Small Companies Dividend Trust has published its anual accounts for the year ended 30 April 2014. It was a remarkable period for the fund as its net asset value per share rose by 37.9% and its share price by 46.3%. By contrast the MSCI UK Small Cap Index rose by 19.3%. The discount narrowed from 7.5% to 1.9% and the dividend rose from 6.6p to 9.575p (2.75p of which was a special dividend). As the fund grew larger, its ongoing charges ratio fell from 2.4% to 2%. The gearing provided by the company’s zero dividend preference shares will have boosted performance. The manager’s report mentions Acal as one investment that also contributed as it rose by 70%.