For the six months to 30 June 2016, the net asset value total return of Aberforth Smaller Companies Trust was -11.3%, which compares with a total return of -5.6% from the Company’s investment benchmark, the Numis Smaller Companies Index excluding Investment Companies (NSCI (XIC)). The FTSE All-Share Index, which is dominated by larger companies, generated a return of
+4.3% over the same period. The discount on the Company’s shares widened from 5% at the start of the period to 17% as at 30 June. The Board announced an interim dividend of 8.60p (up 5.2%).
Thy say “It is clear that this has been a disappointing six-month period in both absolute and relative terms. In financial markets, describing events as “exceptional” has been a somewhat overused cliché in recent years. In the aftermath of the Brexit referendum and with ten year gilt yields falling below 1%, such a description of the six months to 30 June 2016 seems entirely appropriate.”
ASL : Aberforth Smallers underperforms in H1