Athelney Trust PLC Net Asset Value(s) (0885C)
05 Febbraio 2020 - 02:21PM
UK Regulatory
TIDMATY
RNS Number : 0885C
Athelney Trust PLC
05 February 2020
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 270.9p at 31
January 2020.
Fund Manager's comment for January 2020
Coronavirus, a new virus which originated in China, has spread
across Asia and into most of the major economies around the world,
sparking fears of a major outbreak similar to the SARS epidemic
that plagued China and Asia in the early 2000s. However, any
short-term economic impact is likely to be short lived and limited
to the economies of China and East Asia.
Recent economic data shows that in the US, Q4 real GDP grew by
2.1% on an annualised basis, in part due to a boost from net
exports. Year-on-year, real GDP is up 2.3% prompting the Fed to
leave the target range for the federal funds rate unchanged. A
similar stance was adopted by the Bank of England which also opted
to keep policy rates unchanged. Chinese GDP growth held steady in
the fourth quarter with data on December activity exceeding
expectations, providing early indications of a stabilising Chinese
economy.
The major world markets as represented by the MSCI World Index
and the S&P 500 broke their upward trend in January with both
these indices declining by 0.68% and 0.16% respectively. The UK,
European and Asian markets were also weaker. In the UK, the FTSE
was down by 3.40% in local currency terms as were the other indices
that we monitor, namely the Small Cap Index which declined by
0.92%, the AIM All Share Index which was down by 0.95% and the
Fledgling Index which was down by only 0.46%.
Our portfolio of investments performed much better than the
overall market, increasing by 1.59% during the month which, after
allowing for expenses resulted in a 1.51% improvement in the NAV.
We sold our holding in Vitec, Camellia and Andrews Sykes, utilising
the proceeds and some of our surplus cash to add to our position in
Homeserve and 4Imprint. Cash currently comprises 5.1% 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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