Title: 241728880.pdf URL Source: https://documentscdn.financialexpress.net/Literature/237B7DFBEB5076E007FB4E59C94AA5B4/241728880.pdf Number of Pages: 2 Markdown Content: # Aberforth Smaller Companies Trust plc # Monthly Factsheet # 30 April 2026 ## Fund structure The Fund is a closed ended investment company and its Ordinary shares are listed on the Main Market of the London Stock Exchange. ## Manager: Aberforth Partners The Fund is managed by Aberforth’s investment team of six fund managers: Sam Ford Jeremy Hall Euan Macdonald Peter Shaw Rob Scott Moncrieff Duncan MacInnes Further information on the investment team is available at www.aberforth.co.uk . ## Benchmark: DNSCI (XIC) The Fund’s benchmark and primary investment universe is the Deutsche Numis Smaller Companies Index (excluding Investment Companies). This index is rebalanced every January and its profile at the date of this Factsheet was: Number of companies 342 Total market value £1 70 bn Largest constituent £2. 7bn Largest constituent if index rebalanced at Factsheet date £2. 7bn ## Key Fund information Total investments £1, 459 m Number of investments 78 Active share 79. 7% Gearing - bank debt in use £10 9m Net gearing/(liquidity) 7.2 % Total net assets £1,362 m Ordinary shares in issue 78, 209,605 NAV 1, 741.07 p Share price 1, 532.00 p Discount/(premium) 12.0 % Market value £1, 198 m Launch date 10 Dec 90 Next year -end 31 Dec 2 6 ## Fees & charges Management fee* 0.7 3% (12m to 31 Dec 25) Performance fee None Ongoing charges 0. 80 % (at 31 Dec 25 & includes Management fee) * Further details of the Management fee are available at https://www.aberforth.co.uk/trusts-and- funds/aberforth-smaller-companies-trust-plc/. ## Yield & dividends Yield 3. 1% Interim dividend 14.30 p (paid 28 Aug 25) Final dividend 32.50 p (paid 9 Mar 26) Special dividend 12 .00 p (paid 9 Mar 26) # Objective The Fund’s objective is to achieve a total return greater than that of the D NSCI (XIC) over the long term by investing in a diversified portfolio of small UK quoted companies. # Investment style: Value Aberforth are value investors who buy shares in companies that they calculate to be selling below their intrinsic value. This is determined through detailed financial and industrial analysis, combined with a valuation approach that focuses on both stockmarket and corporate worth. # Investment performance (annualised total returns) Growth (%) 1m 3m 12m 3y 5y 10y 20y Launch NAV 6.1 -2.9 18.0 9.2 4.5 6.9 7.3 11.6 Share price 5.7 -6.4 16.2 10.2 3.9 7.1 7.4 11.4 DNSCI (XIC) 6.3 -5.1 15.0 8.6 2.9 6.1 7.3 9.6 FTAS 2.8 2.1 25.2 13.1 10.8 8.8 6.8 8.6 Notes: 1m & 3m returns not annualised; Launch date = 10 Dec 90; FTAS = FTSE All-Share Index. # Monthly investment commentary: April After a challenging March, stockmarkets recovered in April, as the on-going conflict in the Middle East continued to define the market narrative. In the UK, smaller companies performed better than large, reversing some of the under- performance from the prior month. The Fund benchmark DNSCI (XIC ) rose by 6.3%, with the Fund similarly rising by 6.1%. The large cap dominated FTSE All-Share was up by 2.8%. Fund holdings in housebuilders Crest Nicholson and MJ Gleeson were weak as the Middle Eastern turmoil stoked inflation expectations, which threaten to feed through to higher mortgage rates. Buyer affordability is being challenged while build costs are reaccelerating. Crest warned of lower profits, with the sector-wi de issues exacerbated by the failure to sell undeveloped land. Discussions with lenders are under way ahead of a likely covenant breach. Aberforth’s engagement with the company has been stepped up against the background of the very low valuation versus the reported book value. The Fund’s biggest winner in the month was XP Power . A trading update revealed broad positive momentum across the order book for its power controls. Strong demand from semiconductor manufacturing equipment customers reflects the AI-fuelled upswing in chip demand. Despite this, the stockmarket continues to value XP at a material discount to overseas listed peers. Other winners for the Fund included S4 Capital , which extended its post-results gains from March, and Gamma Communications , which revealed several takeover approaches. # Top 10 equity investments Name Activity % CMC Markets Financial derivatives trading platform 3.6 XP Power Power controls 3.3 Vesuvius Metal flow engineering 3.0 ZIGUP Van rental 2.8 EnQuest Oil and gas exploration and production 2.7 Rathbones Group Wealth management 2.7 Ashmore Group Investment manager 2.7 Morgan Advanced Materials Manufacturer of carbon and ceramic materials 2.3 Marstons Pub operator 2.3 MONY Group Price comparison websites 2.2 Aberforth Smaller Companies Trust plc Monthly Factsheet 30 April 2026 # Sector exposure Size exposure # Gearing The Fund has a bank debt facility of £130 m available for use as gearing by the Manager at any time. The net gearing/(liquidity) figure shown in the Key Fund information section indicates the percentage by which the total value of investments exceeds the total net assets. # Continuation vote & share buy-backs The continuation of the Fund is voted on by shareholders at every 3 rd AGM. The next vote will occur at the AGM in March 2029. The Fund operates a share buy-back policy. A list of the buy-back transactions during the last 5 years is available at www.aberforth.co.uk . # Data sources & calculations All data supplied by Aberforth, except DNSCI (XIC) data (from Deutsche Numis/Paul Marsh and Elroy Dimson – London Business School) and FTSE data (from FTSE International Limited). Performance returns are total returns after all expenses and assume reinvestment of dividends. Yield is based on the Fund’s trailing 12 months' dividends (excluding Specials). Active share is a measure of how the Fund’s portfolio differs from the D NSCI (XIC). Small companies are represented by the D NSCI (XIC). Large companies are represented by the FTAS. # Security codes & other information Ordinary shares of 1p Other information SEDOL: 0006655 Launched: 10 Dec 90 ISIN: GB0000066554 Next year-end: 31 Dec 26 TIDM: ASL LEI: 213800GZ9WC73A92Q326 # Subscribe & contact If you wish to subscribe to this Factsheet, or have any queries regarding its content, please contact Aberforth’s Investor Support team: (T) 0131 220 0733 (E) investors@aberforth.co.uk # 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 may be 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 perio ds; therefore investors should regard such investments as long term. There can be no guarantee that the investment objective of the Fund will be achieved or provide the returns sought by the Fund. An investment in the Fund is only suitable for investors who are capable of evaluating the merits and risks of such an invest ment and who have sufficient resources to be able to bear any losses which may arise from such an investment (which may be equal to the whole amount invested). Such an investment should be regarded as long term in nature and complementary to existing investments in a range of other financial assets and should not form a major part of an investment portfolio. An investment trust is a public limited company, the shares of which are traded on the main market of the London Stock Exchan ge. Accordingly, the ability of shareholders to sell their shares will be dependent on the market price of the shares. The shares may trade at a discount or premium 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 ca n enhance returns to shareholders in rising markets but will have the opposite effect on returns in falling markets. Further information on the Fund, including the Key Information Document, is available on request or via the Aberforth website www.aberforth.co.uk . Aberforth Partners LLP does not provide retail investors with investment advice. This document has been issued for information purposes only. It does not contain any investment recommendations or an invita tion to invest in the Fund. Investors should seek advice from an authorised financial adviser prior to making investment decisions. FTSE® is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. A ll rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liab ility 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 withou t FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.