Athelney Trust PLC Net Asset Value(s) (5292J)

TIDMATY

RNS Number : 5292J

Athelney Trust PLC

05 December 2018

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 238.5p at 30 November 2018.

Fund Manager's comment for November 2018

The Athelney Trust unaudited NAV continued to decline during November, the sixth month in a row, to 238.5p, a decline of 1.45% which compared favourably to a 2.09% decline in the FTSE Index, a 5.05% decline in the AIM All Share index and a 0.43% decline in the Small Cap Index. This is in contrast to most other major stock markets which showed some improvement during the month. The Dow Jones Index increased in US$ by 1.68% and there was a 0.96% increase in the MSCI World Index in November.

The portfolio continues to be affected by UK macro factors rather than specific business-related matters and this trend is expected to continue for the foreseeable future. The Brexit compromise deal which is currently on the table has clearly affected investor confidence in the equity markets while the pound has changed little during the month when compared to a basket of currencies. UK equities were also negatively impacted by a further loss of earnings momentum and growing concerns around the outlook for the UK consumer as confirmed in the latest consumer confidence index, which decreased by three points to -13 in November 2018, is the lowest reading since December last year.

I have been careful to not make too many changes to the portfolio, to ensure that for now we reap the dividends that were expected and are imminent. To this end we added to our positions in Jarvis Securities, Marston's and XP Power. None were sold.

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.

About the management group

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 a$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.co.au

   --     Barrack St Investments (ASX code: BST) 

AUD23m www.barrackst.com

   --     Global Masters Fund Limited (ASX code: GFL) 

AUD26m www.globalmastersfund.co.au

   --     Athelney Trust plc (LSE code: ATY) 

GBP5m www.athelneytrust.co.uk

Athelney Trust plc Investment Objective

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.

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 on 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) Dow Jones Newswires

December 05, 2018 05:43 ET (10:43 GMT)