Aberforth Geared Capital & Income Trust, the investment trust focused on both income and capital growth, saw its total asset value increase by more than a fifth in the third quarter of 2009.

Total asset value increased by 21.6% in the three months to 30 September on a total return (with dividends reinvested) basis, though this compared unfavourably with the 26.0% total return achieved by the Hoare Govett Smaller Companies Index (excluding investment companies) which Aberforth said is representative of the investment trust's 'opportunity base'.

The net asset value per capital share rose 89.8% over the period to 313.84p from 165.32p at the end of June. The net asset value of each of the trust's income shares eased to 101.54p from 102.93p.

Gearing at the end of September had been reduced to 265% from 386% at the end of June.

The company has declared a first interim dividend for the current financial year of 5.9p which will be paid to income shareholders who were on the register at 21 August 2009.

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