Athelney Trust PLC Net Asset Value(s) (0687V)
August 04 2020 - 03:25AM
UK Regulatory
TIDMATY
RNS Number : 0687V
Athelney Trust PLC
04 August 2020
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 229.3p at 31
July 2020.
Fund Manager's comment for July 2020
In spite of the fact that global GDP contracted in the second
quarter as a result of COVID-19, the decline was as forecast and,
in spite of a resurgence of infections in parts of Europe, Asia and
Australia, the worst does appear to be over. During the past month,
we have updated our forecasts for a number of companies to include
information obtained from their recent updates on their operations.
As a result of these updates we sold our holdings in Randall &
Quilter, Vianet and Greencore.
As a high-conviction manager of concentrated portfolios,
understanding the competitiveness and sustainability of a business
is paramount, combined with a healthy dose of trust in a proven
management team. To be sustainable, a business should encompass
three characteristics: firstly, the business must operate in an
industry with a low risk of macro-environmental factors affecting
future performance; secondly, the business has demonstrated strong
ESG performance to date and holds a capacity to mitigate ESG
issues; and lastly, the business has dynamic capabilities that
sustainably renews its competitive advantage. ESG is a topic that
is frequently discussed and within our framework, recent
disclosures pertaining to Boohoo have brought the long-term
sustainability of the business model into question which has
subsequently resulted in us exiting this position.
In so far as our other investments are concerned, the management
teams are trusted through their behaviour, competency, and
attitudes to ensure that their businesses prosper and we remain
confident that our portfolio as a result of this will produce above
average returns for our shareholders.
During the past month the MSCI World Index and the S&P 500
were up by 4.61% and 5.51% in US$ respectively while the UK markets
under-performed the global indices by some margin with the FTSE 100
down by 4.41%. The US market was largely driven by the large tech
stocks and the FAANGS in particular while the UK indices associated
with smaller companies fared much better as has been the case in
recent months. The Small Cap Index declined by only 1.38% while the
AIM All Share produced a positive performance, increasing by 0.14%
while the Fledgling Index was up by 2.05% for the month.
We are once again very pleased with the performance of our
portfolio which was up by 1.05% during the month. After providing
for the company expenses the net performance as reflected in the
NAV was an increase of 0.97%.
Cash has been conserved, remaining at 5.9% 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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END
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