Athelney Trust PLC Net Asset Value(s) (7095N)
February 02 2021 - 03:56AM
UK Regulatory
TIDMATY
RNS Number : 7095N
Athelney Trust PLC
02 February 2021
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 256.2p at 31
January 2021.
Fund Manager's comment for January 2021
The renewed optimism at the beginning of the financial year was
tempered by the announcement by the Prime Minister of a new
nationwide lockdown that would once again have a negative impact on
the economy which had been struggling to gather momentum in recent
months. The impact of previous COVID lockdowns on the economy was
clearly evident in recent economic data where December retail sales
were only marginally up by 0.3% month-on-month after declining by
4.1% in November and November GDP fell 2.6% month-on-month,
primarily due to a fall in service output of 3.4% and industrial
output of 0.1%.
The MSCI declined by 1.1% during the month largely due to a
weaker US market where the S&P500 also declined by 1.1% on the
back of a loss of momentum toward the end of the quarter as
economists forecast weaker trading conditions in the first quarter
of this year. The FOMC left policy unchanged at its January
meeting, keeping the federal funds rate unchanged at near zero
while continuing to purchase Treasury securities and
mortgage-backed securities. The other major markets performed
poorly with the CAC down 2.9% and the DAX declining by 2.1%.
In the UK, markets reflected the sombre outlook for the economy
with the FTSE 250 Index closing down by 1.3% over the month. The
small cap stocks again performed better than large cap stocks with
the Small Cap Index increasing by 0.2% as compared to the FTSE 100
Index which declined by 0.8%. The AIM All Share Index increased by
0.3% while the Fledgling Index was the best performer, increasing
by 1.7% during the month.
In spite of a continuing sector rotation between growth and
value, our growth-oriented portfolio increased by 0.6%. After
allowing for expenses, the NAV increased by 0.4% over the month, an
excellent result given current circumstances and market conditions.
As we await company announcements on current trading, we have
decided to remain fully invested, making no changes to our existing
positions during January with cash comprising 3.5% 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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