{"annotation_id":"3b9c8cfa-08d1-4b5e-8f82-f6298f945872","file_hash":"a1a9bca3227359276757576502f420181b56402ae83abe66cf0ecdac583bfae3","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"dc981625-89e5-4ad6-ab0a-f9bb9451c817","block_type":"box","text":"Aberforth UK Small Companies Fund","page_number":1,"box":{"x":228,"y":173,"width":675,"height":29}},{"id":"b4f1e978-c61e-46b6-8db4-f82a795324cd","block_type":"box","text":"Half Yearly Report","page_number":1,"box":{"x":414,"y":778,"width":308,"height":26}},{"id":"af5d6ee2-6255-4d47-a9e6-db4d9f4c9d58","block_type":"box","text":"30 June 2026","page_number":1,"box":{"x":481,"y":820,"width":172,"height":16}},{"id":"6035c749-8a98-4178-882a-1388364b66dc","block_type":"box","text":"250544 AFund IR26 Cov V2.qxp_AFund Cov 03/08/2026 11:14 Page 1","page_number":1,"box":{"x":75,"y":0,"width":611,"height":0}},{"id":"bd8ae78b-c773-4f90-a51c-5d1aaff011c6","block_type":"box","text":"Investment Objective","page_number":2,"box":{"x":132,"y":11,"width":327,"height":23}},{"id":"f7b15db1-568f-4c13-8a02-e511203fb1e5","block_type":"box","text":"The investment objective of Aberforth UK Small Companies Fund (“the Fund”) is to seek to achieve a","page_number":2,"box":{"x":129,"y":41,"width":871,"height":13}},{"id":"df964b83-fa5f-4f10-9d26-b222a3a06bb7","block_type":"box","text":"total return, calculated on an income reinvested basis, greater than the Deutsche Numis Smaller","page_number":2,"box":{"x":129,"y":58,"width":871,"height":13}},{"id":"1829770e-29c1-4f09-b155-ddd56810cf0f","block_type":"box","text":"Companies Index (excluding Investment Companies) (“DNSCI (XIC)”) over the long term, with the focus","page_number":2,"box":{"x":129,"y":75,"width":871,"height":13}},{"id":"c2624b0d-1236-4f09-8516-abfa9ca57f05","block_type":"box","text":"on rolling five year periods.","page_number":2,"box":{"x":129,"y":92,"width":231,"height":13}},{"id":"bb2e9068-15cb-4d99-8a32-80c9c9733224","block_type":"box","text":"Investment Policy","page_number":2,"box":{"x":132,"y":123,"width":272,"height":23}},{"id":"54cfd134-6d77-49b2-98f6-4f4b571321fe","block_type":"box","text":"The Fund aims to achieve its objective by investing in small UK quoted companies. These are companies","page_number":2,"box":{"x":129,"y":153,"width":871,"height":13}},{"id":"a1b94964-f331-4f61-b753-fd6f58a46fd2","block_type":"box","text":"with a market capitalisation, at time of purchase, equal to or lower than the largest company in the","page_number":2,"box":{"x":129,"y":170,"width":871,"height":13}},{"id":"5bd4db4b-4555-4c99-a74f-5b615f5c6f38","block_type":"box","text":"bottom 10% of the main UK equity market or companies in the DNSCI (XIC). At 1 January 2026 (the date","page_number":2,"box":{"x":130,"y":187,"width":870,"height":13}},{"id":"83891467-2b12-4b94-bf59-b4b05785c46d","block_type":"box","text":"of the last annual index rebalancing), the index included 352 companies, with an aggregate market","page_number":2,"box":{"x":129,"y":204,"width":871,"height":13}},{"id":"5b3bf862-e707-4549-8c03-37c943c940cf","block_type":"box","text":"capitalisation of £180 billion. Its upper market capitalisation limit was £2.5 billion, although this limit","page_number":2,"box":{"x":129,"y":221,"width":871,"height":13}},{"id":"3d212442-f6d9-4a9a-a411-03bc11aa661a","block_type":"box","text":"changes owing to movements in the stockmarket. If any holding no longer falls within this definition of a","page_number":2,"box":{"x":129,"y":239,"width":871,"height":13}},{"id":"5f20e80a-7863-4350-af59-7b2104431fb2","block_type":"box","text":"small company, its securities become candidates for sale.","page_number":2,"box":{"x":129,"y":256,"width":477,"height":13}},{"id":"0a1d432b-9bc5-4dd7-bda7-ff34ad1b14d1","block_type":"box","text":"Portfolio risk is spread by diversification of holdings in individual companies: the portfolio will usually have","page_number":2,"box":{"x":130,"y":278,"width":870,"height":13}},{"id":"069ed5f7-45a2-4489-a232-b6ee4f4c5efc","block_type":"box","text":"holdings in around 80 small UK quoted companies.","page_number":2,"box":{"x":130,"y":295,"width":423,"height":13}},{"id":"825ccc15-9a3b-4cd7-98ea-25d57827067c","block_type":"box","text":"The Fund’s policy towards companies quoted on the Alternative Investment Market (AIM) generally","page_number":2,"box":{"x":129,"y":316,"width":871,"height":14}},{"id":"e819b0d9-0312-4776-992e-228fb8a23957","block_type":"box","text":"precludes investment, except either where an investee company moves from the “Main Market” to AIM","page_number":2,"box":{"x":130,"y":334,"width":870,"height":13}},{"id":"9b8a24ed-70f7-4205-8814-2a7b649e13a0","block_type":"box","text":"(so as to avoid being a forced seller) or where a company quoted on AIM has committed to move from","page_number":2,"box":{"x":130,"y":351,"width":870,"height":13}},{"id":"db70dad1-692d-43c6-a1e7-7e3b34cb2f08","block_type":"box","text":"AIM to the “Main Market” (so as to enable investment before a full listing is obtained) or where an AIM","page_number":2,"box":{"x":129,"y":368,"width":871,"height":13}},{"id":"4665149f-2d86-4df6-9294-e666ab6363dc","block_type":"box","text":"listed company has acquired an existing holding in the Fund’s portfolio with part of the consideration","page_number":2,"box":{"x":130,"y":385,"width":870,"height":13}},{"id":"00818a0d-85c6-4749-aa61-2513866d625a","block_type":"box","text":"being shares of the acquiring company (so as to avoid being a forced seller). The Fund does not invest in","page_number":2,"box":{"x":130,"y":402,"width":870,"height":13}},{"id":"236af734-d75a-43b9-9821-c6cca2e55666","block_type":"box","text":"any unquoted companies.","page_number":2,"box":{"x":129,"y":420,"width":216,"height":12}},{"id":"844c844b-4c5e-41ae-98f1-7a5a86190e20","block_type":"box","text":"The Manager aims to keep the Fund near fully invested in equities at all times and there is normally no","page_number":2,"box":{"x":129,"y":441,"width":871,"height":13}},{"id":"328c9a10-404e-45bd-b642-149731fb0d6b","block_type":"box","text":"attempt to engage in market timing by holding high levels of liquidity.","page_number":2,"box":{"x":129,"y":458,"width":583,"height":13}},{"id":"0937863f-9878-4438-af76-29ffaf4ecaae","block_type":"box","text":"The Manager believes that small UK quoted companies continue to provide opportunities for positive","page_number":2,"box":{"x":129,"y":480,"width":871,"height":13}},{"id":"94dce97c-b5b9-4b70-8f25-61b84ff8001c","block_type":"box","text":"total returns over the long term. Any material changes to the Fund’s investment objective and policy will","page_number":2,"box":{"x":129,"y":497,"width":871,"height":14}},{"id":"cc1c7fcf-6241-4187-ac12-073304c26a22","block_type":"box","text":"be subject to Unitholder approval.","page_number":2,"box":{"x":130,"y":515,"width":285,"height":13}},{"id":"5c553184-3569-4c2d-a795-811e30153596","block_type":"box","text":"Investment Strategy","page_number":2,"box":{"x":132,"y":545,"width":310,"height":22}},{"id":"0d7b4b9a-79e7-4cfc-8ca3-738f3757905e","block_type":"box","text":"The Manager adheres to a value investment philosophy. In practice, this approach utilises several","page_number":2,"box":{"x":129,"y":574,"width":871,"height":13}},{"id":"598a171a-3dad-4749-a3a5-23631ca9164f","block_type":"box","text":"valuation metrics, recognising that flexibility is required when assessing businesses in different","page_number":2,"box":{"x":129,"y":591,"width":871,"height":13}},{"id":"13f350fd-6352-4e77-928f-06a227fb3ac6","block_type":"box","text":"industries and that buyers of these businesses may include other corporates as well as stockmarket","page_number":2,"box":{"x":130,"y":608,"width":870,"height":13}},{"id":"90c0ed60-e15b-4bde-a108-57c0a7a6366c","block_type":"box","text":"investors. As a result of this philosophy, the Fund’s holdings are usually on more attractive valuations","page_number":2,"box":{"x":130,"y":625,"width":870,"height":13}},{"id":"9194ecea-eff6-4fc2-8155-4d8a3bbc4614","block_type":"box","text":"than the average for the DNSCI (XIC). While there is good evidence that a value approach within small","page_number":2,"box":{"x":129,"y":642,"width":871,"height":13}},{"id":"f64ded4c-5444-4876-9834-ea56c027b89d","block_type":"box","text":"UK quoted companies results in superior returns over the long term, there can be extended periods","page_number":2,"box":{"x":130,"y":659,"width":870,"height":13}},{"id":"ff3e84ce-c74e-49c4-8b3a-a9a9867f58d3","block_type":"box","text":"when the value style is out of favour.","page_number":2,"box":{"x":129,"y":676,"width":316,"height":14}},{"id":"00a55d04-f4fe-4e55-9f89-2d02fba885f1","block_type":"box","text":"The Manager selects companies for the portfolio on the basis of fundamental or “bottom-up” analysis.","page_number":2,"box":{"x":129,"y":698,"width":871,"height":13}},{"id":"fe7fbd94-d202-4863-af01-b5c46277a3b4","block_type":"box","text":"Analysis involves scrutiny of businesses’ financial statements and assessment of their market positions.","page_number":2,"box":{"x":129,"y":716,"width":871,"height":13}},{"id":"da079d22-f8e7-45e4-803b-aa0c690622e9","block_type":"box","text":"An important part of the process is regular engagement with board members of prospective and existing","page_number":2,"box":{"x":129,"y":733,"width":871,"height":13}},{"id":"be7c2275-36cd-4002-8935-6f71cb2b2bf9","block_type":"box","text":"investments. Holdings are sold typically when their valuations reach targets determined by the Manager.","page_number":2,"box":{"x":130,"y":750,"width":870,"height":13}},{"id":"fe680212-f934-461a-a9ee-0b26a5a853c4","block_type":"box","text":"The DNSCI (XIC) is the Fund’s chosen benchmark. It is the reference point for defining the investment","page_number":2,"box":{"x":129,"y":772,"width":871,"height":13}},{"id":"9daab5e7-051a-417d-a152-f35559d5cff0","block_type":"box","text":"objective (“Target benchmark”) and evaluating the Fund’s performance (“Comparator benchmark”).","page_number":2,"box":{"x":129,"y":789,"width":871,"height":13}},{"id":"a4c9891f-9672-45dd-addb-67f04fc78620","block_type":"box","text":"Although the Fund’s portfolio is constructed with reference to UK small companies and the DNSCI (XIC),","page_number":2,"box":{"x":129,"y":806,"width":871,"height":13}},{"id":"7116c604-af0b-45a6-b7cf-85ad29b5baf3","block_type":"box","text":"it can be differentiated from the index. The use of the DNSCI (XIC) as a benchmark reflects the emphasis","page_number":2,"box":{"x":130,"y":823,"width":870,"height":13}},{"id":"16e0949b-7cdb-46c7-87cd-910fb59a60e9","block_type":"box","text":"within the portfolio on small UK quoted companies and the desire to achieve the investment objective","page_number":2,"box":{"x":129,"y":840,"width":871,"height":13}},{"id":"9519861d-6d87-492e-9ac1-34fef17b3763","block_type":"box","text":"by investing in companies whose shares represent relatively attractive value within a given stockmarket","page_number":2,"box":{"x":130,"y":857,"width":870,"height":13}},{"id":"0f0f373c-5297-43db-b19a-dc35c4a151e7","block_type":"box","text":"environment. If the index is not available, the Manager will use another index which it considers is","page_number":2,"box":{"x":129,"y":874,"width":871,"height":14}},{"id":"4c4fafb7-66f7-43bd-9de4-3956f26c6906","block_type":"box","text":"comparable to the DNSCI (XIC).","page_number":2,"box":{"x":129,"y":891,"width":264,"height":14}},{"id":"a46ed868-eaf2-46aa-9405-648ccb9dc343","block_type":"box","text":"250544 AFund IR26 Cov V2.qxp_AFund Cov 03/08/2026 11:14 Page 2","page_number":2,"box":{"x":75,"y":0,"width":614,"height":0}},{"id":"07020c01-e113-484d-b8e3-cc9c3e5f6ce3","block_type":"box","text":"Fund Information","page_number":3,"box":{"x":151,"y":217,"width":278,"height":18}},{"id":"e3082197-1b07-42f7-8d1d-8d57bb712ca5","block_type":"box","text":"Accumulation Units Issue Price 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shown.","page_number":3,"box":{"x":171,"y":479,"width":796,"height":8}},{"id":"0496060e-5238-4513-bf32-fe4affa13637","block_type":"box","text":"Investors may be subject to tax on their distributions.","page_number":3,"box":{"x":163,"y":490,"width":310,"height":9}},{"id":"4deb1b8e-45e6-40f6-8972-d5da35f3a344","block_type":"box","text":"3","page_number":3,"box":{"x":162,"y":501,"width":5,"height":5}},{"id":"ca51dafb-261a-4b3f-9024-a4830346bb2e","block_type":"box","text":"T","page_number":3,"box":{"x":171,"y":502,"width":8,"height":7}},{"id":"9364d86a-7466-4fe4-8e2c-b6d3ed5ce12d","block_type":"box","text":"his is based on actual expenses for the period. It covers all aspects of operating the Fund during the period including fees paid for","page_number":3,"box":{"x":180,"y":502,"width":756,"height":9}},{"id":"3624d1b1-b3da-43d9-8f5f-dc07d63b5b57","block_type":"box","text":"investment management, administration, safeguarding the Fund’s assets, audit and to the regulator. It does not include payments to your","page_number":3,"box":{"x":163,"y":514,"width":805,"height":9}},{"id":"ac7e66c2-1fb0-4c5c-a7df-596c919210b4","block_type":"box","text":"financial advisor or any other firm through which you may invest. You may pay for their services, if any, directly.","page_number":3,"box":{"x":162,"y":526,"width":654,"height":8}},{"id":"1281bf01-e229-4f00-aead-f4fef5291f77","block_type":"box","text":"Charges","page_number":3,"box":{"x":162,"y":390,"width":70,"height":13}},{"id":"4c4d4154-a3b2-4a1e-9a46-459486baa959","block_type":"box","text":"30 June 2026 31 December 2025","page_number":3,"box":{"x":694,"y":391,"width":280,"height":10}},{"id":"22da5876-9de3-4e4a-acb3-49bd4b91c8ff","block_type":"box","text":"Prices & Yield","page_number":3,"box":{"x":163,"y":250,"width":120,"height":10}},{"id":"04a95c07-3614-41a4-b440-37a8b101099e","block_type":"box","text":"1 July 2026","page_number":3,"box":{"x":703,"y":251,"width":86,"height":12}},{"id":"9ec7d18a-aae6-41b9-80bb-be9e5d6a32f6","block_type":"box","text":"1","page_number":3,"box":{"x":791,"y":250,"width":5,"height":7}},{"id":"887179bc-6372-430e-8f3b-a5e993bc0083","block_type":"box","text":"2 January 2026","page_number":3,"box":{"x":847,"y":252,"width":118,"height":11}},{"id":"aa029d01-9d9e-4036-886d-593d32db27f4","block_type":"box","text":"1","page_number":3,"box":{"x":966,"y":250,"width":6,"height":7}},{"id":"1b3afdcd-c1ea-4db0-a077-36feb7875682","block_type":"box","text":"In order to facilitate the achievement of the investment objective, the Manager believes that the","page_number":3,"box":{"x":150,"y":45,"width":835,"height":13}},{"id":"58e8228b-0512-46ef-af19-bada742869c8","block_type":"box","text":"portfolio must be adequately differentiated from the benchmark index. Therefore, within the","page_number":3,"box":{"x":150,"y":63,"width":835,"height":13}},{"id":"351091a0-6679-482d-a4eb-7b195b81655f","block_type":"box","text":"diversification parameters described in Investment Policy, the Manager regularly reviews the level","page_number":3,"box":{"x":149,"y":80,"width":835,"height":13}},{"id":"f0cb3064-62d5-4936-952b-cadea987a9f1","block_type":"box","text":"of differentiation, with the aim of maximising the active share of the portfolio.","page_number":3,"box":{"x":149,"y":97,"width":668,"height":13}},{"id":"4bf404d4-62e8-4669-a019-82c89edd2b83","block_type":"box","text":"The Fund's eligible markets, as defined in the Collective Investment Schemes Sourcebook (“COLL”),","page_number":3,"box":{"x":148,"y":118,"width":837,"height":13}},{"id":"07a72542-e21a-4100-b510-3f64ad52259c","block_type":"box","text":"are the Official List of the London Stock Exchange plc (“LSE”) and the Alternative Investment Market","page_number":3,"box":{"x":149,"y":135,"width":836,"height":13}},{"id":"265764bc-6241-4dcc-abea-4d7ab6b96762","block_type":"box","text":"(“AIM”) of the LSE. The Fund’s base currency is Pounds Sterling.","page_number":3,"box":{"x":150,"y":152,"width":541,"height":13}},{"id":"8e69cbc3-c4bc-42b2-9686-72b546644ebf","block_type":"box","text":"The capital property of the Fund will consist of transferable securities, as defined in COLL. The Fund","page_number":3,"box":{"x":148,"y":173,"width":836,"height":13}},{"id":"37b13497-1d41-4d8e-b2de-fe976f4b9aa4","block_type":"box","text":"will not invest in any immovable property or tangible movable property.","page_number":3,"box":{"x":149,"y":190,"width":615,"height":13}},{"id":"4bf9c6a9-606d-436e-9c52-be8402acdba4","block_type":"box","text":"Sources of Further Information","page_number":3,"box":{"x":149,"y":553,"width":350,"height":14}},{"id":"229fccd8-c40b-494b-be2f-0481979777bb","block_type":"box","text":"Unitholders can find up-to-date information on the Manager's website at www.aberforth.co.uk.","page_number":3,"box":{"x":150,"y":576,"width":812,"height":13}},{"id":"9d736ba2-1313-4e70-8733-bb3d1d75be5e","block_type":"box","text":"This includes items such as the latest prices, fund statistics including yield, dealing spread and","page_number":3,"box":{"x":148,"y":594,"width":814,"height":13}},{"id":"289f791f-406e-48f8-8a4b-efc7f85183fa","block_type":"box","text":"size, as well as information relating to the portfolio, management fee and dividend history. 