Athelney Trust PLC Net Asset Value(s) (4943X)
January 05 2022 - 3:14AM
UK Regulatory
TIDMATY
RNS Number : 4943X
Athelney Trust PLC
05 January 2022
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 310.3p at 31
December 2021.
Fund Manager's comment for December 2021
Over the past month the US Federal Reserve has signalled a less
accommodating policy due to US Inflation increasing to levels last
seen in the 1980s. In addition to being reflected in the
statistics, rising prices were also a material factor in the
disappointing retail sales figures with industrial activity beset
by supply issues as well.
In the U.K., GDP data for the third quarter was revised down to
1.1% from 1.3% confirming that the economic recovery is still
struggling to gain momentum. Consumer spending was in fact adjusted
up to 2.7% while government spending, business investment and fixed
capital formation were revised downwards. Economic data for the
final quarter will reflect the impact of the rapidly spreading
Omicron variant which is likely to delay further the economic
recovery and which could in turn delay the raising of interest
rates by the Bank of England (BoE).
The stock markets on the other hand were far more positive with
the MSCI increasing by 4.2% during the month, largely due to a
strong performance by the US market where the S&P500 index
reported an overall increase of 4.4%. This is a reflection of
positive investor sentiment in the U.S. also evident in the
four-point increase in the consumer confidence index in December
which shows that consumers remain upbeat about the economy and
appear to be somewhat desensitized to each new wave or variant of
COVID.
The UK markets also responded positively with the broad
indicator, the FTSE 250 Index closing up by 4.3% over the month.
This month was the complete opposite of last month in that the
large cap stocks out-performed the small cap stocks. The Small Cap
Index only increased by 2.7% as compared to the FTSE 100 Index
which increased by 4.6% while the AIM All Share Index was up by
2.5%. The Fledgling Index increased by a mere 0.4% during the
month.
Our portfolio increased by 5.0% during December, reflecting the
positive sentiment in the stock market over the period and we are
proud to report that the portfolio increased by 29.1% for the
twelve months to December 2021 as compared to the FTSE100 which
increased by 14.3%. The 4.8% increase in the NAV over the month
reflects that the expenses continue to be contained. We have
remained fully invested, making no changes to our existing
positions during December with cash comprising 3.6% 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/aic/news/press-releases/seven-investment-companies-join-the-next-generation-of-dividend-heroes
Website
www.athelneytrust.co.uk
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