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

Flagship InvestmentsAnnouncement

03/03/2020 10:05

RNS Number : 8455E
  
Athelney Trust PLC
  
03 March 2020
  
 

Athelney Trust PLC
 
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 247.8p at 29 February 2020.
Fund Manager's comment for February 2020
The COVID-19 coronavirus hammered financial markets in February as worsening outbreaks of the virus in South Korea, Japan (where schools have been closed) and in northern Italy drove market volatility to the highest level since December 2018. The surge in new cases of the virus led to further concerns as to the impact of the outbreak on global growth due to disruptions to supply chains and the restrictions to the movement of people, goods and the provision of services around the globe.  Perhaps the most important recent economic data point is China's Manufacturing Purchasing Managers' Index (PMI) for February which came in at 40 - the lowest reading since the survey was launched in early 2004.
The major world markets as represented by the MSCI World Index and the S&P 500, continued the decline which commenced in January 2020, with both these indices falling in February by 8.59% and 8.41% respectively.  The UK, European and Asian markets were also weaker.  In the UK, the FTSE 100 was down by 9.88% in local currency terms as were the other indices that we monitor, namely the Small Cap Index which declined by 8.67%, the AIM All Share Index which was down by 8.21% and the Fledgling Index which was down by 10.36%.
While our portfolio of investments declined in similar fashion to that of the overall market, it performed a little better, declining by 8.53% during the month which, after allowing for the write back of over provided expenses in January, resulted in a similar decline of 8.53% in the NAV.  We did not trade during the month and received cash from the take-over of Hansteen Holdings which was finalised during the month.  Cash currently comprises 6.6% 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 under "Portfolio Details".
Background Information
Dr. Emmanuel (Manny) Pohl
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 (licence no.421704).
www.ecpohl.com
www.ecpam.com
Manny Pohl and the ECP group has over AU$1000m under its management including four listed investment companies, three listed in Australia and one in the UK:
·    Flagship Investments (ASX code:FSI)
AUD56m https://flagshipinvestments.com.au
·    Barrack St Investments (ASX code: BST)
AUD25m www.barrackst.com
·    Global Masters Fund Limited (ASX code: GFL)
AUD27m www.globalmastersfund.com.au
·    Athelney Trust plc (LSE code: ATY)
GBP5m 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
www.theaic.co.uk/aic/news/press-releases/next-generation-of-dividend-heroes
Website
www.athelneytrust.co.uk           


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