Aberforth Smaller Companies Trust PLC · LSE:ASL
Aberforth Smaller Companies Trust — Investor Presentation (May 2026)
32 slides from Aberforth Smaller Companies Trust's investor presentation, May 2026
Slide 1: Presentation to Investors May 2026
Aberforth Partners LLP Presentation to Investors May 2026 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 authorised
Slide 2: Introduction
Introduction Aberforth Partners LLP 1
Slide 3: Performance
Performance CAGR ASCOT Total Return % YTD 1 Year 3 Year 5 Year inception FTSE All-Share 5.2 25.2 13.1 10.8 8.6 DNSCI (XIC) - benchmark -1.0 15.0 8.6 2.9 9.6 ASCoT NAV 2.2 18.0 9.2 4.5 11.6 ASCoT share price 0.0 16.2 10.2 3.9 11.4 AFUND 2.2 16.7 8.9 4.4 * Inception date for ASCoT was 10/12/1990 * AFU
Slide 4: Winners and losers – year to date
Winners and losers – year to date 10 Best Winners 10 Worst Losers Total Total Rank Company return (%) Attribution (bp) Rank Company return (%) Attribution (bp) 1 XP Power 95 151 1 Crest Nicholson Holdings -53 -81 2 EnQuest 98 128 2 MJ Gleeson Group -45 -56 3 CMC Markets 23 61 3 Ceres Power Holdings
Slide 5: Value roll – year to date
Value roll – year to date Top 10 Purchases Top 10 Sales Rank Company £m Rank Company £m 1 ASCoT buy-backs 24.3 1 Senior 46.5 2 WH Smith 13.6 2 Mitchells & Butlers 29.9 3 Rosebank Industries 11.5 3 Jupiter Fund Management 16.2 4 Videndum 10.0 4 Galliford Try Holdings 15.0 5 JD Wetherspoon 9.7 5 Bodyc
Slide 6: The elephant in the room
The elephant in the room Aberforth Partners LLP 5
Slide 7: Iran and the UK economy
Iran and the UK economy DNSCI (XIC) -12% in March – the 6th worst month in Aberforth’s history Concern about impact of higher energy prices on UK economic activity ─ Contrasting effects on UK political uncertainty mediated by the gilt market But there is a lot in the price already ─ The 2022 U
Slide 8: UK economy – sentiment versus resilience
UK economy – sentiment versus resilience IPSOS UK Economic Optimism Index Consumer optimism at rock bottom Net reading of -72 for April 2026 48 year average of -18 A contrary indicator Panmure Liberum UK household net cash position Strong private sector balance sheets These underpinn
Slide 9: Why ASCoT is well placed
Why ASCoT is well placed Aberforth Partners LLP 8
Slide 10: Aberforth: years of experience in small UK quoted companies
Aberforth 36 years of experience in small UK quoted companies The business is designed to focus on our existing clients Consistent self-imposed cap on assets under management Aligned incentives ─ The Partners’ holdings in ASCoT have doubled, as shares outstanding have fallen by 20% An investme
Slide 11: Benefits of being an investment trust
Benefits of being an investment trust ASCoT buy-backs - cumulative value bought back Buy-backs 260 35% ─ Enhancement to per share returns + liquidity for exiters 240 220 30% 200 ─ Buy-backs in 2025: £60m 25% 180 160 20% ─ Buy-backs since 2008: £250m 140 120 100 15% ─ Weighted average discount of b
Slide 12: ASCoT’s value style suited to the current environment
ASCoT’s value style suited to the current environment Value relative to growth within the DNSCI (XIC), 3 month periods 20% Short term – value is well placed 15% 1. Boost from inflation volatility and higher 10% 5% discount rates 0% 2. AI concerns hitting software and platforms -5% -10% 3. Tailwind f
Slide 13: UK coming in from the cold, led by large caps
UK coming in from the cold, led by large caps Relative return, DNSCI (XIC) vs. FTSE All-Share 210 +5% per annum relative -32% relative 60% 200 50% 190 180 40% 170 30% 160 150 20% 140 10% 130 120 0% 110 -10% 100 90 -20% 80 -30% 70 -37% relative 60 -40% FTSE All-Share 1 year return [RHS] DNSCI (XIC) v
Slide 14: Resilient smaller companies
