributed by PR Newswire. The result trailed the benchmark, which returned 4.3% over the same period. The share price total return was 1.7%, as the discount to NAV widened; the discount averaged 12.7% during the period.
The trust completed a merger during the period, and its NAV now stands at £732 million. The company stated that the larger scale may support liquidity and lower per-share costs. Its ongoing charges ratio was reduced to 0.63%, or 0.45% after a fee waiver, and the trust carries no performance fee, which the company positions as a sector-low fee structure.
The company repurchased 7.11 million shares for £19.3 million, a buyback programme aimed at managing the discount. The company said the buybacks contributed a NAV uplift of approximately 0.3%.
The board declared a quarterly dividend of 2.225p per share, with an ex-dividend date of 5 November 2026 and payment scheduled for 10 December 2026.
Analysis accompanying the release characterises the update as a mid-cycle report following the merger, showing modest absolute gains alongside benchmark underperformance and a wider discount. Sustained narrowing of the discount would likely require relative outperformance and improved flows into UK small-cap equities.
The trust completed a merger during the period, and its NAV now stands at £732 million. The company stated that the larger scale may support liquidity and lower per-share costs. Its ongoing charges ratio was reduced to 0.63%, or 0.45% after a fee waiver, and the trust carries no performance fee, which the company positions as a sector-low fee structure.
The company repurchased 7.11 million shares for £19.3 million, a buyback programme aimed at managing the discount. The company said the buybacks contributed a NAV uplift of approximately 0.3%.
The board declared a quarterly dividend of 2.225p per share, with an ex-dividend date of 5 November 2026 and payment scheduled for 10 December 2026.
Analysis accompanying the release characterises the update as a mid-cycle report following the merger, showing modest absolute gains alongside benchmark underperformance and a wider discount. Sustained narrowing of the discount would likely require relative outperformance and improved flows into UK small-cap equities.
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