Athelney Trust PLC Net Asset Value(s) (9963D)
July 02 2021 - 02:32AM
UK Regulatory
TIDMATY
RNS Number : 9963D
Athelney Trust PLC
02 July 2021
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 277.8p at 30
June 2021.
Fund Manager's comment for June 2021
Business confidence is surging to multi-year highs due to the
strength of the economic rebound, booming global trade, an easing
of coronavirus lockdowns and the Biden administration securing an
infrastructure deal worth about $1tn to upgrade roads, bridges, and
broadband networks over the next eight years in the USA. Globally
supply chain bottlenecks are easing with the number of ships
waiting to get into ports declining despite an increase in shipping
volumes.
Recent PMI data for the United Kingdom reaffirmed that the U.K.
is on track for vastly improved economic growth this year with the
composite PMI above 60 for three consecutive months. When the Bank
of England's Monetary Policy Committee met recently, it made no
change to its monetary policy decision to keep interest rates on
hold at 0.1%, despite prices rising faster than it had expected.
Nevertheless, it did revise up its expectations for GDP growth in
Q2 2021 by about 1.5% relative to what it expected in May.
Despite this good news, the government's decision to delay the
fourth and final phase of its plan to ease pandemic rules in
England by around one month had a mildly unsettling effect on the
markets particularly in our property and healthcare related
exposures. While the FTSE 100 was up by 0.2%, the FTSE 250 Index
was down by 1.4% and the AIM All Share Index was down by 0.6%. The
s mall caps performed well by comparison with the Fledging Index up
by 0.8% and the Small Cap Index up by 1.1%. Elsewhere, Global
markets ended the month in positive territory, with the MSCI
increasing by 1.4% and the S&P 500 up by 2.2%. The major driver
of performance in these markets was the large technology stocks in
the US with the NASDAQ up by a massive 5.5%.
While dividend income during the month from our investments
continues to improve and YTD is well ahead of last year's receipts,
we were disappointed by the 0.5% decline in the value of our
portfolio. Costs were contained during the month and hence the
overall decline in the portfolio value flowed through to a similar
decline of 0.5% in the NAV for the month. There were no changes to
the portfolio holdings during the month and cash received by way of
dividends resulted in a slight increase in the overall cash
position which currently represents 2.1% of the portfolio value as
at the end of June.
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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