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The Fund is a UCITS scheme as defined by COLL.","page_number":5,"box":{"x":149,"y":199,"width":556,"height":13}},{"id":"37433576-4f30-445c-a1a9-d48c71a9a342","block_type":"box","text":"Changes to Prospectus","page_number":5,"box":{"x":149,"y":227,"width":257,"height":18}},{"id":"9c426709-3e83-4309-aae1-3dcbe12ae619","block_type":"box","text":"During the period, the Prospectus was updated:-","page_number":5,"box":{"x":150,"y":253,"width":414,"height":13}},{"id":"ab0165ce-f653-4681-afb6-c7038937b024","block_type":"box","text":"1. to update historical performance tables and details relating to the rebalancing of the DNSCI","page_number":5,"box":{"x":150,"y":275,"width":834,"height":14}},{"id":"10c799f0-be9d-433f-a6a7-33c0cac6e85f","block_type":"box","text":"(XIC) in line with its annual review;","page_number":5,"box":{"x":183,"y":293,"width":294,"height":13}},{"id":"6e3eab1f-9f6b-4191-9a98-495bf6381113","block_type":"box","text":"2. to update the name of the registrar from ‘Waystone Transfer Agency Solutions (UK) Limited’ to","page_number":5,"box":{"x":149,"y":315,"width":836,"height":14}},{"id":"ccac215d-70d3-4fe8-9bee-ffdfffd54b31","block_type":"box","text":"‘Waystone Financial Investments Limited’; and","page_number":5,"box":{"x":183,"y":333,"width":395,"height":13}},{"id":"dcc5c19a-d546-410d-8c1d-2193bb04cb2c","block_type":"box","text":"3. to amend the wording of the investment policy, adding ‘or where an AIM listed company has","page_number":5,"box":{"x":149,"y":356,"width":836,"height":13}},{"id":"9d7baca7-fe22-4b08-b6d6-2b8fa2388526","block_type":"box","text":"acquired an existing holding in the Fund’s portfolio with part of the consideration being shares","page_number":5,"box":{"x":183,"y":373,"width":802,"height":13}},{"id":"892e339f-ac6d-4cdf-b8b0-1843b4b6ff67","block_type":"box","text":"of the acquiring company (so as to avoid being a forced seller)’.","page_number":5,"box":{"x":183,"y":391,"width":540,"height":13}},{"id":"ad2ca29b-1c18-413b-ac0d-b0b8ab833e82","block_type":"box","text":"Remuneration Policy","page_number":5,"box":{"x":151,"y":421,"width":233,"height":17}},{"id":"09d5cf14-4b34-451d-b381-50206685a381","block_type":"box","text":"The Manager has delegated all investment management activities for the Fund to Aberforth","page_number":5,"box":{"x":148,"y":448,"width":836,"height":13}},{"id":"1f207373-e708-49b6-963d-6c6f77177880","block_type":"box","text":"Partners LLP, the investment adviser, collectively referenced throughout this report as the","page_number":5,"box":{"x":150,"y":468,"width":835,"height":13}},{"id":"ed384f50-f7ee-45b3-b018-8f4c0293fbaf","block_type":"box","text":"Manager. The Manager has two independent non-executive directors who are remunerated by","page_number":5,"box":{"x":150,"y":487,"width":836,"height":13}},{"id":"b52aa0aa-16d9-4325-a975-73640c77fd49","block_type":"box","text":"way of directors' fees. Partners and staff working on the Fund are remunerated by the investment","page_number":5,"box":{"x":149,"y":506,"width":836,"height":13}},{"id":"22175920-74c3-4b66-ac60-38f3d9f80833","block_type":"box","text":"adviser, not the Manager. As investment adviser, Aberforth Partners LLP is subject to regulatory","page_number":5,"box":{"x":149,"y":526,"width":837,"height":13}},{"id":"43cad152-d702-45a6-86fb-0e7aaa711d10","block_type":"box","text":"requirements on remuneration in accordance with FCA Rules. Details of its remuneration policy are","page_number":5,"box":{"x":150,"y":545,"width":835,"height":13}},{"id":"f80de71f-b37b-451c-8cf1-327e84150f32","block_type":"box","text":"available on request and on its website www.aberforth.co.uk.","page_number":5,"box":{"x":149,"y":564,"width":526,"height":13}},{"id":"290ffcf3-9b3d-4c30-b027-3570b694433f","block_type":"box","text":"Performance","page_number":5,"box":{"x":151,"y":593,"width":146,"height":14}},{"id":"b343defd-1aa7-4fb2-871d-1fc8eae51464","block_type":"box","text":"The Fund performed well in the six months to 30 June 2026. Its total return was +5.1%. The return","page_number":5,"box":{"x":148,"y":620,"width":836,"height":13}},{"id":"27edbb7b-887a-4ff7-8020-4e10865d9313","block_type":"box","text":"from the benchmark index, the DNSCI (XIC), was +1.8%. Larger companies, represented by the FTSE","page_number":5,"box":{"x":149,"y":639,"width":836,"height":12}},{"id":"c998c5e8-b5a3-4114-8f01-b638a52100f7","block_type":"box","text":"All-Share, were up by 7.2% in total return terms.","page_number":5,"box":{"x":149,"y":657,"width":411,"height":13}},{"id":"8d72fae6-6ea0-435b-a635-93b86fe56f66","block_type":"box","text":"Investment Background","page_number":5,"box":{"x":151,"y":685,"width":266,"height":18}},{"id":"f8f47af2-bb1e-4d89-81a3-9af71e917d0e","block_type":"box","text":"The year started well for smaller companies. The November 2025 Budget was not as hostile to the","page_number":5,"box":{"x":148,"y":712,"width":837,"height":13}},{"id":"b96b781d-7210-4c3c-b690-e103746234c7","block_type":"box","text":"UK’s private sector as was feared. Both macro economic data and trading updates from companies","page_number":5,"box":{"x":150,"y":731,"width":835,"height":12}},{"id":"7a8ab6b9-94d7-4e01-a640-11acc49c1ccb","block_type":"box","text":"indicated stronger activity in January and February. However, the encouraging start was brought to","page_number":5,"box":{"x":150,"y":749,"width":835,"height":13}},{"id":"4ccc5fee-598e-4454-908a-d5efac882aaa","block_type":"box","text":"an abrupt halt in March by war in Iran. With a decline of 12% in March, the DNSCI (XIC) recorded","page_number":5,"box":{"x":149,"y":767,"width":835,"height":13}},{"id":"263b9991-9959-419d-9746-01be192acdef","block_type":"box","text":"its fifth worst month in the Fund’s 35 year history. The companies whose share prices suffered most","page_number":5,"box":{"x":150,"y":786,"width":835,"height":13}},{"id":"fa491143-429a-4d2c-94d1-3cd113f28adb","block_type":"box","text":"tended to be those close to the UK housing market. In this, the stockmarket was mindful of Russia’s","page_number":5,"box":{"x":149,"y":805,"width":836,"height":12}},{"id":"a38b8fa8-4bc5-4071-9fb9-ec3d9894d637","block_type":"box","text":"invasion of Ukraine and anticipated that the inflationary pressure from higher oil prices would","page_number":5,"box":{"x":150,"y":823,"width":834,"height":13}},{"id":"ea8b2de6-0941-4bd4-855f-65669a62cd57","block_type":"box","text":"necessitate higher interest rates and renew the squeeze on household budgets.","page_number":5,"box":{"x":150,"y":842,"width":676,"height":12}},{"id":"3f347c7b-2277-4522-9785-7f29046561b4","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 3","page_number":5,"box":{"x":75,"y":0,"width":686,"height":0}},{"id":"2f9f879f-a442-437e-a74f-293a7bfb985a","block_type":"box","text":"4","page_number":6,"box":{"x":149,"y":924,"width":9,"height":10}},{"id":"57bb656c-4329-4908-92fd-1a3658dd19ce","block_type":"box","text":"Interim Report 2026","page_number":6,"box":{"x":179,"y":925,"width":155,"height":11}},{"id":"54847fee-1bbd-40b4-8d78-cc69bc4fd59c","block_type":"box","text":"Manager’s Report","page_number":6,"box":{"x":151,"y":11,"width":275,"height":23}},{"id":"8e02df1a-56b4-4a43-8dac-0faa96095045","block_type":"box","text":"As well as the threat of another inflationary jolt, UK equities had to contend with deeper political","page_number":6,"box":{"x":149,"y":65,"width":835,"height":12}},{"id":"1104a2dc-8131-4477-aa76-f7d26dbf648e","block_type":"box","text":"uncertainty. May’s local government elections precipitated another change of Prime Minister. The","page_number":6,"box":{"x":150,"y":84,"width":835,"height":12}},{"id":"2ab9805d-ff94-4567-9875-e6e53d0ffd74","block_type":"box","text":"drama played out in the gilt market more than in the equity market, as the premium paid on ten","page_number":6,"box":{"x":149,"y":102,"width":835,"height":13}},{"id":"0fc639cc-d3eb-4eee-9fa0-d1a5e7b41da4","block_type":"box","text":"year gilt yields over ten year US bond yields returned to 2022 “mini Budget” levels. Ensuing","page_number":6,"box":{"x":148,"y":121,"width":837,"height":13}},{"id":"1b9c635a-40f5-4fbc-966c-c9b3de2653f3","block_type":"box","text":"commentary focused on the UK’s economic and societal problems, but it is notable that the gilt","page_number":6,"box":{"x":149,"y":140,"width":836,"height":13}},{"id":"6e9372df-d2f1-4e49-901e-6d58a7035bd0","block_type":"box","text":"yield premium had narrowed by 30 June and that sterling barely moved against both the dollar and","page_number":6,"box":{"x":148,"y":159,"width":836,"height":12}},{"id":"13cbd81e-23c8-4b98-93c8-7e3617099432","block_type":"box","text":"the euro. Markets appear to have taken the view that the UK’s fiscal situation limits the options for","page_number":6,"box":{"x":148,"y":177,"width":838,"height":13}},{"id":"724f229e-0e6e-4a16-b3a7-61502b9e1bb0","block_type":"box","text":"our next Prime Minister.","page_number":6,"box":{"x":149,"y":197,"width":206,"height":9}},{"id":"e9b61ebc-f7dd-40fa-9403-cc7a43962ee1","block_type":"box","text":"The other main feature of the period under review was the on-going investment boom in artificial","page_number":6,"box":{"x":148,"y":221,"width":836,"height":12}},{"id":"b43490dd-cc7f-4e76-a442-9735456de623","block_type":"box","text":"intelligence (AI). The American technology titans continued to announce ever larger capital","page_number":6,"box":{"x":149,"y":239,"width":835,"height":13}},{"id":"91a5cb2f-d3e7-43a0-9b2b-93bf706ebb07","block_type":"box","text":"expenditure plans as they attempt to scale computing power to meet anticipated AI demand.","page_number":6,"box":{"x":149,"y":258,"width":835,"height":13}},{"id":"2c8217d9-cf55-49ab-a15c-d1c9d9f2079d","block_type":"box","text":"Uncertainty about the funding of these ambitions was partially addressed in June when Alphabet","page_number":6,"box":{"x":150,"y":277,"width":835,"height":13}},{"id":"5e6ebac6-03ec-4724-9472-17bbc435cedf","block_type":"box","text":"announced a massive equity issue. This was followed by the initial public offering in SpaceX, the vast","page_number":6,"box":{"x":149,"y":296,"width":836,"height":13}},{"id":"47b1d147-101c-47ae-8a9e-8de438a74dc1","block_type":"box","text":"majority of whose $2 trillion valuation is attributable to its AI ventures.","page_number":6,"box":{"x":150,"y":314,"width":602,"height":13}},{"id":"62678023-97aa-40c0-b642-621ab79f4622","block_type":"box","text":"Of course, most companies are not at the forefront of AI development. As the market focused on","page_number":6,"box":{"x":149,"y":339,"width":835,"height":13}},{"id":"771dbafc-f162-4d2a-92be-b7b302172522","block_type":"box","text":"vulnerability to AI adoption more than on its efficiency benefits, many share prices came under","page_number":6,"box":{"x":148,"y":358,"width":838,"height":13}},{"id":"d4134c5a-f664-42e9-aca1-79c84abecef5","block_type":"box","text":"pressure during the first half. Sectors such as software, estate agency, recruitment and insurance","page_number":6,"box":{"x":150,"y":377,"width":835,"height":12}},{"id":"70f38a6b-d528-4584-b064-e59356d2fa88","block_type":"box","text":"felt the effects. Exposure to these areas meant that AI was on balance a negative influence on the","page_number":6,"box":{"x":149,"y":396,"width":836,"height":12}},{"id":"dc76719d-cfa6-43b0-b2b9-81a97328bff9","block_type":"box","text":"performance of the UK stockmarket’s small and large companies during the first half of 2026.","page_number":6,"box":{"x":150,"y":414,"width":792,"height":13}},{"id":"1df13743-e274-4f75-92cc-32a4b2868d3b","block_type":"box","text":"Analysis of performance and portfolio characteristics","page_number":6,"box":{"x":149,"y":444,"width":615,"height":17}},{"id":"2ddcbb21-782d-4bee-a9bb-9eb06762e9b5","block_type":"box","text":"In the six months to 30 June 2026, the Fund’s total return was +5.1%. The DNSCI (XIC)’s was +1.8%.","page_number":6,"box":{"x":150,"y":469,"width":834,"height":12}},{"id":"f8032ba8-73f3-49e9-9d3a-292f0670c150","block_type":"box","text":"The table below analyses the difference between the two numbers. The most important influence","page_number":6,"box":{"x":148,"y":488,"width":837,"height":12}},{"id":"f409a28f-d905-4ec0-8881-820fa43466c0","block_type":"box","text":"on the Fund’s relative return was the total return performance of the companies that make up its","page_number":6,"box":{"x":149,"y":506,"width":836,"height":13}},{"id":"fa3bd2d3-0d5a-42cf-a005-843f8755e21e","block_type":"box","text":"portfolio of investments.","page_number":6,"box":{"x":150,"y":525,"width":208,"height":13}},{"id":"3b8415e0-c75f-43b0-942e-8f14747aada5","block_type":"box","text":"Attributable to the portfolio of investments, based on mid prices","page_number":6,"box":{"x":162,"y":595,"width":553,"height":13}},{"id":"b769a18d-f888-4b23-b8e3-030140f0fdd6","block_type":"box","text":"(after transaction costs of 16 basis