Abrdn Smaller Companies ... Share Discussion Threads

[my retirement fund] 08/9/2016 09:28

I think its disgusting how they can present a report to the market and not even mention, let alone address the discount to nav here.

I think that is extremely unprofessional. Just saying !

[spectoacc] 01/9/2016 12:30

Tidy yield, big discount. Spread a bit off putting but added more last week.

(btw @davebowler - if you're in GRIT, I strongly recommend you talk to the management).

[davebowler] 01/9/2016 11:43

30 Aug NAV
Aberdeen Smaller Cos Income Trust Plc Undiluted Excluding Income 254.48p Ordinary
Aberdeen Smaller Cos Income Trust Plc Undiluted Including Income 255.89p Ordinary

[my retirement fund] 01/9/2016 11:40

This has got to be due another leg up soon imo

[essentialinvestor] 23/8/2016 09:38

Jack, the SHRS discount to NAV looks attractive imv.
About 25% of the Shires fund is in preference shares which I
would not apply a discount to, so on their ordinary equity book
you are getting a very approx 15% plus discount to NAV-
these are holdings like BATS, UlVR, SGE, IMB, PRU etc.

Agree on a small cap trust you would expect the NAV discount
to be higher, however 20% plus looks generous - all just IMV only.

[spectoacc] 28/7/2016 14:56

@joy - no explanation for it in last Factsheet:
hxxp://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_class_doc_factsheet_private&;id=f04688b0-d897-4424-a6f4-ac4b58e95fe7&user=hl_website_documents

[joy division still] 27/7/2016 11:57

I'm considering this for UK small fund with income. Can anyone offer a reason why it has have poor recent performance?
My thinking is
1. Was it based on poor 'sector allocation'
2. Just poor overall management?
Thoughts appreciated

[spectoacc] 25/7/2016 13:38

Interesting how the rule change on commissions/IFAs moved the discounts in on ITs - which now seems to have largely worn off. Still some comedy premiums out there (eg ARR; FGT; and the king of them all: LTI) but plenty moved back out and seem to be remaining there.

ASCI about right at -20% I reckon - happy to hold it forever with the divi.

[essentialinvestor] 23/7/2016 08:12

In general terms discounts have widened over the last 12-18 months,
in some cases markedly so.

I would not buy on the basis of a % discount alone, however over the longer
term would not expect ASCI to trade on such a large discount to NAV.
NAV is the primary driver of the share price on a multi year view.

[davebowler] 22/7/2016 15:37

Winterfloods;
28 June
. With a market capitalisation
of £40m, the fund is small and liquidity can therefore be patchy. However, on a long‐term view the
current discount of 17% offers some value and its yield of 3.8%, which is covered by income, remains
an attractive feature. In addition we would expect the manager's focus on quality, cash generative
companies should mean that the fund is relatively well positioned for more difficult market
conditions.

[cousin jack] 22/7/2016 12:28

EI: NAV discount has hovered around this level for whole of 2016 so not sure there is going to be a catalyst for it to narrow in foreseeable future. Same applies to Shires which you mentioned on another board. Trend seems to be for discounts to stay wide unlike in previous years where they provided good buying points. However where yields are good, as in those you highlight, they certainly provide comfort in buying at these prices !

[essentialinvestor] 22/7/2016 11:37

NAV continues to tick up, discount to NAV remains very large.

[davebowler] 21/7/2016 12:13

20 Jul NAV Aberdeen Smaller Cos Income Trust Plc Undiluted Excluding Income 240.69p Ordinary
Aberdeen Smaller Cos Income Trust Plc Undiluted Including Income 241.92p Ordinary

[essentialinvestor] 20/7/2016 11:23

If this market strength continues ASCI may be looking very cheap IMV,
with shares approx 22-23% below NAV.

Many of their holdings are global in reach, DPH as one example.

The trust also appears conservatively managed with minimal gearing atm.

If you expect an imminent market plunge you may have a different take,
either way this % discount does not usually last.

[davebowler] 18/5/2016 09:22

Formerly ASCH

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