Aberdeen Smaller Companies Income Trust PLC

Hunting smaller companies for a stronger income


Morningstar rating:
5 out of 5

Daily prices as of 23 Sep 2021

Share Price 395.00p

Estimated NAV cum income 446.39p

Estimated NAV ex income 444.28p

Dividend Yield 2.2%

Premium / (Discount) to NAV cum income -11.5%

Premium / (Discount) to NAV ex income -11.1%

Latest news

An update from our co-managers, Abby Glennie and Amanda Yeaman - 25 August 2021

We feel in a very positive place about the outlook for the rest of this year and beyond. Small and mid caps tend to lead a market recovery, and companies in our portfolio are reporting strongly driving earnings upgrades. Performance in recent months has been very encouraging, and the value rally feels a long way behind us now. The IPO market remains busy, however this summer season is quieter for listings- we expect this to accelerate again later in the year. As always we remain very selective about our participation, however we are meeting many businesses at pre-IPO stage to get a better understanding of the business models and whether they fit our investment process. M&A remains a busy topic in the UK, and whilst many of these bids are for recovery stocks in somewhat opportunistic approaches, we have had some interest (Ultra Electronics). Bids are coming heavily from Private Equity who are sitting on buckets of cash, but also from trade buyers- with UK assets looking attractive relative to other regions, and the FX weakness of £ over recent years also helping their attractiveness to international buyers. As always, company engagement remains key to our ability to identify the quality growth momentum businesses we like to back, and whilst we are in the quieter summer season, we look forward to the next reporting period with optimism over further earnings upgrades. Encouragingly, balance sheets are in a strong position, and we are seeing dividend growth coming through and are well way on our way to a more normal dividend situation across the portfolio.

Key people

Abby Glenie

Abby Glennie

Investment Director

Abby Glennie is an Investment Director at abrdn. She is responsible for UK Opportunities, Smaller Companies Pension Fund, and Bothwell Smaller Companies fund. Abby joined the company 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 abrdn. 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 Glenie

    Abby Glennie

    Investment Director

    Abby Glennie is an Investment Director at abrdn. She is responsible for UK Opportunities, Smaller Companies Pension Fund, and Bothwell Smaller Companies fund. Abby joined the company 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 abrdn. 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.

Christopher Metcalfe

Christopher Metcalfe

Independent Non-Executive Director

Christopher, has over 30 years’ experience in investment management, having been an investment manager at Newton Investment Management from 2006-2017, and prior to that at Schroder Investment Management and Henderson Administration Group.

He is currently a non-executive director of Martin Currie Global Portfolio Trust plc and JP Morgan US Smaller Companies Investment Trust plc.

  • 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.

  • Christopher Metcalfe

    Christopher Metcalfe

    Independent Non-Executive Director

    Christopher, has over 30 years’ experience in investment management, having been an investment manager at Newton Investment Management from 2006-2017, and prior to that at Schroder Investment Management and Henderson Administration Group.

    He is currently a non-executive director of Martin Currie Global Portfolio Trust plc and JP Morgan US Smaller Companies Investment Trust plc.

 

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.