Title: 242271473.pdf URL Source: https://documentscdn.financialexpress.net/Literature/2C5198AFB0E5FF6173AE2007BE171C45/242271473.pdf Number of Pages: 5 Markdown Content: invtrusts.co.uk ## Investment objective To achieve long term capital growth by investment in UK quoted smaller companies. ## Reference Index The Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index ## Cumulative total returns (%) as at 30/04/26 1 month 3 months 6 months 1 year 3 years 5 years Share Price 491.5p 7.2 (4.0) (3.5) 5.4 24.2 (16.4) NAV 538.4p 7.5 (3.9) (3.8) 3.8 14.4 (16.9) Reference Index 7.1 (4.6) 1.3 15.9 18.6 (2.3) ## Discrete performance (%) 30/04/26 30/04/25 30/04/24 30/04/23 30/04/22 Share Price 5.4 4.8 12.4 (23.1) (12.5) NAV 3.8 2.2 7.8 (18.4) (11.0) Reference Index 15.9 0.3 2.0 (9.4) (9.1) Source: Workspace Datastream, total returns. The percentage growth figures above are calculated over periods on a mid to mid basis. NAV total returns are on a cum-income basis. Past performance is not a guide to future results. ## Ten largest positions relative to the reference index (%) Overweight Stocks Portfolio Reference Index Relative Balfour Beatty 3.7 - 3.7 Cairn Homes 2.8 - 2.8 Avon Technologies 2.9 0.2 2.7 Morgan Sindall 3.6 1.0 2.6 Cranswick 2.6 - 2.6 Volex 3.0 0.5 2.5 Galliford Try 2.7 0.2 2.5 ME Group 2.7 0.2 2.5 Hunting 2.8 0.3 2.5 Tatton Asset Management 2.6 0.2 2.4 # Aberdeen UK Smaller # Companies Growth Trust plc ## Capturing the growth potential of ## UK smaller companies Performance Data and Analytics to 30 April 2026 > A © 2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/ MethodologyDocuments/AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. Morningstar Analyst Rating TM > A Morningstar Analyst Rating™ Morningstar analysts assign the ratings globally on a five-tier scale with three positive ratings of Gold, Silver and Bronze. Morningstar Rating TM > A Morningstar Rating TM for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. Twenty largest equity holdings (%) Balfour Beatty 3.7 Morgan Sindall 3.6 AJ Bell 3.3 Volex 3.0 Hill & Smith 3.0 Avon Technologies 2.9 Hunting 2.8 Cairn Homes 2.8 ME Group 2.7 Galliford Try 2.7 Volution 2.7 Sirius Real Estate 2.7 Paragon Banking 2.7 Tatton Asset Management 2.6 Cranswick 2.6 Bloomsbury Publishing 2.4 Ashtead Technology 2.2 Pan African Resources 2.1 Premier Foods 2.0 Applied Nutrition 2.0 Total 54.5 Total number of investments 56 All sources (unless indicated): Aberdeen: 30 April 2026. 02 Sector allocation (%) Industrials 32.0 Financials 19.4 Consumer Discretionary 15.8 Basic Materials 8.4 Consumer Staples 8.3 Energy 4.9 Real Estate 4.6 Technology 3.9 Health Care 1.6 Telecommunications 1.1 Total 100.0 Key information Calendar Accounts Published September Annual General Meeting November Launch Date 1993 Dividends Paid April/November Trust information Fund Manager Abby Glennie / Amanda Yeaman Gross Assets £282.0 million Borrowing £30.0 million Market Capitalisation £230.1 million Share Price 491.5p Net Asset Value C 538.4p (Discount)/Premium 12 Month High 12 Month Low (8.7)% (6.1)% (9.1)% Net yield 2.8% Net cash/(gearing) D (6.1)% Trust Annual Management Fee 0.60% on Net Assets up to £200m and 0.55% thereafter Ongoing Charges E 0.85% Active Share percentage F 79.6% AIFMD Leverage Limits Gross Notional 3x Commitment 2x # Aberdeen UK Smaller Companies # Growth Trust plc Aberdeen UK Smaller Companies Growth Trust plc ## 1 Year Premium/Discount Chart (%) -12 -10 -8 -6 Apr-26 Feb-26 Dec-25 Oct-25 Aug-25 Jun-25 Apr-25 ## 5 year trust performance - price indexed 40 60 80 100 120 Apr-26 Apr-25 Apr-24 Apr-23 Apr-22 Apr-21 abrdn UK Smaller Companies Growth Trust Share Price abrdn UK Smaller Companies Growth Trust - NAV (DIL) Reference Index B ## Fund managers’ report Market review UK equities recovered some of their recent losses in April as news of a ceasefire between the US and Iran raised hopes that disruption to global energy markets could be short lived. However, investors are braced for the conflict to deliver a negative shock to the British economy, and the International Monetary Fund downgraded its UK GDP forecast for 2026 from 1.3% to 0.8%. The FTSE All-Share Index returned 