points)","page_number":6,"box":{"x":163,"y":613,"width":348,"height":13}},{"id":"2a7cf521-75ea-4f68-9a4e-fde1ae37bea2","block_type":"box","text":"314","page_number":6,"box":{"x":942,"y":614,"width":30,"height":9}},{"id":"838c1a32-fb39-4da4-aeaf-3f93516001a4","block_type":"box","text":"Movement in mid to bid price spread 7","page_number":6,"box":{"x":163,"y":638,"width":809,"height":12}},{"id":"08a70741-c9d9-43fa-aace-040054e69f3b","block_type":"box","text":"Cash/other 57","page_number":6,"box":{"x":163,"y":657,"width":808,"height":12}},{"id":"8c04e419-df9a-4d8e-adfc-3a7c9828f80b","block_type":"box","text":"Management fee (37)","page_number":6,"box":{"x":163,"y":677,"width":814,"height":13}},{"id":"d0070d5c-e623-4e37-8796-71738124688a","block_type":"box","text":"Other expenses (3)","page_number":6,"box":{"x":163,"y":696,"width":814,"height":13}},{"id":"5a5e994f-15ae-409d-b8df-4e8acff662cc","block_type":"box","text":"Total attribution based on bid prices 338","page_number":6,"box":{"x":162,"y":725,"width":810,"height":12}},{"id":"6e15da26-7d22-46a4-a655-7601233f2640","block_type":"box","text":"Note: 100 basis points = 1%. Total Attribution is the difference between the total return of the NAV and the Benchmark Index (i.e. NAV","page_number":6,"box":{"x":149,"y":750,"width":837,"height":10}},{"id":"d4fa78fd-b509-48ac-a0ce-63e29461ffb3","block_type":"box","text":"= 5.14%; Benchmark Index = 1.76%; difference is +3.38% being 338 basis points).","page_number":6,"box":{"x":149,"y":764,"width":502,"height":10}},{"id":"dd30c1f8-acf5-490f-860b-a172f80cdb05","block_type":"box","text":"For the six months ended 30 June 2026 Basis points","page_number":6,"box":{"x":163,"y":559,"width":809,"height":13}},{"id":"6855bce9-c6cb-4209-99d4-4d736ad29e7b","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 4","page_number":6,"box":{"x":75,"y":0,"width":687,"height":0}},{"id":"eb3cd2a5-7018-4007-8dd7-a42a7a3a02ed","block_type":"box","text":"Aberforth UK Small Companies Fund","page_number":7,"box":{"x":673,"y":925,"width":283,"height":11}},{"id":"dc367958-5bf9-4cc7-9c47-3021e21bcaf8","block_type":"box","text":"5","page_number":7,"box":{"x":976,"y":924,"width":9,"height":10}},{"id":"f92f7a04-c24b-46ce-b5cb-5ae2e173d5b9","block_type":"box","text":"Manager’s Report","page_number":7,"box":{"x":151,"y":11,"width":275,"height":23}},{"id":"db14e7a3-7053-452e-a062-88d7e702cfb6","block_type":"box","text":"The next table sets out a series of characteristics of both the portfolio and the DNSCI (XIC). The","page_number":7,"box":{"x":148,"y":72,"width":837,"height":13}},{"id":"34c9e134-a7d0-42f1-9aba-70a77b5c09ab","block_type":"box","text":"paragraphs that follow provide context and explanation for these characteristics and for the Fund’s","page_number":7,"box":{"x":150,"y":90,"width":835,"height":13}},{"id":"7c3cccc7-4cc4-4fbf-aab8-12865820c7a2","block_type":"box","text":"performance in the first half of 2026.","page_number":7,"box":{"x":150,"y":109,"width":312,"height":12}},{"id":"16754077-5ad5-4328-b3e1-7b0432b3d225","block_type":"box","text":"Themes in the first half of 2026","page_number":7,"box":{"x":150,"y":405,"width":260,"height":13}},{"id":"00288e64-7e3e-4719-b8f8-f6040c0e65ea","block_type":"box","text":"The investment background above addressed top-down influences on the stockmarket moves in the","page_number":7,"box":{"x":148,"y":423,"width":837,"height":12}},{"id":"6a16244e-efa2-4cf5-bc67-4b4a4f49dd12","block_type":"box","text":"first half of 2026. These influences were modestly positive for the Fund’s performance as the","page_number":7,"box":{"x":149,"y":440,"width":836,"height":13}},{"id":"8ae1b033-4f36-4ed3-8c5a-25d5bacc6047","block_type":"box","text":"following comments explain.","page_number":7,"box":{"x":149,"y":458,"width":239,"height":13}},{"id":"b01af3c6-88ab-418c-bed2-b3f04ddfebda","block_type":"box","text":"•","page_number":7,"box":{"x":150,"y":485,"width":7,"height":4}},{"id":"fcb137a8-d652-4352-9ad0-3f0f87cec93a","block_type":"box","text":"Artificial intelligence","page_number":7,"box":{"x":175,"y":481,"width":173,"height":13}},{"id":"42d10f22-f10d-48bf-a1d4-55e9d8894a82","block_type":"box","text":"on balance helped the Fund’s relative performance. The share prices of","page_number":7,"box":{"x":358,"y":481,"width":628,"height":13}},{"id":"0c604dcb-66cd-43f3-aed4-42bc52b8f752","block_type":"box","text":"software companies, recruiters and media businesses, including those owned by the Fund,","page_number":7,"box":{"x":176,"y":499,"width":809,"height":13}},{"id":"e18593e6-0228-4669-8590-eaab98173554","block_type":"box","text":"weakened as AI concerns developed. However, this effect was outweighed by a strong","page_number":7,"box":{"x":176,"y":517,"width":809,"height":12}},{"id":"2f19ac52-ade5-4a33-8ab3-e38aae3d1d3c","block_type":"box","text":"performance from an investee company whose largest customers are manufacturers of","page_number":7,"box":{"x":177,"y":534,"width":809,"height":13}},{"id":"a38d293f-af7c-4d2e-b5e9-a68b0bc72ab2","block_type":"box","text":"equipment for the semiconductor industry. The Manager is working on non-holdings that have","page_number":7,"box":{"x":176,"y":552,"width":809,"height":13}},{"id":"34769826-f0ef-4872-908a-ef8c4ef45acf","block_type":"box","text":"been victims of the AI excitement to determine whether these are now investment opportunities.","page_number":7,"box":{"x":177,"y":570,"width":807,"height":12}},{"id":"16e8110e-c366-4c7d-a4d9-e85aebe650ba","block_type":"box","text":"•","page_number":7,"box":{"x":150,"y":596,"width":7,"height":5}},{"id":"b170b430-2775-4b7c-bdfc-b8a254b53501","block_type":"box","text":"Housebuilding,","page_number":7,"box":{"x":176,"y":593,"width":121,"height":13}},{"id":"dfcee35f-af28-4700-9e40-7160cec3b49b","block_type":"box","text":"including the housebuilders themselves and suppliers to the industry, was a","page_number":7,"box":{"x":310,"y":593,"width":674,"height":13}},{"id":"1a391748-624e-481b-a951-3756ed76daa1","block_type":"box","text":"significant drag on relative performance. The industry is confronted by demand uncertainty amid","page_number":7,"box":{"x":176,"y":611,"width":808,"height":12}},{"id":"4ffae2b3-85c0-4c8a-8452-0739a5364028","block_type":"box","text":"cost-of-living concerns and renewed cost inflation as higher energy prices feed through the","page_number":7,"box":{"x":176,"y":628,"width":809,"height":13}},{"id":"0dcafaf6-b21d-4026-9329-24db6176890f","block_type":"box","text":"supply chain. Valuations are now extremely low, with price-to-book ratios back to levels last seen","page_number":7,"box":{"x":176,"y":646,"width":808,"height":12}},{"id":"b7b95bd9-3db0-4aee-8a6f-9d7116670e5e","block_type":"box","text":"in the global financial crisis.","page_number":7,"box":{"x":176,"y":663,"width":229,"height":13}},{"id":"a9a736e2-dd31-4730-a932-ea9699df8435","block_type":"box","text":"•","page_number":7,"box":{"x":150,"y":690,"width":7,"height":5}},{"id":"6994c63a-4fdf-45cc-870c-740f1854ed96","block_type":"box","text":"Oil","page_number":7,"box":{"x":176,"y":687,"width":22,"height":10}},{"id":"9db4ffd7-1845-4338-b379-7118d631779a","block_type":"box","text":"exposure was a substantial boost to relative performance since the Fund entered 2026 with a","page_number":7,"box":{"x":204,"y":687,"width":780,"height":12}},{"id":"70ac674b-aaea-4586-821a-7fa6cf9918f3","block_type":"box","text":"higher weighting than did the DNSCI (XIC). The motivation for this positioning was the extremely","page_number":7,"box":{"x":177,"y":704,"width":809,"height":13}},{"id":"2121a1cd-f594-4906-9d5b-abf11418762e","block_type":"box","text":"low valuations that the stockmarket attributed to oil and gas producers, despite their strong cash","page_number":7,"box":{"x":177,"y":722,"width":807,"height":13}},{"id":"41af2b5a-4186-4568-bb1d-18dc3e8c1384","block_type":"box","text":"generation and willingness to pay dividends. 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share","page_number":7,"box":{"x":155,"y":281,"width":102,"height":11}},{"id":"9f0fb0d6-85db-450b-9f93-298a2bba36e9","block_type":"box","text":"80% n/a","page_number":7,"box":{"x":620,"y":280,"width":139,"height":14}},{"id":"fb11077f-1687-48eb-9487-a54b72c752ae","block_type":"box","text":"78% n/a","page_number":7,"box":{"x":823,"y":281,"width":141,"height":12}},{"id":"92fb0d22-9fe1-4169-bf0e-1b9113b09c53","block_type":"box","text":"Price earnings (PE) ratio (historical)","page_number":7,"box":{"x":156,"y":300,"width":295,"height":13}},{"id":"4b672e7d-a5c2-4bbe-99f2-02b192d53667","block_type":"box","text":"11.5x 13.0x","page_number":7,"box":{"x":610,"y":301,"width":150,"height":10}},{"id":"a7f2ebcc-9275-4574-8b91-6f5fea707278","block_type":"box","text":"10.1x 14.9x","page_number":7,"box":{"x":814,"y":301,"width":151,"height":10}},{"id":"05d7382e-0c4b-41dd-a9ec-030d358ec366","block_type":"box","text":"Dividend yield (historical)","page_number":7,"box":{"x":156,"y":319,"width":212,"height":13}},{"id":"2ee3a899-cf44-48bd-a394-24f2c4175382","block_type":"box","text":"4.2% 3.2%","page_number":7,"box":{"x":614,"y":320,"width":146,"height":10}},{"id":"54376327-0b1d-452a-b8bd-bfa6c7f5d00b","block_type":"box","text":"4.0% 3.4%","page_number":7,"box":{"x":818,"y":320,"width":146,"height":10}},{"id":"5f63841b-3bed-489c-a22d-3b4e1b398573","block_type":"box","text":"Dividend cover (historical)","page_number":7,"box":{"x":156,"y":338,"width":219,"height":13}},{"id":"f38159ac-6a0d-4dad-8bdf-40018918b502","block_type":"box","text":"2.1x 2.4x","page_number":7,"box":{"x":620,"y":339,"width":140,"height":10}},{"id":"b8430f7b-c480-4c70-94ca-17c4d461749c","block_type":"box","text":"2.5x 2.0x","page_number":7,"box":{"x":824,"y":339,"width":141,"height":10}},{"id":"2fdf2b0e-898c-4dd3-a8da-ce111b3ccb11","block_type":"box","text":"30 June 2026","page_number":7,"box":{"x":608,"y":140,"width":115,"height":10}},{"id":"080099fa-27c5-4c57-8fb3-d5254a37e616","block_type":"box","text":"30 June 2025","page_number":7,"box":{"x":830,"y":141,"width":114,"height":9}},{"id":"9dc8d07f-d701-4b12-8977-69742e0c8cce","block_type":"box","text":"Portfolio characteristics The Fund DNSCI (XIC)","page_number":7,"box":{"x":163,"y":156,"width":600,"height":14}},{"id":"e3d9455f-57be-45c5-8285-8525110ee050","block_type":"box","text":"The Fund DNSCI (XIC)","page_number":7,"box":{"x":778,"y":157,"width":195,"height":13}},{"id":"3b46ee60-0d55-481f-967b-1e476acda811","block_type":"box","text":"*”Smaller small” companies – DNSCI (XIC) members that are not also FTSE 250 members.","page_number":7,"box":{"x":161,"y":364,"width":563,"height":10}},{"id":"d0a82832-578f-49e7-9e1c-078ed995ec78","block_type":"box","text":"**Tracked Universe – explained below in the Balance Sheets section","page_number":7,"box":{"x":161,"y":377,"width":430,"height":10}},{"id":"2e172ea6-4c7b-4d2d-9bb9-5390d851a55f","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 5","page_number":7,"box":{"x":75,"y":0,"width":686,"height":0}},{"id":"80ae07cd-9c10-4774-8f18-4a9af20e27c1","block_type":"box","text":"6","page_number":8,"box":{"x":149,"y":924,"width":9,"height":10}},{"id":"ad9e0412-3f39-48a6-96ec-71ca4966d00d","block_type":"box","text":"Interim Report 2026","page_number":8,"box":{"x":179,"y":925,"width":155,"height":11}},{"id":"da4c66fb-5e05-465d-b005-81b7039a3f8a","block_type":"box","text":"Manager’s Report","page_number":8,"box":{"x":151,"y":11,"width":275,"height":23}},{"id":"a5e81e69-4251-4fc4-9372-c4a4714e6e90","block_type":"box","text":"Size","page_number":8,"box":{"x":148,"y":72,"width":32,"height":10}},{"id":"20b1af00-aeaa-4d40-a3e7-ed89c37d5ae9","block_type":"box","text":"The Fund’s portfolio retains a relatively high exposure to the “smaller small” companies within the","page_number":8,"box":{"x":148,"y":95,"width":837,"height":12}},{"id":"5661d123-7806-4f5e-90ca-4d1bb676c9a3","block_type":"box","text":"DNSCI (XIC). At the end of June, the weighting was 50%, which was significantly greater than the","page_number":8,"box":{"x":150,"y":111,"width":835,"height":13}},{"id":"c9b7e49c-54ee-46b1-a845-bd010347917f","block_type":"box","text":"index’s 17%. The reason is the considerably lower valuations that the stockmarket attributes to its","page_number":8,"box":{"x":150,"y":129,"width":835,"height":12}},{"id":"bfd959a4-933f-4930-9d90-9d584cc67264","block_type":"box","text":"smaller constituents, which is demonstrated in the Valuations section later in this report.","page_number":8,"box":{"x":149,"y":146,"width":747,"height":12}},{"id":"645f9425-365f-4b57-8c28-7e39ba442197","block_type":"box","text":"This aspect of the Fund’s portfolio positioning means that investment performance is affected by the","page_number":8,"box":{"x":148,"y":168,"width":837,"height":13}},{"id":"2916b5c9-8655-446d-bb80-040e063774ba","block_type":"box","text":"stockmarket’s preference for larger or smaller companies in a given period. Over the long term,","page_number":8,"box":{"x":149,"y":185,"width":836,"height":13}},{"id":"32f5ebf6-81db-4681-bf4b-58a7d677a88d","block_type":"box","text":"“smaller small” companies have out-performed “larger small” companies, just as the overall DNSCI","page_number":8,"box":{"x":150,"y":202,"width":834,"height":13}},{"id":"feea0ca3-68cf-47fa-bf10-25dc6204bb19","block_type":"box","text":"(XIC) has out-performed the FTSE All-Share. In the first six months of 2026, “smaller small”","page_number":8,"box":{"x":150,"y":219,"width":835,"height":13}},{"id":"8e35aa36-7383-483d-ae1b-01928e62189a","block_type":"box","text":"companies slightly out-performed “larger small” companies and so the Fund’s size positioning","page_number":8,"box":{"x":149,"y":236,"width":836,"height":13}},{"id":"439217d0-9e4f-41b9-b35a-f89fbb776d30","block_type":"box","text":"helped investment performance.","page_number":8,"box":{"x":150,"y":253,"width":273,"height":13}},{"id":"31120899-5345-4593-99b3-53b0f35e406c","block_type":"box","text":"Style","page_number":8,"box":{"x":148,"y":285,"width":40,"height":13}},{"id":"b62bb9c7-7d2c-4505-9126-cf195444f22e","block_type":"box","text":"The Manager has consistently invested the Fund’s assets in accordance with its value investment","page_number":8,"box":{"x":148,"y":305,"width":837,"height":12}},{"id":"db817d79-4018-4e15-832c-0300d79b242f","block_type":"box","text":"philosophy. The stockmarket’s appetite for value stocks is more volatile. To gauge style effects","page_number":8,"box":{"x":150,"y":322,"width":835,"height":12}},{"id":"e5ab2626-6256-4cde-9e53-922b97bddbd0","block_type":"box","text":"within the DNSCI (XIC), the Manager uses analysis by London Business School (LBS). This is based on","page_number":8,"box":{"x":149,"y":338,"width":835,"height":13}},{"id":"73bb824d-cd90-493a-a1c3-8fa57eed27c3","block_type":"box","text":"price to book ratios: a high price to book denotes a growth stock and a low price to book a value","page_number":8,"box":{"x":150,"y":356,"width":835,"height":12}},{"id":"4ed95244-6674-4b7b-be62-9095e1015b65","block_type":"box","text":"stock. When selecting stocks for the Fund, the Manager uses a broader range of valuation","page_number":8,"box":{"x":149,"y":373,"width":835,"height":12}},{"id":"cdd07fe3-e664-4bfd-94a3-25dcc81d7d02","block_type":"box","text":"techniques, but