Aberforth Geared Value & Income Trust PLC – Financial Snapshot and Recent Developments
Aberforth Geared Value & Income Trust PLC (ticker: AGVIT) continues to maintain a focused investment approach that centres on smaller‑cap companies within the United Kingdom. As of the close on 21 October 2025, the trust’s share price stood at £115, reflecting a 52‑week range between £101.10 and £115. With a market capitalisation of approximately £4.63 billion, AGVIT remains a significant player among UK‑listed investment trusts.
Net Asset Value Update
On 23 October 2025, Aberforth issued a press release through PR Newswire reporting the Net Asset Value (NAV) figures for the close of business on 22 October 2025:
| NAV Category | Value (p) |
|---|---|
| Ordinary Share (excluding current year revenue) | 92.59 |
| Ordinary Share (including current year revenue) | 94.55 |
| Zero Dividend Preference Share (accrued entitlement) | 109.28 |
These figures suggest a modest increase in NAV when current year revenue is factored in, indicating that the trust’s underlying assets are appreciating modestly. The zero‑dividend preference share valuation, which reflects accrued entitlements, remains high, signalling the trust’s ability to meet preferential obligations to this shareholder class.
Related Trust – Aberforth Smaller Companies Trust
Aberforth also operates the Aberforth Smaller Companies Trust (ASCOT), which reported its own NAVs for 22 October 2025:
| NAV Category | Value (p) |
|---|---|
| Excluding current year revenue | 1,688.56 |
| Including all revenue | 1,726.61 |
ASCOT maintains a gearing policy that allows leverage up to 9.7 % of shareholders’ funds; currently the trust is operating at 2.3 % gearing. With 80,583,105 ordinary shares outstanding, ASCOT’s NAV reflects a well‑capitalised portfolio of smaller UK companies.
Position Disclosure – Bakkavor Group plc
On 22 October 2025, Aberforth Partners LLP (the trust’s secretarial firm) filed a Form 8.3 under Rule 8.3 of the UK Takeover Code. The filing disclosed an opening position in Bakkavor Group plc, a UK‑listed food manufacturing company. The disclosure, which covers positions held as of 21 October 2025, indicates that the trust or its clients hold a stake of 1 % or more in Bakkavor. The filing did not specify any intent to acquire additional shares or to participate in a takeover bid, but it signals active engagement in the company’s equity.
Market Context and Strategy
The trust’s focus on smaller companies aligns with its broader mandate of generating value and income for its investors. By concentrating on mid‑market UK firms, AGVIT seeks to exploit inefficiencies and growth opportunities that larger funds often overlook. The modest NAV increase and the trust’s current gearing level suggest a cautious yet opportunistic stance, balancing risk with potential upside.
Investors can track AGVIT’s performance through its regular NAV updates and the disclosures made by Aberforth Partners LLP. The trust’s consistent communication via PR Newswire and the UK Takeover Code filings offers transparency that is valuable for both retail and institutional stakeholders.
