REG - Athelney Trust plc - Net Asset Value(s)

Athelney TrustAnnouncement

04/04/2022 10:00

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RNS Number : 1248H  Athelney Trust PLC  04 April 2022

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 263.9p at 31 March 2022.

Fund Manager's comment for March 2022

Our portfolio performed in line with the UK market and ended the month on a
positive note.  However, after providing for the expenses and the dividend
the NAV declined by 2.3%.  The portfolio was up by 0.72% for the month as
compared to the FTSE 100 which was up by 0.77%, the FTSE 250 Index which
increased by 0.37%, the AIM All Share Index up by 0.19% and the Small Cap
Index increasing by 1.14%.  The FTSE 100 Index closed the end of the first
quarter up by 1.78%, outperforming its European peers largely thanks to the
many larger, older and more traditional commodity and energy-related stocks
including BP and Royal Dutch Shell which have been benefiting from soaring
global oil and metal prices as a result of the war in Ukraine.

 

The Global markets were also stronger, regaining some of the huge losses
reported in previous months with the S&P500 index increasing by 3.58%
while the tech heavy NASDAQ increased by 3.41% during the month. While the UK
market was up, these indices were down over the quarter by 4.95% and 9.10%
respectively. The MSCI was also down for the quarter by 5.53% in spite of
recording an increase for the month of 2.52%.  Treasury yields inverted this
month for the first time in years, signalling a possible recession while the
roller coaster ride for U.S. interest rates continued with interest rate
volatility currently well above its average over the past decade and nearing
the highs reached during the peak of the COVID crisis in March 2020.

Despite the spread of the omicron coronavirus variant, the British economy
grew 6.6% year-on-year in the final quarter of 2021, slightly more than
initial estimates of a 6.5% increase and following a downwardly revised growth
rate of 6.9% in the third quarter.  The major impetus came from public
expenditure which recorded the biggest increase of 10.5%, followed by
household spending of 8.1% and then business investment. At the end of 2021,
the economy was just 0.1% below its pre-pandemic peak.

 

 In the commodity markets, Brent crude futures declined from recent highs of
around $120 per barrel as International Energy Agency member countries met to
discuss a further release of emergency oil reserves.  They had previously
agreed on March 1(st) to release around 60 million barrels and US president
Joe Biden announced a release of 1 million barrels per day for six months
starting in May, the largest release ever from the US Strategic Petroleum
Reserve.

 

During the month we sold our holding in JD Sports, continuing to reduce and
consolidate the holdings in the portfolio.  Cash currently comprises 5.2% 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 (http://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 (http://www.ecpohl.com)

www.ecpam.com (http://ecpam.com/)

Manny Pohl and the ECP group has AUD2.7bn (£1.5 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 (https://flagshipinvestments.com.au)

·    Barrack St Investments (ASX code: BST)

AUD37m www.barrackst.com (https://www.barrackst.com/)

·    Global Masters Fund Limited (ASX code: GFL)

AUD33m www.globalmastersfund.com.au (http://www.globalmastersfund.com.au)

·    Athelney Trust plc (LSE code: ATY)

GBP6m www.athelneytrust.co.uk (http://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
(https://www.theaic.co.uk/income-finder/dividend-heroes)

Website

www.athelneytrust.co.uk (http://www.athelneytrust.co.uk)
 

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