Website Financial Promotions Disclaimer


We recommend that you read the content below before you view the following pages. By clicking on the Accept button, you acknowledge that you have read and understood the important information contained within this disclaimer and within our Privacy Notice, Risk Warnings and Important Legal Information pages.

This material is not intended as an offer, invitation or solicitation for the purchase or sale of any investment, nor is its issuance intended to give rise to any other legal relations whatsoever and must not be relied upon for the purposes of any investment decision.

The information contained on the following pages is subject to updating, revision and amendment. All expressions of opinion are subject to change without notice and do not constitute advice and should not be relied upon as a promise or representation as to the future.

Persons resident in countries other than the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest in any product described in these pages.


Risk Warnings

Capital may be at risk as the value of investments may go down as well as up and is not guaranteed; therefore investors may not get back the amount originally invested.

Past performance is not a guide to future performance, nor a reliable indicator of future results or performance.

Investments in shares of smaller companies are generally considered to carry a higher degree of risk as the market for their shares is often less liquid than that for shares of larger companies, making shares of smaller companies more difficult to buy and sell.

The performance of shares of smaller companies may be more volatile than the shares of larger companies over short time periods; therefore investors should regard such investments as long term.

Changes in economic or political conditions or other factors can substantially and potentially adversely affect the value of investments and, accordingly, the performance and prospects of the fund.

An investment trust is a public limited company, the shares of which are traded on the main market of the London Stock Exchange. Investment trusts are not authorised and regulated by the Financial Conduct Authority.

An investment trust is a closed-ended company and its shareholders will have no right to have their shares redeemed or repurchased by the company at any time. Accordingly, the ability of shareholders to realise any value in respect of their shares will be dependent on the existence of a liquid market in the shares and the market price of the shares. The shares may trade at a discount to their net asset value.

Investment trusts may borrow money in order to make further investments. This is known as “gearing”. The effect of gearing can enhance returns to shareholders in rising markets but will have the opposite effect on returns in falling markets.

Tax legislation and the levels of relief from taxation can change at any time. The tax treatment of an investment will depend on the individual circumstances of the investor and may be subject to change in the future.


Other Information

Throughout the presentation available from the following pages, references to: SMALL COMPANIES mean constituents of the Numis Smaller Companies Index (Excluding Investment Companies) which are referred to as “NSCI (XIC)”; LARGE COMPANIES mean constituents of the FTSE All-Share Index which are referred to as “FTAS”; total return means with dividends reinvested (prior to 2.7.97 with gross dividends reinvested thereafter with net dividends reinvested); and Aberforth clients’ portfolio characteristics use one of Aberforth’s “Standard Value” clients as representative unless otherwise stated.

Sources of data used in the presentation are detailed on the relevant pages. Source references to London Business School refer to Numis/Paul Marsh and Elroy Dimson – London Business School.

Source references to FTSE refer to FTSE International Limited (“FTSE”) © FTSE 2021. FTSE® is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or underlying data contained in this communication. No further distribution of FTSE data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.

Aberforth Partners LLP is a limited liability partnership registered in England and Wales (registered number OC313353) and its registered office address is The Broadgate Tower, Primrose Street, London EC2A 2EW. It has its principal place of business at 14 Melville Street, Edinburgh EH3 7NS.

Aberforth Partners LLP is authorised and regulated by the Financial Conduct Authority.


2021 Annual General Meeting

Results of Annual General Meeting (AGM)

The results of the votes cast at the Trust's AGM held on 2 March 2021 are available to view and download using the relevant link on this page.

Investor update presentation

A copy of the latest presentation by the Trust's investment managers is also available to view and download using the relevant link on this page.  The Board hopes that shareholders will find the content of interest.