Athelney Trust PLC Net Asset Value(s) (7693R)

TIDMATY

RNS Number : 7693R

Athelney Trust PLC

04 March 2019

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 235.9p at 28 February 2019.

Fund Manager's comment for February 2019

As stated last month, the trade and political outlook for 2019 remains unclear. President Trump has walked away from a denuclearisation deal with North Korea, a trade deal with China is still in the balance and it does not appear that the Prime Minister has a Brexit proposal that is acceptable to Parliament. However, after an excellent start to the year, equity markets have discarded all of the political noise and continued to power ahead. Most major stock markets around the world were up during the month of January. The Dow Jones Index increased in US$ by 3.67% and there was a 2.83% increase in the MSCI World Index during the month.

In similar vein, it is pleasing to report that during February the Athelney Trust unaudited NAV increased for the second month in a row, this time by 1.07%, which compares with a 1.52% increase in the FTSE Index, a 0.88% decline in the AIM All Share index and a 0.9% increase in the Small Cap Index.

Dividends received in the month continue to be as expected and our focus remains on retaining and consolidating 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, as well as adding companies which have an acceptable level of predictable growth in the business's medium-term economic performance. To this end we have continued 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, the occurrence of which will result in our view in a deterioration in future profitability and hence dividends. Our positions in Braemar Shipping, Reach, Gattaca, PRS Reit, KCOM and Kin & Carta have been sold while we consolidated our positions by adding to our holdings in Rightmove, Close Brothers and Murgitroyd. We took up the offer in Tritax Big Box, Greencore and Randall & Quillter.

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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March 04, 2019 07:12 ET (12:12 GMT)