2.4% over the month, with performance strongest among small- and mid-cap stocks following a weak start to the year. The domestically focused FTSE 250 Index returned 6.0% while the FTSE SmallCap Index rose 6.1%. In economic news, the Consumer Prices Index rose to 3.3% in March following sharp increases in fuel costs. The Bank of England left the base rate unchanged at its April meeting but warned that persistently high inflation could lead to tighter monetary policy. The UK economy expanded more rapidly than expected in February as a result of > B Reference Index is the Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index. > C Net Asset Value including income. > D Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. > E Expressed as a percentage of average daily net assets for the year ended 30 June 2025. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. > F The ‘Active Share’ percentage is a measure used to describe what portion of the portfolio’s holdings differ from the reference index holdings. Fund managers’ report continues overleaf 03 Aberdeen UK Smaller Companies # Growth Trust plc Aberdeen UK Smaller Companies Growth Trust plc strength in the services sector, while more recent data showed an increase in private- sector output in April. However, this was largely attributed to increased buying by businesses ahead of expected price rises or goods shortages. Performance The Trust returned 7.5% in April, ahead of the benchmark return of 7.1%. The holding in Volex was the largest individual contributor after a mid-April capital markets event in which management outlined a strategic path to $2 billion in revenue over five years, underpinned by structural growth in data centres and electric vehicles. Hill & Smith was another positive contributor as strong demand for sustainable infrastructure and grid technologies prompted target price upgrades, with the company well placed to benefit from increased global infrastructure spending. Morgan Sindall Group shares rose following an unscheduled trading update that revealed profit before tax is tracking significantly ahead of expectations, driven primarily by strong momentum in the fit out division. On the negative side,LBG Media was the largest detractor, with the share price under pressure from transitioning margin profiles and continued tough conditions in the indirect business segment. Pan African Resources weighed on performance as broker sentiment was dampened by warnings around the lack of jurisdictional diversification and security risks at the Barberton and Evander mining sites. The holding in Mortgage Advice Bureau declined as investors worried that lingering Iran-related inflation risk would feed through to UK rates and weigh further on the domestic property market. Activity In April, we initiated a holding in industrial minerals specialist SigmaRoc, taking the opportunity presented by a recent sell-off to start a position in a business that is delivering strong earnings growth. While the firm’s end markets are going through a slower period, we view the entry valuation as attractive given the medium-term growth profile. We also opened a position in James Fisher, a portfolio of maritime-linked businesses operating across energy, defence and maritime transport. The management team is three years into a five-year strategic plan, with financial stability restored through the disposal of RMSpumptools and operational efficiency improving through portfolio focus and the removal of cost duplication. Meanwhile, we exited our position in Bellway, where the outlook looks increasingly challenging on multiple fronts. Government support for British housebuilders has not materialised, consumer confidence remains low, affordability has not improved as interest-rate cuts have been delayed, while demand weakness has made it very difficult to pass on cost inflation. Outlook While April’s recovery has restored some confidence to UK smaller companies, we are mindful that the macroeconomic backdrop remains finely balanced. Inflation has proved stickier than expected, the Bank of England has kept rates on hold pending clearer evidence of disinflation, and the geopolitical