The Fund's aims & objective, financial calendar, fund codes and value assessments
Aberforth UK Small Companies Fund is an Authorised Unit Trust. The Fund is managed by Aberforth Unit Trust Managers Limited and the Trustee is NatWest Trustee and Depositary Services Limited. The Fund is a limited issue fund in accordance with the regulations governing authorised unit trusts. This allows the Manager to control the flow of money into the Fund as a result of subscriptions for new units. The Fund issues accumulation and income units.
The investment objective of the Fund is to seek to achieve a total return, calculated on an income reinvested basis, greater than the Numis Smaller Companies Index (excluding Investment Companies) over the long term, or, if that index is not available, another index which the Manager considers is comparable to the Numis Smaller Companies Index (excluding Investment Companies).
The Fund aims to achieve its objective by investing in small UK quoted companies. These are companies with a market capitalisation, at time of purchase, equal to or lower than the largest company in the bottom 10% of the main UK equity market or companies in the Numis Smaller Companies Index (excluding Investment Companies). At 1 January 2023 (the date of the last annual index rebalancing), the index included 350 companies, with an aggregate market capitalisation of £140 billion. Its upper market capitalisation limit was £1.6 billion, although this limit changes owing to movements in the stockmarket. If any holding no longer falls within this definition of a small company, its securities become candidates for sale.
Portfolio risk is spread by diversification of holdings in individual companies: the portfolio will usually have holdings in around 80 small UK quoted companies.
The Fund’s policy towards companies quoted on the Alternative Investment Market (AIM) generally precludes investment, except either where an investee company moves from the “Main Market” to AIM (so as to avoid being a forced seller) or where a company quoted on AIM has committed to move from AIM to the “Main Market” (so as to enable investment before a full listing is obtained). The Fund does not invest in any unquoted companies.
The Manager aims to keep the Fund near fully invested in equities at all times and there is normally no attempt to engage in market timing by holding high levels of liquidity.
The Manager believes that small UK quoted companies continue to provide opportunities for positive total returns over the long term. Any material changes to the Fund’s investment objective and policy will be subject to Unitholder approval.
Full details of the Fund are set out in its latest Prospectus, which is available to view or download from our Literature Library.
Aberforth UK Small Companies Fund was constituted by a Trust Deed dated 17 December 1990 and is an authorised unit trust scheme under the Financial Services & Markets Act 2000.
The Fund is a UCITS scheme as defined by the Collective Investment Schemes Sourcebook.
| Event | Date |
|---|---|
| Interim Distribution pay date | 31 August 2023 |
| Interim Report available | 3 August 2023 |
| Interim Distribution XD date | 3 July 2023 |
| Interim Distribution record date | 30 June 2023 |
| Final Distribution pay date | 28 February 2023 |
| Annual Report available | 8 February 2023 |
| Final Distribution XD date | 3 January 2023 |
| Final Distribution record date | 30 December 2022 |
| Identifier | Code |
|---|---|
| GIIN | 08086E.00001.SF.826 |
| LEI | 213800ONHC5DGL7RPF30 |
| Identifier | Accumulation units | Income units |
|---|---|---|
| SEDOL | 0007272 | B2N9GS7 |
| ISIN | GB0000072727 | GB00B2N9GS70 |
| MEXID | HIUKSC | HIUKSI |
| Bloomberg | ABEUKSA LN | ABEUKSI LN |
| Citicode | A109 | AXW0 |
The most recent Aberforth Unit Trust Managers Limited Assessment of Value Report delivered to the unitholders of Aberforth UK Small Companies Fund is available to view and download below.
The current report and the prior year report are also available from our Literature Library.
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