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The Company currently conducts its affairs so that securities issued by Aberdeen Smaller Companies High Income Trust PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.
The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.
The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of Aberdeen Smaller Companies High Income Trust PLC, to make available to investors certain information prior to such investors’ investment in the Company.
The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.
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 Warning
Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 19-Dec-2014Ord
|Net Dividend Yield||3.51%|
Source: Morningstar, NAV = Net Asset Value, excluding income.
Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.
40 Princes Street,
Registered in Scotland as an Investment Company Number 137448
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.
In this webcast, Phil Webster gives an update covering the half yearly report to 30 June 2014. The update will cover a wide range of subjects including performance, a sector breakdown, twenty largest investments and an outlook.
November was a much quieter month for smaller companies after a volatile October. The FTSE SmallCap (ex-IT) index fell 0.2% on a total return basis. We also witnessed another strong month for UK Corporate bonds and Gilts which has again benefitted the Trust’s short-term performance.
The main news story of the month remained the collapsing oil price and knock-on effect to the sector. The Trust has no exposure to E&P companies but we do have related service exposure through Aveva, which I mentioned last month, and James Fisher & Sons. It is worth noting that James Fisher is a diverse business with their oil revenue exposed to production rather than exploration which has lower correlation to a weaker oil price. We are monitoring the sector as a whole as good quality businesses have been sold down which may provide us with opportunities. Aside of the oil sector news flow has been low with companies trading broadly in line with market expectations. We have seen a positive update from Victrex and Greggs post the month-end both of which struck a positive tone. Restaurant Group had a more downbeat statement but against some strong comparative numbers for 2013. We have been proactive in reducing this position on strength and feel comfortable with the current weight if we do experience a tougher trading environment. Trading has also been light throughout the period. We took some profits in BBA on recent strength but retain a decent weight in the portfolio given the attractive exposure to the US recovery. We also reduced our holding in Bloomsbury Publishing to reflect our views on the outlook. We also added to TT Electronics on weakness. They have had a tough time of late but post a good meeting with the new CEO we feel confident that the right building blocks are in place for him to improve the business. We have made no changes to the bond portfolio although we are reviewing a number of the short dated positions. Given our focus on the downside and the short maturities we currently feel that this is a sensible place to be but we are aware there are opportunities to add higher yielding names to the portfolio in time. As noted last month downside protection remains at the forefront of our consideration. We still see good opportunities for growth across the portfolio and valuations are looking more attractive but volatility has picked up over the last few months. We therefore remain cautious on the near term outlook but feel that smaller companies are well placed to deliver over the medium term.