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

Athelney TrustAnnouncement

03/01/2024 11:15

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RNS Number : 5381Y  Athelney Trust PLC  03 January 2024

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 209.1p at 31 December
2023.

Fund Manager's comment for December 2023

Data released in the US was for the most part positive. Consumers continue to
spend in November, with real personal spending rising by 0.3% with inflation
continuing to moderate. The gain in spending was supported by a 0.4% gain in
real disposable personal income, which reflected the fastest gain in eight
months. The European Central Bank (ECB) delivered a mixed monetary policy
announcement, acknowledging slower economic growth and inflation across the
Eurozone, but holding the line on its monetary policy stance despite
acknowledging that inflation is expected to gradually decline.

The UK economy shrank slightly in the third quarter with GDP revised down by
0.1% in the three months to September.  This trend continued into October
with GDP declining by 0.3% month-on-month, more than the expected 0.1%
decline. Services activity fell by 0.2% during the month, while industrial
output fell by 0.8%. While inflation at 3.9% was well below the 4.4%
year-on-year increase in consumer prices predicted by economists in a Reuters
poll and was the lowest inflation rate since September 2021, wage growth in
October albeit declining to 7.2% is still probably at a level too high for the
Bank of England (BoE) to contemplate rate cuts.  The BoE repeated in its
monetary statement that "monetary policy will need to be sufficiently
restrictive for sufficiently long to return inflation to the 2% target
sustainably in the medium term." However, the decline in the UK inflation
resulted in heightened expectations of an interest-rate cut early next year
which triggered a slide in the Pound and a rise in the equity markets.

Globally the stock markets continued their positive performance for the second
month in a row as they responded positively to the improved inflationary and
interest rate outlook for the world economy with the tech heavy NASDAQ up by
5.52%.  The S&P500 also benefited from the positive sentiment in the
equity markets, reporting an 4.42% improvement over the month as did the MSCI
which was up by 4.81%.  In the UK, the FTSE250 was the stand out, up by 7.99%
while the FTSE100 was up by only 3.75%.  The smaller end of the market
performed much better, with the AIM All-Share Index up by 6.94%, the Small Cap
Index up by 6.97% and the Fledgling Index up by 4.34%.

The Athelney portfolio performed well in absolute terms and as compared to the
indices, up by 8.3% during the month.  After allowing for expenses, including
a substantial increase in audit fees, the NAV reflected an increase of 7.95%.

During the month we took advantage of the bid to take over Smart Metering and
sold our stake using the funds to increase our holding in Impax Investment
Management and Alpha Group.  Our cash holding at month end declined slightly
to 3.2% 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 a "Dividend Hero" being one of only a few
investment companies that have increased their dividend every year for 20
years or more. 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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