the LBS approach provides a useful indication of the market’s style preference.","page_number":8,"box":{"x":148,"y":389,"width":808,"height":13}},{"id":"a1dd8da3-62e9-4f37-a521-d9336c27a5f6","block_type":"box","text":"Since the pandemic and over the Fund’s 35 year history, the DNSCI (XIC)’s value stocks have out","page_number":8,"box":{"x":149,"y":413,"width":836,"height":13}},{"id":"9c2af143-5df9-41e6-bd63-06761602f543","block_type":"box","text":"performed the index as a whole and so style has helped the Fund’s performance. In contrast, value","page_number":8,"box":{"x":150,"y":431,"width":835,"height":12}},{"id":"121e5fa0-9268-4308-9e3a-0bb892ffa5e7","block_type":"box","text":"stocks marginally under-performed during the first half of 2026. This meant that style, as measured","page_number":8,"box":{"x":149,"y":448,"width":835,"height":12}},{"id":"990aec19-08d1-4db7-befd-f0a8990c403a","block_type":"box","text":"by the LBS analysis, was a hindrance to the Fund’s investment return.","page_number":8,"box":{"x":150,"y":465,"width":589,"height":12}},{"id":"ded888a3-da83-4947-8080-55fade8bfb95","block_type":"box","text":"Balance sheets","page_number":8,"box":{"x":149,"y":498,"width":125,"height":10}},{"id":"760044a5-ef58-4d86-819e-d479393d0753","block_type":"box","text":"The following table sets out the balance sheet profile of the Fund’s portfolio and of the Manager’s","page_number":8,"box":{"x":148,"y":518,"width":837,"height":12}},{"id":"0bec083b-af3b-4335-a431-43d4e75e8ae7","block_type":"box","text":"Tracked Universe, which is a subset of the DNSCI (XIC). It represents 99% by value of the index as a","page_number":8,"box":{"x":148,"y":534,"width":836,"height":13}},{"id":"f0122d31-a9e0-4c85-9fab-bdfeb13c951e","block_type":"box","text":"whole and is made up of the 237 companies that the Manager follows closely.","page_number":8,"box":{"x":149,"y":552,"width":664,"height":12}},{"id":"c0d4db89-4636-4be7-abe2-34cb1e9f0d05","block_type":"box","text":"Small companies remain financially robust, but the stockmarket does not appear to be","page_number":8,"box":{"x":149,"y":694,"width":836,"height":13}},{"id":"16f4e962-6fd7-4df5-be5d-2f7489276819","block_type":"box","text":"discriminating on the basis of balance sheet strength at present. This has seen the Fund’s exposure","page_number":8,"box":{"x":149,"y":711,"width":836,"height":13}},{"id":"c1f7ebd8-8056-4b93-b1d7-fce694fa635d","block_type":"box","text":"to companies with net cash on their balance sheets increase to more than 42%. Most of the","page_number":8,"box":{"x":148,"y":728,"width":837,"height":13}},{"id":"08ec932b-5bb6-4104-b920-5c6901b74163","block_type":"box","text":"exposure to higher leverage, of two times EBITDA and above, comes through businesses with asset","page_number":8,"box":{"x":149,"y":745,"width":836,"height":13}},{"id":"d3209047-2ae1-4be0-84e2-b429211b5eac","block_type":"box","text":"backing, such as property and pub companies. The category also includes companies with","page_number":8,"box":{"x":150,"y":762,"width":834,"height":13}},{"id":"6ac51f69-a4c8-4eea-9c30-c0d366472975","block_type":"box","text":"depressed profitability or excessive debt, in which circumstances the Manager’s level of","page_number":8,"box":{"x":149,"y":779,"width":837,"height":13}},{"id":"fd2e1c1e-e47e-43c8-949f-eb5c8e7da4e2","block_type":"box","text":"engagement is particularly high.","page_number":8,"box":{"x":149,"y":796,"width":270,"height":13}},{"id":"6b88a5e2-f04e-4783-bf4c-2181f0fd4f5c","block_type":"box","text":"The strength of balance sheets has supported further dividend growth and sustained the high","page_number":8,"box":{"x":148,"y":820,"width":836,"height":13}},{"id":"98815cdf-aead-45f4-90f6-6cf15ac66431","block_type":"box","text":"incidence of share buy-backs. In the first half of 2026, 25 of the Fund’s investee companies took","page_number":8,"box":{"x":150,"y":837,"width":836,"height":13}},{"id":"65df2543-03c3-4831-a756-9ad18eda5fda","block_type":"box","text":"advantage of their attractive stockmarket valuations to buy back shares. The economic logic of buy","page_number":8,"box":{"x":149,"y":854,"width":836,"height":13}},{"id":"f12cc179-b592-47a2-94e8-c7593a0c3b07","block_type":"box","text":"backs at such valuations is compelling as long as they do not deprive underlying businesses of","page_number":8,"box":{"x":150,"y":871,"width":836,"height":13}},{"id":"2e40daf1-7c71-4296-af3b-526bfb40bfc2","block_type":"box","text":"capital needed for the maintenance of assets and prudent growth.","page_number":8,"box":{"x":149,"y":888,"width":564,"height":13}},{"id":"e0ce0be5-b707-4d5b-8a56-699b790831df","block_type":"box","text":"Net debt/EBITDA Net debt/EBITDA","page_number":8,"box":{"x":541,"y":583,"width":314,"height":13}},{"id":"68c062f0-d192-4b21-b017-aafae1d274b4","block_type":"box","text":"Weight in companies with: Net cash < 2x > 2x Other*","page_number":8,"box":{"x":162,"y":604,"width":790,"height":12}},{"id":"3a0fd793-bf47-4e97-af3d-be4d80db7e77","block_type":"box","text":"Tracked Universe 2026 32% 41% 23% 4%","page_number":8,"box":{"x":162,"y":628,"width":777,"height":9}},{"id":"92b9e00f-e3c2-4fb9-bebd-a3851f3f7b89","block_type":"box","text":"Portfolio 2026 42% 45% 12% 1%","page_number":8,"box":{"x":163,"y":648,"width":776,"height":10}},{"id":"dc564975-0d79-4ad1-a685-19c1769459f0","block_type":"box","text":"*Includes loss-makers and lenders","page_number":8,"box":{"x":149,"y":667,"width":229,"height":8}},{"id":"0d77c212-5bb2-4fcb-bd45-9368e4aafa6e","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 6","page_number":8,"box":{"x":75,"y":0,"width":686,"height":0}},{"id":"1bfcc28d-fa81-4552-8a90-a2718c0ba10a","block_type":"box","text":"Aberforth UK Small Companies Fund","page_number":9,"box":{"x":673,"y":925,"width":283,"height":11}},{"id":"5057db24-9d81-498c-b204-47bdd8b95d45","block_type":"box","text":"7","page_number":9,"box":{"x":976,"y":924,"width":9,"height":10}},{"id":"b8178a70-41b1-4d05-8ec3-13bf33b3d82b","block_type":"box","text":"Manager’s Report","page_number":9,"box":{"x":151,"y":11,"width":275,"height":23}},{"id":"dcce83d9-3bc8-4544-8d9a-a314d0c7ee81","block_type":"box","text":"Income","page_number":9,"box":{"x":149,"y":73,"width":60,"height":9}},{"id":"fac2a7b4-313a-4b38-a7c1-423ddddd31a0","block_type":"box","text":"At 30 June 2026, the average historical dividend yield of the Fund’s 78 portfolio holdings was 4.2%","page_number":9,"box":{"x":149,"y":93,"width":836,"height":12}},{"id":"b5502059-aae9-4b6b-b0f7-76eed44bca87","block_type":"box","text":"and average dividend cover was 2.1x. The income experience in the first half of 2026 was positive,","page_number":9,"box":{"x":149,"y":111,"width":836,"height":13}},{"id":"6efec7d1-c41c-4374-a579-cfa575c4fcdd","block_type":"box","text":"which was due to a combination of higher dividends paid by investee companies and portfolio","page_number":9,"box":{"x":149,"y":130,"width":836,"height":12}},{"id":"79069607-eb92-4966-955f-c30960ce472b","block_type":"box","text":"management activity. 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At the end of the period, there were eight","page_number":9,"box":{"x":149,"y":414,"width":836,"height":13}},{"id":"32e9eac4-f72d-4b90-9778-6672ec69dd6e","block_type":"box","text":"recommended offers waiting to complete, of which three were for companies held by the Fund. On","page_number":9,"box":{"x":150,"y":433,"width":834,"height":12}},{"id":"7c1b3577-7d1b-455e-b829-99eca8297959","block_type":"box","text":"top of these eight formal offers, seven companies had received approaches and remained in talks","page_number":9,"box":{"x":148,"y":451,"width":837,"height":13}},{"id":"74171205-c7e8-4d7e-9e5e-35d01cfe75e6","block_type":"box","text":"with potential acquirers. Of these, the Fund had a holding in one.","page_number":9,"box":{"x":149,"y":470,"width":553,"height":12}},{"id":"5a8dd258-9685-4477-bf56-433b69053a18","block_type":"box","text":"The terms of the eight recommended deals are consistent with recent averages within the DNSCI","page_number":9,"box":{"x":148,"y":496,"width":836,"height":12}},{"id":"108a3c57-1c41-4bb6-af37-425e6349e0c6","block_type":"box","text":"(XIC). Over the past three years, the average premium to the share price has been 45%, while the","page_number":9,"box":{"x":150,"y":514,"width":835,"height":13}},{"id":"e2f4045b-1571-476a-8815-9b6fb90306ed","block_type":"box","text":"average EV/EBITA has been 14.6x. This is well above the portfolio’s 7.3x EV/EBITA ratio for 2026. As","page_number":9,"box":{"x":149,"y":532,"width":836,"height":13}},{"id":"7778fffd-5233-4441-bbf7-ffcb24b2c5e0","block_type":"box","text":"long as such low valuations prevail in the stockmarket, it is likely that M&A activity will continue at","page_number":9,"box":{"x":150,"y":551,"width":835,"height":13}},{"id":"10626014-bc77-4304-a7f0-45a6a341e444","block_type":"box","text":"an elevated rate. However, the risk remains that boards of target companies are too ready to engage","page_number":9,"box":{"x":149,"y":570,"width":836,"height":12}},{"id":"af97b05f-a250-4440-8749-964972ea07f0","block_type":"box","text":"from a disadvantageous starting point. There were further instances of this in the first half of 2026","page_number":9,"box":{"x":149,"y":588,"width":836,"height":13}},{"id":"a0bdb955-8f7d-4b47-a40b-c7cb1d9d9c68","block_type":"box","text":"and the Manager again engaged to improve terms or to embolden the target board to pursue its","page_number":9,"box":{"x":149,"y":607,"width":836,"height":12}},{"id":"daf0e395-7d20-4965-a971-8f97d82dfde4","block_type":"box","text":"standalone strategy. Such engagement is not always successful, but the motivation is always to","page_number":9,"box":{"x":149,"y":625,"width":836,"height":13}},{"id":"bb29206d-1bc5-4ce5-bba4-9091912ed415","block_type":"box","text":"improve investment returns for the Fund and its unitholders.","page_number":9,"box":{"x":149,"y":643,"width":511,"height":13}},{"id":"777587d8-1f4e-41cb-a66a-b63ce8382903","block_type":"box","text":"A corollary of the low valuations that the stockmarket currently ascribes to small UK quoted","page_number":9,"box":{"x":148,"y":670,"width":836,"height":12}},{"id":"cca09061-1eb0-442c-b4b7-f04e14ec435b","block_type":"box","text":"companies is a continued paucity of initial public offerings. However, the Manager’s opportunity","page_number":9,"box":{"x":149,"y":688,"width":837,"height":13}},{"id":"a6e1edb5-32dd-4b00-8128-7d8005269772","block_type":"box","text":"base is expanding as three more companies announced moves up from AIM to the Main Market in","page_number":9,"box":{"x":150,"y":707,"width":834,"height":12}},{"id":"2f8f21d4-79a7-4db2-9b93-b03c0a06d2cb","block_type":"box","text":"the first half of 2026. The Fund does not invest in AIM quoted companies except in limited","page_number":9,"box":{"x":148,"y":725,"width":836,"height":13}},{"id":"6d73806b-8adf-4604-9f2e-c00a2954cdf1","block_type":"box","text":"circumstances, one of which is when an AIM company makes a public announcement of its intention","page_number":9,"box":{"x":149,"y":743,"width":835,"height":13}},{"id":"a1064f87-f0ab-4b07-a066-fad6cc419f32","block_type":"box","text":"to move up. Of the three promotions, the Fund has holdings in one.","page_number":9,"box":{"x":148,"y":762,"width":570,"height":13}},{"id":"984da313-69da-4439-88b0-7daa8321e42c","block_type":"box","text":"Active share","page_number":9,"box":{"x":148,"y":788,"width":102,"height":10}},{"id":"28100420-2164-44af-b7cd-480b5c3411ef","block_type":"box","text":"Active share is a measure of how different a portfolio is from an index. The higher a portfolio’s active","page_number":9,"box":{"x":149,"y":808,"width":836,"height":13}},{"id":"c3b888d4-4cbb-4204-90f7-db3fee0b0f1f","block_type":"box","text":"share, the higher its chance of performing differently from the index, for better or worse. The","page_number":9,"box":{"x":149,"y":827,"width":836,"height":13}},{"id":"c420a958-a827-4482-81e0-ce373d29fd4b","block_type":"box","text":"Manager targets an active share ratio of at least 70% for the Fund’s portfolio compared with the","page_number":9,"box":{"x":150,"y":845,"width":835,"height":13}},{"id":"3f9bcedc-e08a-43d7-a5c9-fc8f2bcbed49","block_type":"box","text":"DNSCI (XIC). At 30 June 2026, it stood at 80%.","page_number":9,"box":{"x":150,"y":864,"width":380,"height":12}},{"id":"d68c1890-9d7f-44a3-a587-96b46ff07d08","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 7","page_number":9,"box":{"x":75,"y":0,"width":687,"height":0}},{"id":"95089fb1-2b78-41c4-83e7-0ba43f063e71","block_type":"box","text":"8","page_number":10,"box":{"x":149,"y":924,"width":9,"height":10}},{"id":"e0ced382-d6da-4ff2-ab3e-afa3e279c578","block_type":"box","text":"Interim Report 2026","page_number":10,"box":{"x":179,"y":925,"width":155,"height":11}},{"id":"5fffcb36-d1b4-4790-9b14-4c7cc0c7abde","block_type":"box","text":"Value roll and portfolio turnover","page_number":10,"box":{"x":150,"y":72,"width":269,"height":13}},{"id":"3bc3a222-bf24-46e0-bfb0-a79b853663f2","block_type":"box","text":"Portfolio turnover is defined as the lower of purchases and sales divided by the average portfolio","page_number":10,"box":{"x":150,"y":93,"width":835,"height":12}},{"id":"f12f7f1f-d73c-49bf-bb3b-bd9020f8f7df","block_type":"box","text":"value. The Fund’s turnover in the first half of 2026 was 38%. The rate of turnover is linked to the","page_number":10,"box":{"x":149,"y":111,"width":836,"height":11}},{"id":"e1e94b76-1851-408d-9bda-6494715c833e","block_type":"box","text":"Manager’s investment process and to the Fund’s good relative performance in the period. If prices","page_number":10,"box":{"x":150,"y":130,"width":835,"height":12}},{"id":"e3792eb5-36bd-40d9-8b4a-bdf47eccdf6a","block_type":"box","text":"and valuations are rising, the upsides to the Manager’s target prices are likely to be narrowing. All","page_number":10,"box":{"x":149,"y":148,"width":835,"height":13}},{"id":"aa191fa6-8a15-46e1-ab95-f5701689686d","block_type":"box","text":"else being equal, this would encourage the rotation of the Fund’s capital from companies with lower","page_number":10,"box":{"x":149,"y":167,"width":837,"height":12}},{"id":"acdfd64d-fe57-4eab-958b-91d949e78fc0","block_type":"box","text":"upsides to those with higher upsides. This value roll has played an important role in the Fund’s capital","page_number":10,"box":{"x":150,"y":185,"width":834,"height":13}},{"id":"1426627b-fa75-49e5-8d60-617fec04a74c","block_type":"box","text":"and income returns over the years.","page_number":10,"box":{"x":149,"y":204,"width":293,"height":12}},{"id":"973a5e11-8e6a-4188-a2f8-21901c7e6d50","block_type":"box","text":"Portfolio categorisation","page_number":10,"box":{"x":149,"y":232,"width":196,"height":13}},{"id":"6ba8a584-8930-4feb-b00d-065aa1e319c9","block_type":"box","text":"The table below splits the portfolio’s 78 holdings into four categories. These categories correspond","page_number":10,"box":{"x":148,"y":253,"width":836,"height":13}},{"id":"da0e4553-b8b2-4f28-a9a3-5b5ee10a8784","block_type":"box","text":"to