Athelney Trust PLC Net Asset Value(s) (2391M)
January 04 2019 - 4:26AM
UK Regulatory
TIDMATY
RNS Number : 2391M
Athelney Trust PLC
04 January 2019
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 226p at 31
December 2018.
Fund Manager's comment for December 2018
The Athelney Trust unaudited NAV continued to decline during
December, the seventh month in a row, to 226p, a decline of 5.24%
which compares with a 3.61% decline in the FTSE Index, a 7.66%
decline in the AIM All Share index and a 4.41% decline in the Small
Cap Index. Most other major stock markets around the world declined
during the month. The Dow Jones Index declined in US$ by 8.66% and
there was a 7.71% decline in the MSCI World Index during the
month.
As mentioned in last month commentary, the portfolio continues
to be affected by world politics and macro-economic events rather
than specific business-related factors. Interest rates have been
rising gradually in the US for the last three years with the Fed
Funds rate increasing from essentially zero three years ago to
almost 2.5% today. While it is not clear how the trade tensions
between China and the US will be resolved, it seems inevitable that
some concessions will be made but, of course, what happens in
Washington now that the Democrats control the House of
Representatives makes the eventual outcome totally unpredictable.
However, experience has shown that during these trying times one
should ensure that the companies in the portfolio are of high
quality. Our focus should be on the level of predictability of a
business's medium-term future economic performance because the more
predictable the future cash flows, the more confident we can be
that our forecast investment outcome will be achieved.
To this end we have commenced a program of selling our holdings
in companies where there has been a change to the industry
structure, the business model, the senior management team or the
product/service offering, the occurrence of which will result in
our view in a deterioration in future profitability and hence
dividends. Our positions in Bonmarche Holdings, Communisis,
Standard Life and UK Commercial Property were sold. We added to our
position in Belvoir Lettings.
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
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$1000m 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)
AUD23m www.barrackst.com
-- Global Masters Fund Limited (ASX code: GFL)
AUD26m www.globalmastersfund.com.au
-- Athelney Trust plc (LSE code: ATY)
GBP5m www.athelneytrust.co.uk
Athelney Trust plc Investment Objective
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.
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 on 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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