Athelney Trust PLC Net Asset Value(s) (6430U)
RNS Number : 6430U
Athelney Trust PLC
02 August 2022
Athelney Trust PLC
Legal Entity Identifier:
The unaudited net asset value of Athelney Trust was 244.3p at 31
Fund Manager's comment for July 2022
Predications of a global recession have become more widespread
as central banks raise interest rates to curb rising inflation.
While most economists are downgrading their estimates for global
GDP growth, the eurozone economy expanded by 0.7% in the quarter to
June 2022, beating most market forecasts. This represents the
strongest growth in three quarters, prompted by the easing of Covid
restrictions and the commencement of the summer tourism season. The
energy crisis in Europe is far from over with Russia threatening to
cut gas supplies in the winter which could result in an overall
decline in economic output. Global inflation continues to rise with
Eurozone CPI data for July showing that inflation accelerated to
yet another all-time high, and now sits at 8.9% year-on-year.
In the U.K. inflation is currently at a 40-year high with price
pressure weighing on real incomes, consumer spending and overall
growth, with the BoE likely to continue hiking rates to tame
inflation. Furthermore, i n a recent survey it was reported that a
total of 113,700 businesses closed in the UK in the most recent
quarter (April to June 2022), with the most significant increases
in closures among retail businesses where closures rose by 40%.
This total figure was 8% higher than in the same period in 2021 and
this figure is the fifth quarter in a row where there have been
more business closures than creations.
However, the recent 7.9% improvement in the MSCI Index in July
indicates that the equity markets, which usually are a leading
economic indicator, are suggest that in 2023 the central banks are
likely to begin lowering their policy rates as inflation comes down
and economic growth falters. In the US, t he S&P 500 Index was
up by 9.1%, reversing the massive decline in June. The Dow Jones
Industrial Average was only up by 6.7% with the major reversal
occurring in the technology stocks with the Nasdaq Composite up by
a mammoth 12.4%.
The UK markets reflected this global trend with the FTSE 250 up
by 8.03% while at the other end of the spectrum, the Fledging Index
was up by only 0.79%. Our NAV was up by 4.54% which compares
favourably with the Small Cap Index which was up by 4.05%, the FTSE
100 which was up by 3.54% and the AIM All Share Index which
increased by 5.20%.
During the month we sold our position in LXI REIT following
their merger with Secure Income REIT which accords with our
investment policy as it pertains to major mergers and acquisitions.
We added to our positions in Tritax BigBox and AEW UK Reit. Cash
comprised 11.9% of the portfolio at month end .
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 "About" then select
"Latest Monthly Fact Sheet".
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).
Manny Pohl and the ECP group has AUD2.7bn (GBP1.5 billion) under
its management including four listed investment companies, three
listed in Australia and one in the UK:
-- Flagship Investments (ASX code:FSI)
-- Barrack St Investments (ASX code: BST)
-- Global Masters Fund Limited (ASX code: GFL)
-- Athelney Trust plc (LSE code: ATY)
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
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
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(END) Dow Jones Newswires
August 02, 2022 06:57 ET (10:57 GMT)
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