Share prices, NAVs and historic performance
| All data as at 8 December 2023 | Values | |
|---|---|---|
| Ordinary Share NAV (excluding current year revenue) | 73.76p | |
| Ordinary Share NAV (including current year revenue) | 76.53p | |
| Zero Dividend Preference Share NAV (Accounts basis*) | 124.75p | |
| Zero Dividend Preference Share NAV (Articles basis*) | 124.80p | |
| Market value of equity investments | £201.0m | |
| Total net assets | £204.9m | |
| Zero Dividend Preference Shares | (£59.3m) | |
| Total Shareholders' funds (Ordinary Shares) | £145.6m | |
Notes
* for accounting purposes in accordance with the AIC SORP, issue costs in relation to the Zero Dividend Preference Shares are capitalised and amortised over their expected term.
Past performance is not a guide to future performance, or a reliable indicator of future results or performance.
| Period | NAV Ord | Share Price Ord | Share Price ZDP | Total Assets | NSCI (XIC) |
|---|---|---|---|---|---|
| 1 Year to 30/11/2023 | (1.3) | 4.1 | 3.0 | 0.1 | (0.3) |
| 1 Year to 30/11/2022 | (3.5) | (3.7) | 0.9 | (1.7) | (12.9) |
| 1 Year to 30/11/2021 | 39.0 | 29.1 | 7.9 | 28.3 | 24.0 |
| 1 Year to 30/11/2020 | (23.9) | (20.7) | (0.9) | (17.8) | (3.1) |
| 1 Year to 30/11/2019 | 12.6 | 7.6 | 3.8 | 10.4 | 9.6 |
| Period to 30 November 2023 | NAV Ord | Share Price Ord | Share Price ZDP | Total Assets | NSCI (XIC) |
|---|---|---|---|---|---|
| 1 year | (1.3) | 4.1 | 3.0 | 0.1 | (0.3) |
| 2 years | (2.4) | 0.2 | 1.9 | (0.8) | (6.8) |
| 3 years | 9.8 | 9.0 | 3.9 | 8.1 | 2.5 |
| 4 years | 0.2 | 0.7 | 2.7 | 0.9 | 1.1 |
| 5 years | 2.6 | 2.0 | 2.9 | 2.8 | 2.7 |
| Launch | 0.3 | (0.7) | 2.9 | 0.9 | 1.7 |
| Inception | 0.8 | (0.7) | 2.9 | 1.4 | 1.7 |
| Period to 30 November 2023 | NAV Ord | Share Price Ord | Share Price ZDP | Total Assets | NSCI (XIC) |
|---|---|---|---|---|---|
| 1 year | (1.3) | 4.1 | 3.0 | 0.1 | (0.3) |
| 2 years | (4.7) | 0.3 | 3.9 | (1.6) | (13.2) |
| 3 years | 32.4 | 29.5 | 12.1 | 26.3 | 7.7 |
| 4 years | 0.8 | 2.7 | 11.1 | 3.9 | 4.4 |
| 5 years | 13.5 | 10.6 | 15.3 | 14.6 | 14.4 |
| Launch | 1.7 | (4.4) | 20.5 | 6.2 | 11.4 |
| Inception | 5.3 | (4.4) | 20.5 | 9.4 | 11.4 |
Notes
NAV Ord = the Trust's net asset value per Ordinary Share with dividends reinvested.
Share Price Ord = the Trust's Ordinary Share price with dividends reinvested.
Share Price ZDP = the Trust's ZDP Share price.
Total Assets = represents the return of the combined funds of the Ordinary Shareholders and ZDP Shareholders assuming that dividends paid to Ordinary Shareholders were reinvested at the NAV per Ordinary Share at the close of business on the day the Ordinary Shares were quoted ex dividend.
NSCI (XIC) = capital appreciation on the Numis Smaller Companies Index (Excluding Investment Companies) with dividends reinvested. This comprises the bottom 10% of all UK quoted companies by market value which at 1 January 2023 included some 350 companies, the largest market capitalisation of which was £1,620m and the aggregate market capitalisation of which was £140bn.
Launch = 3 July 2017.
At inception an Ordinary Share had a NAV of 100p and a gearing level of 25%
At inception a ZDP Share had a NAV of 100p, a Projected Final Cumulative Cover of 3.4x, and a Redemption Yield of 3.5%.
Data relating to the hurdle rates, redemption yields and terminal asset values for the Zero Dividend Preference Shares is also available from the ZDP Analytics page in the "Interactive Statistics" section of the AIC website.
Past performance is not a guide to future performance, or a reliable indicator of future results or performance.
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