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

Athelney TrustAnnouncement

04/09/2023 11:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230904:nRSD2935La&default-theme=true

RNS Number : 2935L  Athelney Trust PLC  04 September 2023

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 208.7p at 31 August 2023.

Fund Manager's comment for August 2023

In the US, the increase in GDP at an annualized rate of 2.1% in the second
quarter compared to earlier estimates of 2.4% for the same period lifted hopes
for an easing of the upward pressure on interest rates as the economy clearly
grew more slowly than previously expected. The key metric of non-residential
fixed investment was revised down to 6.1% compared to the earlier estimate of
7.7%. Separate data also showed total job openings falling to 8.8 million in
July, the lowest since March 2021.

Elsewhere, the authorities in China have been trying to avert an economic
slowdown by lowering the key interest rates on offer during the month by the
People's Bank of China.

 

In Europe, the PMI services survey for August declined to 48.3 and is below 50
for the first time since December of last year, in most part due to German
economic weakness. In the United Kingdom, the news was not much better with
the August manufacturing PMI down to 42.5, and the August services PMI
declining to 48.7. This is the first time the services PMI has been recorded
at below the 50 since January of this year. This negative trend was also
evident in UK house prices which contracted in August at the fastest annual
pace since 2009, falling by 5.3% compared with the same period last year.

 

Huw Pill, the Bank of England's chief economist, suggested that while the UK
central bank still had to be vigilant with inflation remaining at these higher
levels, keeping interest rates at 5.25% could result in a decline in inflation
from July's annual rate of 6.8% to the Bank of England's target of 2% over the
next three years.

 

This subdued economic activity overshadowed the expectation of an eventual
lowering of interest rates, previously believed to be sufficient to maintain
the positive momentum in the markets, with the net result that the MSCI
declined over the month by 2.6%.  The NASDAQ was down by 2.2% with the
S&P500 faring slightly better, declining by only 1.8%. In the UK, the
broad market as represented by the FTSE 250 declined by 2.8%, dragged down by
the larger companies which did not perform quite as well and evidenced by the
FTSE 100 which was down by 3.4%.  Smaller companies were no better off over
the month with the Small Cap Index down by 3.2% while the AIM All-Share Index
declined by 3.0%.  The Fledgling Index did slightly better, albeit declining
in similar fashion, down by 2.9%. By comparison, the Athelney portfolio was
down by 2.6% and, after providing for expenses, the NAV declined by 3.2%.

 

During the month we utilised some of the cash received by way of dividends to
increase our holding in CBOX which resulted in our cash holding at month end
comprising 4.5% 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)
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NAVBGGDCRBGDGXS