ABERFORTH SMALLER COMPANIES TRUST plc
Interim Management Statement for the three months to 30 September 2009
Investment Objective
The investment objective of Aberforth Smaller Companies Trust plc (ASCoT) is to
achieve a net asset value total return (with dividends reinvested) greater than on
the Hoare Govett Smaller Companies Index (Excluding Investment Companies) (HGSC
(XIC)) over the long term.
Aberforth Partners LLP are contracted as the Investment Managers and Secretaries to
the Company.
Features
· During the 3 months to 30 September 2009, the Company's net asset value
rose by 24.5%. By comparison, the Company's benchmark, the HGSC (XIC) Index,
rose by 26.0%. All figures are total returns.
· As at 30 September 2009, the share price was 557p, representing a discount
of 11.8% to the net asset value.
· During the 3 months to 30 September 2009, the level of gearing was reduced
from 9.1% to 6.0%.
· No shares were purchased for cancellation during the period under review.
96,900,000 shares remain in issue.
· The first interim dividend in respect of the year to 31 December 2009 of
6.0p was paid on 21 August 2009.
Performance - Total Returns
Periods to 30 September 2009
3 Months 6 Months 1 Year 3 Years
ASCoT Share Price +20.8% +49.7% +31.3% -8.8%
ASCoT NAV +24.5% +54.3% +23.5% -8.2%
HGSC (XIC) +26.0% +55.2% +27.5% -1.8%
Note: Past performance is not a guide to future performance
Top 10 Holdings % of Investment Portfolio
As at 30 September 2009
Bellway 2.9
Greggs 2.8
JD Sports Fashion 2.5
Beazley 2.5
Robert Wiseman Dairies 2.3
Domino Printing Sciences 2.2
RPC Group 2.2
Huntsworth 2.2
Spectris 2.2
CRS 1.9
----
23.7
Size Distribution across FTSE Indices
As at 30 September 2009
HGSC (XIC) ASCoT
% Total %Total
FTSE 100 1.4 0.0
FTSE 250 75.9 51.0
FTSE SmallCap 16.9 38.4
FTSE Fledgling 1.9 5.7
Other 3.9 4.9
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100.0 100.0
Note: The HGSC (XIC) figures above are simulated and assume that the index was
rebalanced on the above date.
Financial Position As at As at
30 September 2009 30 June 2009
Fixed Assets: Investments at bid £648.5m £542.1m
price
Net Current Liabilities £(36.6m) £(45.2m)
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Total Shareholders' Funds £611.9m £496.9m
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Net Asset Value 631.49p 512.77p
Share Price 557.00p 467.00p
Discount 11.8% 8.9%
Shares in Issue 96,900,000 96,900,000
Market Capitalisation £539.7m £452.5m
Gearing 6.0% 9.1%
General Information
Management Fee (p.a.) 0.80%
Total Expense Ratio (2008 per 0.94%
annum)
Launch Date 10 December
1990
Further Information
Further information regarding the Company, including any share buybacks and the
most recently published net asset value can be found on the following website:
www.aberforth.co.uk
Contact
David Holland (Tel: 0131 220 0733)
Aberforth Partners LLP, Secretaries, 5 October 2009
END