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

Athelney TrustAnnouncement

02/02/2023 07:01

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RNS Number : 7156O  Athelney Trust PLC  02 February 2023

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 229.4p at 31 January 2023.

Fund Manager's comment for January 2023

On the economic front, the US economy recorded better than expected growth in
the final quarter of 2022, expanding by 2.9% on an annualised basis between
September and December. This was a decline from the 3.2% growth reported in
the third quarter, reflecting that the steps taken by the US central bank were
starting to dampen demand.  US exports fell 1.3% reflecting deteriorating
world demand, while imports into the US declined by 4.6% amid the ongoing
deterioration in domestic demand for overseas goods. Government outlays
registered another solid performance in Q4, up by 3.7%, with gains in both
federal and local spending and it is likely that the Federal Reserve will
deliver a modest 0.25% interest rate rise at its meeting next week now that
inflation appears to have peaked.

 

UK public sector borrowing more than doubled last month to hit the highest
December figure on record, driven up by higher debt interest payments and the
government's measures to help households and businesses with soaring energy
prices.  However, a mild European winter has led to declining energy prices
and an improvement in household incomes which supported consumer spending in
October as well as November. Nevertheless, the risk of the UK slipping into a
recession continues to weigh on sentiment after the latest PMI survey showed
that UK business economic activity in January fell at its fastest rate in two
years amid rising interest rates, strikes and a rising cost of living.
However, as in the US, inflation has shown signs of waning.  Another positive
sign for the UK is the continued improvement in the pound, increasing at 1.8%
against the US dollar over the month.

 

Stock markets commenced the year on a positive note with the Nasdaq Composite
up by 10.7%, the S&P500 posting an increase of 6.2% and the MSCI up by
7.0%.  In the UK, the broad market did not perform as well as its
counterparts with the FTSE 250 Index increasing by 5.3%, the large cap FTSE
100 Index up by 4.3%, the AIM All-Share Index up by 4.4% and the Small Cap
Index performing similarly, up by 4.5%.  The Fledgling Index was up by only
3.3%.  By comparison, the Athelney portfolio increased by 4.8% over the month
and, after providing for expenses, the NAV was up by 4.6%.

 

We added to our holding in Treatt which reduced our cash holding to 10.3% 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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