Company Announcements

Net Asset Value(s)

Source: RNS
RNS Number : 2536P
Athelney Trust PLC
06 February 2019
 

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 233.4 at 31 January 2019.

Fund Manager's comment for January 2019

It is pleasing to report that the Athelney Trust unaudited NAV increased by 3.27% during January, which compares with a 3.58% increase in the FTSE Index, a 7.01% increase in the AIM All Share index and a 2.29% increase in the Small Cap Index.  Most other major stock markets around the world were also up during the month of January.  The Dow Jones Index increased in US$ by 7.17% and there was a 7.68% increase in the MSCI World Index during the month.

We are now into the second month of the 2019 year and the trade and political outlook for 2019 is no clearer. What is clear however, is that the US Federal Reserve has decided to relax its stance on interest rate hikes and keep interest rates steady, in the 2.25% to 2.5% range for the foreseeable future.  This means that the central bank is unlikely to raise borrowing costs any time soon, providing some stimulus to the market as evidenced during the past month.

Our focus is on retaining and consolidating our holdings into those quality companies in the portfolio which are unlikely to be disintermediated by technological change and able to maintain or increase their dividend, as well as adding companies which have an acceptable level of predictable growth in the business's medium-term economic performance.  To this end we have continued to sell our holdings in companies where there has been a change to the industry structure, the business model, the senior management team or the product/service offering, the occurrence of which will result in our view in a deterioration in future profitability and hence dividends to Athelney Trust Plc. Our positions in F&C UK Real Estate have been sold while we added to our holdings in the AEW UK REIT.

Fact Sheet

An accompanying fact sheet which includes the information above as well as wider details on the portfolio can be found on the Fund's website www.athelneytrust.co.uk under "Portfolio Details".

Background Information

Dr. Emmanuel (Manny) Pohl

Manny is Chairman and Chief Investment Officer of E C Pohl & Co ("ECP"), an investment management company and has been a major shareholder in Athelney trust for many years.

E C Pohl & co is licensed by the Australian Financial services (licence no.421704).

www.ecpohl.com

www.ecpam.com

Manny Pohl and the ECP group has over AU$1000m under its management including four listed investment companies, three listed in Australia and one in the UK:

·     Flagship Investments (ASX code:FSI)

AUD50m https://flagshipinvestments.com.au

·     Barrack St Investments (ASX code: BST)

AUD23m www.barrackst.com

·     Global Masters Fund Limited (ASX code: GFL)

AUD26m www.globalmastersfund.com.au

·     Athelney Trust plc (LSE code: ATY)

GBP5m www.athelneytrust.co.uk           

Athelney Trust plc Investment Policy

 The investment objective of the Trust is to provide shareholders with prospects of long-term capital growth with the risks inherent in small cap investment minimised through a spread of holdings in quality small cap companies that operate in various industries and sectors. The Fund Manager also considers that it is important to maintain a progressive dividend record.

The assets of the Trust are allocated predominantly to companies with either a full listing on the London Stock Exchange or a trading facility on AIM or ISDX. The assets of the Trust have been allocated in two main ways: first, to the shares of those companies which have grown steadily over the years in terms of profits and dividends but, despite this progress, the market rating is favourable when compared to future earnings and dividends; second, to those companies whose shares are standing at a favourable level compared with the value of land, buildings or cash in the balance sheet.

 

Athelney Trust was founded in 1994. In 1996 it was on of the ten pioneer members of the Alternative Investment Market ("AIM"). In 2008 the shares became fully listed on the main market of the London Stock Exchange. Athelney Trust has a successful progressive dividend growth record and the dividend has grown every year since 2004. According to the Association of Investment Companies (AIC) Athelney Trust is one of only "22 investment companies that have increased their dividend every year between 10 and 20 years - the next generation of dividend heroes" (as at 20/03/2018). See link

www.theaic.co.uk/aic/news/press-releases/next-generation-of-dividend-heroes

Website

www.athelneytrust.co.uk          


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