Athelney Trust PLC Net Asset Value(s) (6253K)
January 05 2021 - 06:01AM
UK Regulatory
TIDMATY
RNS Number : 6253K
Athelney Trust PLC
05 January 2021
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 255.3p at 31
December 2020.
Fund Manager's comment for December 2020
While everyone was pleased to see the end of 2020, the worst of
the COVID-19 epidemic is clearly not yet over. Neighbouring
European countries have closed their borders to U.K. travellers
with trucking and freight into the U.K. in some cases also
temporarily suspended. A new variant is spreading throughout London
and the City is once again in total lockdown, all of which will
reduce economic output from an already fragile economy. On a more
positive note, early indications from major pharmaceutical
companies suggest that the existing treatments might be effective
against these new strains.
Global monetary policy has clearly helped fuel the stock market
rally as evidenced by the Fed's commitment to leave the federal
funds rate near zero until it sees evidence that inflation has
risen above its 2% target. This has further flattened the yield
curve and supported asset prices with the S&P500 Index
increasing by 3.7% during the month. The other major markets
performed similarly with the MSCI World Index up by 4.1%, the CAC
up 0.6% and the DAX up 3.2%.
The positive announcement that a no-deal Brexit had been averted
at the eleventh hour gave further impetus to the UK market with the
FTSE 250 Index closing up by 5.96% for the month. The small cap
stocks again performed better than large cap stocks with the Small
Cap Index increasing by 6.2% as compared to the FTSE 100 Index
which only increased by only 3.1%. The AIM All Share Index was the
best performer, increased by 10.1%, while the Fledgling Index
increased by 7.4% during the month.
In spite of a continuing sector rotation between growth and
value, our growth-oriented portfolio increased by 6.74% during the
month producing an overall return of 3.53% for the year as compared
to the FTSE 100 which declined by 14.34%. Allowing for expenses,
the NAV increased by 6.51% over the month. On the other hand,
dividends amounting to approximately 15% of total receipts for the
year have been cancelled or reversed as companies focused on
conserving cash. We remained fully invested and made no changes to
our existing positions during December with cash comprising 3.4% 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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