UPDATE: ASCoT has been one of the better-performing UK small-cap trusts of the last five years in what has been a difficult market for most managers in this sector. It returned 33% in 2021, -10% in 2022, 8% in 2023, 12% in 2024, and 8% in 2025. From January to mid-September 2026, it is up 14%.

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 o...