Athelney Trust PLC Net Asset Value(s) (2892S)
November 05 2019 - 4:13AM
UK Regulatory
TIDMATY
RNS Number : 2892S
Athelney Trust PLC
05 November 2019
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 240.9p at 31
October 2019.
Fund Manager's comment for October 2019
Global markets rallied in October on the back of positive
political news. US markets were strong after President Trump
announced that China and the US had reached a tentative agreement
on a trade deal. The US agreed to suspend tariffs scheduled for 15
October, while China agreed to buy up to US$50bn in US farm
products and accept more American financial services (it should be
noted Chinese officials did not actually confirm such a deal). The
Fed Reserve also cut the Fed funds rate by 25 bps to 1.50% and
while it provided no forward guidance, it remains focused on the
economic outlook.
In the UK, Prime Minister Boris Johnson's request for an early
election was granted and this will take place on 12 December 2019.
The ongoing Brexit saga resulted in the FTSE declining by 2.2%
while other European markets were stronger in local currency terms
with the DAX leading the way, up 3.5%, the Euro Stoxx up 1.0% and
the CAC up 0.9%. Asian markets were the best performing from a
Global perspective with the Nikkei up 5.4% and the Hang Seng up
3.1%. China still lagged the region up only 0.8%.
Commodities markets were very mixed against the back drop of the
trade negotiations with some of the bulk commodities
underperforming, Iron ore was down 8.9% while Thermal Coal was up
5.2%. US Gas prices had a rally and were up 13.0% while Brent Crude
prices were down 0.9%. Gold and Silver were also stronger with Gold
up 2.8% and Silver up 6.5%.
The major world markets as represented by the MSCI World Index
and the S&P 500 rebounded in September with these indices up by
1.9% and 2.5% respectively. As mentioned, European and Asian
markets were also stronger, the UK market was mixed with the FTSE
down by 2.2% in local currency terms and the Small Cap Index down
by 1.7%. The AIM All Share Index was the best performing of the UK
indices after a poor performance in September, increasing by 1.9%
while the Fledgling Index increased by 1.3%. Our portfolio of
investments performed much better than the market, increasing by
2.8% during the month which, after allowing for expenses resulted
in a 2.4% improvement in the NAV.
As the positioning of the portfolio has, to a large extent been
completed, we made no changes to the portfolio during the month.
Cash held is slightly higher than normal given the current
political climate and will be invested in due course.
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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