Athelney Trust PLC Net Asset Value(s) (7693R)
March 04 2019 - 7:12AM
UK Regulatory
TIDMATY
RNS Number : 7693R
Athelney Trust PLC
04 March 2019
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 235.9p at 28
February 2019.
Fund Manager's comment for February 2019
As stated last month, the trade and political outlook for 2019
remains unclear. President Trump has walked away from a
denuclearisation deal with North Korea, a trade deal with China is
still in the balance and it does not appear that the Prime Minister
has a Brexit proposal that is acceptable to Parliament. However,
after an excellent start to the year, equity markets have discarded
all of the political noise and continued to power ahead. Most major
stock markets around the world were up during the month of January.
The Dow Jones Index increased in US$ by 3.67% and there was a 2.83%
increase in the MSCI World Index during the month.
In similar vein, it is pleasing to report that during February
the Athelney Trust unaudited NAV increased for the second month in
a row, this time by 1.07%, which compares with a 1.52% increase in
the FTSE Index, a 0.88% decline in the AIM All Share index and a
0.9% increase in the Small Cap Index.
Dividends received in the month continue to be as expected and
our focus remains on retaining and consolidating our holdings into
those quality companies in the portfolio which are unlikely to be
disintermediated by technological change and able to maintain or
increase their dividend, as well as adding companies which have an
acceptable level of predictable growth in the business's
medium-term economic performance. To this end we have continued to
sell our holdings in companies where there has been a change to the
industry structure, the business model, the senior management team
or the product/service offering, the occurrence of which will
result in our view in a deterioration in future profitability and
hence dividends. Our positions in Braemar Shipping, Reach, Gattaca,
PRS Reit, KCOM and Kin & Carta have been sold while we
consolidated our positions by adding to our holdings in Rightmove,
Close Brothers and Murgitroyd. We took up the offer in Tritax Big
Box, Greencore and Randall & Quillter.
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)
AUD50m https://flagshipinvestments.com.au
-- Barrack St Investments (ASX code: BST)
AUD23m www.barrackst.com
-- Global Masters Fund Limited (ASX code: GFL)
AUD26m 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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