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

Athelney TrustAnnouncement

05/12/2022 08:00

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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 (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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