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 26-Jan-2012
Ord| Price | 109.50p |
| NAV | 140.40p |
| Prem/-Disc | -22.01% |
| Net Dividend Yield | 5.48% |
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.
Manager's Monthly Report
January 2012
The smaller company’s market traded sideways through December with very little news flow. Whilst December was a benign end to the year, 2011 prove to be a tough year for global equity markets. For a change it was the emerging markets that bore the brunt of the sell off with China and India down over 20%. The sovereign debt crisis in the eurozone has been the dominant headline that has quelled appetite for risk. This could be seen most starkly in Government bond markets with yields in the UK falling to all-time lows. Over the year FTSE-A British Government All Stocks Gilt Index rose an unprecedented 15.6% despite the outlook for the UK economy. In contrast, the FTSE SmallCap (ex Investment Companies) Index fell 15.2% on a total return basis.
Economic news has remained mixed of late but until we get an orderly resolution to the sovereign debt crisis markets are likely to remain volatile. GDP growth is also faltering and against this backdrop the ECB cut rates by a further 25bps to 1%. Whether or not we are headed for another recession is in the balance but equity markets have already started to price in a slowdown. Lately we have seen an increase in the number of companies warn over lower profits and we are likely to see more over the coming quarter with the announcement of full year results.
One new holding was introduced over the month. BBA Aviation has a leading position in the operation of flight support stations for private business jets in the US. This is a recovering market with ample scope for additional growth through consolidation. The barriers are high as the ability to provide a national network of bases is very attractive to customers whilst being difficult to replicate. They also have a unique business that provides out of production spares to the aviation industry.