ATY should be of interest to investors tracking the relative undervaluation of UK small caps vs their international equivalents, and indeed the segment’s underperformance generally. Over the longer term a small cap weighting would be regarded as a core component of a diversified portfolio. It has, however, materially lagged mid and large caps in recent years. Those who see this differential as cyclical and temporary, rather than structural, will see potential for resumption of long-term outperformance. ATY should be of interest to investors tracking the relative undervaluation of UK small caps vs their international equivalents, and indeed the segment’s underperformance generally. ATY holds a diversified portfolio of established, cash generative businesses, with proven management and competitive advantages in their specific industry niches. The core investment focus is listed UK smaller (£50-230m market cap) companies, all at a stage of their lifecycle where they pay regular dividends. This support ATY’s own distributions and core commitment to maintain progressive distributions. At today’s share price ATY is underpinned by its 5.5% yield (historic), backed by a 21-year history of distribution growth and commitment to maintaining membership of a small group of ‘dividend heroes’. The mid-price is also at a 9% discount to end October NAV/share.