Resilient smaller companies Battle-hardened management teams and boards who have navigated recent challenges Strong balance sheets give optionality ─ 20 ASCoT holdings buying back shares, 27% by weight of the portfolio 55% 50% 45% 40% % by value of Tracked Universe & Portfolio 35% 30% 25% 20% 15
Slide 15: M&A continues to close the value gaps
M&A continues to close the value gaps M&A activity in the DNSCI (XIC) 30 25 8 were Aberforth 20 holdings 19 15 17 15 4 14 10 12 12 11 5 X X 5 X X 6 X X X 0 2019 2020 2021 2022 2023 2024 2025 2026 Deals completed Offers 30 Apr 26 Approaches 30 Apr 26 X Aberforth holding A highly active M&A period o
Slide 16: Portfolio categories
Portfolio categories Under Review Work in Progress Self-help On Track Portfolio weight 6% Portfolio weight 12% Portfolio weight 57% Portfolio weight 26% Number of stocks 9 Number of stocks 9 Number of stocks 44 Number of stocks 16 Total Return YTD -24% Total Return YTD -0% Total Return YTD +6% Total
Slide 17: Potential upside from the portfolio
Potential upside from the portfolio Components of ASCoT's portfolio upside (cf. slide 19 for methodology) The model does not reflect 3500p 47% 72% 1. Value roll 3000p 2. Broad small cap re-rating 2500p 17% 3. Gearing 2000p 8% 1741p 4. Buy-back enhancement 1500p Share price 1532p 5. Costs 1000p 6. Sh
Slide 18: Aberforth’s long term performance record
Aberforth’s long term performance record Total return performance since ASCoT's inception 35 year CAGR 5050 £100k invested at ASCoT inception: +11.6% ASCoT: £4.9m 4050 DNSCI (XIC): £2.6m Total Return rebased to 100 FTAS: £1.9m 3050 +9.6% 2050 +8.6% 1050 50 ASCoT NAV TR FTSE All-Share TR DNSCI (XIC)
Slide 19: Appendix
Appendix Aberforth Partners LLP 18
Slide 20: Methodology for the portfolio upside
Methodology for the portfolio upside Forecast EBITA 2 years out – we are not bold enough to look further out Apply a multiple – this is scrutinised and debated at our investment meetings Add 2 years of dividends The combination gives a target price for each company Reports of ranked upside
Slide 21: EV/EBITA
EV/EBITA EV/EBITA 2025 2026 2027 ASCoT 8.1x 7.1x 6.3x Benchmark - Tracked Universe 11.0x 10.1x 9.0x "Smaller small" companies* 8.6x 7.9x 7.2x "Larger small" companies** 11.9x 10.9x 9.6x *Stocks < £600m market ca p. **Stocks > £600m ma rket ca p. 1. Value premium to be harvested ─ Portfolio on a 30%
Slide 22: Top 20 holdings
Top 20 holdings Total Rank Company Activity portfolio (%) 1 CMC Markets Financial derivatives trading platform 3.6 2 XP Power Power controls 3.3 3 Vesuvius Metal flow engineering 3.0 4 ZIGUP Van rental 2.8 5 EnQuest Oil and gas exploration and production 2.7 6 Rathbones Group Wealth management 2.7 7
Slide 23: Sector exposure
Sector exposure DNSCI (XIC) ASCoT Relative Sector Significant holdings (>1.5% portfolio weight) weight weight weight Technology 5.0% 5.1% 0.1% NCC Group, MONY Group Telecommunications 1.7% 1.7% 0.0% Gamma Communications Health Care 2.8% 0.0% -2.8% CMC Markets, Sabre Insurance Group, Rathbones Group,
Slide 24: Style differentiation
Style differentiation Aberforth Smaller Companies Trust & Aberforth UK Small Companies Fund Aberforth Geared Value & Income Trust Size Investment Trusts Mid Cap ITs Unit Trusts Aberforth Geared Value & Income Trust Aberforth Smaller Companies Trust & Aberforth UK Small Companies Fund Style Aberforth
Slide 25: 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 26: 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 27: 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 28: Important information
Important information Aberforth Partners LLP 27
Slide 29: 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 30: 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 31: 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 32: 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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