Athelney Trust PLC Net Asset Value(s) (6651V)
04 Dicembre 2019 - 12:05PM
UK Regulatory
TIDMATY
RNS Number : 6651V
Athelney Trust PLC
04 December 2019
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 254p at 30
November 2019.
Fund Manager's comment for November 2019
Minutes from the recent FOMC meeting indicated the Fed is
content to remain on the side lines for the rest of this year as
the looser financial conditions resulting from rate cuts at three
consecutive meetings feed through to the economy. This sentiment is
echoed by other Central banks with the Bank of England and the
Reserve Bank of Australia opting to keep their official Bank Rate
at 0.75%. Global markets continued their upward trend in November
as consumer confidence in the US remained high on the back of low
interest rates, low gasoline prices and a stock market near record
highs.
Politics continues to dominate the equity markets. In the U.K. a
series of recent election polls continue to show Boris Johnson's
Conservative Party has a significant lead over the opposition
Labour Party. The current margin of support points to a
parliamentary majority for the Conservatives which will allow them
to execute their Brexit plan. However, much can still change before
the election on 12 December 2019. In Germany, Chancellor Angela
Merkel's coalition is on a knife edge and in spite of the release
of recent data showing a slight rebound in business confidence,
economic growth is likely to be sluggish.
After falling by 3.7% in October, energy commodity prices
increased by 5.3% in November resulting in a year to date increase
of 2.7%. Non energy commodities did not perform quite as well,
increasing by 2.3% and are currently up by 1.9% year to date.
The major world markets as represented by the MSCI World Index
and the S&P 500 continued their upward trend in November with
these indices up by 2.63% and 3.40% respectively. The UK, European
and Asian markets were also stronger. In the UK, the FTSE increased
by 1.35% in local currency terms with the Small Cap Index up by
3.03%. The AIM All Share Index was the best performing of the UK
indices, increasing by 3.25% while the Fledgling Index increased by
only 1.0%.
Our portfolio of investments performed much better than the
market, increasing by 5.64% during the month which, after allowing
for expenses resulted in a 5.44% improvement in the NAV. We
utilised some of our surplus cash, adding to our position in Close
Brothers, XP Power and LXI Reit during the month. Cash held
currently comprises 3.9% of 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)
AUD56m https://flagshipinvestments.com.au
-- Barrack St Investments (ASX code: BST)
AUD25m www.barrackst.com
-- Global Masters Fund Limited (ASX code: GFL)
AUD27m 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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