Discount to NAV widens at Aberforth Smaller Cos. Trust

Net asset value growth at investment trust Aberforth Smaller Companies underperformed the company's benchmark in the third quarter, despite rising by 24.5%.Net asset value per share rose to 631.49p at the end of September from 512.77p, a tidy enough gain but slightly less in percentage terms than the 26.0% gain made by the Hoare Govett Smaller Companies Index (excluding investment companies), the index against which the trust measures its performance. The company's shares continue to trade at a discount to net asset value, and this discount widened during the third quarter from 8.9% at the end of June to 11.8% at the end of September.During the reporting period the level of gearing was reduced from 9.1% to 6%, the company said.An interim dividend of 6p has been declared in respect of the year to 31 December 2009.