Athelney Trust PLC Net Asset Value(s) (8455E)
03 March 2020 - 9:01PM
UK Regulatory
TIDMATY
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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END
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