Title: Microsoft Word - ASCOT Factsheet TEMPLATE URL Source: https://is.gd/szx5Fm Published Time: Mon, 12 May 2025 13:19:44 GMT Markdown Content: This document is issued by Aberforth Partners LLP – authorised and regulated by the Financial Conduct Authority in the UK # Aberforth Smaller Companies Trust plc Monthly Factsheet # 30 April 2025 ## 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 Rowan Marron Rob Scott Moncrieff Peter Shaw 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 346 Total market value £148bn Largest constituent £2.7bn Largest constituent if index rebalanced at Factsheet date £2.0bn Key Fund information Total investments £1,325m Number of investments 78 Active share 79.1% Gearing - bank debt in use £89m Net gearing/(liquidity) 5.8% Total net assets £1,253m Ordinary shares in issue 82,148,105 NAV 1,524.94p Share price 1,366.00p Discount/(premium) 10.4% Market value £1,122m Launch date 10 Dec 90 Next year-end 31 Dec 25 Fees & charges Management fee* 0.72% (12m to 31 Dec 24) Performance fee None Ongoing charges 0.78% (at 31 Dec 24 & includes Management fee) * Further details of the Management fee are available at www.aberforth.co.uk. Yield & dividends Yield 3.2% Interim dividend 13.60p (paid 29 Aug 24) Final dividend 30.00p (paid 10 Mar 25) Special dividend 6.00p (paid 10 Mar 25) # Objective The Fund’s objective is to achieve a total return greater than that of the DNSCI (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 2.0 -4.7 -2.7 2.4 12.4 4.8 7.9 11.4 Share price 4.1 -3.3 -1.7 4.0 12.3 5.5 8.2 11.2 DNSCI (XIC) 3.5 -4.5 4.0 2.6 9.3 4.8 8.4 9.5 FTAS -0.2 -1.2 7.5 7.0 10.9 5.8 7.1 8.2 Notes: 1m & 3m returns not annualised; Launch date = 10 Dec 90; FTAS = FTSE All-Share Index. # Monthly investment commentary: April April opened with the ‘Liberation Day’ tariff announcements. This prompted significant volatility across already nervy financial markets. US treasuries, oil and the dollar fell. Gold continued its ascent. Equity markets recovered some poise later in the month after initial sharp declines. Overall, UK stocks were broadly in line with other equity markets. The FTSE All-Share fell by 0.2% in the month, while small companies made up some of the under-performance earlier this year. The Fund rose by 2.0% and the benchmark DNSCI (XIC) by 3.5%. The size factor was a headwind for the Fund: “larger smalls” out-performed the “smaller smalls”, to which the Fund has greater exposure. The largest detractor from relative performance was Mobico . It announced the disposal of its US school bus business on disappointing terms. The release of results the following day added to concerns about leverage even after the sale completes. It was disappointing that the board did not consult shareholders, particularly since the disposal is not subject to a vote. Vesuvius , one of the Fund’s larger holdings and an overseas earner, was driven lower by tariff concerns, which affected many industrial stocks. EnQuest’s shares tracked the oil price lower through the month. Among the largest relative positive contributors was CMC Markets , which is usually a beneficiary of heightened market volatility. Strength elsewhere from Galliford Try , Halfords and Card Factory pointed to the benefits of domestic earnings exposure and the market’s reappraisal of this in light of uncertainty elsewhere. Of the three, only Halfords had company-specific news, which was a positive year end trading update. # Top 10 equity investments Name Activity % Wilmington Business information & training 3.4 Bakkavor Group Food manufacturer 3.0 Galliford Try Holdings Building & infrastructure contractor 2.7 Just Group Annuity provider 2.4 Vesuvius Metal flow engineering 2.3 ZIGUP Van rental 2.3 NCC Group IT security 2.3 CMC Markets Financial derivatives trading platform 2.2 Morgan Advanced Materials Manufacture of carbon & ceramic materials 2.2 Rank Group Multi-channel gaming operator 2.1 -5 -3 -1 135791m 3m 12m Discrete returns (%) > NAV Share price DNSCI (XIC) FTAS 0246810 12 14 3y 5y 10y 20y Launch Annualised returns (%) > NAV Share price DNSCI (XIC) FTAS This document is issued by Aberforth Partners LLP – authorised and regulated by the Financial Conduct Authority in the UK ## Aberforth Smaller Companies Trust plc Monthly Factsheet 30 April 2025 # Sector exposure Size exposure # Gearing The Fund has a bank debt facility of £130m 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 2026. 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 DNSCI (XIC). Small companies are represented by the DNSCI (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 25 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 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 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. 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 invitation 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. 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 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 without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication. 018 527 732 352 2 0318 11 18 525 6 72 3 3 0510 15 20 25 30 35 40 Weighting (%) Fund DNSCI (XIC) > 44 45 2980 14 15 020 40 60 80 100 FTSE 250 FTSE SmallCap FTSE Fledgling Other Exposure (%) Fund DNSCI (XIC)