Aberforth Smaller Companies interims for the six months ended 30 June 2015 show the fund generating a total return on net assets of 15.3%, well ahead of the 11.8% return on the Numis Smaller Companies ex Investment Companies Index. The return to shareholders was 12.9% as the discount widened from 7.7% to 9.8%. The interim dividend of 8.15p per Ordinary Share for the year to 31
December 2015 represents a 5.2% increase over 2014.
Stock selection added 2% to the NAV say the managers. The managers are switching money from healthcare stocks to oil stocks. The portfolio benefited from M&A activity – they say that of 17 bids for constituents of the Numis Index, six were in the portfolio.
No holdings were named in the report.
ASL : Good start to 2015 for Aberforth Smaller