Athelney Trust PLC Net Asset Value(s) (9636A)
October 02 2020 - 5:05AM
UK Regulatory
TIDMATY
RNS Number : 9636A
Athelney Trust PLC
02 October 2020
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 230.2p at 30
September 2020.
Fund Manager's comment for September 2020
While the UK PMIs have continued to firm in recent months, the
August manufacturing PMI reflected the strongest reading since
early 2018 while the services PMI reading was the highest since
2015. However, in an economy responding to targeted stimuli by the
Government, this can be misleading and masks underlying structural
issues and competitive pressures on the profitability of some
businesses. In fact, the gains in the PMI surveys have not been
matched by a similar strength in hard activity data, such as GDP,
retail sales and industrial output, prompting the Bank of England
(BoE) to hold its Bank Rate at 0.1% and its asset purchase target
unchanged at GBP745B.
During the past month global stock markets were under pressure
with the MSCI World Index and the S&P 500 down (in US$) by 3.6%
and 3.9% respectively, largely driven by the decline in the large
technology stocks from their highs in August. The 3.5% decline in
the pound resulted in the UK market under-performing the global
indices in US$. The FTSE 100 was down by 0.1% as was the AIM All
Share Index, the FTSE 250 was down by 2%, the Small Cap Index
declined by 1.4%, while the Fledgling Index was up by 1% for the
month.
While our overall performance was once again dragged down by our
29% exposure to the property trusts, we are nevertheless pleased
with the overall result with the portfolio declining by 1.1% during
the month. After providing for the interim dividend and company
expenses the net performance as reflected in the NAV was a decline
of 2.2%.
Until the direction of the Brexit negotiations and the potential
success of a Covid-19 vaccine is a little clearer we have chosen to
do very little, using some of our cash to acquire additional shares
in Smart Metering and Churchill China and to pay the interim
dividend. Cash comprised 2.6% of the portfolio at month end.
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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