Aberforth Smaller Companies Trust PLC · LSE:ASL
Aberforth Smaller Companies Trust — Aberforth Geared Value & Income Trust — Investor Presentation (November 2025)
33 slides from Aberforth Smaller Companies Trust's investor presentation, November 2025
Slide 1: Presentation to AGVIT Investors, November 2025
Aberforth Partners LLP Presentation to AGVIT Investors November 2025 This presentation is intended for investment professionals. It does not represent investment advice. 14 Melville Street - Edinburgh EH3 7NS Tel 0131 220 0733 enquiries@aberforth.co.uk - www.aberforth.co.uk Aberforth Partners LLP is
Slide 2: Aberforth Partners
Aberforth Partners ▪ A consistent investment approach deployed by a well-resourced team of six ─ Small UK quoted companies, value philosophy, fundamental analysis, engagement ─ Significant “skin in the game” ─ New investment manager – Duncan MacInnes joined us in September ▪ Prioritising our existin
Slide 3: Total returns to 31 October 2025
Total returns to 31 October 2025 Total Return % 6 Months 10 Months 1 Year *Launch FTSE All-Share 16.0 20.9 22.5 23.2 DNSCI (XIC) 14.6 11.1 12.9 15.4 AGVIT Total Assets Total Return 12.2 5.4 5.4 4.7 AGVIT Ordinary Share NAV 16.1 5.2 4.6 2.8 AGVIT Ordinary Share Price 19.1 5.4 0.3 -12.5 AGVIT ZDP Shar
Slide 4: Aberforth's long term performance record
Aberforth’s long term performance record Total returns since ASCoT's inception 5050 4550 ASLeT AGCiT AGIT ASLIT 4050 3550 Total Return rebased to 100 3050 2550 2050 1550 1050 550 50 ASCoT NAV TR +11.7% pa DNSCI (XIC) TR +9.7% pa FTSE All-Share TR +8.5% pa ▪ AGVIT not long into its 7 year fixed life
Slide 5: Attractive income for the Ordinary Shares
Attractive income for the Ordinary Shares 2025/26 Dividend experience ▪ All income goes to the Ordinary shares Below 19% Ahead ▪ Resilient dividend experience in 2025 50% ▪ Forecast year portfolio yield and cover In line ─ 5.3% and 1.9x 31% ▪ 2024/25 revenue ▪ 2025/26 revenue, 4 months to 31 October
Slide 6: Portfolio income experience
Portfolio income experience Portfolio categorised by holding's most recent dividend action 40 ▪ AGVIT’s positive income experience was 35 driven by the 34 holdings that increased 30 Median increase: 6% their most recent dividend Number of companies 25 20 34 15 10 20 5 9 5 0 Cutters Nil payers No cha
Slide 7: External influences on AGVIT's capital performance in 2025
External influences on AGVIT’s capital performance in 2025 ▪ A drag from macroeconomic uncertainty ─ Overseas facing businesses – tariff related volatility ─ Domestic facing businesses – UK fiscal concerns and the Budget ▪ Style factors ─ Value – helpful year-to-date but a headwind since June ─ Size
Slide 8: Winners and losers – 10 months to 31 October
Winners and losers – 10 months to 31 October 10 Best Winners Total return Contribution 10 Worst Losers Total return Contribution Rank Company (%) (bp) Rank Company (%) (bp) 1 Bakkavor Group 47 122 1 Morgan Advanced Materials -20 -75 2 Wickes Group 52 65 2 PageGroup -27 -66 3 International Personal F
Slide 9: Value roll – 10 months to 31 October
Value roll – 10 months to 31 October Top 10 Purchases Top 10 Sales Rank Company £m Rank Company £m 1 Brooks Macdonald Group † 2.2 1 TI Fluid Systems * 3.7 2 Pets at Home Group 2.2 2 Dowlais Group * 3.5 3 Hollywood Bowl Group 2.0 3 Bakkavor Group * 3.4 4 Serica Energy † 1.6 4 International Personal F
Slide 10: Looking ahead
Looking ahead Aberforth Partners LLP 9
Slide 11: The triple discount revisited – and yet it moves!
The triple discount revisited – and yet it moves! Historical PEs PE relatives 18.6 World 16.0 1. UK vs. RoW 34Y average 0.96 Today 0.92 17.2 31 Dec 2024 0.86 UK 15.3 2. Small caps vs. UK 34Y average 0.88 Today 0.75 Small cap* 13.5 31 Dec 2024 0.82 13.0 *London Business School series till 2013, then
Slide 12: Smaller companies – neglect and opportunity
Smaller companies – neglect and opportunity Rolling 5 year relative total return, DNSCI (XIC) vs. FTSE All-Share 180 170 160 150 140 130 120 110 100 90 80 70 60 ▪ Extended period of small cap under-performance – lingering effects of Brexit and the pandemic ─ Not just the UK – a liquidity obsession i
Slide 13: Attractive valuations
Attractive valuations Number of EV/EBITA 2024 2025 2026 stocks AGVIT 68 8.0x 8.2x 7.3x Tracked Universe 220 11.5x 11.3x 9.9x "Smaller small" companies* 126 9.0x 9.1x 7.6x "Larger small" companies** 94 12.6x 12.2x 10.9x Stocks > 60% revenue generated UK*** 98 11.9x 11.3x 10.1x Stocks > 60% revenue ge
Slide 14: M&A realisations since 2021
M&A realisations since 2021 Completed or new offers within the DNSCI (XIC) since 31/12/2021 120% Seraphine Group (206%) Pendragon Alphawave IP Group Wincanton Micro Focus 100% Spirent Communications John Menzies RPS Group 80% Innovaderma Devro Restaurant Group Kin and Carta Just Group Offer price pr
Slide 15: Engaged and influential
Engaged and influential ▪ Aberforth’s approach to stewardship ─ Discreet engagement, honed over three decades, subject to our valuation discipline ─ Supportive and long term, seeking to work with and through the chair ▪ Influence from significant stakes, where Aberforth’s clients have 10%+ stakes ─
Slide 16: Jupiter Fund Management case study – the valley of fear
Jupiter Fund Management case study – the valley of fear 160p Structural headwinds Engagement The turn 150p • Mid tier killing ground • Board & shareholders • Change of chair • Fee pressure • Self-help on cost • Cost savings 140p • Rising costs • Capital allocation • Acquisition of CCLA 130p • Outflo
Slide 17: Why invest in AGVIT today?
