abrdn UK Smaller Companies Growth trust cuts fees amid weak performance

NAV fell 7.4%

The abrdn UK Smaller Companies Growth trust has slashed its management fees after a period of poor performance, its annual results revealed today (25 August).

The trust's net asset value total return dropped 7.4% throughout the year, according to its results to 30 June, compared to a 2.8% drop in the MSCI inc AIM ex ICs index. Numis analyst Gavin Todd said the underpeformance had largely been driven by the trust's quality growth bias, "which has been broadly out of favour during the period". Jupiter swaps benchmark and reduces annual fee for Responsible Income fund In response to the poor performance, the trust's board negotiated a lower fee structure from the manager, dropping fees to 0.75% per annum on the first £175m, compared to 0.85...