Aberforth Smaller Companies Trust, often shortened to ASCoT, is the largest trust in the UK Smaller Companies sector with nearly £1.6bn in assets. Launched in 1990, it makes up the majority of funds managed by the UK small-cap specialist, Aberforth Partners. It's run by a team of six individuals, five of whom have only joined Aberforth in the last few years. Unlike many of the trusts in the sector, it has a distinct focus on value and it largely ignores AIM shares, rarely uses much gearing, and has a relatively low profile among private investors despite its large size. Its value bias may offe...