TIDMATY

RNS Number : 5728I

Athelney Trust PLC

05 December 2022

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 220.9p at 30 November 2022.

Fund Manager's comment for November 2022

The year-on-year increase in inflation to 11.1% is a 42-year high and was higher than most forecasts including the 10.9% forecast by the Bank of England (BoE). Energy costs were the largest driver of the increase with the electricity, gas and other fuels category up by nearly 90% over the past year. However, year-on-year core inflation (excluding energy, food, alcohol and tobacco) remained unchanged from September at 6.5%. On a positive note, purchasing managers reported fewer instances of supply shortages, which helped overall production volumes during the month. Input prices also eased modestly, which helped improve sentiment in the manufacturing and services industries.

In the US, total retail sales for October were stronger than expected, increasing by 1.3% on the back of a similar increase in motor vehicles and accessories and a 4.1% rise in fuel costs. This resilience in consumer spending was not reflected in industrial production which declined by 0.1% in October as a slight rise in manufacturing was more than offset by declines in utility and mining, while the housing market is clearly in recession with total housing starts falling by 4.2% in October. These signs of deterioration are of little surprise given the weak global backdrop, rising interest rates and the strong U.S. dollar.

The lacklustre economic data did not affect the global equity markets which continued to improve with the MSCI Index increasing by 6.8% during the month. The S&P 500 did not perform as well as the global index, increasing by 5.38% , while the Dow Jones Industrial Average increased by a similar 5.67% with the tech heavy Nasdaq Composite up by only 4.37%.

The broad UK market continued its recent upward momentum with the FTSE 250 Index increasing by 7.12% during the month following a 4.2% increase in October, while the large cap FTSE 100 Index showed an improvement of 6.74% during November. The Athelney portfolio also had a strong month, increasing by 6.84% during the month and, after providing for expenses, the NAV was up by 6.71% to close at 220.9p at the end of November. The Small Cap Index performed similarly, up by 6.39% while the AIM All-Share Index was a percent lower, only up by 5.27% with the Fledgling Index up by a much lower 3.67%.

We made no changes to the portfolio, with cash comprised 11.3% of the portfolio at month end.

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 "About" then select "Latest Monthly Fact Sheet".

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 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)

AUD95m https://flagshipinvestments.com.au

   --    Barrack St Investments (ASX code: BST)

AUD37m www.barrackst.com

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

AUD33m www.globalmastersfund.com.au

   --    Athelney Trust plc (LSE code: ATY)

GBP6m 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

https://www.theaic.co.uk/income-finder/dividend-heroes

Website

www.athelneytrust.co.uk

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December 05, 2022 02:51 ET (07:51 GMT)

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