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

Athelney TrustAnnouncement

04/04/2024 09:30

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RNS Number : 3288J  Athelney Trust PLC  04 April 2024

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 190.6p at 31 March 2024.

Fund Manager's comment for March 2024

This week's economic release in the US revised the 4(th) quarter GBP growth up
from an annualised 3.2% to 3.4%.  This was driven by a substantial increase
in non-residential spending which was adjusted upwards to 3.7% from 2.4% as
well as the continued strength in consumer spending and more specifically,
services outlays. In spite of this solid economic performance, inflation has
unexpectedly continued to decline, albeit at a slower pace. This anomaly of
declining prices in a buoyant economy has been caused by increased supply
following the repair of supply chains and the labour market which suffered
material damage during the pandemic. Labour force participation in the economy
has recovered but not likely to improve materially from here and the high
level of US government debt to GDP is likely to ensure that both short rates
and long-term rates, while on the decline, are likely to be higher than
previously experienced.

Investors were clearly impressed with the improved US economic figures as the
S&P500 continued to power along, up by 3.1% for the month.  The NASDAQ
also benefited from the positive sentiment in the equity markets, reporting a
1.79% improvement over the month as did the MSCI which was up by 3.01%.

In the UK, official statistics published on Thursday confirmed that the
economy had slipped into a technical recession in the second half of last
year. The Office for National Statistics said GDP fell by 0.3% for the quarter
as compared to the last three months of 2023, following a 0.1% fall in the
previous period. Undeterred by this, the Bank of England held its policy rate
steady at 5.25%.

Notwithstanding the negative economic news, the UK markets performed strongly
with the FTSE 100 up by 4.23% and the FTSE 250 up by 4.36%.  Smaller
companies did not fare as well, with the Small Cap Index up by 2.10%, the AIM
All-Share index up by 0.92% and the Fledgling Index up by only 0.56%.  The
Athelney portfolio performed well, up 3.12% during the month and, after
allowing for expenses and the payment of the dividend, the NAV reflected a
decline of 1.09%.

There were no changes to the portfolio during the month and the payment of the
dividend in addition to on-going expenses, caused our cash holding at month
end to decline to 2.6% 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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