Aberdeen Smaller Companies Income Trust PLC

Hunting smaller companies for a stronger income


Morningstar rating:
5 out of 5

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Latest news

An update from our co-managers, Abby Glennie and Amanda Yeaman - 1 December 2020

We believe that the turning point for markets was March this year. Financial authorities across the world had, by that time, introduced wholesale Monetary and Fiscal stimulus and interest rate cuts. This is generally good for equities and the world economy. Stock markets move in anticipation of an economic upturn, this is similar to the recovery in markets post the banking crisis of 2009. Smaller companies tend to lead the recovery and this is exactly what is starting to happen. Any lengthening of the Covid crisis with further lockdowns perversely is good for our Quality, Growth and Momentum process. When the vaccine news broke we saw a sharp  “dash for trash” phase and sectors that were badly hit by the pandemic such as travel, oil, property, retailers and cyclicals moved higher. This will likely lead to under performance by our process and we suspect this will be short lived. The vaccine news gives a trajectory for recovery  but we don’t think recovery happens overnight. The challenges of lockdown 2 and the logistics of the vaccine roll out will be significant and we don’t expect the recovery to be linear.  We aren’t out of the woods economically, we’ve had 10 months of extreme economic conditions with a scarcity of growth reflected in low bond yields and zero interest rates. If the vaccine does normalise society then we will see arithmetically the types of GDP numbers and broader economic data that we have never seen before but the numbers are still from a very low base and we still worry about unemployment, consumer confidence and volatility.

Our process remains the same. We back management teams with strong credibility, who have shown good leadership, decision making, and ability to steer their businesses in challenging environments. We have a strong track record of identifying companies with strong growth profiles, where they have many levers for growth. Where these business can still grow whilst growth overall is more scarce, they will be sought after. We historically gain our best periods of relative outperformance in tougher market environments. Our process has been tried and tested through over 20 years in the UK and in an environment where the outlook is uncertain, volatility persists and economic growth slows, we believe our approach stands us in a solid position. 

Key people

Abby Glenie

Abby Glennie

Investment Director

Abby Glennie is an Investment Director at Aberdeen Standard Investments. She is responsible for UK Opportunities, Smaller Companies Pension Fund, and Bothwell Smaller Companies fund. Abby joined Standard Life in 2013 from Kames Capital where she was an Investment Analyst

Abby graduated with a joint 1st MA, in Economics and Finance from University of Aberdeen and is a CFA charterholder.

Amanda Yeaman

Amanda Yeaman

Investment Manager

Amanda is an Investment Manager at Aberdeen Standard Investments. Amanda is responsible for providing research support predominantly for our UK Smaller Companies strategy but also to the wider Smaller Companies team. Amanda Joined the company in June 2019 from Investec Securities where she was a small and mid-cap equity sales specialist.

  • Abby Glennie

    Investment Director

    Abby Glennie is an Investment Director at Aberdeen Standard Investments. She is responsible for UK Opportunities, Smaller Companies Pension Fund, and Bothwell Smaller Companies fund. Abby joined Standard Life in 2013 from Kames Capital where she was an Investment Analyst

    Abby graduated with a joint 1st MA, in Economics and Finance from University of Aberdeen and is a CFA charterholder.

  • Amanda Yeaman

    Investment Manager

    Amanda is an Investment Manager at Aberdeen Standard Investments. Amanda is responsible for providing research support predominantly for our UK Smaller Companies strategy but also to the wider Smaller Companies team. Amanda Joined the company in June 2019 from Investec Securities where she was a small and mid-cap equity sales specialist.

Robert Lister

Robert Lister

Chairman

Robert Lister, appointed in March 2012, is a non-executive director of Investec Wealth and Investment Limited. He has over 20 years' experience of investment management and formerly global head of equities at Dresdner Kleinwort and head of European equities at Barclays de Zoete Wedd.

David Fletcher

David Fletcher

Independent Non-Executive Director

David Fletcher, appointed on 1 August 2016, is Group Finance Director of Stonehage Fleming Family & Partners, a leading independently owned family office, having joined in 2002. Prior to that, he spent 20 years in investment banking with JPMorgan Chase, Robert Fleming & Co. and Baring Brothers & Co Limited, latterly focused on financial services in the UK (asset management and life insurance). He started his career with PricewaterhouseCoopers and is a chartered accountant. He is also an independent non-executive director of JP Morgan Claverhouse Investment Trust plc.

Degmar K Kershaw

Dagmar Kent Kershaw

Independent Non-Executive Director

Dagmar Kent Kershaw, appointed on 2 May 2017, has over 20 years’ investment experience specialising in credit and structured finance markets. She was Head of Credit Fund Management for Europe and Asia-Pacific at Intermediate Capital Group from 2008 until 2016. Prior to that she was the founder and Head of Structured Products at Prudential M&G and was also Head of Debt Private placements. Her previous experience in credit markets included roles at Scotiabank and NatWest Bank.

Barry Rose

Barry Rose

Independent Non-Executive Director

Barry Rose, appointed in March 2011, has a wide range of experience of investing in international markets. He is formerly a director of Scottish Provident Institution and Chief Executive of Scottish Provident UK. He is a non-executive director of Dimensional Imaging Limited and a director of Medical Research Scotland, a charity.

  • Robert Lister

    Chairman

    Robert Lister, appointed in March 2012, is a non-executive director of Investec Wealth and Investment Limited. He has over 20 years' experience of investment management and formerly global head of equities at Dresdner Kleinwort and head of European equities at Barclays de Zoete Wedd.

  • David Fletcher

    Independent Non-Executive Director

    David Fletcher, appointed on 1 August 2016, is Group Finance Director of Stonehage Fleming Family & Partners, a leading independently owned family office, having joined in 2002. Prior to that, he spent 20 years in investment banking with JPMorgan Chase, Robert Fleming & Co. and Baring Brothers & Co Limited, latterly focused on financial services in the UK (asset management and life insurance). He started his career with PricewaterhouseCoopers and is a chartered accountant. He is also an independent non-executive director of JP Morgan Claverhouse Investment Trust plc.

  • Dagmar Kent Kershaw

    Independent Non-Executive Director

    Dagmar Kent Kershaw, appointed on 2 May 2017, has over 20 years’ investment experience specialising in credit and structured finance markets. She was Head of Credit Fund Management for Europe and Asia-Pacific at Intermediate Capital Group from 2008 until 2016. Prior to that she was the founder and Head of Structured Products at Prudential M&G and was also Head of Debt Private placements. Her previous experience in credit markets included roles at Scotiabank and NatWest Bank.

  • Barry Rose

    Independent Non-Executive Director

    Barry Rose, appointed in March 2011, has a wide range of experience of investing in international markets. He is formerly a director of Scottish Provident Institution and Chief Executive of Scottish Provident UK. He is a non-executive director of Dimensional Imaging Limited and a director of Medical Research Scotland, a charity.

 

Financial calendar

Year End 31 December
Accounts Published May
Annual General Meeting April
Dividend Paid January, April, July, October

Trust details

Aberdeen Smaller Companies Income Trust PLC

Registered Office:
1 George Street,
Edinburgh
EH2 2LL

Registered in Scotland as an Investment Company Number SC137448

Launch Date: August 1992

Risk warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.