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

Athelney TrustAnnouncement

04/07/2022 09:15

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RNS Number : 1824R  Athelney Trust PLC  04 July 2022

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 233.7p at 30 June 2022.

Fund Manager's comment for June 2022

Global markets have had their worst monthly performance since March 2020 with
the MSCI Index declining by 8.77%.  The S&P 500 Index produced its worst
first-half performance since 1970, as concerns over heightened inflation and
the prospects of a recession continued to weigh on the markets resulting in
the index declining by 20.6%. The Dow Jones Industrial Average was also down
by over 15% in the first half of the year, while the Nasdaq Composite lost
29.5%.

 

In the UK, gross domestic product data released this week revealed that GDP
growth was 0.8% in the first quarter, in line with expectations, but still
down from 1.3% in the fourth quarter of 2021. By comparison, household incomes
fell for the fourth quarter in a row, down 0.2% after adjusting for inflation
which is the longest successive decline since 1955, with household incomes now
down 1.3% year-on-year. On a more positive note, in the US, the core PCE Price
Index which is the preferred gauge of inflation used by the Federal Reserve
Bank, eased to a six-month low of 4.7% in May 2022, indicating that price
increases could be slowing.

 

The British Pound ended the second quarter at $1.21 and is down by more than
10% in the first half of the year, which is the worst six-month performance
since the Brexit referendum in 2016.

 

The continued Covid lockdowns in China and Russia's invasion of Ukraine
exacerbated market volatility and while our portfolio declined by 7.74% over
the month, the decline was not as severe as occurred in the FTSE 250 which
declined by 8.58% and the AIM All Share Index which declined by 10.2%.   By
comparison, the FTSE 100 declined by only 5.76%, while the Small Cap Index
declined by 6.74% with the Fledgling Index down by 5.68% over the same period.

 

During the month there was a takeover offer for Homeserve into which we sold
our entire holding with the intention of using the proceeds to acquire a few
new names as soon as market volatility wanes.  Cash comprised 13.0% 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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