TIDMATY

RNS Number : 4445H

Athelney Trust PLC

03 August 2021

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 292.8p at 31 July 2021.

Fund Manager's comment for July 2021

Financial markets have for the most part been positive as a result of better public health outcomes following large scale vaccinations of the population in developed economies. Despite some economies not performing as expected, global economic data during the month highlighted a theme of global demand continuing to outstrip supply. In an interesting twist, Chinese technology stocks declined sharply as Beijing launched a regulatory assault on education businesses and companies that handle large amounts of data, as well as an overhaul of how Chinese groups list on stock markets outside their country.

In the United Kingdom, officials pressed ahead with fully unwinding restrictions in spite of an increase in case counts and scrapped quarantine for fully vaccinated EU and US visitors. The latest Red Flag Alert research for Q2 2021 recorded 650,000 businesses in 'significant financial distress(1) ' which represents a decline of 10% from the highest recorded number of significantly distressed businesses in Q1 2021 (723,000).

Dividend income from our investments continues to improve and YTD is well ahead of last year's receipts, contributing to the 5.81% increase in the total value of our portfolio over the month. Costs were well contained which culminated in a 5.39% increase in the NAV for the month. By comparison, the FTSE 100 was down by 0.07%, the FTSE 250 Index was up by 2.56% and the AIM All Share Index was up by 0.22%. The s mall caps were mixed, with the Fledging Index down by 0.35% while the Small Cap Index was up by 0.24%. Elsewhere, Global markets ended the month in positive territory, with the MSCI increasing by 1.72% and the S&P 500 up by 2.27%.

There were minor changes to the portfolio holdings during the month as we top sliced our exposure to AEW and added to our holding in Fevertree Drinks. Cash received by way of dividends resulted in a slight increase in the overall cash position which currently represents 2.6% of the portfolio value as at the end of July.

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 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 (licence no.421704).

www.ecpohl.com

www.ecpam.com

Manny Pohl and the ECP group has over AU$1500m 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) 

AUD25m www.barrackst.com

   --    Global Masters Fund Limited (ASX code: GFL) 

AUD25m 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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August 03, 2021 08:18 ET (12:18 GMT)

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