Aberforth Smaller Companies Trust PLC · LSE:ASL
Aberforth Smaller Companies Trust — Shareholder Meeting (March 2026)
22 slides from Aberforth Smaller Companies Trust's shareholder meeting presentation, March 2026
Slide 1: Aberforth Smaller Companies Trust AGM Investor Presentation
Aberforth Partners LLP Aberforth Smaller Companies Trust plc (“ASCoT”) AGM Investor Presentation March 2026 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 Authority
Slide 2: 2025 financial highlights
2025 financial highlights ▪ Net Asset Value Total Return 7.9% ▪ DNSCI (XIC) Total Return 12.7% ▪ Ordinary Share Price Total Return 10.8% ▪ Total dividends of 58.8p Clients ─ Ordinary dividend of 46.8p (+7.3% year-on-year) ─ Special dividend of 12.0p Aberforth Partners LLP For more details see www.ab
Slide 3: ASCoT's record of dividend growth
ASCoT’s record of dividend growth ASCoT dividend per share (p) ASCoT’s dividend per share record 70 - Inception to 2025 +7.1% p.a. 60 - Financial crisis to 2025 +5.4% p.a. 12.0 50 9.0 6.0 8.3 Dividend (p) 46.8 43.6 40 41.5 7.75 39.0 6.70 4.00 35.2 30 33.3 32.0 2.75 30.3 2.75 28.8 27.4 26.0 24.8 20 2
Slide 4: 2025 context
2025 context ▪ ASCoT completed its 35th year ▪ Another good year for global and UK equity markets, where bigger was better ─ Positive returns – with greater breadth of geographic performance ─ Tariff-related volatility was absorbed after initial consternation ─ Sentiment improved as geopolitical ris
Slide 5: The value style has been beneficial over the years
The value style has been beneficial over the years 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 Jul-83 Jul-08 Aug-85 Aug-10 Mar-75 Mar-25 Sep-62 O
Slide 6: Robust balance sheets
Robust balance sheets 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 support dividends and buy-backs ▪ Higher leverage for asset
Slide 7: The triple discount revisited – and yet it moves!
The triple discount revisited – and yet it moves! Historical PEs PE relatives 18.1 World 16.0 1. UK vs. RoW 35Y average 0.96 Today 0.97 17.6 31 Dec 2024 0.86 UK 15.3 2. Small caps vs. UK 35Y average 0.88 Today 0.69 Small cap* 13.5 31 Dec 2024 0.82 12.2 *London Business School series till 2013, then
Slide 8: Acquirors continue to see the value
Acquirors continue to see the value M&A activity in the DNSCI (XIC) 30 25 27 20 19 18 10 15 17 15 14 14 10 12 12 12 12 11 5 5 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Deals completed Offers 31 Dec 25 ▪ 11 of the portfolio’s holdings were takeover targets during the year ▪ T
Slide 9: Outlook
Outlook ▪ Overview – 2026 started with heightened focus on potential AI victims ─ Possible opportunities in sectors previously off-limits on valuation grounds ─ Geopolitical risk has also recently resurfaced ▪ Portfolio – well positioned ─ Resilience of the portfolio evidenced in underlying balance
Slide 10: 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: £1.8m 2550 +9.7% 2050 1550 +8.5% 1050 550 50 ASCoT NAV TR FTSE
Slide 11: Top holdings
Top 20 holdings Total Rank Company Activity portfolio (%) 1 CMC Markets Financial derivatives trading platform 3.0 2 Jupiter Fund Management Investment manager 2.9 3 ZIGUP Van rental 2.7 4 Marstons Pub operator 2.6 5 Wilmington Business information and training 2.6 6 Galliford Try Holdings Building
Slide 12: Appendix
Appendix Aberforth Partners LLP 11
Slide 13: Aberforth Partners
Aberforth Partners ▪ A consistent investment approach deployed by a well-resourced team ─ Small UK quoted companies with a value investment philosophy ─ Fundamental analysis backed up by stewardship and engagement ▪ Prioritising our existing clients ─ Ceiling on the business: 1.5% of the DNSCI (XIC)
Slide 14: Aberforth's differentiation
Aberforth’s differentiation Aberforth Smaller Companies Trust Aberforth Geared Size Value & Income Trust Investment Trusts Mid Cap ITs Unit Trusts Aberforth Smaller Companies Trust Style Aberforth Partners LLP Source: Aberforth Partners LLP; Morningstar. Data available as at 06 January 2026. 13
Slide 15: Stewardship and ESG
Stewardship and ESG ▪ Integrated in the investment process, supported by a bespoke database module ▪ Our framework analyses company specific risks and opportunities against a sector determined risk score ─ Environmental: Climate change, pressure on natural resources, pollution and waste ─ Social: Em
Slide 16: 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 17: Glossary – Aberforth Funds
Glossary – Aberforth Funds ▪ Net Asset Value (ZDP Share) is the value of the entitlement to the ZDP Shareholders. ▪ PE: The price-earnings ratio (P/E ratio). ▪ Redemption Yield (Ordinary Share) is the annualised rate at which projected future income and capital cash flows (based on assumed future ca
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 ▪ The information contained in this presentation does not constitute an offer of, or an invitation to apply for, securities in any jurisdiction where such an offer or invitation is unlawful or in which the person making such offer is not qualified to do so or to whom it is unla
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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