Athelney Trust PLC Net Asset Value(s) (5728I)
December 05 2022 - 1:51AM
UK Regulatory
TIDMATY
RNS Number : 5728I
Athelney Trust PLC
05 December 2022
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 220.9p at 30
November 2022.
Fund Manager's comment for November 2022
The year-on-year increase in inflation to 11.1% is a 42-year
high and was higher than most forecasts including the 10.9%
forecast by the Bank of England (BoE). Energy costs were the
largest driver of the increase with the electricity, gas and other
fuels category up by nearly 90% over the past year. However,
year-on-year core inflation (excluding energy, food, alcohol and
tobacco) remained unchanged from September at 6.5%. On a positive
note, purchasing managers reported fewer instances of supply
shortages, which helped overall production volumes during the
month. Input prices also eased modestly, which helped improve
sentiment in the manufacturing and services industries.
In the US, total retail sales for October were stronger than
expected, increasing by 1.3% on the back of a similar increase in
motor vehicles and accessories and a 4.1% rise in fuel costs. This
resilience in consumer spending was not reflected in industrial
production which declined by 0.1% in October as a slight rise in
manufacturing was more than offset by declines in utility and
mining, while the housing market is clearly in recession with total
housing starts falling by 4.2% in October. These signs of
deterioration are of little surprise given the weak global
backdrop, rising interest rates and the strong U.S. dollar.
The lacklustre economic data did not affect the global equity
markets which continued to improve with the MSCI Index increasing
by 6.8% during the month. The S&P 500 did not perform as well
as the global index, increasing by 5.38% , while the Dow Jones
Industrial Average increased by a similar 5.67% with the tech heavy
Nasdaq Composite up by only 4.37%.
The broad UK market continued its recent upward momentum with
the FTSE 250 Index increasing by 7.12% during the month following a
4.2% increase in October, while the large cap FTSE 100 Index showed
an improvement of 6.74% during November. The Athelney portfolio
also had a strong month, increasing by 6.84% during the month and,
after providing for expenses, the NAV was up by 6.71% to close at
220.9p at the end of November. The Small Cap Index performed
similarly, up by 6.39% while the AIM All-Share Index was a percent
lower, only up by 5.27% with the Fledgling Index up by a much lower
3.67%.
We made no changes to the portfolio, with cash comprised 11.3%
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 "About" then select
"Latest Monthly Fact Sheet".
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 AUD2.7bn (GBP1.5 billion) under
its management including four listed investment companies, three
listed in Australia and one in the UK:
-- Flagship Investments (ASX code:FSI)
AUD95m https://flagshipinvestments.com.au
-- Barrack St Investments (ASX code: BST)
AUD37m www.barrackst.com
-- Global Masters Fund Limited (ASX code: GFL)
AUD33m www.globalmastersfund.com.au
-- Athelney Trust plc (LSE code: ATY)
GBP6m 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
https://www.theaic.co.uk/income-finder/dividend-heroes
Website
www.athelneytrust.co.uk
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