Athelney Trust PLC Net Asset Value(s) (8018O)
June 03 2020 - 02:35AM
UK Regulatory
TIDMATY
RNS Number : 8018O
Athelney Trust PLC
03 June 2020
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 224p at 31
May 2020.
Fund Manager's comment for May 2020
During the past month the MSCI World Index and the S&P 500
were up by 4.63% and 4.53% respectively. The UK, European and Asian
markets reacted in similar fashion. In the UK, the FTSE 100 was up
by 2.97% in local currency terms while the indices associated with
smaller companies fared much better as was the case in April. The
Small Cap Index increased by 3.93% with the Fledgling Index up by
6.55%.
While the re-opening of the economy is getting underway, it
remains too early to assess the effect of the re-opening on both
the coronavirus infection rate or the structural damage to segments
of the economy. Multiple central banks met this week to assess
monetary policy and with inflation well below targets, central
banks have leeway to cut rates which should support equity markets.
Notwithstanding the decline in the first quarter GDP for the OECD
economies of 1.8% over the previous quarter and by 0.8%
year-on-year, there is some optimism that the economic downturn
could be relatively short-lived. However, third quarter company
results are likely to be the litmus test to see if this is the
case.
Since taking over the management of the portfolio we have
continued to focus away from "old world" businesses into companies
that have future organic growth with predictable earnings, a
sustainable competitive advantage, high returns on equity, a strong
financial position and an experienced and talented management team.
These companies have been able to weather the Covid-19 lockdown as
customers and businesses were forced to utilise and embrace the
digital world. Further to my comment last month I am pleased to
notice that more company executives are taking salary reductions as
they implement austerity measures in the business, on the staff and
in the payment of dividends.
The companies in which we are invested performed very well and
we are delighted with the 6.93% increase in our portfolio, the
performance of which was only exceeded by that of the AIM All Share
Index which was up by 8.02%. After providing for the company
expenses the net performance as reflected in the NAV was an
increase of 6.72%.
Some of our cash has been used to acquire additional shares in
Smart Metering and Begbies Traynor. We took up our entitlement in
Costain and sold out of Wilmington and Mountview Estates. Cash is
currently 3.6% of the portfolio.
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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END
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