ABRDN SMALLER CO. INCOME TRUST abrdn Smaller Companies Income Trust plc
Interim Report 30 June 2022
Hunting smaller companies for a stronger income
abrdnsmallercompaniesincome.co.uk
Contents
Overview | |
Performance Highlights | 1 |
Financial Calendar, Dividends and Highlights | 2 |
Chair's Statement | 4 |
Other Matters | 6 |
Investment Manager's Review | 7 |
Portfolio | |
Ten Largest Investments | 12 |
Portfolio - Equities | 13 |
Portfolio - Other Investments | 15 |
Distribution of Assets and Liabilities | 15 |
Investment Case Studies | 16 |
Financials | |
Condensed Statement of Comprehensive Income | 18 |
Condensed Balance Sheet | 19 |
Condensed Statement of Changes in Equity | 20 |
Condensed Statement of Cash Flows | 21 |
Notes to the Financial Statements | 22 |
Alternative Performance Measures | 27 |
General Information | |
Investor Information | 30 |
Contact Addresses | 33 |
Investment Objective and Purpose
The objective and purpose of the Company is to provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of UK smaller companies and UK fixed income securities.
Benchmark index
Numis Smaller Companies (excluding Investment Trusts) Index (total return) - effective from 1 January 2020; FTSE Small Cap Index (excluding Investment Trusts) Index (total return) - up to 31 December 2019.
Performance Highlights
Performance Highlights
Net asset value total returnA
Six months ended 30 June 2022
-30.0%
Year ended 31 December 2021: +30.4%
Earnings per Ordinary share (revenue)
Six months ended 30 June 2022
6.10p
Six months ended 30 June 2021: 4.14p
Discount to net asset valueA
As at 30 June 2022
15.7%
As at 31 December 2021: 15.3%
Numis Smaller Companies ex Inv Trust Index
Six months ended 30 June 2022
-20.2%
Year ended 31 December 2021: +21.9%
Share price total returnA
Six months ended 30 June 2022
-29.6%
Year ended 31 December 2021: +22.9%
Net gearingA
As at 30 June 2022
4.8%
As at 31 December 2021: 4.5%
Overview
Portfolio
General Information Financial Statements
- Considered to be an Alternative Performance Measure. Further details can be found on pages 27 and 29.
Performance (total return)
Six months ended | 1 year ended | 3 years ended | 5 years ended | |
30 June 2022 | 30 June 2022 | 30 June 2022 | 30 June 2022 | |
Share priceA | -29.6% | -21.3% | -1.5% | +29.8% |
Net asset value per Ordinary shareA | -30.0% | -24.4% | -0.9% | +16.1% |
Composite benchmarkB | -20.2% | +17.2% | +3.2% | +0.3% |
- Considered to be an Alternative Performance Measure. Further details can be found on page 29.
- Comprises the Numis Smaller Companies (exc Inv Trusts) from 1 January 2020 and the FTSE SmallCap Index (exc Inv Trusts) up to 31 December 2019. Source: aFML, Lipper & Morningstar.
abrdn Smaller Companies Income Trust plc | 1 |
Financial Calendar, Dividends and Highlights
Payment dates of quarterly dividends
January 2022
April 2022
July 2022
October 2022
Financial year end | 31 December 2022 |
Expected announcement of results for year ending 31 December 2022
March 2023
Annual General Meeting | 4 May 2023 |
Financial Highlights
30 June 2022 | 31 December 2021 | % change | |
Shareholders' funds (£'000) | 67,679 | 97,840 | -30.8 |
Net asset value per Ordinary share (with debt at par value) | 306.10p | 442.52p | -30.8 |
Share price (mid-market) | 258.00p | 375.00p | -31.2 |
Discount to net asset value per Ordinary shareA | 15.7% | 15.3% | |
Net gearingA | 4.8% | 4.5% | |
Ongoing charges ratioA | 1.31% | 1.20% |
- Considered to be an Alternative Performance Measure. Further details can be found on pages 27 and 28.
2 | abrdn Smaller Companies Income Trust plc |
"The first half of 2022 was an
unremittingly poor half for global equity markets driven by the conflict in Ukraine, ongoing fears over high inflation and the risk of a global recession. This has resulted in a severe rotation from "growth" stocks into "value" stocks; an environment in which your Manager's Quality, Growth and Momentum process has been out of favour"
abrdn Smaller Companies Income Trust plc | 3 |
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Disclaimer
Aberdeen Smaller Companies Income Trust plc published this content on 23 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2022 11:00:04 UTC.
