PRIIPs KIDs

PRIIPs Background

The Packaged Retail and Insurance-based Investment Products ("PRIIPs") Regulation came into force on 1 January 2018. This regulation requires manufacturers of such products to produce a key information document (“KID”) for each product. Investment trusts fall within the regulation and each class of share is deemed to be a separate product.

The KID provides potential and existing investors with prescribed key information for each product. It is not marketing material. The information contained within a KID is required by law and aimed at helping the investor understand the nature, risks, costs, potential gains and losses of a product, as well as allowing the investor to compare products.

KID Explanation

Investors should be aware that the PRIIPs Regulation requires Aberforth Partners LLP ("Aberforth"), as PRIIP manufacturer, to prepare a KID in respect of each class of share for each investment trust managed by them. These KIDs must be made available to investors prior to them making any investment decision and will be available via this website and the websites of platforms that include these investment trusts.

The content of the KID is highly prescriptive, both in terms of the calculations underlying the numbers and the narrative, with limited scope to add context and explanations. The KID should therefore be read in conjunction with other materials relating to the product, including the latest Factsheet, Half-Yearly Report and Annual Report, copies of which are available on this website.

The figures in the KID may not reflect the actual returns for the product and the performance returns shown should only be viewed as examples of potential returns and cannot be guaranteed. Investors should note that the performance returns shown will be impacted by market conditions and investors may not get back the full value of their initial investment.

In addition, investors should note that the cost figures shown in the "What are the costs?" section of the KID may differ materially from the Ongoing Charges Figure published elsewhere on this website, or in documents such as Factsheets and Annual Reports. This is because the methodology for the calculation of costs mandated under the PRIIPs Regulation includes the costs of borrowing and estimates of the transaction costs of buying and selling investments in the portfolio.

Aberforth Split Level Income Trust plc ("ASLIT")

Investors should note that the transaction costs shown in ASLIT's Ordinary shares KID are calculated based on proxy data and estimates as ASLIT was launched on 3 July 2017 and thus does not yet have a long enough data history of its own. This is in accordance with the “New PRIIP” methodology prescribed in the PRIIPs Regulation.

There are also two points of note regarding the content of ASLIT's Zero Dividend Preference shares KID:
(1) no cost figures are shown as none of the Trust's costs are attributed to the Zero Dividend Preference shares; and
(2) the performance scenario calculations shown follow the methodology prescribed by the PRIIPs Regulation, amended to reflect the maximum potential pay-out of the product of 127.25p on 1 July 2024.

Documents

Copies of the current KID for each of Aberforth Smaller Companies Trust - Ordinary shares; Aberforth Split Level Income Trust - Ordinary shares; and Aberforth Split Level Income Trust - Zero Dividend Preference shares are available to view and download using the links at the top of this page.

Disclaimer

An investment in an Aberforth product may go down as well as up and past performance is not an indicator of future performance. An investment in a product is suitable only for investors who are able to evaluate the merits and risks of such an investment and who have sufficient resources to be able to bear any losses which may arise (which may be equal to the total amount invested). Before making an investment in an Aberforth product, investors are encouraged to consider all sources of information available – including Factsheets and Annual Reports – that will assist in establishing a detailed understanding of the product and consider seeking independent financial advice.