Athelney Trust PLC Net Asset Value(s) (3067V)
05 April 2019 - 9:16PM
UK Regulatory
TIDMATY
RNS Number : 3067V
Athelney Trust PLC
05 April 2019
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 224.5p at 31
March 2019.
Fund Manager's comment for March 2019
Global markets continued their strong start to the year with
most regions up during the month of March. There has been a shift
towards defensive and yield-related sectors while cyclicals and
financials have come under pressure. The US continued its strong
run with the S&P 500 index up 1.8% and the Nasdaq Composite up
2.6%. While equity markets were relatively strong, most of the
action was in the debt markets. On 19 March, the US 10-year
Treasury note fell below the 3-month Treasury yield. 10-year yields
fell to their lowest levels since January 2018 to 2.4%. Dovish
comments from the Fed and a moderation in global activity helped
drive a fall in longer-term yields.
Other global markets were up but not to the same extent
reflecting medium to longer-term concerns about European economic
growth. The FTSE was up 2.9% which was reasonable given the
uncertainty related to Brexit and the inability of the UK
parliament to come up with an agreed solution to leave the EU.
Asian markets were strong with China leading the way with one of
the strongest performances recorded in March. The Shanghai Comp was
up 4.8% in USD terms and the Hang Seng was up 1.5%.
While the investment portfolio declined only slightly (by 0.1%)
during the month, Athelney shares went ex-div on 21 March which
resulted in the NAV declining by 4.8% as compared with the Small
Cap Index which increased by 0.8%, the AIM All Share Index which
increased by 0.6% and the Fledging Index which declined by
11.3%.
Dividends received in the month continue to be as expected. Our
focus remains on retaining and consolidating our holdings into
those quality companies in the portfolio which are unlikely to be
disintermediated by technological change and able to maintain or
increase their dividend, as well as adding companies which have an
acceptable level of predictable growth in the business's
medium-term economic performance. To this end we have continued to
sell our holdings in companies where there has been a change to the
industry structure, the business model, the senior management team
or the product/service offering, the occurrence of which will
result, in our view, in a deterioration in future profitability and
hence dividends. Our positions in XLMedia, Quarto and Hansard
Global were sold. No new positions were added.
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)
AUD50m https://flagshipinvestments.com.au
-- Barrack St Investments (ASX code: BST)
AUD23m www.barrackst.com
-- Global Masters Fund Limited (ASX code: GFL)
AUD26m 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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END
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