Athelney Trust PLC Net Asset Value(s) (8771X)

TIDMATY

RNS Number : 8771X

Athelney Trust PLC

02 May 2019

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 236.2p at 30 April 2019.

Fund Manager's comment for April 2019

Global markets continued their strong start to the year with most regions up during April. U.S. equities continued to perform well with the S&P 500 Index advancing by 3.9% as the Fed kept rates on hold during the first quarter and indicated that there would probably be no further rate increases for the remainder of the year. Europe on the other hand released a series of disappointing eurozone metrics, signalling a lacklustre start to the second quarter. Consumer confidence continued to drift lower, and Germany's closely watched LFO business climate indicator fell for the seventh time in the past eight months. In China, the government's wide range of stimulus measures seemed to be bearing fruit, evidenced by better-than-anticipated first-quarter GDP growth (+6.4%), retail sales (+8.7%) and industrial production (+8.5%).

Following the April 10 agreement between the European Union and the U.K. the fear of government dysfunction around the world abated with the delay of Brexit until Halloween. The portfolio performed well during the month, given the continued political uncertainty, with the NAV increasing by 5.2% as compared to the FTSE Index which increased by 1.9%. The Small Cap Index was up by 3.8%, the AIM All Share Index by 6.1% and the Fledging Index by 1.7%.

During the month we consolidated our exposure in the Property sector into fourteen companies with a further three to be removed once they have gone ex-dividend. Dividends received in the month continue to be as expected and, in some cases, better than expected. We will now turn our attention to the other sectors where our focus will be to retain and consolidate our holdings into those quality companies in the portfolio which are unlikely to be disintermediated by technological change and able to maintain or increase their dividend. To this end we will continue to sell our holdings in companies where there has been a change to the industry structure, the business model, the senior management team or the product/service offering, as well as adding companies which have an acceptable level of predictable growth in the business's medium-term economic performance.

Our position in Air Partner was lightened while McColls Retail, Wynnstay Group, TP ICAP, Capital & Regional, Schroder European Trust, Palace Capital and Park Group were sold. We added to our positions in AEW, Lok'n Store, Tritax Big Box, Londonmetric and Regional Reit. No new names were added.

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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May 02, 2019 04:34 ET (08:34 GMT)