Aberforth Geared Value & Income Trust PLC – Net Asset Value Update (7 May 2026)
Aberforth Geared Value & Income Trust PLC (AGVIT), listed on the London Stock Exchange, released its Net Asset Value (NAV) figures for ordinary shares as of 7 May 2026. The figures were announced by Michael Campbell, secretary for Aberforth Partners LLP.
| NAV Measure | Value |
|---|---|
| Ordinary Share (excluding current‑year revenue) | 90.37 p |
| Ordinary Share (including current‑year revenue) | 94.72 p |
| Zero Dividend Preference Share (accrued entitlement per the Articles) | 113.34 p |
The reported NAVs indicate a modest increase in the value of ordinary shares when current‑year revenue is included, reflecting recent earnings performance. The zero‑dividend preference shares, which accrue entitlement based on the Articles, remain above 113 p.
Market Context
- Close Price (6 May 2026): 115 p
- 52‑Week High (28 Jan 2026): 119 p
- 52‑Week Low (20 Jul 2025): 1.085 p
- Market Capitalisation: 4.63 billion GBX
The NAV figures are consistent with the close price, suggesting that the market is pricing the trust at a small premium relative to its NAV. The trust’s focus on value‑style investing in smaller companies aligns with broader market trends where active small‑cap managers have struggled to outperform indices. For instance, the FTSE Small Cap index delivered a 27.8 % return over the five‑year period to 27 April 2026, while only a handful of UK small‑cap funds have surpassed this benchmark.
Comparison with Aberforth Smaller Companies Trust plc
Aberforth Smaller Companies Trust plc (ASCOT) also released its NAVs on the same day. Its figures were:
| NAV Measure | Value |
|---|---|
| Ordinary Share (excluding current‑year revenue) | 1,743.29 p |
| Ordinary Share (including all revenue) | 1,769.73 p |
ASCOT operates with a gearing policy that allows up to 9.8 % of shareholders’ funds, with current gearing at 7.3 %. The trust maintains 78,117,605 ordinary shares of 1 p in issue.
Strategic Implications
The NAV update for AGVIT provides investors with a benchmark for assessing the trust’s performance relative to its underlying assets. The inclusion of current‑year revenue in the NAV calculation suggests that the trust’s earnings have had a positive impact on shareholder value. Investors and analysts can compare these figures against the market price to evaluate valuation multiples and potential trading opportunities.
The parallel disclosure of ASCOT’s NAVs underscores the broader Aberforth portfolio’s focus on smaller companies and value investing. Both trusts operate under similar governance structures, with Aberforth Partners LLP acting as secretary, indicating a coordinated strategy across the group.
All figures are quoted in British pounds (p).
