BlackRock Throgmorton (THRG) fund manager Dan Whitestone has continued to ramp up exposure to housebuilders and brick makers as the small and mid-cap investor becomes increasingly confident the ‘compelling’ value in his sector will be released following last month’s Labour landslide.
Although the early August selloff knocked Throgmorton shares, it did not wholly reverse the 12.5% rally in July which saw the trust double the rise in the Deutsche Numis Smaller Companies plus AIM excluding investment companies index.
This followed a half-year of outperformance of the benchmark with interims last month showing a 16.4% underlying growth in net asset value (NAV) in the six months to 31 May, that was 3.9% ahead of the index, although the shares only rose 11.6%.