Aberforth Smaller Companies Trust PLC · LSE:ASL
Aberforth Smaller Companies Trust — Aberforth Geared Value & Income Trust — Shareholder Meeting (October 2025)
22 slides from Aberforth Smaller Companies Trust's shareholder meeting presentation, October 2025
Slide 1: Aberforth Geared Value & Income Trust plc AGM Investor Presentation
Aberforth Partners LLP Aberforth Geared Value & Income Trust plc (AGVIT) AGM Investor Presentation October 2025 14 Melville Street - Edinburgh EH3 7NS Tel 0131 220 0733 enquiries@aberforth.co.uk - www.aberforth.co.uk Aberforth Partners LLP is authorised and regulated by the Financial Conduct Authori
Slide 2: Introduction to AGVIT
Introduction to AGVIT ▪ £147m total assets split across Ordinary and ZDP shares IPO on 1 July 2024 ▪ Support from investors rolling out of ASLIT and £15m new money raised ▪ Partners of Aberforth increased their investment by £4m in the IPO ▪ c.£1.1m = c.1.1p per Ordinary Share Transaction costs ▪ Ne
Slide 3: Financial Highlights – year to 30 June 2025
Financial Highlights – year to 30 June 2025 ▪ Capital performance – a volatile year 30-Jun-25 Ordinary Share Price 83.5p Ordinary NAV per Share 99.6p Discount/(Premium) 16.2% ZDP Share Price 108.0p ZDP NAV per Share 106.2p Discount/(Premium) (1.7%) ▪ Income performance – ahead of our expectations Pe
Slide 4: Ordinary shares – attractive income
Ordinary shares – attractive income Dividend experience since launch New payers As expected Ahead Below ▪ Good portfolio dividend experience ▪ Economic uncertainty mitigated by strong balance sheets and portfolio dividend cover ▪ Dividends ahead of the 4.00-5.00p Prospectus range: ─ Ordinary Dividen
Slide 5: The Managers' value investment style
The Managers’ value investment style Value component of DNSCI (XIC) against DNSCI (XIC) 19% 870 17% 770 15% Value component of DNSCI (XIC) vs DNSCI (XIC) 670 13% 11% 570 9% 470 7% 370 5% 3% 270 1% 170 -1% 70 -3% -30 -5% -7% -130 Aug-60 Aug-85 Aug-10 Jul-83 Jul-08 Mar-75 Mar-00 Mar-25 Sep-62 Feb-73 S
Slide 6: Valuation recovery potential
Valuation recovery potential Historical PEs PE relatives 18.6 World 16.0 1. The UK vs. RoW 34Y average 0.96 16.8 Today 0.90 UK 15.3 2. Small caps vs. UK 34Y average 0.89 Small cap* 13.5 Today 0.76 12.8 *London Business School series till 2013, then Tracked Universe 3. Aberforth vs. Small caps 34Y av
Slide 7: Resilient small UK quoted companies
Resilient small UK quoted companies 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) ▪ Smaller companies are well financed ▪ The lower valuations of Small
Slide 8: Continued M&A activity
Continued M&A activity 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 Hyve Group Offer pr
Slide 9: Conclusion
Conclusion ▪ Macro-economic uncertainty lingers ─ Confidence that small companies will again prove their resilience ─ Broad opportunity set presented by global politics and economics ▪ Much of the risk already reflected in valuations ─ Upside from the portfolio very attractive ─ Structural gearing p
Slide 10: Appendix
Appendix Aberforth Partners LLP 9
Slide 11: 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 6.14% 114p to 160.58p at 30 June 2031 -10.0% 9.4p -16.7% -15.4% -14.0% -12.9% -11.1% -5.0% 35.
Slide 12: Top 20 holdings
Top 20 holdings Total Rank Company Activity portfolio (%) 1 Vesuvius Metal flow engineering 3.9 2 Jupiter Fund Management Investment manager 3.4 3 Rathbones Group Wealth management 3.0 4 Galliford Try Holdings Building and infrastructure contractor 3.0 5 FirstGroup Bus and rail operator 2.9 6 Quilte
Slide 13: Sector exposure
Sector exposure DNSCI (XIC) AGVIT Relative Sector Significant holdings (>1.5% portfolio weight) weight weight weight Technology 6.4% 6.0% -0.4% NCC Group, MONY Group Telecommunications 1.7% 0.0% -1.7% Health Care 3.3% 0.0% -3.3% Sabre Insurance Group, Rathbones Group, Jupiter Fund Management, Chesna
Slide 14: Aberforth's differentiation
Aberforth’s differentiation ASCoT & AFUND AGVIT Size Investment Trusts Mid Cap ITs Unit Trusts AGVIT Style Aberforth Partners LLP Source: Aberforth Partners LLP; Morningstar. Data available as at 17 September 2025. 13
Slide 15: 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 The Aberforth Smaller Companies Trust plc, Aberforth’s longest standing client. ▪ Accumulation Units: units no
Slide 16: Glossary – Aberforth Funds
Glossary – Aberforth Funds ▪ IPO: Initial Public Offering. ▪ IRRs: Internal Rate of Return (IRR) is a metric used in financial analysis to estimate the profitability of potential investments. ▪ Issue refers to the issue of units by the Trustee. ▪ Leverage is a measurement of the use of debt. ▪ LTCM:
Slide 17: Glossary – Aberforth Funds
Glossary – Aberforth Funds ▪ SONIA: Sterling Overnight Index Average is a measure of the rate at which interest is paid on sterling short-term wholesale funds in circumstances where credit, liquidity and other risks are minimal. ▪ TCFD: Task Force on Climate-Related Disclosures. ▪ Terminal NAV (Ordi
Slide 18: Important information
Important information Aberforth Partners LLP 17
Slide 19: 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 20: 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 21: 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 22: 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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