Athelney Trust PLC Net Asset Value(s) (3475V)
April 04 2023 - 6:05AM
UK Regulatory
TIDMATY
RNS Number : 3475V
Athelney Trust PLC
04 April 2023
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 211.7p at 31
March 2023.
Fund Manager's comment for March 2023
The US economy expanded by an annualised rate of 2.6% in the
final quarter in 2022, slightly below the initial estimates of
2.7%, which represents an overall increase of 2.1% for year. The UK
economy on the other hand only managed a slight improvement of 0.1%
in the fourth quarter of 2022 which was also a stronger performance
than previously anticipated and which meant that the UK had avoided
a recession. While global economic activity has been curbed to some
extend by the central bank interest rate increases, the real impact
has been on regional banks in the US where inappropriate balance
sheet management has led to a renewed round of bank collapses.
Fortunately for the financial markets, wider contagion was
prevented by the swift action on the part of the Federal Reserve to
ensure that the banking system remained stable and it is unlikely
that there will be a repeat of the global financial crisis which
followed the collapse of Lehman Brothers in 2008.
Earlier in the month, in his first full budget speech, the UK
Chancellor set out what was described as a budget for growth, aimed
at achieving long-term, sustainable economic growth for the UK. Its
main objectives were to remove barriers to employment, encourage
business investment, and address labour shortages in some
industries. Subsequent economic data that was released, showed an
unexpected increase in inflation for February, from 10.1% to 10.4%
which prompted the BoE to raise its baseline interest rate for the
11th consecutive time, from 4.0% to 4.25%. Clearly the elephant in
the room remains the eventual impact that the interest rate
increases will have on the property market where post COVID office
occupancy rates still have not picked up to any material extent,
mortgage rates for homeowners that have remained elevated and
global credit markets which remain tight.
Equity markets on the other hand were volatile during the month,
initially declining in response to the regional bank failures in
the US and then recovering as the situation was ameliorated by the
Federal Reserve. T he net result was that the Nasdaq Composite was
up by 6.7%, the S&P500 improved by 3.5% and the MSCI increased
by 2.8%. In the UK, the large cap segment of the market bucked the
global trend with the FTSE 100 down by 3.1% over the month while
the broader FTSE 250 Index declined even further, by 4.9%. Smaller
company valuations were under even more pressure with the AIM
All-Share Index declining by 5.8% and the Small Cap Index down by a
slightly lesser 5.3%. By comparison, the Athelney portfolio with
its focus on quality growth companies was more resilient, declining
by only 2.9% during the month and, after providing for the 7.5p
dividend and ongoing expenses, the NAV declined by 6.5% to end the
month at 211.7p.
During the month we reduced our exposure to the Target
Healthcare REIT and Liontrust Asset Management and used the cash to
increase our holdings in Paypoint, NWF and LondonMetric. Our cash
holding at month end comprised 2.7% 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 "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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END
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