Athelney Share Discussion Threads

[topvest] 23/2/2022 15:47

Results out today. I am quite impressed by Manny's approach so far. A much better total return. 19 year dividend growth (albeit 2.5p from reserves). Portfolio turnover about 12% meaning an average holding period of c8 years. Managed to avoid value traps unlike Robin. Costs under control. Spread is too large and so that needs tackling, but hopefully they can attract further funds if they continue to perform well and get on the dividend heroes list next year. Happy to hold, despite the sub-optimal size of the portfolio.

Also interesting that no posts in almost a year!

[topvest] 09/3/2021 20:15

Yes, agreed I was sad to see Robin go in such an unhappy situation. It was certainly not the way to retire. He did quite well over the long-term here despite the high relative cost base. He made some awful technological obsolescence value trap picks in his latter years though and should have learned from this. Maybe an age thing. Anyway, wishing him a long and happy retirement. I have always enjoyed being a holder and Robin did us proud and kept us entertained with the interesting commentaries which I was never sure who wrote. Was it Robin or the Chairman?

[mw8156] 07/3/2021 22:48

Dr Pohl has done a good job in pruning the portfolio and apparently improving the quality with fewer but larger holdings in REITS,
Must confess to having to look up AEW one of the larger holdings now,
don't think Robin was a bad stockpicker... he made some brilliant obscure investments in the early years, national car parks, Goodwin, Camellia, Mountview, Lok'n Store, Nash, xppower, Nichols, Latham and many others, some of the regional brewers that were taken over, Gibbs Mew, Eldridge Pope, Hardys and Hansons but the portfolio was getting a but unfocussed latterly and Emmanuel Pohl has done well in the restructuring into fewer more liquid quality holdings without incurring huge costs.

[spectoacc] 07/3/2021 16:45

Have a few co-holdings so agree re portfolio - trouble is, I've more of some of them than the Trust has :)

Not seen the breakdown of the TER but the listing fees (LSE, broker, advisor etc) can't be helping.

[topvest] 07/3/2021 14:50

Agreed that its too small, but performance has been OK. Let's see how things go. They need to get Ongoing Charges below 2%, but its stock picking that will make or break the company. The approach seems to be a balance between sustainable yield from REITs and high quality growth companies. I guess the approach is somewhat hampered by the REIT allocation to support the dividend but many investors also like the dividend. Anyway, he has done OK so far and I feel more confident with him than Robin Boyle who would have done very badly in a COVID-19 world given his tendency to pick high yielding technological obsolescence value traps!

[spectoacc] 07/3/2021 08:21

"...Attracting more assets.." may be optimistic, with that market cap! £4m, no wonder ongoing charge so high.

Discount vs stock-picking (see nothing particularly special) vs bleeding away 2.8% p.a. in costs.

Think I'd want -40%, perhaps even -50% discount.

Paying divi out of capital isn't going to help with size either.

[topvest] 06/3/2021 12:55

A sensible move in Feb:

During the month we top sliced our position in Games Workshop and sold our holding in Churchill China and Belvoir while adding to our position in LXI Reit and Target Healthcare to take advantage of their dividend yields and business outlook. As a result, our cash increased and comprises 7.8% of the portfolio at month end.

[topvest] 06/3/2021 12:44

Just been looking at the annual report. New slick presentation. Costs under control. Dividend increased for the 18th successive year, albeit uncovered. They have obviously decided to get this on to the 20 year dividend hero list if at all possible. I do think that is sensible as attracting more assets will reduce the ongoing costs which are still too high.

To be fair, I think Manny Pohl has done a reasonably good job so far, albeit the performance metrics table on page 6 is difficult to follow and Q1 2021 hasn't been a good quarter so far with NAV flatlining.

Table on page 6: how does this work?
1 year ATY portfolio +3.5% but NAV -4.3%?
2 year ATY portfolio +15.5% but NAV +6.3%?

Ongoing costs were 2.5% in the current year and the dividend was 4%. I can't quite work the numbers. Performance of the portfolio appears a little overstated, but maybe I am missing something.

Anyway, I am positive for the future as Manny Pohl seems to have a good stock picking style, doesn't over trade and avoids technological obsolescence value traps (which Robin Boyle was prone to investing in).

The portfolio looks solid, albeit quite exposed to Liontrust Asset Management and Games Workshop. Both are quality companies but not cheap.

Anyway, I am happy to hold and may be tempted to add a few more at an opportune time.

[topvest] 10/10/2020 16:39

Well performance appears to be picking up!

[mw8156] 06/11/2019 19:33

339054 went through at 225.5p; is that Robin's residual holding?

[topvest] 12/7/2019 19:59

It looks like Robin is finally selling out. 239p is a much better price than anyone else can get though. At least Pohl can now start to take this trust forward more positively.

[mw8156] 16/5/2019 14:27

agree,
looks as though he is intent on reducing the numbers of holdings and cutting out duplications, where possible, should make the fund easier to manage in the end..

[topvest] 15/5/2019 20:41

I quite like Pohl's approach on avoiding technological obsolescence. Share price taken a bit of a hit today, but I'm optimistic on the revised approach. I will stick with it.

[topvest] 04/4/2019 19:52

Agreed. He's done a good job. He should have bowed out honourably when he had the chance really. Not the way to retire. The share price seems to respond positively to the prospect of Pohl continuing. Best point is Moore back as this trust needs his wise experience. The other NEDs are too inexperienced.

[mw8156] 04/4/2019 14:33

Robin Boyle and John Girdlestone have apparently bowed out;
seems that the NAV advanced from 50p to 245p in their period of tenure from July 1994 and in addition 80p of dividends have been paid with a rising dividend each year, so a more than satisfactory performance for those who've held from the start for which shareholders should be indebted.

[johnwig] 04/4/2019 12:22

topvest, you have no idea what you are talking about, do you?

[topvest] 04/4/2019 08:04

Just announced - Pohl and Moore back on the Board. Mrs Sachdev voted out. Ashton and Lawman survive, but may decide to go I suspect. They need Moore as Chairman.

[charo] 04/4/2019 07:39

Any news on agm

[topvest] 31/3/2019 20:41

AGM on Wed then. It's like a Brexit stand-off here!

[rooky4] 21/3/2019 17:14

It was a few days ago. I assumed that the price would drop by the dividend when xd, although I realise the market doesn't have to be rational. Happy to be out of it at a reasonable price anyway.

[mw8156] 21/3/2019 16:24

Rooky 4

are they not xd today so you get the divi as well if you sold today?

[rooky4] 21/3/2019 15:10

The last issued NAV was 235.9p (effectively includes the next dividend).
Recently, 235p has been on offer. Presumably this reflects the Pohl camp buying in, and won't be repeated, so probably the discount will widen in the medium term.
I couldn't see a good reason to stay, so sold out.

[topvest] 20/3/2019 20:52

Interestingly, the share price seems to perk up a little with the prospect of Pohl winning.