Athelney Trust PLC Net Asset Value(s) (2519B)
June 05 2019 - 5:57AM
UK Regulatory
TIDMATY
RNS Number : 2519B
Athelney Trust PLC
05 June 2019
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 236.3p at 31
May 2019.
Fund Manager's comment for May 2019
The strong start to the year came to an end as the US announced
that it would be moving ahead with tariff increases on US imports
from China. China responded in like fashion which caused world
equity markets to soften during the month. The MSCI World Index,
Asia ex-Japan, emerging markets and the S&P 500 all losing more
than 6% in USD. US Treasury yields fell, with the markets now
pricing in more than three US Federal Reserve (Fed) rate cuts by
the end of 2020.
The portfolio performed well during the month in spite of the
international and domestic political turmoil with the Prime
Minister announcing that she is stepping down on 7 June and the
various factions in parliament refusing to back her BREXIT deal.
After accounting for expenses, the net affect was an increase in
the NAV, up by 0.04% as compared to the FTSE Index which declined
by 3.5%, the Small Cap Index which was down by 2.1%, the AIM All
Share Index down by 1.7% and the Fledging Index down by 0.4%.
During the month we continued to consolidate our exposure in the
Property sector, which is now down to eleven names. Dividends
received in the month continue to be as expected and, in some
cases, better than expected. We have turned our attention to the
other sectors in the portfolio where our focus will be to retain
and consolidate our holdings into those quality companies in the
portfolio which are unlikely to be disintermediated by
technological change and able to maintain or increase their
dividend over the next five years. To this end, we will continue to
sell 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, as well as adding companies which
have an acceptable level of predictable growth in the business's
medium-term economic performance.
Our position in Samuel Heath was lightened while Air Partner,
Charles Taylor, Epwin, James Fisher, Goodwin, Hostelworld,
Harworth, Ibstock, Ocean Wilsons, River and Mercantile, Schroder
Real Estate and Town Centre were sold. We added to our position in
Hill & Smith, Custodian Reit, Londonmetric, Regional Reit and
Tritax Big Box, with Gamma Communications, Liontrust Asset
Management and National Grid included for the first time.
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 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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END
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