Athelney Trust PLC Net Asset Value(s) (7098H)
August 02 2019 - 3:21AM
UK Regulatory
TIDMATY
RNS Number : 7098H
Athelney Trust PLC
02 August 2019
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 236.3p at 31
July 2019.
Fund Manager's comment for July 2019
The ongoing spat between the US and China is clearly affecting
the global economy which by all accounts continues to slow faster
than expected. In the UK, the Bank of England left interest rates
unchanged at 0.75% against a backdrop of this weaker global growth,
ongoing trade tensions and an expectation that the UK economy would
grow by 1.3% this year, down from a previous projection of 1.5% in
May. Furthermore, the Bank's Monetary Policy Committee (MPC), that
sets interest rates, indicated that the UK economy was likely to
have stagnated in the three months to June. It also warned that a
no-deal Brexit would have a negative effect on the economy and
trigger a further drop in the value of the pound. The Bank also
reduced its outlook for growth in 2020 to 1.3%, from a previous
projection of 1.6%.
US Treasury yields continued to soften and the major world
markets as represented by the MSCI World Index and the S&P 500
continued to improve, increasing by 0.4% and 1.3% respectively.
Once again, performance in the UK market was dominated by large
caps, with the FTSE 100 Index increasing by 2.2% while the Small
Cap Index declined by 1.0%. The Fledgling Index and the AIM All
Share Index both increased by 1.1%. Our portfolio which declined by
0.96% during the month had the effect of causing a 1.1% decline in
the NAV.
As previously mentioned, the review of the REITS has been
completed and we have commenced 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 over the next five years. Furthermore, we
have added a few names that have attracted our attention and to
this end, we favour quality companies with an acceptable level of
predictable growth in the business's medium-term economic
performance.
Our position in Cineworld, Record, Jupiter Fund Management and
Heath Samuel were sold while we increased our exposure to LXI REIT
and Treatt, adding Churchill China, Homeserve and Fevertree Drinks
to the portfolio.
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NAVGRGDIBDGBGCD
(END) Dow Jones Newswires
August 02, 2019 03:21 ET (07:21 GMT)
Athelney (LSE:ATY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Athelney (LSE:ATY)
Historical Stock Chart
From Jul 2023 to Jul 2024