how the Manager thinks about the portfolio and about how it prioritises engagement activity.","page_number":10,"box":{"x":148,"y":271,"width":812,"height":13}},{"id":"f8d55fbb-70c4-4633-8a41-3882a4b64e85","block_type":"box","text":"•","page_number":10,"box":{"x":150,"y":527,"width":7,"height":4}},{"id":"99c9cacd-6d55-4704-86e3-469c1b7dafcb","block_type":"box","text":"Work in progress","page_number":10,"box":{"x":177,"y":524,"width":141,"height":12}},{"id":"a3b84cb9-4cbe-4038-a041-99149ab1f6bc","block_type":"box","text":"contains companies with an issue or problem that has hit the share price to an","page_number":10,"box":{"x":324,"y":524,"width":660,"height":12}},{"id":"1fd8ff64-e188-484e-829b-93c5e26e3dfa","block_type":"box","text":"unjustified degree. Engagement with these companies is high as the Manager seeks to","page_number":10,"box":{"x":177,"y":542,"width":808,"height":13}},{"id":"caba6a98-67ed-4962-b4aa-4beb3cd7ace0","block_type":"box","text":"understand the issue and how the board intends to address it.","page_number":10,"box":{"x":177,"y":561,"width":522,"height":10}},{"id":"9cb0cae3-079e-414b-837b-4d08509f2e73","block_type":"box","text":"•","page_number":10,"box":{"x":150,"y":587,"width":7,"height":5}},{"id":"2ab71758-d807-4dd1-9522-b031a47b1b07","block_type":"box","text":"Self-help","page_number":10,"box":{"x":175,"y":584,"width":72,"height":13}},{"id":"69a3aa2f-a921-4af7-be95-e82d7efcf6bf","block_type":"box","text":"represents companies that have also had an issue but where a plan to address the issue","page_number":10,"box":{"x":254,"y":584,"width":731,"height":13}},{"id":"faac72e2-cce5-4dd5-97ca-732bb0c0b138","block_type":"box","text":"is being executed. Over half of the portfolio sits here. This reflects the fact that most smaller","page_number":10,"box":{"x":177,"y":602,"width":809,"height":13}},{"id":"d3233aec-89dc-44ea-8e3f-d59ee313df02","block_type":"box","text":"companies are not at the mercy of macro economic conditions, but are resilient, well-managed","page_number":10,"box":{"x":176,"y":621,"width":808,"height":13}},{"id":"082cf84f-6725-4d5b-a179-f3da55c76f60","block_type":"box","text":"and able to create value under their own steam. Engagement intensity here is elevated but lower","page_number":10,"box":{"x":176,"y":639,"width":810,"height":13}},{"id":"d3970848-ad02-4d88-bebf-9d824430edff","block_type":"box","text":"than for","page_number":10,"box":{"x":175,"y":658,"width":68,"height":10}},{"id":"4ab2bf06-3601-4618-b754-76cab4e22c85","block_type":"box","text":"Work in Progress","page_number":10,"box":{"x":250,"y":658,"width":140,"height":12}},{"id":"4f01c037-9087-4eff-99b2-ef6ae971e67c","block_type":"box","text":".","page_number":10,"box":{"x":392,"y":666,"width":3,"height":2}},{"id":"ae945d56-45cd-4473-986c-e74d1c5981af","block_type":"box","text":"•","page_number":10,"box":{"x":150,"y":684,"width":7,"height":5}},{"id":"5f77d284-6744-48fd-99a5-a07d3f3d26c8","block_type":"box","text":"On track","page_number":10,"box":{"x":176,"y":681,"width":71,"height":10}},{"id":"60d3b057-bff2-4c32-a6d1-f9fc8a4ccb08","block_type":"box","text":"contains companies whose previous issues have been addressed and are now trading as","page_number":10,"box":{"x":252,"y":681,"width":733,"height":13}},{"id":"2a9a9e9c-13a3-4ccf-8b69-b59d2d5e14c5","block_type":"box","text":"planned. Engagement continues but is at a normal level.","page_number":10,"box":{"x":177,"y":700,"width":470,"height":12}},{"id":"f84d4dda-f43f-4321-8d97-68b5fb00ee7e","block_type":"box","text":"•","page_number":10,"box":{"x":150,"y":726,"width":6,"height":5}},{"id":"cefdfa40-44c5-4788-9199-5325c42f0988","block_type":"box","text":"Under review","page_number":10,"box":{"x":177,"y":723,"width":110,"height":10}},{"id":"62a7033d-bd01-4a00-9aac-1e770e404626","block_type":"box","text":"is for companies that have an issue, but, unlike","page_number":10,"box":{"x":293,"y":723,"width":392,"height":12}},{"id":"76f943ad-409f-4ee9-ab2e-f4857ab8e422","block_type":"box","text":"Work in progress,","page_number":10,"box":{"x":693,"y":723,"width":144,"height":12}},{"id":"97d9859f-3930-4c1f-9715-d2a63cc93630","block_type":"box","text":"the Manager has","page_number":10,"box":{"x":844,"y":723,"width":141,"height":12}},{"id":"e1b42b2c-8ced-4b45-993c-a4629b27edfc","block_type":"box","text":"not yet been able to determine whether the problem has been adequately reflected in the share","page_number":10,"box":{"x":177,"y":741,"width":808,"height":13}},{"id":"91b1f021-f299-4bb3-8ac9-19b7f9c9bb2f","block_type":"box","text":"price. Engagement levels for this category are therefore high.","page_number":10,"box":{"x":177,"y":760,"width":513,"height":12}},{"id":"035cf300-f833-41ae-ad8c-613872c4f1e2","block_type":"box","text":"• With its contrarian approach to investment, the Manager is drawn to companies with resolvable","page_number":10,"box":{"x":150,"y":783,"width":835,"height":13}},{"id":"90e032d6-b3e9-4962-8732-32c6a0030ee3","block_type":"box","text":"issues, contending that value opportunities arise as the stockmarket tends to overreact. It follows","page_number":10,"box":{"x":176,"y":801,"width":809,"height":13}},{"id":"d15130a4-b46d-4f04-8f4f-c36353a2221f","block_type":"box","text":"that the vast majority of new holdings are within the","page_number":10,"box":{"x":175,"y":820,"width":446,"height":13}},{"id":"74d9e1d9-f461-49fa-8c55-d7168f35908d","block_type":"box","text":"Work in progress","page_number":10,"box":{"x":630,"y":820,"width":140,"height":13}},{"id":"a4553f0b-2e74-4d80-808d-6172c634fe0b","block_type":"box","text":"or","page_number":10,"box":{"x":777,"y":823,"width":17,"height":7}},{"id":"cbcfce53-4133-41ac-a78b-527da5db69db","block_type":"box","text":"Self-help","page_number":10,"box":{"x":800,"y":820,"width":71,"height":13}},{"id":"a68a48bb-8865-42d7-b069-4c4e60de6071","block_type":"box","text":"categories. If","page_number":10,"box":{"x":878,"y":820,"width":108,"height":13}},{"id":"9ebdac8d-c6e9-4c3c-b29e-7322abcbe6fc","block_type":"box","text":"the investment case pans out as envisaged, companies are likely to move to the right – from","page_number":10,"box":{"x":175,"y":838,"width":760,"height":13}},{"id":"caecf846-4097-4ad6-8c32-eb963d76723b","block_type":"box","text":"Work","page_number":10,"box":{"x":942,"y":838,"width":44,"height":11}},{"id":"eadb22b9-0a41-488b-b3f2-3e5c53d0e246","block_type":"box","text":"in progress","page_number":10,"box":{"x":176,"y":857,"width":92,"height":13}},{"id":"4ed9c4a3-a30f-4efb-b488-40fc08655348","block_type":"box","text":"through","page_number":10,"box":{"x":275,"y":857,"width":66,"height":13}},{"id":"d5318cbc-bc03-4faf-a571-1cdbea23263c","block_type":"box","text":"Self-help","page_number":10,"box":{"x":349,"y":857,"width":71,"height":13}},{"id":"c4dd5b61-7148-4604-b37c-bbb6ca7c2b81","block_type":"box","text":"to","page_number":10,"box":{"x":428,"y":858,"width":16,"height":9}},{"id":"cfb731f6-461a-460e-95e0-0608af25fad7","block_type":"box","text":"On Track","page_number":10,"box":{"x":453,"y":857,"width":75,"height":10}},{"id":"79c5f709-0485-49a2-909c-2b9e1853f310","block_type":"box","text":"– before leaving the portfolio. Once in","page_number":10,"box":{"x":534,"y":857,"width":328,"height":13}},{"id":"3ee655ca-704c-441a-a9b3-b97b6a7b3710","block_type":"box","text":"On track,","page_number":10,"box":{"x":871,"y":857,"width":76,"height":12}},{"id":"c84e38de-f582-4e56-85da-ab3a9165c0a4","block_type":"box","text":"it is","page_number":10,"box":{"x":956,"y":857,"width":29,"height":10}},{"id":"1dc54f7d-c911-4c59-9743-abfebcb96c34","block_type":"box","text":"likely that the stockmarket values companies closer to the Manager’s target valuations and that","page_number":10,"box":{"x":177,"y":875,"width":808,"height":13}},{"id":"f3650ed3-2797-4049-a02c-c695a5416b01","block_type":"box","text":"these should become sources of capital.","page_number":10,"box":{"x":175,"y":894,"width":336,"height":13}},{"id":"3d4628eb-d8b3-49cb-aec3-4b8d7f2d03d6","block_type":"box","text":"Manager’s Report","page_number":10,"box":{"x":151,"y":11,"width":275,"height":23}},{"id":"8c053f86-24f5-44b7-9d29-a13ea035e3c7","block_type":"box","text":"Under Work in","page_number":10,"box":{"x":452,"y":304,"width":200,"height":10}},{"id":"0e2af100-dda9-40e4-841f-24a5f1adf97d","block_type":"box","text":"review progress Self-help On track","page_number":10,"box":{"x":450,"y":320,"width":497,"height":12}},{"id":"8c84499d-32c8-4367-9fc2-536d9a66a986","block_type":"box","text":"Portfolio weight","page_number":10,"box":{"x":161,"y":351,"width":138,"height":13}},{"id":"f5897e28-6f0b-45fe-a516-c52aa05b2d41","block_type":"box","text":"2.3% 12.3% 58.2% 27.2%","page_number":10,"box":{"x":456,"y":351,"width":484,"height":11}},{"id":"1448fc34-e381-4b73-bc08-d51b25b70c93","block_type":"box","text":"Number of stocks","page_number":10,"box":{"x":161,"y":380,"width":151,"height":10}},{"id":"1bb524cb-9c38-443d-85fb-bacac6744d2e","block_type":"box","text":"6","page_number":10,"box":{"x":471,"y":380,"width":9,"height":10}},{"id":"c6845fa1-e713-45ac-a606-6d70a07d6f7a","block_type":"box","text":"10","page_number":10,"box":{"x":613,"y":380,"width":19,"height":10}},{"id":"62213a29-df16-4b75-9761-bd1c2324d634","block_type":"box","text":"46","page_number":10,"box":{"x":756,"y":380,"width":21,"height":10}},{"id":"d41c3ea5-a4e0-4142-b28c-cf12aa6a60a9","block_type":"box","text":"16","page_number":10,"box":{"x":905,"y":380,"width":19,"height":10}},{"id":"5aacb705-ffa3-490a-a032-124c447a61bc","block_type":"box","text":"Total return 6 months to","page_number":10,"box":{"x":159,"y":411,"width":216,"height":11}},{"id":"39d80f73-e2cc-4adf-805a-cbb74710f4b4","block_type":"box","text":"30 June 2026","page_number":10,"box":{"x":160,"y":430,"width":114,"height":10}},{"id":"47238541-740c-4e17-9a04-fced5cd57e30","block_type":"box","text":"-32% -5%","page_number":10,"box":{"x":455,"y":430,"width":182,"height":10}},{"id":"03088a5f-c474-45ec-9768-13411086f333","block_type":"box","text":"+4% +37%","page_number":10,"box":{"x":749,"y":430,"width":188,"height":10}},{"id":"2a22df9f-a04c-4f6b-bafd-7d40713b089d","block_type":"box","text":"EV/EBITA 2026","page_number":10,"box":{"x":161,"y":460,"width":127,"height":13}},{"id":"57499ff8-7d58-44bb-ac1f-106a608e0bea","block_type":"box","text":"13.4x 6.3x 7.4x","page_number":10,"box":{"x":454,"y":462,"width":331,"height":9}},{"id":"ef1c5183-9b21-44e7-b510-799db1b63111","block_type":"box","text":"7.8x","page_number":10,"box":{"x":896,"y":462,"width":35,"height":9}},{"id":"1fb8fac3-67b6-499a-b644-d17599167556","block_type":"box","text":"Engagement intensity","page_number":10,"box":{"x":161,"y":492,"width":188,"height":13}},{"id":"bc8c34de-e2ef-4d98-b8e1-fc499f67a383","block_type":"box","text":"High High","page_number":10,"box":{"x":458,"y":492,"width":182,"height":13}},{"id":"8aaf2229-2587-4c74-bc8a-77db19745fe1","block_type":"box","text":"Moderate","page_number":10,"box":{"x":725,"y":492,"width":84,"height":10}},{"id":"a3e6a449-e27c-4c9c-9878-cbe9e205fefb","block_type":"box","text":"Normal","page_number":10,"box":{"x":883,"y":492,"width":62,"height":10}},{"id":"046b3482-2a40-412e-9cdc-00819d2686d9","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 8","page_number":10,"box":{"x":75,"y":0,"width":686,"height":0}},{"id":"a720f6ef-fbdc-4608-b5dc-b3cf5e10982b","block_type":"box","text":"•","page_number":11,"box":{"x":150,"y":75,"width":7,"height":5}},{"id":"d75c3c86-f551-4f47-935c-634f2b1925eb","block_type":"box","text":"Under Review","page_number":11,"box":{"x":177,"y":72,"width":114,"height":10}},{"id":"910b5c63-14e7-44b7-a759-b3461fbae602","block_type":"box","text":"only contains existing holdings, those where the original investment case has been","page_number":11,"box":{"x":297,"y":72,"width":688,"height":13}},{"id":"603f9487-b852-41cb-8178-56d16bb2905e","block_type":"box","text":"blown off course. More often than not, the Manager’s research and engagement convince it to","page_number":11,"box":{"x":177,"y":90,"width":808,"height":13}},{"id":"1c43d947-f18b-4f0f-a8cc-5cc3af2eb8ff","block_type":"box","text":"add to companies in this category. Indeed, some of the Fund’s biggest winners over the years","page_number":11,"box":{"x":176,"y":108,"width":810,"height":13}},{"id":"d8bf3c01-4d74-4742-8f58-6ce71d30b125","block_type":"box","text":"have slipped from one of the other categories into","page_number":11,"box":{"x":177,"y":126,"width":470,"height":12}},{"id":"7b28bab5-1161-42cd-b001-dc7355abf914","block_type":"box","text":"Under review","page_number":11,"box":{"x":661,"y":126,"width":116,"height":10}},{"id":"c5972432-6386-456d-ac67-ecd5d197087f","block_type":"box","text":"before recovering and","page_number":11,"box":{"x":789,"y":126,"width":196,"height":12}},{"id":"2444251f-f965-46d4-992c-a0c8a3cb0616","block_type":"box","text":"progressing rightwards.","page_number":11,"box":{"x":177,"y":144,"width":195,"height":12}},{"id":"cb1660dc-0bf1-467c-b171-65d55c225ad8","block_type":"box","text":"•","page_number":11,"box":{"x":150,"y":170,"width":7,"height":4}},{"id":"215845db-306f-4cb0-bc2a-0e4d3a87ea98","block_type":"box","text":"Moving through the categories from left to right, potential upside to target prices falls, though","page_number":11,"box":{"x":177,"y":167,"width":808,"height":12}},{"id":"9d96b193-f459-46d3-99fe-5297a245ec48","block_type":"box","text":"confidence in target prices rises. There is no strong pattern to the average EV/EBITA ratios. This is","page_number":11,"box":{"x":176,"y":184,"width":810,"height":13}},{"id":"00ef37fb-c15b-47c6-bce6-002f1cd0f49e","block_type":"box","text":"because the underlying business issues that determine the categorisation can often be reflected","page_number":11,"box":{"x":177,"y":202,"width":808,"height":13}},{"id":"4c85b1db-ce0c-44c7-b761-a174b6922142","block_type":"box","text":"in depressed profitability. This is particularly the case for those companies in","page_number":11,"box":{"x":177,"y":220,"width":635,"height":13}},{"id":"e0a1f286-2313-4eef-aff9-6ad8a7f966b7","block_type":"box","text":"Under review.","page_number":11,"box":{"x":820,"y":221,"width":113,"height":10}},{"id":"a79726db-a041-4da7-93ac-6ee4face9c9b","block_type":"box","text":"Valuations","page_number":11,"box":{"x":149,"y":255,"width":121,"height":14}},{"id":"1261f0c0-fcdc-4470-b50a-1b678b59f558","block_type":"box","text":"The historical price earnings ratios (PE) for the portfolio and for smaller companies were 11.5x and","page_number":11,"box":{"x":149,"y":280,"width":836,"height":13}},{"id":"b792498f-bfa5-4caf-a563-270efec0be3b","block_type":"box","text":"13.0x respectively at 30 June 2026. Both ratios remain below their long term averages of 11.9x and","page_number":11,"box":{"x":150,"y":298,"width":835,"height":12}},{"id":"bc34db5d-f00c-4762-afea-b8a749726492","block_type":"box","text":"13.5x respectively. In contrast, the strong share price performance of large companies in recent","page_number":11,"box":{"x":150,"y":315,"width":836,"height":12}},{"id":"627bd7e2-bf14-41e7-96ab-21e572882573","block_type":"box","text":"years has pulled