Athelney Trust PLC Net Asset Value(s) (5559K)

TIDMATY

RNS Number : 5559K

Athelney Trust PLC

02 September 2021

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 305.9p at 31 August 2021.

Fund Manager's comment for August 2021

Financial markets have continued to improve in spite of a notable decline in the PMI surveys across the globe. In the UK, this was to be expected after the economy enjoyed supercharged growth in the second quarter of 4.8% over the previous quarter. The August services PMI dropped to 55.5, the lowest level since February, while the manufacturing PMI eased to 60.1.

After massive declines earlier in the month, Chinese tech stocks recovered a little as their management responded quickly to the regulatory assault by donating billions to community organisations. Clearly China is becoming a major force in market dynamics. In recent years it has increased its power in international institutions that oversee global science and technology policies, as well as making a major push to influence international standards for next generation technology. Its Belt and Road Initiative is nothing more than an attempt to control critical global supply chains, global trade, and data flows and we need to ensure that the companies we invest in are aware of these changes and are responding accordingly.

Increased dividend income from our investments as well as improved valuations during the month contributed to an excellent performance by the portfolio over the month. This together with operating costs which were well contained, culminated in a 4.47% increase in the NAV for the month. This followed a similar improvement last month. By comparison, the AIM All Share Index was up by 3.35%, the Fledging Index up by 2.33% and the Small Cap Index up by 3.64%. The large caps did not perform quite as well with the FTSE 100 up by 1.24% while the broad market performed the best of all with the FTSE 250 Index up by 5.03%. Overall, the global markets ended the month in positive territory, with the MSCI increasing by 2.35% and the S&P 500 up by 2.90%.

There were no changes to the portfolio holdings during the month as our analysis of company announcements confirms that our expected investment thesis is continuing to play out. Cash received by way of dividends resulted in a slight increase in the overall cash position which currently represents 3.0% of the portfolio value as at the end of August.

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 AM

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$1500m 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)

AUD25m www.barrackst.com

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

AUD25m 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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September 02, 2021 06:44 ET (10:44 GMT)

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