Athelney Trust PLC Net Asset Value(s) (0868E)
November 03 2020 - 03:30AM
UK Regulatory
TIDMATY
RNS Number : 0868E
Athelney Trust PLC
03 November 2020
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 230.2p at 31
October 2020.
Fund Manager's comment for October 2020
During the past month, global stock markets continued the
downward trend set in September with the MSCI World Index and the
S&P 500 down (in US$) by 3.1% and 2.8% respectively, driven
once again by the decline in the large technology stocks from their
highs in August. There was a slight increase (0.2%) in the value of
the pound as compared to the US$ and hence little impact on the
performance of the indices in GBP. The large cap stocks performed
poorly during the month with the FTSE 100 declining by 5.8% as
compared to the Small Cap Index which increased by 1.1%. The FTSE
250 was down by 1.1%, the AIM All Share Index declined by 1.5%,
while the Fledgling Index declined by 0.2% during the month.
Contrary to what has happened in previous months, our overall
performance was improved by our exposure to the property trusts
which held their value during the month as more and more REITs
confirmed that distributions would be higher than expected. As a
result, our portfolio performed extremely well, increasing by 0.1%
during the month. After providing for expenses the NAV was
unchanged during the month.
In recent weeks, new cases of Covid-19 have increased across the
United Kingdom, causing a partial re-imposition of lockdown
restrictions which could threaten the country's economic rebound as
the pace of the rebound was already showing signs of losing
momentum. The latest Red Flag Alert for Q3 2020 which is research
published by Begbies Traynor, recorded 557,000 businesses in
'significant distress'. Industries reflecting the largest increase
in distressed businesses were food and drug retailers, construction
and the real estate & property sectors. Notwithstanding the
fact that the Government's support measures have saved thousands of
businesses from certain insolvency in the short term, the recently
launched reduced version of the furlough scheme and the end to
Government guaranteed loans will undoubtedly lead to the demise of
many who were financially stretched before the advent of Covid-19.
We do not believe that any of the companies in our portfolio fall
into this category.
However, 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, consolidating our REIT exposure to those
with either growth opportunities or higher dividend yields.
Accordingly, we have sold our holdings in Picton, Regional REIT and
Custodian REIT while adding to our holding in AEW UK REIT and
Yougov. 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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