Risk Warning
The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.
Read the detailed Risk WarningPast Performance
Past performance is no guide to future performance.
See latest monthly factsheet below for performance history.
Daily Data
At close 17-May-2012
Ord| Price | 118.50p |
| NAV | 141.00p |
| Prem/-Disc | -15.96% |
| Net Dividend Yield | 5.06% |
Source: Morningstar
NAV = Net Asset Value
Literature
Trust Details
Aberdeen Smaller Companies High Income Trust plc
Registered Office:
7th Floor,
40 Princes Street,
Edinburgh
EH2 2BY
Registered in Scotland as an Investment Company Number 137448
Aberdeen Smaller Companies High Income Trust PLC
(formerly Shires Smaller Companies plc)
Objective
The objective of the Company is to provide a high and growing dividend and capital growth from an investment in a portfolio invested principally in the ordinary shares of smaller UK companies and UK fixed income securities.
Aberdeen's investment approach: An eye for potential, an ear to the ground
December 2011
Manager's Monthly Report
April 2012
The FTSE SmallCap (ex Investment Companies) Index increased by 2.4% during March on a total return basis. This return was despite the increasing concerns around a slowdown in Chinese economic growth and the emergence of further sovereign debt concerns in Spain. Over the quarter smaller companies have been very strong returning 18.2% while the Trust returned 13.7%.
The UK Budget passed with very little impact on markets. The Chancellor revised growth expectations up to 0.8% for 2012 whilst reducing 2013 to 2%. Growth remains the issue facing the Government with austerity packages beginning to bite.
In economic data UK manufacturing surprised on the upside while retail sales continue to disappoint. The US continued to show signs of recovery with non-farm payrolls and ISM Non-manufacturing coming in ahead of expectations.
In terms of portfolio activity we exited BUPA Finance 6.125% 2049 bond after a strong recovery. We used the cash from the sale to add to a few of the higher yielding names in the portfolio including; Chesnara, Morgan Sindall, Interserve, Wilmington and Berendsen. We also topped up BBA Aviation and The Restaurant Group on weakness.
The strong start to the year has been somewhat surprising given the outlook. There is no doubt the ECB’s liquidity injection has helped to calm short-term nerves, but there remains considerable uncertainty around sovereign refinancing in Europe. With this as a backdrop the earnings season has gone broadly well for the Trust with most companies reporting in-line with expectations. However with volatility likely to remain high management have been cautious about 2012 guidance which is why we remain cautious around the sustainability of the recent rally.