the historical PE of the FTSE All-Share up to 16.0x, which is above its long term","page_number":11,"box":{"x":149,"y":332,"width":836,"height":13}},{"id":"a9bee28a-7c78-4c3a-85c0-aa72704fb831","block_type":"box","text":"average of 15.3x. The PE relative of small companies against large companies is now 0.81. This 19%","page_number":11,"box":{"x":149,"y":349,"width":837,"height":13}},{"id":"ffaa52d3-39e2-4e98-902c-872bac79e74f","block_type":"box","text":"discount compares with a long term average of 11%, which points to the potential re-rating available","page_number":11,"box":{"x":150,"y":366,"width":835,"height":13}},{"id":"884e2975-e56c-4522-b16c-09c1b820868c","block_type":"box","text":"to the Fund’s asset class.","page_number":11,"box":{"x":149,"y":383,"width":207,"height":10}},{"id":"aae1d64d-ebf6-446e-a8a1-5473f06086ec","block_type":"box","text":"The superior share price performance of larger companies is not unprecedented but is unusual. It is","page_number":11,"box":{"x":149,"y":405,"width":837,"height":13}},{"id":"f035a31d-be7b-4c35-9fc4-3556e7f2ed83","block_type":"box","text":"likely due to relative profit growth rates. Over time, small companies increase their profits at a higher","page_number":11,"box":{"x":150,"y":422,"width":836,"height":13}},{"id":"88f68086-5d90-4482-ae79-d034eb53066e","block_type":"box","text":"rate than do large companies. However, in recent years, industries such as banking, mining and oil,","page_number":11,"box":{"x":150,"y":439,"width":835,"height":13}},{"id":"0ce215ce-b284-4152-9d27-04c26092f713","block_type":"box","text":"which are big components of the FTSE All-Share but small components of the DNSCI (XIC), have","page_number":11,"box":{"x":149,"y":456,"width":836,"height":13}},{"id":"c3ca3512-5788-407a-9631-da514461aeda","block_type":"box","text":"enjoyed a period of good profit progression. At the same time, small companies have seen their","page_number":11,"box":{"x":149,"y":474,"width":837,"height":12}},{"id":"41799b7b-82df-4070-b754-bbd5ff4f1176","block_type":"box","text":"profit growth hampered by their greater exposure to the domestic economy. Consequently, the","page_number":11,"box":{"x":150,"y":491,"width":835,"height":12}},{"id":"a05f259e-d020-406a-bac7-10a16752e73a","block_type":"box","text":"usually higher profit growth of small companies has not been forthcoming. The Manager expects","page_number":11,"box":{"x":150,"y":508,"width":836,"height":13}},{"id":"ee220bdc-7ae5-48f6-b742-fee3d152ba14","block_type":"box","text":"that normal service will be resumed since small companies remain fundamentally resilient and will","page_number":11,"box":{"x":149,"y":525,"width":836,"height":13}},{"id":"569c7564-0eef-43b0-affa-830cb0035145","block_type":"box","text":"benefit from a less uncertain economic backdrop. Moreover, it is unclear whether the industry","page_number":11,"box":{"x":150,"y":542,"width":836,"height":13}},{"id":"ec6e89e3-bd16-400e-b206-55a4eaa529b4","block_type":"box","text":"specific boosts to large company profit growth will repeat.","page_number":11,"box":{"x":149,"y":559,"width":490,"height":13}},{"id":"feb7465a-e5a7-4d87-a97a-8f6f1f59b7c0","block_type":"box","text":"The table below turns to forward valuations for the portfolio and for the investment universe. It uses","page_number":11,"box":{"x":149,"y":581,"width":837,"height":13}},{"id":"d5cec9fe-1255-4cf2-8c06-7618e53c958b","block_type":"box","text":"the Manager’s favoured metric, EV/EBITA (enterprise value to earnings before interest, tax and","page_number":11,"box":{"x":149,"y":598,"width":836,"height":13}},{"id":"e3f58a69-fc61-4e28-8de4-4de2d4be57d8","block_type":"box","text":"amortisation). Ratios are set out for the portfolio, the Tracked Universe and certain subdivisions of","page_number":11,"box":{"x":149,"y":615,"width":838,"height":13}},{"id":"6c3f06b8-6816-4431-853e-26e0f042bb32","block_type":"box","text":"the Tracked Universe. The profits underlying the ratios are based on the Manager’s forecasts for","page_number":11,"box":{"x":149,"y":633,"width":837,"height":12}},{"id":"ae240772-13b6-4d17-8f2e-ac9f36a4cc5c","block_type":"box","text":"each company that it tracks. The bullet points following the table summarise its main messages.","page_number":11,"box":{"x":149,"y":650,"width":812,"height":12}},{"id":"2d5e356a-1378-4392-ab13-34d2ee9b9a66","block_type":"box","text":"*19 stocks within the Tracked Universe fell outwith the definition of overseas or domestic facing stocks and are not presented in the table above.","page_number":11,"box":{"x":150,"y":889,"width":835,"height":9}},{"id":"0c50159b-716d-449a-80ad-5ab3c4bedaf3","block_type":"box","text":"Aberforth UK Small Companies Fund","page_number":11,"box":{"x":673,"y":925,"width":283,"height":11}},{"id":"07212fc7-7269-402b-b24e-238882905eb0","block_type":"box","text":"9","page_number":11,"box":{"x":976,"y":924,"width":9,"height":10}},{"id":"439df433-9a9c-461b-b2b2-0e0b4ca07cbb","block_type":"box","text":"Manager’s Report","page_number":11,"box":{"x":152,"y":11,"width":275,"height":23}},{"id":"27eb82d6-5b64-470c-9563-46a14d4b3c28","block_type":"box","text":"EV/EBITA 2025 2026 2027","page_number":11,"box":{"x":164,"y":675,"width":755,"height":13}},{"id":"2f53ea55-435f-4752-84ce-c2880ed1a784","block_type":"box","text":"The Fund’s portfolio (78 stocks) 8.4x 7.3x 6.4x","page_number":11,"box":{"x":159,"y":702,"width":756,"height":13}},{"id":"47353063-b062-4116-b903-ec23df955f8d","block_type":"box","text":"Tracked Universe (237 stocks) 11.4x 10.5x 9.2x","page_number":11,"box":{"x":159,"y":728,"width":756,"height":13}},{"id":"4ff6cc73-1b1c-42a0-b1d9-d9a04a4d544d","block_type":"box","text":"- 33 growth stocks 18.2x 16.6x 14.8x","page_number":11,"box":{"x":165,"y":754,"width":756,"height":13}},{"id":"623de849-0452-402a-9e3d-8793cccd010c","block_type":"box","text":"- 204 other stocks 10.6x 9.8x 8.6x","page_number":11,"box":{"x":165,"y":772,"width":750,"height":11}},{"id":"c6a38e43-4f8c-4196-a0f0-df1033d4e63e","block_type":"box","text":"- 111 overseas facing stocks* 11.2x 10.2x 8.7x","page_number":11,"box":{"x":165,"y":798,"width":750,"height":13}},{"id":"0cc5582a-be37-4511-b2c5-4f8733ccbea7","block_type":"box","text":"- 107 domestic facing stocks* 11.0x 10.6x 9.6x","page_number":11,"box":{"x":165,"y":816,"width":750,"height":13}},{"id":"bf99f782-dc53-4e8f-8d60-3276fa7857f0","block_type":"box","text":"- 135 “smaller small” stocks 8.5x 8.0x 7.0x","page_number":11,"box":{"x":165,"y":842,"width":750,"height":10}},{"id":"6f45f2a6-6e04-490e-bf8a-215948b78b16","block_type":"box","text":"- 102 “larger small” stocks 12.5x 11.4x 10.1x","page_number":11,"box":{"x":165,"y":860,"width":756,"height":13}},{"id":"4fd203b5-6a85-48b0-b58c-d090a86eee51","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 9","page_number":11,"box":{"x":75,"y":0,"width":686,"height":0}},{"id":"24fd98df-0aac-420a-b524-20f98e8df194","block_type":"box","text":"10","page_number":12,"box":{"x":150,"y":924,"width":19,"height":10}},{"id":"1404721b-8313-448e-96be-9c4c6e71642c","block_type":"box","text":"Interim Report 2026","page_number":12,"box":{"x":190,"y":925,"width":155,"height":11}},{"id":"2f0a94a6-d02e-4ce5-807f-84612868075f","block_type":"box","text":"Manager’s Report","page_number":12,"box":{"x":151,"y":11,"width":275,"height":23}},{"id":"c1cf33f2-3dd9-457f-a127-93c868990eba","block_type":"box","text":"• The ratios decline over the three years shown. This is consistent with the Manager’s","page_number":12,"box":{"x":150,"y":72,"width":835,"height":13}},{"id":"c47c156f-de86-461c-be1d-f3598b06ab31","block_type":"box","text":"expectation of profit growth and strengthening balance sheets, which reduces the enterprise","page_number":12,"box":{"x":176,"y":89,"width":809,"height":13}},{"id":"3dc6dff7-0fe3-491f-a84f-fa9b4c3513b6","block_type":"box","text":"value. The estimates underlying the ratios of 2026 and 2027 are vulnerable to revision as the","page_number":12,"box":{"x":176,"y":106,"width":809,"height":13}},{"id":"dac77773-391b-4133-859e-251599ca1dfb","block_type":"box","text":"impact of the Iran war feeds through to the domestic economy. So far, few companies have","page_number":12,"box":{"x":177,"y":123,"width":808,"height":13}},{"id":"a65c388c-6a04-4707-b2ba-7ed53a25f949","block_type":"box","text":"adjusted their outlooks to reflect this uncertainty.","page_number":12,"box":{"x":176,"y":140,"width":435,"height":13}},{"id":"3b32eca3-c94d-4bee-b815-927ae3705501","block_type":"box","text":"• The average EV/EBITA multiples of the portfolio are lower than those of the Tracked Universe.","page_number":12,"box":{"x":150,"y":160,"width":834,"height":13}},{"id":"a73e0e9e-9965-4cca-839e-114869447342","block_type":"box","text":"This reflects the Manager’s value investment style and the influence of the more highly","page_number":12,"box":{"x":175,"y":177,"width":811,"height":13}},{"id":"3b9b1f3f-9bc2-4bfb-b970-76502658f421","block_type":"box","text":"valued growth stocks on the Tracked Universe’s multiples.","page_number":12,"box":{"x":176,"y":194,"width":507,"height":13}},{"id":"c67f924c-1755-4a60-84de-a687c9e1879a","block_type":"box","text":"•","page_number":12,"box":{"x":150,"y":218,"width":7,"height":4}},{"id":"97f1430e-21ae-4193-b888-32950141bfb5","block_type":"box","text":"The valuation of overseas facing companies (those with more than 60% of revenues outside","page_number":12,"box":{"x":175,"y":214,"width":810,"height":13}},{"id":"a61f8fe9-775e-46bc-9dc1-bfca6b2924d7","block_type":"box","text":"the UK) is similar to that of domestic facing companies (those with more than 60% of revenues","page_number":12,"box":{"x":175,"y":231,"width":810,"height":13}},{"id":"db565852-debf-4d9c-89e3-aa1b866ee96e","block_type":"box","text":"in the UK). For much of the last ten years, domestic companies have had lower valuations,","page_number":12,"box":{"x":177,"y":248,"width":808,"height":13}},{"id":"426a4441-2676-4144-a084-ce0c932931d4","block_type":"box","text":"owing to the EU referendum and lockdown during the pandemic. However, the gap has closed","page_number":12,"box":{"x":176,"y":265,"width":808,"height":13}},{"id":"75bf9d9f-a0fd-4947-8444-888ba527393b","block_type":"box","text":"as overseas earners have had to contend with the US tariffs and higher costs arising from the","page_number":12,"box":{"x":176,"y":282,"width":809,"height":13}},{"id":"1f2df40e-ffc3-4b35-8cca-4fc5a7024ca7","block_type":"box","text":"war in Iran. This has expanded the range of potential investments for the Manager.","page_number":12,"box":{"x":176,"y":299,"width":721,"height":13}},{"id":"9cf4d990-f0a7-4a47-9ba3-aa1b38ba5cde","block_type":"box","text":"• The “smaller small” companies within the DNSCI (XIC) remain more attractively valued than","page_number":12,"box":{"x":150,"y":319,"width":834,"height":13}},{"id":"a9af0502-cb03-486f-b072-39a8d7d4e990","block_type":"box","text":"do the “larger smalls”. This explains why the Fund has a much higher exposure to the “smaller","page_number":12,"box":{"x":176,"y":336,"width":810,"height":13}},{"id":"52fafefe-2a2b-4ff3-aff8-b8084bed0f43","block_type":"box","text":"smalls” than does the DNSCI (XIC).","page_number":12,"box":{"x":176,"y":353,"width":298,"height":13}},{"id":"77b170b1-00cd-4fa0-8827-389939c56b8c","block_type":"box","text":"• Takeovers within the DNSCI (XIC) over the last three years were struck on average on a","page_number":12,"box":{"x":150,"y":373,"width":834,"height":13}},{"id":"700a0594-0138-4521-9844-967fce3db991","block_type":"box","text":"multiple of 14.6x. This compares with the portfolio’s 2026 EV/EBITA of 7.3x.","page_number":12,"box":{"x":177,"y":390,"width":661,"height":13}},{"id":"8c19322b-ecd4-49e7-aee9-a1a64dbf6535","block_type":"box","text":"Outlook and conclusion","page_number":12,"box":{"x":149,"y":422,"width":269,"height":14}},{"id":"cded3c54-a4ef-4770-9109-0a0fe728247f","block_type":"box","text":"Despite the oil price having declined sharply from its early April peak, it is difficult to have full","page_number":12,"box":{"x":150,"y":446,"width":834,"height":13}},{"id":"eb57e3eb-6591-4a2c-a1b3-320424b19d04","block_type":"box","text":"confidence in the peace negotiations between the US and Iran. As long as peace does hold, pressure","page_number":12,"box":{"x":149,"y":463,"width":836,"height":13}},{"id":"ec87257f-9563-4c77-a13b-806d31b7fcba","block_type":"box","text":"on economies and markets should ease. However, some damage will likely prove to have been done","page_number":12,"box":{"x":149,"y":480,"width":836,"height":13}},{"id":"7183a3de-f88d-43b9-9650-abed6f3fb66a","block_type":"box","text":"as the oil price spike feeds through to inflation rates and to monetary policy. For the UK, this means","page_number":12,"box":{"x":149,"y":497,"width":836,"height":13}},{"id":"d21f9117-ef53-4bbd-81c5-4b59fc9e203a","block_type":"box","text":"that interest rate cuts, which were widely expected before the onset of the Iran war, are now unlikely.","page_number":12,"box":{"x":148,"y":514,"width":836,"height":13}},{"id":"754dfa39-4f8c-4286-bc08-598a738cfe10","block_type":"box","text":"Indeed, unchanged interest rates in 2026 would be a good outcome for near term economic activity.","page_number":12,"box":{"x":150,"y":531,"width":834,"height":13}},{"id":"90ecf0dc-60f6-4b4a-a9be-b8393cb9b779","block_type":"box","text":"The other main issue confronting the UK economy is domestic politics. 