Athelney Trust PLC Net Asset Value(s)
RNS Number : 2420Y
Athelney Trust PLC
05 September 2022
Athelney Trust PLC
Legal Entity Identifier:
The unaudited net asset value of Athelney Trust was 227.2p at 31
Fund Manager's comment for August 2022
The US Federal Reserve has made it clear that it is determined
to ensure that the inflation rate is reduced to its two percent
goal by bringing supply and demand back into balance and that it
will take whatever steps necessary to achieve this, including
further increases in interest rates. The Bank of England has
adopted a similar approach and raised its interest rate to 1.75% in
August in spite of the expectation that the UK economy would go
into recession later this year. PMI data for August reflected a
larger than expected decline in the manufacturing component of the
PMI, while the services PMI was relatively stable at levels
consistent with moderately positive growth. This decline in
manufacturing output for the first time since May 2020, flowed
through to the overall UK economy which shrank between April and
June as businesses and households felt the impact of component
shortages and rising prices.
In spite of the negative outlook at a macro level, recent
results from companies in our portfolio and associated industries
have indicated that they have been able to partially withstand
these inflationary pressures by implementing appropriate business
strategies. However, companies reliant on imports have had a
material headwind caused by the 4.8% decline in August of the pound
against the US dollar. The last time the pound had a similar
decline against the dollar was in October 2016, in the aftermath of
the Brexit vote.
Global equity markets were under pressure as a consequence of
the rise in interest rates by the BOE and other central banks. This
was evident in the 4.3% decline in the MSCI Index in August. In the
US, t he S&P 500 Index declined by a similar amount, down by
4.2%, wiping out some of the gains made in July. The Dow Jones
Industrial Average was down by 4.1% with the tech heavy Nasdaq
Composite declining by a slightly larger 4.6%.
The UK markets responded in a similar manner with the FTSE 250
index declining by 5.5%, while the AIM All-Share Index declined by
4.2%. The FTSE100 held up reasonably well, declining by only 1.9%
as did the Fledgling Index which declined by 0.2%. The market value
of our investment portfolio declined by 6.7% and, after paying
expenses, the NAV per share was down by 7%.
During the month we acquired shares in Impax Asset Management.
Cash comprised 11.6% 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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September 05, 2022 02:09 ET (06:09 GMT)
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