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

Athelney TrustAnnouncement

03/12/2024 08:30

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RNS Number : 5879O  Athelney Trust PLC  03 December 2024

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 187.5p at 30 November
2024.

Fund Manager's comment for November 2024

In the US, following President-elect Trump's election victory, equities and
bond yields surged on expectations of lower taxes and reduced regulation. The
Federal Reserve cut the federal funds rate to 4.50%-4.75%, signalling caution
on inflation while supporting growth.

The US economy grew by 2.8% in Q3 2024, with strong personal spending,
particularly in goods, but net trade and inventories hindered growth. The
Services PMI rose to 55.3, signalling growth, while the Manufacturing PMI
remained below 50, indicating contraction. Job growth in October was
disappointing, with only 12,000 new jobs added, impacted by hurricanes and
strikes. Despite this, the unemployment rate held at 4.1%, and job growth is
expected to rebound in November. Inflation rose to 2.6% in October due to
higher energy costs.

The Eurozone GDP grew by 0.4% quarter-on-quarter in Q3, the strongest growth
in two years, matching the initial estimate. Germany avoided a recession,
expanding by 0.2% after a decline in Q2. Year-on-year, the Eurozone GDP
expanded 0.9%, the best performance since Q1 2023.

In the UK, GDP grew by 0.1% quarter-on-quarter in Q3, the slowest growth in
three quarters and below the forecast of 0.2%. The services sector expanded by
0.1%, driven by professional, scientific, and technical activities (0.7%) and
wholesale and retail trade (0.6%). Construction grew by 0.8%, but the
production sector contracted by 0.2%, largely due to a 2.7% decline in energy
supply. On the expenditure side, net trade improved as exports fell 0.2% and
imports decreased by 1.5%. Household spending rose by 0.5%, business
investment increased by 1.2%, and government consumption grew by 0.6%.
Year-on-year, the economy grew by 1%, up from 0.7% in Q2.

The UK Services PMI eased to 50 in November 2024 from 52 in the month before,
missing market expectations of 52. The latest reading indicated unchanged
levels of business activity in November, after two consecutive months of
slowdown. Service providers attributed challenges to weak business confidence
and caution following the Autumn Budget.

The UK Manufacturing PMI dropped to 48.6 in November from 49.9 in October,
signalling the first contraction in seven months due to subdued demand. Firms
reported delayed investment decisions, cutbacks on new projects, and lower
export orders. Production volumes and new work declined, especially in the
automotive sector.

In November, global equity markets saw positive performance. The MSCI World
Index rose by 4.5%, with the S&P 500 increasing by 5.7% and the Nasdaq up
by 6.2%, driven by optimism surrounding a second Trump administration's
business-friendly policies. In the UK, the FTSE 100 gained 2.2%, while smaller
companies struggled. The Small Cap Index fell by 0.5%, and the AIM All-Share
Index dropped by 0.6%. However, the Fledgling Index showed a modest increase
of 0.4%. Our portfolio was up by 0.8% during the month with the net asset
value (NAV) increasing by 0.2 % after accounting for all expenses. The notable
contributors to performance were Wise, Games Workshop, PayPoint, Cake Box, and
Rightmove which all saw gains of greater than 5% in November.

Our portfolio saw several changes. The remaining holding in London Metric
Property was sold, while we added to our position in Liontrust Asset
Management after the company announced it would maintain its dividend and
implement a share buyback. Additionally, we established a new position in AJ
Bell. AJ Bell is one of the largest and most well-regarded UK-based investment
platforms, serving both individual investors and financial advisers, and is
experiencing strong growth.

Cash holdings made up 1.9% 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 (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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