Why invest in AGVIT today? 1. The market is taking notice of UK valuations ─ Where’s the “moron premium” in the FTSE 100? 2. Small cap valuations remain extremely attractive ─ An option on UK not being as bad as everyone seems to think 3. M&A activity within the small cap universe remains elevated ─
Slide 18: Illustrative returns
Illustrative returns Ordinary shares ZDP shares Redemption yields / IRRs: Redemption yields: (p.a. returns to 30 June 2031) Capital Terminal Dividend growth p.a. growth p.a. NAV 0.0% 2.5% 5.0% 7.0% +10% Now 6.07% 115p to 160.58p at 30 June 2031 -10.0% 9.8p -16.3% -15.0% -13.6% -12.4% -10.6% -5.0% 35
Slide 19: Appendix
Appendix Aberforth Partners LLP 18
Slide 20: Top 20 holdings
Top 20 holdings Total Rank Company Activity portfolio (%) 1 Vesuvius Metal flow engineering 3.9 2 Jupiter Fund Management Investment manager 3.6 3 Quilter Wealth management 3.1 4 Rathbones Group Wealth management 2.9 5 Galliford Try Holdings Building and infrastructure contractor 2.9 6 MONY Group Pr
Slide 21: Sector exposure
Sector exposure DNSCI (XIC) AGVIT Relative Sector Significant holdings (>1.5% portfolio weight) weight weight weight Technology 6.3% 6.6% 0.3% TT Electronics, NCC Group, MONY Group Telecommunications 1.0% 0.0% -1.0% Health Care 3.3% 0.0% -3.3% Sabre Insurance Group, Rathbones Group, Jupiter Fund Man
Slide 22: Value style and size
Value style and size Value component of DNSCI (XIC) against DNSCI (XIC) Value style 19% 17% 870 ▪ Value premium within the DNSCI (XIC) since 770 15% ─ The index’s inception in 1955 +3.2% p.a. Value component of DNSCI (XIC) vs DNSCI (XIC) 670 13% 11% 570 9% 470 ─ Aberforth’s inception in 1990 +2.0% p
Slide 23: Aberforth's differentiation
Aberforth’s differentiation ASCoT & AFUND AGVIT Size Investment Trusts Mid Cap ITs Unit Trusts AGVIT ASCoT & AFUND Style Aberforth Partners LLP Source: Aberforth Partners LLP; Morningstar. Data available as at 05 November 2025. 22
Slide 24: Balance sheets – leverage profile
Balance sheets – leverage profile Profile of Net debt/EBITDA bandings 40% 35% 30% Weight of portfolio 25% 20% 15% 10% 5% 0% Net Cash < 1x 1x to 1.99x 2x to 2.99x > 3x Net debt/EBITDA bandings AGVIT (2025) Tracked Universe (2025) ▪ Strong balance sheets in the portfolio and small companies in general
Slide 25: Investment managers
Investment managers SAMUEL G FORD MEng Sam joined Aberforth in August 2019 and became a Partner in May 2021. As a fund manager on M&G Investments’ equity income team for the previous 5 years, he managed UK equity portfolios for a range of clients. Prior to that he was an investment manager with Alli
Slide 26: Glossary – Aberforth Funds
Glossary – Aberforth Funds ▪ Aberforth’s investment philosophy and putting it into practice is explained further at www.aberforth.co.uk/about-Aberforth/ ▪ Aberforth Standard Value refers to Aberforth Smaller Companies Trust plc, Aberforth’s longest standing client. ▪ Accumulation Units: units not re
Slide 27: Glossary – Aberforth Funds
Glossary – Aberforth Funds ▪ GHG: Green House Gas emissions. ▪ Hurdle rate is the rate of capital growth per annum to return a stated amount per share at the planned winding-up date. ▪ Income Units entitle the holder to a cash distribution representing the net income attributable to that unit at eac
Slide 28: Glossary – Aberforth Funds
Glossary – Aberforth Funds ▪ Scope 4: Relates to a category of Green House Gas emissions. Termed as avoided emissions, Scope 4, can be defined as reductions that occur outside of a product’s life cycle or value chain, but as a result of the use of that product. ▪ Share buy backs/buybacks: A share bu
Slide 29: Important information
Important information Aberforth Partners LLP 28
Slide 30: Important information
Important information ▪ Throughout this presentation references to: SMALL COMPANIES mean constituents of the Deutsche Numis Smaller Companies Index (Excluding Investment Companies) which are referred to as “DNSCI (XIC)”; LARGE COMPANIES mean constituents of the FTSE All-Share Index which are referre
Slide 31: Important information
Important information ▪ This presentation is intended only for persons who satisfy the requirements of Article 19 (Investment Professionals) and Article 49 (High Net Worth Companies etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and may not be copied or passed
Slide 32: Risk warnings
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.
Slide 33: Risk warnings
Risk warnings ▪ An investment trust may only pay dividends to the extent that it has distributable profits available for that purpose. A reduction in the income from an investment trust's portfolio could adversely affect the yield, if any, on its shares. ▪ Investment trusts may borrow money in order
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