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

Athelney TrustAnnouncement

06/05/2025 09:00

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RNS Number : 4815H  Athelney Trust PLC  06 May 2025

 

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 170.3p at 30 April 2025.

Fund Manager's comment for April 2025

The US economy contracted by 0.3% in Q1 2025, its first decline since early
2022 and below market expectations for modest growth. The downturn was driven
by weaker consumer spending and a sharp drop in federal expenditure, though
fixed investment remained robust. Export demand deteriorated due to tariff
pressures, and business confidence hit a near one-year low. The services
sector also slowed amid weaker new orders and a spike in job cuts, mainly due
to government downsizing. Inflation continued to ease in March, with headline
CPI falling to 2.4%. The Federal Reserve held rates at 4.25%-4.5%, citing
tariff-related inflation risks but maintained guidance for 50bps of rate cuts
in 2025.

Eurozone GDP grew by 0.4% in Q1 2025, a modest acceleration marking continued
economic recovery and unemployment dipped to a record low of 6.1% in February.
The ECB cut key interest rates by 25bps in a widely anticipated move, citing
progress in bringing inflation sustainably back towards its 2% target. The
Manufacturing PMI rose slightly in April, its highest in over two years, while
the Services PMI slipped, marking the first contraction since late 2024.
Business sentiment also declined sharply, reaching a near five-year low.

In the UK, the Bank of England kept the Bank Rate unchanged at 4.5% in March,
but stressed that any easing would be gradual, especially with inflation
expected to rise to 3.75% by Q3 despite lower energy prices. The Monetary
Policy Committee highlighted trade tensions and geopolitical risks as key
threats. Manufacturing remained under pressure, particularly in metals and
transport, while services growth was modest. Consumption and public spending
offered limited support, offset by declines in trade and investment. April PMI
data echoed this sluggish outlook with falling manufacturing output and rising
job losses and a decline in the services PMI. Global uncertainty and weak
domestic demand further dampened business confidence and hiring.

The global equity markets rebounded in late April when President Trump
announced a 90 day pause on reciprocal tariffs. The MSCI World and Nasdaq were
up in the month by 0.7% and 0.9% respectively, while the S&P 500 declined
by 0.8%. In the UK, the FTSE 100 fell 1%, the FTSE250 rose 2.1%, and the Small
Cap Index and AIM All-Share rose 0.6% and 1.3% respectively. The Fledgling
index underperformed and was down 1.3% for the month.

Our portfolio rebounded in April, with the portfolio up by 1.3%.  After
providing for all the expenses and the payment of a 7.6p dividend, the NAV
declined by 3.6%.  During the month, we reduced our holdings in Rightmove,
Games Workshop and Tritax Big Box. The largest contributors to performance
were Games Workshop, Dunelm and PayPoint all rising by over 5%. The largest
detractors from performance were 4Imprint, Impax Asset Management and Treatt.

The board announced a significant change to the fee model, aligning asset
manager compensation entirely with fund performance. Under the revised
arrangement, no annual management fee will be charged unless the portfolio
produces positive absolute returns over the year, reinforcing confidence in
the fund's investment strategy.

 

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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