Aberforth Smaller Companies Trust PLC · LSE:ASL
Aberforth Smaller Companies Trust — Investor Presentation (November 2025)
34 slides from Aberforth Smaller Companies Trust's investor presentation, November 2025
Slide 1: Presentation to Investors November 2025
Aberforth Partners LLP Presentation to 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 autho
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 CAGR 34 months to ASCOT Total Return % YTD October 2025 3 Year 5 Year 10 Year inception FTSE All-Share 20.9 13.4 14.7 14.7 8.0 8.5 DNSCI (XIC) - benchmark 11.1 10.9 12.6 9.9 6.1 9.7 ASCoT NAV 7.2 9.7 12.3 15.1 6.0 11.7 ASCoT share price 9.4 9.9 14.0 16.0 6.3 11.5 AFU
Slide 4: External influences on ASCoT's performance in 2025
External influences on ASCoT’s 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 (over-w
Slide 5: Winners and losers – 10 months to 31 October
Winners and losers – 10 months to 31 October 10 Best Winners 10 Worst Losers Total Total Rank Company return (%) Attribution (bp) Rank Company return (%) Attribution (bp) 1 Zegona Communications 67 137 1 Ithaca Energy 118 -124 2 Jupiter Fund Management 84 123 2 Videndum -73 -116 3 International Pers
Slide 6: 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 ASCoT buybacks 49.3 1 Just Group * 56.2 2 Pets at Home Group 20.9 2 Zegona Communications 51.3 3 Brooks Macdonald Group † 19.0 3 TI Fluid Systems * 38.1 4 Ashmore Group 18.6 4 Quilter 34.5 5 Hollywoo
Slide 7: Looking ahead
Looking ahead Aberforth Partners LLP 6
Slide 8: 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 35Y average 0.96 Today 0.92 17.2 31 Dec 2024 0.86 UK 15.3 2. Small caps vs. UK 35Y 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 9: 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 10: Attractive valuations
Attractive valuations Number of EV/EBITA 2024 2025 2026 stocks ASCoT 81 7.8x 8.1x 7.1x 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 11: 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 12: 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 13: 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 14: Enhancing portfolio returns – buy-backs and gearing
Enhancing portfolio returns – buy-backs and gearing ▪ Buy-backs ASCoT buy-backs - cumulative value bought back 220 35% ─ Enhancement to per share returns 200 30% 180 ─ Liquidity for exiters 160 140 25% 20% 120 ─ Buy-backs in 2025: £49m 100 15% 80 ─ Buy-backs since 2008: £215m 60 40 10% 5% 20 ─ Weigh
Slide 15: Dividends signal the fundamentals
Dividends signal the fundamentals ▪ Aberforth’s style and process have driven strong dividend growth over 35 years ─ The Board aims to grow the dividend in real terms – interim dividend +5% 60 ─ EPS (ex special dividends received) over 10 months to 31 October +6% ─ Revenue reserves at 31 December 20
Slide 16: Why invest in ASCoT today?
Why invest in ASCoT 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 17: ASCoT's continuation vote
ASCoT’s continuation vote ▪ In respect of the three years to 31 December 2025 ▪ Proposed as an ordinary resolution at the AGM on 5 March 2026 ▪ The Board and Managers encourage all shareholders to vote ▪ The Chairman, Richard Davidson, is available to meet shareholders richard.davidson@aberforth.co.
Slide 18: Aberforth's long term performance record
Aberforth’s long term performance record Total return performance since ASCoT's inception 35 year 5050 CAGR +11.7% 4550 £100k invested at ASCoT inception: 4050 ASCoT: £4.8m 3550 DNSCI (XIC): £2.6m Total Return rebased to 100 3050 FTAS: £1.7m 2550 +9.7% 2050 1550 +8.5% 1050 550 50 ASCoT NAV TR FTSE A
Slide 19: Appendix
Appendix Aberforth Partners LLP 18
Slide 20: Top 20 holdings
Top 20 holdings Total Rank Company Activity portfolio (%) 1 Jupiter Fund Management Investment manager 3.3 2 Wilmington Business information and training 2.7 3 Vesuvius Metal flow engineering 2.6 4 Galliford Try Holdings Building and infrastructure contractor 2.5 5 Ashmore Group Investment manager 2
Slide 21: Sector exposure
Sector exposure DNSCI (XIC) ASCoT Relative Sector Significant holdings (>1.5% portfolio weight) weight weight weight Technology 6.3% 6.1% -0.2% TT Electronics, NCC Group, MONY Group Telecommunications 1.0% 0.9% -0.1% Health Care 3.3% 0.0% -3.3% CMC Markets, Sabre Insurance Group, Rathbones Group, Ju
Slide 22: Value style and size
Value style and size Value component of DNSCI (XIC) against DNSCI (XIC) Value style 19% 870 ▪ Value premium within the DNSCI (XIC) since 17% 770 15% ─ The index’s inception in 1955 +3.2% p.a. Value component of DNSCI (XIC) vs DNSCI (XIC) 670 13% 11% ─ ASCoT’s inception in 1990 +2.0% p.a. 570 9% 470
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 ASCOT (2025) Tracked Universe (2025) ▪ Strong balance sheets in the portfolio and small companies in general
Slide 25: Portfolio dividend experience
Portfolio dividend experience Portfolio categorised by holding's most recent dividend action 35 30 25 Number of companies 20 33 15 10 20 13 5 11 4 0 Cutters Nil payers No changers Increasers Returners / New Aberforth Partners LLP Source: Aberforth Partners LLP; Bloomberg. Data as at 31 October 2025.
Slide 26: 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 27: 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 28: Glossary – Aberforth Funds
Glossary – Aberforth Funds ▪ GFC: Global Financial Crisis, was a severe worldwide economic crisis that occurred in 2007 to 2008. ▪ 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
Slide 29: 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 30: Important information
Important information Aberforth Partners LLP 29
Slide 31: 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 32: 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 33: 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 34: 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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