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

Athelney TrustAnnouncement

03/05/2023 10:15

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RNS Number : 2717Y  Athelney Trust PLC  03 May 2023

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 219.0p at 30 April 2023.

Fund Manager's comment for April 2023

While US consumer spending grew at a solid annualised rate of 3.7% in the
first quarter, the US economy did not expand as expected with real GDP
increasing at an annualised rate of only 1.1% as compared to the 2.6%
registered in the final three months of 2022.  The weak performance was
largely due to a significant drag from private inventories and business
spending on equipment which fell by 7.3% and residential investment which
declined for the eighth consecutive quarter. The US trade deficit narrowed
last month on the back of the slowdown in the US economy which shows that the
Federal Reserve's year-long battle against inflation is beginning to take
effect. Rates have been lifted from near zero to just under 5% in the past
year, the fastest increase in decades.

In the Eurozone, GDP was up by 1.3% over the year, facilitated by lower energy
prices. The services PMI has been increasing in recent months as has the IFO
surveys for Germany which reflect an improvement in the business outlook
indicator for the sixth consecutive month.

The UK Government borrowed £139.2 billion in the 2022-23 financial year,
significantly less than official forecasts, opening the way to possible tax
cuts later in the year. The borrowing figure, which was published recently by
the Office for National Statistics, was £13.2 billion less than forecast last
month, largely because of lower-than-expected public spending. Separately, the
Bank of England's Monetary Policy Committee said labour shortages and the
accompanying pressures on wages, could make high inflation more persistent in
the UK than elsewhere.

After being under pressure the previous month, the UK and world equity markets
fared a little better this month in response to the reduced upward pressure on
interest rates. The net result was that while the Nasdaq Composite was flat,
the S&P500 improved by 1.5% and the MSCI increased by 1.6%.  In the UK,
the large cap segment of the market was the best performing segment with the
FTSE 100 up by 3.1% over the month and the broader FTSE 250 Index up by only
2.6%.  Smaller company valuations fared similarly with the AIM All-Share
Index up by 2.6% and the Small Cap Index up by a slightly lesser 1.8%.  By
comparison, the Athelney portfolio with its focus on quality growth companies
had a good month, increasing by 3.6% during the month and, after providing for
ongoing expenses, the NAV improved by 3.5% to end the month at 219p.

During the month we continued to reduce our exposure to the Target Healthcare
REIT and Liontrust Asset Management and used the cash to increase our holdings
in Fevertree Drinks, AEWUK Reit and made our initial investment into Alpha
Group International.  Our cash holding at month end comprised 2.3% 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 (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 (license
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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