Title: 241728551.pdf URL Source: https://documentscdn.financialexpress.net/Literature/31A0CB4CEA7592D4F0875B78727D7297/241728551.pdf Number of Pages: 2 Markdown Content: This document is issued by Aberforth Partners LLP – authorised and regulated by the Financial Conduct Authority in the UK # Aberforth Geared Value & Income Trust plc Monthly Factsheet # 30 April 2026 ## Fund structure The Fund is a closed ended investment company with a planned life to 30 June 2031. Its Ordinary shares (Ord) and Zero Dividend Preference shares (ZDP) 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. Investment universe: DNSCI (XIC) The Fund’s 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 £170bn Largest constituent £2.7bn Largest constituent if index rebalanced at Factsheet date £2.7bn Key Fund information Total investments £142m Number of investments 67 Gearing - ZDP shares £45m Net gearing 41.7% Total net assets £100m Ord share NAV 93.21p Ord share price 85.00p Ord discount/(premium) 8.8% ZDP share NAV (Articles basis) 113.20p ZDP share price 115.00p ZDP discount/(premium) (1.6)% Fees & charges Management fee* 0.75% (12m to 30 Jun 25) Performance fee None Ongoing charges 1.40% (at 30 Jun 25 & includes Management fee) * Further details of the Management fee are available at https://www.aberforth.co.uk/trusts-and-funds/aberforth-geared-value-income-trust-plc/fees-charges/. Yield & dividends (Ord) Yield 6.0% 1st interim dividend 1.56p (paid 9 Mar 26) 2nd interim dividend 3.50p (paid 28 Aug 25) Special dividend 0.85p (paid 28 Aug 25) # Investment objective The Fund’s objective is to provide Ordinary (Ord) shareholders with high total returns incorporating an attractive level of income, and to provide Zero Dividend Preference (ZDP) shareholders with a pre-determined final capital entitlement of 160.58p on the planned winding up of the Company expected to occur on 30 June 2031. # 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 Growth (%) 1m 3m 6m 12m Launch Total assets 5.1 -3.0 1.0 13.3 5.7 Ord NAV 7.2 -5.0 -0.2 15.9 2.7 Ord price 3.0 2.4 6.2 26.4 -7.1 ZDP NAV 0.6 1.7 3.5 7.0 13.5 ZDP price 0.0 0.0 0.0 8.5 15.0 DNSCI (XIC) 6.3 -5.1 0.3 15.0 15.8 FTAS 2.8 2.1 8.0 25.2 33.0 Notes: Launch = 1 Jul 24. # 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 DNSCI (XIC) small cap index rose by 6.3%, with the Fund rising by 5.1%. The large cap dominated FTSE All-Share was up by 2.8%. The biggest negative performance contribution came from housebuilder Crest Nicholson . Sector concerns weighed 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. The company warned of lower profits, with the sector-wide 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. WH Smith was also affected by events in Iran, warning that profits are likely to be affected by a weaker outlook for passenger numbers and consumer confidence. Leo Quinn has recently joined as Executive chair. He is known to Aberforth and has a record of navigating complexity. While the Fund benefited from the broad recovery in share prices, a standout was XP Power . A trading update showed 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. # Top 10 equity investments Name Activity %Vesuvius Metal flow engineering 4.7 Rathbones Group Wealth management 3.3 Quilter Wealth management 3.2 Jupiter Fund Management Investment manager 3.1 Smiths News Newspaper distribution 3.0 Ashmore Group Investment manager 2.9 MONY Group Price comparison websites 2.8 Chesnara Life insurance 2.8 ZIGUP Van rental 2.8 Morgan Advanced Materials Manufacturer of carbon and ceramic materials 2.4 This document is issued by Aberforth Partners LLP – authorised and regulated by the Financial Conduct Authority in the UK ## Aberforth Geared Value & Income Trust plc Monthly Factsheet 30 April 2026 # Sector exposure Size exposure # Gearing The Fund’s Ord shares are geared by the capital entitlement of the ZDP shares which will rise continuously until the planned winding up date of 30 June 2031. The net gearing figure shown in the Key Fund information section is the percentage by which the total value of investments exceeds the total net assets. # Hurdle rates & redemption yields The Fund’s latest hurdle rates and redemption yields are available from the ZDP Analytics section of the AIC website at https://www.theaic.co.uk/aic/find-compare-investment-companies/zdp-analytics. # 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). Small companies are represented by the DNSCI (XIC). Large companies are represented by the FTAS. # Security codes & other information Ord shares ZDP shares Other information SEDOL: BPJMQ25 SEDOL: BPJMQ36 Launched: 1 Jul 24 ISIN: GB00BPJMQ253 ISIN: GB00BPJMQ360 Next year-end: 30 Jun 26 TIDM: AGVI TIDM: AGZI LEI: 2138006A8FCYYWSJKE32 Shares in issue: 107,331,000 Shares in issue: 40,249,000 Planned winding-up: 30 Jun 31 Market value: £91m Market value: £46m # 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 periods; 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 dividends and 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 investment 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 Exchange. 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 can enhance returns to shareholders in rising markets but will have the opposite effect on returns in falling markets. The Fund’s Ordinary shares (Ords) are geared by the Zero Dividend Preference shares (ZDPs) and rank for repayment of capital after the ZDPs and any creditors of the Fund. A positive net asset value for the Ords will be dependent upon the Fund's assets being sufficient to meet the prior capital entitlements of the holders of the ZDPs. The Ords should therefore be regarded as carrying above average risk. The ZDPs are not a protected or guaranteed investment. In particular, should the Fund be wound up prior to its planned winding up date, holders of ZDPs would only receive their accrued capital entitlement to the date of winding up - which would be less than the final anticipated capital entitlement of the ZDPs. 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 invitation to invest in the Fund. Investors should seek advice from an authorised financial adviser prior to making investment decisions. 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