Athelney Trust PLC Net Asset Value(s) (8043L)
May 04 2020 - 3:32AM
UK Regulatory
TIDMATY
RNS Number : 8043L
Athelney Trust PLC
04 May 2020
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 209.9p at 30
April 2020.
Fund Manager's comment for April 2020
Data released in April provided an insight into how COVID-19 is
impacting on the major economies around the world. In the UK and
the Eurozone, manufacturing and services PMIs fell to record lows,
foreshadowing a likely recession in 2020.
The world stock markets, similar to animals that hibernate in
the winter and lose up to half their body weight, awoke at the
start of spring. The MSCI World Index and the S&P 500 were up
by 10.8% and 12.7% respectively. The UK, European and Asian markets
reacted in similar fashion. In the UK, the FTSE 100 was up by 4.0%
in local currency terms while the indices associated with smaller
companies fared much better after being pummelled in March. The
Small Cap Index increased by 9.8% with the Fledgling Index up by
13.8%. The best performing index was the AIM All Share Index which
was up by 18.8%.
While we were delighted with the 10.5% increase in our
portfolio, it was not as good as the performance achieved by the
small company indices. After providing for the company expenses the
net performance as reflected in the NAV was an increase of
9.5%.
As stated in previous commentaries, our investment philosophy is
based on the belief that the economics of a business drives
long-term investment returns. Typically, companies in the portfolio
have organic growth with predictable earnings, a sustainable
competitive advantage, high returns on equity, a strong financial
position and an experienced and talented management team. As owners
of these businesses we are supportive of management otherwise we
would vote with our feet and, to this end, we generally vote our
proxies in accordance with management's direction other than when
the resolution concerns their own remuneration. In times of
business turmoil, we would not be concerned at management foregoing
margin to retain talented staff or reducing dividends to shore up
the balance sheet after depleting some of the reserves built up in
the good times. However, we take a dim view of management who lay
off staff and reduce dividends without adopting a similar approach
to executive remuneration. We note that a few of our investee
companies have cancelled the payment of the current dividend.
Some of our cash has been used to acquire additional shares in
Fevertree. Cash is currently 2.3% of the portfolio.
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 AM
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$1500m 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)
AUD25m www.barrackst.com
-- Global Masters Fund Limited (ASX code: GFL)
AUD25m 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 one 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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END
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