situation in the Middle East continues to inject episodic volatility into energy markets. Against that backdrop, we remain focused on companies with strong balance sheets, genuine pricing power and levers to drive earnings, rather than relying on a sustained rerating from macro tailwinds alone. Valuations across the asset class remain compelling on most longer-run measures, particularly relative to large caps and to international peers, and we continue to see good idiosyncratic opportunities at the stock level. We expect activity in the portfolio to remain disciplined, with a continued bias toward quality industrials, selective domestic cyclicals where scores on our Matrix analysis tool support the position, and miners with high-quality assets where the medium-term commodity outlook is supportive. Composition of the portfolio by market capitalisation (Ex Cash) (%) Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index 81.3 FTSE 250 H 12.2 FTSE 100 2.3 FTSE AIM I 1.4 Other 2.8 Total 100.0 Capital structure Ordinary shares 46,806,456 Treasury shares 57,357,966 Allocation of management fees and finance costs Capital 75% Revenue 25% Trading details Reuters/Epic/ Bloomberg code AUSC ISIN code GB0002959582 Sedol code 0295958 Stockbrokers WINS Investment Trusts Market makers INV, JEFF, JPMS, NUMS, PEEL, SING, SCAP, WINS i Factsheet Receive the factsheet by email as soon as it is available by registering at www.aberdeeninvestments.com/ trustupdates www.aberdeeninvestments.com/ausc Contact Private investors trusts@aberdeenp lc.com Institutional Investors InvestmentTrustInvestorRelations-UK@ aberdeenp lc.com Ben Heatley Head of Closed End Fund Sales Ben.Heatley@aberdeenp lc.com > HFTSE 250 are mid cap holdings that are above market cap to qualify to be included in the Deutsche Numis Smaller > Companies Index. > IAIM holdings that are not included in the Deutsche Numis Smaller Companies plus AIM (ex Investment Companies) > Index. Important information overleaf ## Fund managers’ report - continued 04 Aberdeen UK Smaller Companies Growth Trust plc # Aberdeen UK Smaller Companies Growth Trust plc Statement of Operating Expenses Publication date: 17 September 2025 Recurring Operating Expenses (£000s) Year ending 30 Jun 2025 % of NAV Year ending 30 Jun 2024 % of NAV % Change (YOY) Management Fee (inc AIFM) 2,489 0.65% 2,817 0.70% -11.6% Custody fees and bank charges 32 0.01% 29 0.01% 10.3% Promotional activities 246 0.06% 249 0.06% -1.2% Directors remuneration 169 0.04% 169 0.04% 0.0% Depositary fees 47 0.01% 49 0.01% 0.0% Auditors' remuneration 42 0.01% 71 0.02% -40.8% Professional fees 56 0.01% 48 0.01% 16.7% Registrar's fees 42 0.01% 29 0.01% 44.8% Secretarial fees - 0.00% 45 0.01% -100.0% Other administrative expenses 136 0.04% 182 0.05% -25.3% Ongoing Operating Expenses (ex indirect fund management expenses) 3,259 0.85% 3,688 0.92% -11.6% Expenses relating to investments in other collective investments 0.00% 0.00% Ongoing Operating Expenses (inc indirect fund management expenses) 3,259 0.85% 3,688 0.92% -11.6% Average Net Asset Value 385,637 402,438 -4.2% Operating Expense Ratio (ex indirect fund management expenses) 0.85% 0.92% Operating Expense Ratio (inc indirect fund management expenses) 0.85% 0.92% Transaction costs and other one-off expenses (£000s) Year ending 30 Jun 2025 % of NAV Year ending 30 Jun 2024 % of NAV % Change (YOY) Transaction costs 731 0.19% 358 0.09% 104.2% Performance fees 0.00% 0.00% Other non-recurring expenses 11 0.00% 5 0.00% 120.0% Total 742 0.19% 363 0.09% 104.4% Current Service Providers AIFM abrdn Fund Managers Limited Investment Manager abrdn Investment Management Limited Company Secretary abrdn Holdings Limited Fund Accounting Services BNP Paribas Fund Services UK Limited Auditor KPMG LLP Depositary & Custodian BNP Paribas S.A. London Branch Registrar Computershare Investor Services PLC Corporate Broker Winterflood Securities Limited Summary of Current Key Commercial Arrangements The Company has appointed abrdn Fund Managers Limited (aFML), a wholly owned subsidiary of Aberdeen plc, as its Alternative Investment Fund Manager. aFML has been appointed to provide investment management, risk