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This state","page_number":12,"box":{"x":149,"y":604,"width":836,"height":12}},{"id":"45fc7b8c-a90b-4485-bea5-3b376299f396","block_type":"box","text":"of affairs influences today’s remarkable combination of very strong private sector balance sheets and","page_number":12,"box":{"x":149,"y":621,"width":835,"height":12}},{"id":"927bf5e6-46b0-4fd0-b2fc-9a0dae841513","block_type":"box","text":"extremely depressed confidence. This combination points to the potential release of pent-up activity","page_number":12,"box":{"x":149,"y":638,"width":837,"height":12}},{"id":"29d953a5-317b-4022-8f7c-ff56faf3d317","block_type":"box","text":"when economic conditions stabilise and politics turns more supportive of the private sector.","page_number":12,"box":{"x":149,"y":655,"width":764,"height":12}},{"id":"c7cca22c-b347-486c-a4ac-e88998c43f69","block_type":"box","text":"It seems improbable that government’s role in the economy will diminish under Andy Burnham.","page_number":12,"box":{"x":150,"y":677,"width":835,"height":12}},{"id":"0abf26e9-4831-44ca-986e-976e9e043171","block_type":"box","text":"However, it is to be hoped that his dirigiste tendencies are better focused and, with a more united","page_number":12,"box":{"x":150,"y":694,"width":834,"height":12}},{"id":"9a958eed-b0c2-4735-9cfd-c47f2e5b4a08","block_type":"box","text":"Labour party behind him, can meet the growth ambitions espoused by his predecessor. He does,","page_number":12,"box":{"x":150,"y":711,"width":835,"height":12}},{"id":"bfc9b7a8-02d4-43ef-ad01-a3cf5726baf8","block_type":"box","text":"though, have only three years to prove himself and markets are likely already to be looking ahead to","page_number":12,"box":{"x":149,"y":728,"width":836,"height":13}},{"id":"6094ff55-43af-415d-892c-c1ac458bd3ae","block_type":"box","text":"the next General Election in 2029. It is frustrating that none of the credible winners of that election","page_number":12,"box":{"x":149,"y":745,"width":836,"height":13}},{"id":"f0815110-79ac-4726-948d-4152d8a501a4","block_type":"box","text":"seem inclined at this point to unwind the years of government encroachment on the private sector.","page_number":12,"box":{"x":149,"y":762,"width":836,"height":13}},{"id":"8c69180d-2e26-4cf3-bc62-bb5caeef055b","block_type":"box","text":"However, it is encouraging that government’s role in bringing the UK economy to this point is now","page_number":12,"box":{"x":150,"y":779,"width":836,"height":13}},{"id":"ae5edc35-df7e-4557-b224-3fea22a85c90","block_type":"box","text":"being aired and debated more broadly.","page_number":12,"box":{"x":150,"y":797,"width":323,"height":12}},{"id":"f32ad117-9c31-49b8-9488-c2d09cd5373b","block_type":"box","text":"Faced with unhelpful government policy and geopolitical shocks, the operational performance of","page_number":12,"box":{"x":150,"y":818,"width":836,"height":13}},{"id":"d3f6b365-8819-4f8b-afbb-eb19e14419b9","block_type":"box","text":"small UK quoted companies has been remarkably good in recent years. The ramifications of the Iran","page_number":12,"box":{"x":149,"y":835,"width":836,"height":13}},{"id":"e42cd7c5-639c-4bcb-b675-a268af26f354","block_type":"box","text":"war mean that profit progress in 2026 is likely to be modest. However, cash generation and balance","page_number":12,"box":{"x":149,"y":853,"width":836,"height":12}},{"id":"4ba273da-ef48-44a8-bebe-6046d2a0f7e2","block_type":"box","text":"sheets are strong. Most companies in 2025 invested for growth, with capital expenditure running","page_number":12,"box":{"x":149,"y":870,"width":837,"height":12}},{"id":"aef25303-bff8-4c58-8f2a-c432b636a176","block_type":"box","text":"ahead of depreciation, and many continue to return value to shareholders through growing dividends","page_number":12,"box":{"x":149,"y":887,"width":836,"height":13}},{"id":"f7b6fc3a-1959-4f19-82b6-e87d62eb6daa","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 10","page_number":12,"box":{"x":75,"y":0,"width":697,"height":0}},{"id":"64b9d9b1-8161-4f07-aa51-1374a13e7dc2","block_type":"box","text":"Aberforth UK Small Companies Fund","page_number":13,"box":{"x":663,"y":925,"width":282,"height":11}},{"id":"21acced0-7397-4546-98c1-4963bdf603cc","block_type":"box","text":"11","page_number":13,"box":{"x":966,"y":924,"width":19,"height":10}},{"id":"e0cc38fc-e595-4721-97f8-73f5297e8fde","block_type":"box","text":"Manager’s Report","page_number":13,"box":{"x":151,"y":11,"width":275,"height":23}},{"id":"9dac3959-3035-468d-a023-bcff41459a19","block_type":"box","text":"and share buy-backs. There is no indication that the potential profitability has been impinged by","page_number":13,"box":{"x":149,"y":72,"width":837,"height":13}},{"id":"e04ab5f4-ca88-4467-b0eb-febde92157dd","block_type":"box","text":"exogenous events and so it is reasonable to expect small companies to thrive amid more stable","page_number":13,"box":{"x":149,"y":89,"width":836,"height":13}},{"id":"2a8c09f9-0a48-4f5b-957f-9da8854c035d","block_type":"box","text":"economic conditions. In the meantime, the scope for self-help among the Fund’s holdings is","page_number":13,"box":{"x":149,"y":106,"width":836,"height":13}},{"id":"eb18bf17-58b8-4093-bb08-a90e37f625b1","block_type":"box","text":"considerable, as set out in the categorisation analysis presented above.","page_number":13,"box":{"x":149,"y":123,"width":590,"height":13}},{"id":"cd88d135-b25d-4b0c-aaf0-28689a68e1cf","block_type":"box","text":"For now the resilience of small UK quoted companies is largely being overlooked in a financial world","page_number":13,"box":{"x":150,"y":145,"width":834,"height":13}},{"id":"9f2fbb7b-aa39-4897-9a3a-6f8b6aa70d15","block_type":"box","text":"obsessed by AI. The on-going investment in AI and its enabling technologies is eclipsing the previous","page_number":13,"box":{"x":149,"y":162,"width":836,"height":13}},{"id":"e1072caa-e24c-4d4f-b31c-696e7695eef3","block_type":"box","text":"investment booms that have punctuated economic and stockmarket history. It is to be hoped that good","page_number":13,"box":{"x":149,"y":180,"width":835,"height":12}},{"id":"e8a38d6d-a50a-426e-8a6d-7275437abed5","block_type":"box","text":"returns will be earned on the investment, by users of the technology if not by those deploying the capital","page_number":13,"box":{"x":150,"y":197,"width":830,"height":12}},{"id":"bf25c753-02e4-4075-93c1-c0a956f42c5e","block_type":"box","text":".","page_number":13,"box":{"x":982,"y":205,"width":2,"height":2}},{"id":"9194472d-5f97-4c07-9d61-e85a9bc6b3d0","block_type":"box","text":"As those asset classes not deeply involved in AI vie for the attention of investors, there is some","page_number":13,"box":{"x":149,"y":219,"width":836,"height":12}},{"id":"86c1e271-c80b-4ce6-96a8-5a628dfcf4a4","block_type":"box","text":"encouragement for small UK quoted companies. First, the impressive recent performance of the FTSE","page_number":13,"box":{"x":149,"y":236,"width":836,"height":12}},{"id":"18d9f274-c593-455c-aa9c-fb16e022174d","block_type":"box","text":"100 shows that “Britishness” itself is not a barrier to broader interest from investors. Second, smaller","page_number":13,"box":{"x":150,"y":253,"width":836,"height":12}},{"id":"d3b6d963-5e22-4d57-abc6-e6bbd418cc11","block_type":"box","text":"companies are attracting the attention of overseas capital, albeit not yet in an extensive fashion. This","page_number":13,"box":{"x":149,"y":270,"width":836,"height":13}},{"id":"fe3059a5-07d2-4397-ab9e-5925014954b1","block_type":"box","text":"sporadic interest is evident in both takeovers, which seem likely to continue at elevated rates, and in","page_number":13,"box":{"x":149,"y":287,"width":835,"height":13}},{"id":"56c810aa-f604-4d8a-bc64-13cfc06af09b","block_type":"box","text":"the on-going change of many share registers. The incoming investors are often based overseas and","page_number":13,"box":{"x":148,"y":304,"width":836,"height":13}},{"id":"ab297544-7254-4021-a92f-ff96957e8857","block_type":"box","text":"frequently share the Manager’s constructive approach to engagement. They have been attracted by","page_number":13,"box":{"x":149,"y":321,"width":837,"height":13}},{"id":"4fdb1285-e25b-4233-ac27-5af711923a59","block_type":"box","text":"the valuation of the asset class and by the quality of the companies. This evolution of share registers","page_number":13,"box":{"x":148,"y":338,"width":837,"height":13}},{"id":"d905711c-005a-4c80-803e-18a43409b33e","block_type":"box","text":"from “weak hands” to “strong hands” highlights the opportunity and can itself contribute to a broad","page_number":13,"box":{"x":149,"y":356,"width":835,"height":12}},{"id":"99b0900f-d6aa-41b5-99b3-ed86e8aa6c86","block_type":"box","text":"re-rating of the asset class in due course.","page_number":13,"box":{"x":150,"y":373,"width":337,"height":12}},{"id":"59f00993-1e0f-41de-ae8d-041b4885da7e","block_type":"box","text":"For now, the valuations of the Fund’s portfolio and of smaller companies are still below their long term","page_number":13,"box":{"x":150,"y":395,"width":834,"height":12}},{"id":"27740ce2-8700-4c38-9550-dbe96619a95d","block_type":"box","text":"averages. Such conditions raise the likelihood of good prospective investment returns. The outlook is","page_number":13,"box":{"x":149,"y":412,"width":836,"height":12}},{"id":"1da69c40-5786-411a-b0e7-fc0d02101c0b","block_type":"box","text":"improved by how the Manager invests the Fund’s capital. Three aspects stand out – the value","page_number":13,"box":{"x":149,"y":429,"width":836,"height":13}},{"id":"6c967ce3-6a2b-43b0-a47b-f51457ce4266","block_type":"box","text":"investment philosophy, the active management of the portfolio through “value roll”, and the discreet","page_number":13,"box":{"x":149,"y":446,"width":836,"height":13}},{"id":"e9e226ec-9270-4194-9638-9878ddfe143a","block_type":"box","text":"engagement with the boards of the investee companies. These features have contributed to the","page_number":13,"box":{"x":149,"y":463,"width":836,"height":13}},{"id":"4cc43b91-4016-4eed-b53e-fe8cf7907dea","block_type":"box","text":"Fund’s superior relative returns over 35 years and seem no less relevant today. The Manager is","page_number":13,"box":{"x":150,"y":480,"width":835,"height":13}},{"id":"3e6ce73b-aecc-4a46-b3ba-d7db51324f0c","block_type":"box","text":"therefore optimistic that the Fund’s future investment returns will be consistent with those achieved","page_number":13,"box":{"x":148,"y":497,"width":836,"height":13}},{"id":"5f4716cd-597a-4f4b-ab95-b4bf72ea0bb1","block_type":"box","text":"over the past 35 years and with the investment objective.","page_number":13,"box":{"x":149,"y":515,"width":478,"height":12}},{"id":"eeb9d3bf-bbf3-4aef-931e-39d0de197c82","block_type":"box","text":"S G Ford,","page_number":13,"box":{"x":149,"y":597,"width":77,"height":12}},{"id":"b7665aff-6351-4d61-83c3-b4aad45da171","block_type":"box","text":"Director","page_number":13,"box":{"x":233,"y":598,"width":70,"height":9}},{"id":"f9f136d7-b51d-4e2b-a9bb-bbb92fd35841","block_type":"box","text":"P R Shaw,","page_number":13,"box":{"x":150,"y":614,"width":82,"height":12}},{"id":"97d46787-ddfb-41c2-bf94-4a7ff67e7f05","block_type":"box","text":"Director","page_number":13,"box":{"x":240,"y":614,"width":70,"height":10}},{"id":"77c526eb-65ee-42b3-a7df-8d48991cce07","block_type":"box","text":"Aberforth Unit Trust Managers Limited","page_number":13,"box":{"x":149,"y":631,"width":338,"height":13}},{"id":"060a26be-f458-4437-849a-934711a4af2c","block_type":"box","text":"30 July 2026","page_number":13,"box":{"x":149,"y":655,"width":107,"height":13}},{"id":"85c3194d-e928-482b-a9cc-d7a56d303268","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 11","page_number":13,"box":{"x":75,"y":0,"width":694,"height":0}},{"id":"bcec9ec7-3581-4d42-8325-06803f89db11","block_type":"box","text":"12","page_number":14,"box":{"x":150,"y":924,"width":19,"height":10}},{"id":"29591d5d-c638-4651-a2b3-f76011498bf1","block_type":"box","text":"Interim Report 2026","page_number":14,"box":{"x":190,"y":925,"width":155,"height":11}},{"id":"e2f1d6b0-d4f1-4f5b-b1d5-dd12987574cd","block_type":"box","text":"Long Term Investment Record","page_number":14,"box":{"x":151,"y":11,"width":463,"height":23}},{"id":"4a6ae538-1913-4f9d-9ab1-53063301260b","block_type":"box","text":"2 years from 30 June 2024 5.9 9.1 12.1 19.1","page_number":14,"box":{"x":163,"y":304,"width":808,"height":13}},{"id":"1b26b4ee-5f38-4b44-8931-6adfd8c0783e","block_type":"box","text":"3 years from 30 June 2023 10.7 10.9 35.8 36.3","page_number":14,"box":{"x":163,"y":323,"width":808,"height":13}},{"id":"d56bbcf9-8d14-494f-8659-e203bce6bc60","block_type":"box","text":"4 years from 30 June 2022 10.0 9.2 46.6 42.4","page_number":14,"box":{"x":162,"y":343,"width":810,"height":13}},{"id":"ee4e65c6-2ae1-4996-8dba-fa7bdf6be4ac","block_type":"box","text":"5 years from 30 June 2021 4.0 3.3 21.8 17.9","page_number":14,"box":{"x":163,"y":362,"width":808,"height":13}},{"id":"2cbbd62e-6e54-48d7-89cf-16bfbc9533bf","block_type":"box","text":"6 years from 30 June 2020 13.0 9.9 108.0 76.6","page_number":14,"box":{"x":163,"y":381,"width":809,"height":13}},{"id":"85316a06-5d83-4e39-9789-7c052084ccae","block_type":"box","text":"7 years from 30 June 2019 6.8 6.0 58.6 50.1","page_number":14,"box":{"x":163,"y":401,"width":808,"height":13}},{"id":"506302d7-6631-4b9a-93dd-53aa3055e41a","block_type":"box","text":"8 years from 30 June 2018 4.5 4.5 42.5 42.0","page_number":14,"box":{"x":163,"y":420,"width":809,"height":13}},{"id":"6ec953a8-e3bb-4cd3-b066-ceedb1fcbb41","block_type":"box","text":"9 years from 30 June 2017 5.1 4.8 56.2 52.9","page_number":14,"box":{"x":163,"y":439,"width":808,"height":13}},{"id":"408fa578-48a3-4067-9663-11d221281355","block_type":"box","text":"10 years from 30 June 2016 7.7 7.0 109.9 97.4","page_number":14,"box":{"x":163,"y":459,"width":809,"height":13}},{"id":"7fd01626-1c5b-4045-bb25-de88fa45deba","block_type":"box","text":"15 years from 30 June 2011 8.2 7.8 227.1 209.4","page_number":14,"box":{"x":163,"y":478,"width":809,"height":13}},{"id":"11601238-f4a3-48f9-8258-9f44a77822ec","block_type":"box","text":"Since inception on 20 March 1991 11.1 9.2 3,949.9 2,112.1","page_number":14,"box":{"x":162,"y":497,"width":809,"height":13}},{"id":"4fab9997-9ff9-4731-ba62-0c15cf24f2c8","block_type":"box","text":"Annualised Returns (%) Cumulative Returns (%)","page_number":14,"box":{"x":552,"y":262,"width":425,"height":12}},{"id":"5912ee84-d6ca-4e81-8145-3065e3fa63d4","block_type":"box","text":"Periods to 30 June 2026","page_number":14,"box":{"x":163,"y":277,"width":211,"height":10}},{"id":"77d4ff16-0f38-4934-a655-61bfb58a3645","block_type":"box","text":"The Fund","page_number":14,"box":{"x":548,"y":278,"width":72,"height":9}},{"id":"1f821241-3677-4a91-a273-43b4a43eba9e","block_type":"box","text":"1","page_number":14,"box":{"x":622,"y":278,"width":5,"height":6}},{"id":"1bb00420-b6dd-43b7-a5ff-60b36c71b939","block_type":"box","text":"Index","page_number":14,"box":{"x":686,"y":278,"width":42,"height":9}},{"id":"50459712-7511-4ef9-9370-89a47d4f1fd1","block_type":"box","text":"2","page_number":14,"box":{"x":729,"y":277,"width":6,"height":6}},{"id":"0527dcb1-719b-48ba-8e65-1c1b98704ced","block_type":"box","text":"The 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Had the comparative information been prepared on the same basis","page_number":23,"box":{"x":149,"y":513,"width":836,"height":13}},{"id":"b9327497-5903-45f0-8a94-74361194a513","block_type":"box","text":"as required by the 2025 SORP, the effect on the opening balances for Investments and the Net","page_number":23,"box":{"x":149,"y":533,"width":836,"height":13}},{"id":"75fcfbbf-9028-4bb6-8d28-248ed4d827b2","block_type":"box","text":"assets attributable to unitholders would have been as follows:","page_number":23,"box":{"x":149,"y":552,"width":556,"height":11}},{"id":"eb8d0f4f-4cd5-4cc8-90c8-8448dd5918cd","block_type":"box","text":"June 2026","page_number":23,"box":{"x":579,"y":265,"width":89,"height":10}},{"id":"5eb9f06c-89d8-4342-8e1f-9ba88d2cb955","block_type":"box","text":"December 2025","page_number":23,"box":{"x":810,"y":265,"width":136,"height":10}},{"id":"9c517f43-cd8e-40fa-8153-7528b10707f1","block_type":"box","text":"Assets Liabilities","page_number":23,"box":{"x":552,"y":281,"width":172,"height":11}},{"id":"137dde04-367b-4440-ae19-96c72814d2e2","block_type":"box","text":"Assets Liabilities","page_number":23,"box":{"x":795,"y":281,"width":168,"height":11}},{"id":"cffa3a1b-95eb-4e1b-9ab1-08846544203b","block_type":"box","text":"£’000 £’000","page_number":23,"box":{"x":560,"y":298,"width":164,"height":11}},{"id":"f3674dc1-7bd8-4588-835f-18def6b0429c","block_type":"box","text":"£’000 £’000","page_number":23,"box":{"x":802,"y":298,"width":161,"height":11}},{"id":"4ff445ee-d363-4d29-9525-43a37a0205c1","block_type":"box","text":"Opening 1 January 2026","page_number":23,"box":{"x":759,"y":584,"width":213,"height":13}},{"id":"e666fed9-61b4-4b0e-b014-0d3ba49248c7","block_type":"box","text":"£’000","page_number":23,"box":{"x":924,"y":600,"width":48,"height":11}},{"id":"e5c76ebf-2a32-4da0-975e-f141e2f9689c","block_type":"box","text":"Investments as previously reported at bid price","page_number":23,"box":{"x":150,"y":634,"width":411,"height":13}},{"id":"607de149-ab57-4de8-9f6d-1398bd36924b","block_type":"box","text":"161,780","page_number":23,"box":{"x":903,"y":634,"width":69,"height":12}},{"id":"3a96d314-b6c0-4679-b3f7-5603e64287db","block_type":"box","text":"Increase arising from valuation at mid price","page_number":23,"box":{"x":150,"y":654,"width":378,"height":13}},{"id":"05b51fca-f3eb-4afe-879f-7f6a67143690","block_type":"box","text":"523","page_number":23,"box":{"x":941,"y":655,"width":31,"height":9}},{"id":"f4fb2008-0788-4544-9a1e-21103c6ce9f1","block_type":"box","text":"Impact on opening balances at mid price","page_number":23,"box":{"x":149,"y":678,"width":354,"height":13}},{"id":"acfc727c-6e94-41f0-8dd4-33fa4928c4bc","block_type":"box","text":"Investments at mid price","page_number":23,"box":{"x":150,"y":698,"width":215,"height":13}},{"id":"7c201939-a7e6-4b01-bc3f-56837c57c34d","block_type":"box","text":"162,303","page_number":23,"box":{"x":903,"y":699,"width":69,"height":12}},{"id":"8819a328-471a-4d1d-ac13-ed0625a2d11c","block_type":"box","text":"Net assets attributable to unitholders at mid price","page_number":23,"box":{"x":150,"y":725,"width":436,"height":13}},{"id":"65d0e227-3213-42b6-9f28-e7eee666fa9c","block_type":"box","text":"164,949","page_number":23,"box":{"x":903,"y":726,"width":69,"height":12}},{"id":"d60743f3-4b9c-45e9-afe5-9197106ca1e9","block_type":"box","text":"Following the adoption of mid price for the valuation of Investments, the Fund recognised an","page_number":23,"box":{"x":150,"y":763,"width":835,"height":13}},{"id":"cc4f1df0-4826-4f73-9851-96344acf45c3","block_type":"box","text":"increase of £523,000 in the value of its investments from 1 January 2026. This uplift has been","page_number":23,"box":{"x":150,"y":783,"width":835,"height":13}},{"id":"4ba8556f-69b1-4c12-94ed-889dd6c95fa5","block_type":"box","text":"included within Net capital gains in the Statement of Total Return for the six months ended","page_number":23,"box":{"x":150,"y":804,"width":834,"height":13}},{"id":"46513c0f-31fc-4243-9879-de24f083cc14","block_type":"box","text":"30 June 2026","page_number":23,"box":{"x":149,"y":824,"width":118,"height":10}},{"id":"750c40df-e0fa-46c0-9e3b-81b4d6176e97","block_type":"box","text":".","page_number":23,"box":{"x":269,"y":832,"width":3,"height":2}},{"id":"8d7745cf-7b6d-4ca0-8386-af9c2135a615","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 21","page_number":23,"box":{"x":75,"y":0,"width":694,"height":0}},{"id":"266eea2c-43a5-45fd-9d1a-8ede314af3a2","block_type":"box","text":"22","page_number":24,"box":{"x":149,"y":924,"width":20,"height":10}},{"id":"a3b948e0-fbaa-47e5-a4f1-4e6dcc8f3fb8","block_type":"box","text":"Interim Report 2026","page_number":24,"box":{"x":190,"y":925,"width":155,"height":11}},{"id":"5fbcf04b-b991-482d-8812-a9180d919c32","block_type":"box","text":"Risk Management Policies","page_number":24,"box":{"x":151,"y":11,"width":401,"height":23}},{"id":"ff249dfe-d6dd-40c9-9463-1499edbc1f69","block_type":"box","text":"In pursuing its investment objective certain risks arise for the Fund in relation to the investment","page_number":24,"box":{"x":150,"y":73,"width":835,"height":13}},{"id":"7757d5e0-5f6b-4aa7-b6d1-6d60c7622592","block_type":"box","text":"portfolio and cash balances held. All assets and liabilities are denominated in sterling. Therefore","page_number":24,"box":{"x":150,"y":91,"width":835,"height":13}},{"id":"46562e16-9d1b-4545-9caa-6664da9aec30","block_type":"box","text":"no direct currency risk arises.","page_number":24,"box":{"x":150,"y":110,"width":251,"height":13}},{"id":"39da8e01-f94a-4a06-9745-f0ec949388c3","block_type":"box","text":"The main risks arising are from market, liquidity and credit. The Manager has policies for","page_number":24,"box":{"x":148,"y":133,"width":838,"height":13}},{"id":"7fe56e55-68df-4185-b109-460f10305ea7","block_type":"box","text":"managing each of these risks and they are summarised below. These policies have remained","page_number":24,"box":{"x":150,"y":151,"width":834,"height":13}},{"id":"72a99e24-d9c6-4f95-a5c8-cdbdd2b04e3e","block_type":"box","text":"unchanged since the beginning of the period to which these financial statements relate.","page_number":24,"box":{"x":150,"y":169,"width":760,"height":13}},{"id":"62a6dcd4-0eb2-49b8-94df-ce55289923bb","block_type":"box","text":"The performance of shares in smaller companies may be more volatile than shares in larger","page_number":24,"box":{"x":148,"y":192,"width":838,"height":14}},{"id":"00b7260b-30aa-45c9-9833-39ffe7c95af9","block_type":"box","text":"companies over short time periods and therefore the realisable value of the units may be more","page_number":24,"box":{"x":149,"y":211,"width":836,"height":13}},{"id":"825f1a56-a712-48d2-9e37-21dcb39b29b4","block_type":"box","text":"volatile.","page_number":24,"box":{"x":149,"y":229,"width":66,"height":11}},{"id":"61901fa5-dc8e-4a6d-b67c-9873b07dab2e","block_type":"box","text":"Please note that past performance is not a guide to future performance. The risk category is not","page_number":24,"box":{"x":150,"y":252,"width":835,"height":13}},{"id":"00a1af90-a600-4d45-88f1-64e9997c81af","block_type":"box","text":"guaranteed and may move over time. The lowest category does not mean ‘risk free’.","page_number":24,"box":{"x":149,"y":270,"width":732,"height":14}},{"id":"c779e03a-577e-4e91-b991-e4a7f0f3ab29","block_type":"box","text":"Risk and Reward Profile","page_number":24,"box":{"x":150,"y":298,"width":210,"height":11}},{"id":"4de9b1e6-e646-4990-907e-e35ce70c185e","block_type":"box","text":"The risk and reward profile of the Fund can be illustrated by reference to a standard Risk/Reward","page_number":24,"box":{"x":148,"y":316,"width":836,"height":13}},{"id":"4f7a8240-514d-4748-9071-0914b4af4c40","block_type":"box","text":"category scale, where 1 is lower potential risk/reward and 7 is higher potential risk/reward. The","page_number":24,"box":{"x":149,"y":334,"width":836,"height":14}},{"id":"3bd9a486-d6a9-4aad-a124-ffad54cf8117","block_type":"box","text":"category is chosen based on the volatility of returns over the past 5 years. The current synthetic","page_number":24,"box":{"x":149,"y":353,"width":836,"height":13}},{"id":"1fd0525f-1ef0-45b5-bd69-9e31de6abd52","block_type":"box","text":"risk and reward indicator is 5, having decreased from 6 at the beginning of the period. Further","page_number":24,"box":{"x":150,"y":371,"width":836,"height":13}},{"id":"f8a8dc91-a4df-4d51-8077-e9524b1cf636","block_type":"box","text":"information can be found in the Key Investor Information Document available on the Manager’s","page_number":24,"box":{"x":150,"y":390,"width":835,"height":13}},{"id":"04501912-6cf5-48ad-9298-47db66be8927","block_type":"box","text":"website at www.aberforth.co.uk.","page_number":24,"box":{"x":149,"y":408,"width":287,"height":10}},{"id":"d43e750b-25af-4b4d-9b61-dd8984694644","block_type":"box","text":"Market Risk","page_number":24,"box":{"x":150,"y":436,"width":105,"height":10}},{"id":"0d880d0d-05dd-42e8-b050-ba4b1ff5a000","block_type":"box","text":"Market risk arises mainly from uncertainty about future prices of financial instruments held. It","page_number":24,"box":{"x":150,"y":454,"width":835,"height":13}},{"id":"f17a577d-1be1-4b09-8a03-b8fe18a8df8c","block_type":"box","text":"represents the potential loss the Fund might suffer through holding market positions in the face","page_number":24,"box":{"x":150,"y":473,"width":835,"height":13}},{"id":"0a008ae5-0167-4175-b3fa-35d110387b13","block_type":"box","text":"of price movements. The Manager does not seek to hedge this exposure as it does not consider","page_number":24,"box":{"x":149,"y":491,"width":837,"height":13}},{"id":"7fb39815-fd0e-4d32-897d-754d64199bd3","block_type":"box","text":"this to be beneficial to the Fund in the long term.","page_number":24,"box":{"x":148,"y":509,"width":431,"height":13}},{"id":"15e69f5c-dff9-4587-808c-26231f841cc3","block_type":"box","text":"Liquidity Risk","page_number":24,"box":{"x":150,"y":537,"width":116,"height":13}},{"id":"2197a0a9-d1a4-4c1f-af16-bc10c107eadc","block_type":"box","text":"The Fund’s assets comprise mainly of securities that are considered to be readily realisable in","page_number":24,"box":{"x":148,"y":555,"width":836,"height":13}},{"id":"8e63a5da-5af4-4476-b337-2624b0279aa1","block_type":"box","text":"accordance with the market practices of the London Stock Exchange. Liquidity may, however, be","page_number":24,"box":{"x":149,"y":573,"width":836,"height":13}},{"id":"10b4a67e-9483-4eb1-a1b0-a86edca156f7","block_type":"box","text":"affected by market events.","page_number":24,"box":{"x":149,"y":592,"width":233,"height":13}},{"id":"e68d982b-d3d7-4e39-b46c-52f4550e5fce","block_type":"box","text":"The risk of low market liquidity through reduced trading volumes may affect the Fund’s ability to","page_number":24,"box":{"x":148,"y":615,"width":837,"height":13}},{"id":"1c252929-c112-490f-89e9-4ef9f318a3a2","block_type":"box","text":"trade investments at values previously indicated by brokers.","page_number":24,"box":{"x":149,"y":633,"width":525,"height":13}},{"id":"7f67d9b3-3001-4d4e-b4a6-8b817793c592","block_type":"box","text":"The main liability of the Fund is the redemption of units that investors wish to sell. In general the","page_number":24,"box":{"x":148,"y":656,"width":837,"height":13}},{"id":"e9b3fa06-7ae4-471d-85dd-abe5a0bc5607","block_type":"box","text":"cash levels of the Fund are managed to ensure liabilities can be met. Where investments cannot","page_number":24,"box":{"x":149,"y":674,"width":836,"height":13}},{"id":"53799ead-f023-44ff-8942-6cc8dd772d68","block_type":"box","text":"be realised to meet any potential liability, the Fund may borrow up to 10% of its value to ensure","page_number":24,"box":{"x":150,"y":693,"width":835,"height":13}},{"id":"38a9405f-7bcf-48de-b357-9bb750499753","block_type":"box","text":"settlement. The Fund has an overdraft facility in place with the Custodian, Northern Trust, up to","page_number":24,"box":{"x":149,"y":711,"width":836,"height":13}},{"id":"e8bd0354-21ef-4031-bc2f-ee9d473de773","block_type":"box","text":"£25m. In addition, in certain circumstances and at the discretion of the Manager, redemptions","page_number":24,"box":{"x":149,"y":729,"width":836,"height":13}},{"id":"e66cc367-7a87-4142-9ead-4b5f3f0865fb","block_type":"box","text":"may be settled by an in specie transfer of assets or deferred redemption in accordance with the","page_number":24,"box":{"x":150,"y":748,"width":835,"height":13}},{"id":"dff58e01-d5b2-4c48-b76d-272ecd0f6919","block_type":"box","text":"Prospectus terms.","page_number":24,"box":{"x":150,"y":767,"width":154,"height":12}},{"id":"7e35f6af-f35f-4180-bbf4-f0b803949ec5","block_type":"box","text":"Credit Risk","page_number":24,"box":{"x":149,"y":794,"width":94,"height":10}},{"id":"63b058c3-5805-44e8-aa58-214e51d053cf","block_type":"box","text":"Certain transactions in securities that the Fund enters into expose it to the risk that the","page_number":24,"box":{"x":149,"y":812,"width":836,"height":13}},{"id":"bc9cf639-6a06-480b-93d1-2811a8993107","block_type":"box","text":"counterparty will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled","page_number":24,"box":{"x":149,"y":830,"width":835,"height":13}},{"id":"a964353e-695a-47f7-a662-8db78787ea3c","block_type":"box","text":"its responsibilities.","page_number":24,"box":{"x":150,"y":849,"width":159,"height":13}},{"id":"2964041d-254a-4609-85bf-f55de370ecda","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 22","page_number":24,"box":{"x":75,"y":0,"width":697,"height":0}},{"id":"a36c21d0-1bc6-4a89-a352-82a3c60771cf","block_type":"box","text":"Aberforth UK Small Companies Fund","page_number":25,"box":{"x":663,"y":925,"width":282,"height":11}},{"id":"8f0d54d7-25c6-4b93-a807-8b9d78a94751","block_type":"box","text":"23","page_number":25,"box":{"x":965,"y":924,"width":20,"height":10}},{"id":"45625d80-6533-458f-9388-e6c9bce4a9bb","block_type":"box","text":"Risk Management Policies","page_number":25,"box":{"x":151,"y":11,"width":401,"height":23}},{"id":"80f5a5d2-849b-4da4-8982-173862d5e554","block_type":"box","text":"The investment transactions of the Fund are generally undertaken on a delivery versus payment","page_number":25,"box":{"x":148,"y":72,"width":837,"height":13}},{"id":"326ffbd9-ccdd-4fef-a5e7-dcd1a1fec801","block_type":"box","text":"basis. 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A range","page_number":25,"box":{"x":149,"y":187,"width":836,"height":13}},{"id":"dbd7c607-116d-478c-a2bb-2678d6c7d10f","block_type":"box","text":"of brokers is utilised by the Manager.","page_number":25,"box":{"x":149,"y":205,"width":325,"height":13}},{"id":"edaeaa91-e3d2-44e6-b530-ef551f00978e","block_type":"box","text":"Cash balances are placed with a selection of banking institutions. The Manager reviews the","page_number":25,"box":{"x":149,"y":229,"width":836,"height":13}},{"id":"a2773d3b-785a-477c-b68b-a4778de74b6e","block_type":"box","text":"banking partners and deposit levels on a periodic basis. The Manager aims to have the Fund fully","page_number":25,"box":{"x":150,"y":247,"width":836,"height":13}},{"id":"69ab8fe3-08d0-4928-bf23-44d0523df024","block_type":"box","text":"invested.","page_number":25,"box":{"x":150,"y":266,"width":76,"height":10}},{"id":"e3f84834-df40-49af-a8c4-bbc0a42e6720","block_type":"box","text":"Interest Rate Risk","page_number":25,"box":{"x":150,"y":294,"width":156,"height":10}},{"id":"bc7de739-c4b9-442a-9bb8-92b790bf0237","block_type":"box","text":"The majority of the Fund’s financial assets are equity shares, which typically do not pay interest","page_number":25,"box":{"x":148,"y":312,"width":837,"height":13}},{"id":"4576147c-ec93-4033-810c-2d898029303f","block_type":"box","text":"or have a maturity date. The Fund’s exposure to interest rate risk is therefore insignificant.","page_number":25,"box":{"x":149,"y":331,"width":783,"height":13}},{"id":"0692f8f1-1a29-4673-ad2b-678021ca25ae","block_type":"box","text":"250544 AFund IR26 Txt V13 PRINT.qxp_AFund IR25 03/08/2026 11:15 Page 23","page_number":25,"box":{"x":75,"y":0,"width":697,"height":0}},{"id":"a6dd194a-d719-40d4-b629-5f1dc5c2aff1","block_type":"box","text":"24","page_number":26,"box":{"x":149,"y":924,"width":20,"height":10}},{"id":"c284efb8-4c98-4564-8f71-631390754c87","block_type":"box","text":"Interim Report 2026","page_number":26,"box":{"x":190,"y":925,"width":155,"height":11}},{"id":"81b0a088-186f-4ea3-9a9c-d54126746221","block_type":"box","text":"Management and 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