Aberforth Smaller Companies Trust

Trust Overview

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Introduction

Aberforth Smaller Companies Trust plc ("ASCOT") is an investment trust whose shares are traded on the London Stock Exchange.  It was launched, and received its listing, on 10 December 1990 and is the largest trust within the UK Smaller Companies sector.

Objective

The Trust's objective is to achieve a net asset value total return (with dividends reinvested) greater than that of the Numis Smaller Companies Index (Excluding Investment Companies) over the long term.

Policy

The Trust aims to achieve its objective by investing in securities of companies that are or that would be constituents of the Numis Smaller Companies Index (Excluding Investment Companies). The upper limit to this index was companies with a market capitalisation of £1.5bn as at 1 January 2021 (the date of the last annual index rebalance). This market capitalisation limit will change owing to movements in the stockmarket. The portfolio is diversified and will normally consist of investments in over 80 individual companies.

In seeking investments the approach will be fundamental in nature involving regular contact with the management of prospective and existing investments in conjunction with rigorous financial analysis of these companies. The emphasis within the portfolio will reflect the desire to invest in companies whose shares represent relatively attractive value within a given stockmarket environment.

Full details of the "Investment Policy" and "Investment Strategy" are set out in the latest Annual Report, which is available from the Literature Library.