management, administration and company secretarial services, and promotional activities to the Company. The Company's portfolio is managed by abrdn Investment Management Limited by way of a group delegation agreement in place between it and aFML. aFML has sub-delegated administrative and secretarial services to abrdn Holdings Limited, promotional activities to abrdn Investments Limited, and fund accounting services to BNP Paribas Fund Services UK Limited. Further details of the fees payable to the Manager are shown in notes 4 and 5 to the financial statements in the Annual Report. The management agreement is terminable on not less than six months’ notice. In the event of termination by the Company on less than the agreed notice period, compensation is payable to the Manager in lieu of the unexpired notice period. risk management, administration and company secretarial services, and promotional activities to the Company. No performance fee. Fee scale % of NAV £0-£200m 0.60% >£200m 0.55% Directors fee rates (£) Year ending 30 Jun 2025 Year ending 30 Jun 2024 % Change (YOY) Chair 43,700 40,700 7.4% Chair of Audit & Risk Committee 35,200 32,800 7.3% Senior Independent Director 31,500 29,400 7.1% Director 29,500 27,500 7.3% Number of Directors 5 6 Important Information The Statement of Operating Expenses is designed to help investors understand the impact of operating expenses on financial performance. Operating expenses are NOT deducted from the value of an investor's shareholding, which is derived from the share price. The market value (share price) of all publicly traded companies reflects a wide range of factors, including the estimated impact of operating expenses on future financial performance. The market value of an investment trust may diverge materially, both positively and negatively, from the reported net asset value. 0006300338 For more information visit invtrusts.co.uk ## Important information Risk factors you should consider prior to investing: • The value of investments, and the income from them, can go down as well as up and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Trust shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. • The Company may charge expenses to capital which may erode the capital value of the investment. • The Alternative Investment Market (AIM) is a flexible, international market that offers small and growing companies the benefits of trading on a world-class public market within a regulatory environment designed specifically for them. AIM is owned and operated by the London Stock Exchange. Companies that trade on AIM may be harder to buy and sell than larger companies and their share prices may move up and down very sharply because they have lower trading volumes and also because of the nature of the companies themselves. In times of economic difficulty, companies listed on AIM could fail altogether and you could lose all your money. • The Company invests in smaller companies which are likely to carry a higher degree of risk than larger companies. • Specialist funds which invest in small markets or sectors of industry are likely to be more volatile than more diversified trusts. Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Investment should only be following a review of the current Key Information Document (KID) and pre-investment disclosure document (PIDD) both of which are available on www.invtrusts. co.uk. Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Aberdeen*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Aberdeen* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. *Aberdeen means the relevant member of the Aberdeen Group, being Aberdeen Group plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. FTSE International Limited (‘FTSE’) © FTSE 2026. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. RAFI® is a registered trademark of Research Affiliates, LLC. 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. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Issued by abrdn Fund Managers Limited, registered in England and Wales (740118) at 280 Bishopsgate, London, EC2M 4AG, authorised and regulated by the Financial Conduct Authority in the UK.