Athelney Trust PLC Net Asset Value(s) (9234N)

TIDMATY

RNS Number : 9234N

Athelney Trust PLC

04 October 2021

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 289.1p at 30 September 2021.

Fund Manager's comment for September 2021

The UK economy grew by 5.5% during the second quarter of 2021 while the current account deficit shrank to GBP8.6 billion as a result of a strong recovery in exports. Increases in overall inflation have raised expectations of sooner-than-expected tapering by both the Bank of England (BOE) and the US Federal Reserve. The BOE cited increased natural gas prices as an upside risk and said cost pressures are still elevated, even if likely to be transitory. For the moment, the BOE is holding monetary policy steady but has indicated that a modest tightening in policy would be needed at some point. Of the other G10 central banks, the Swedish and Swiss central banks also held policy steady, with no change likely from either in the foreseeable future. However, Norway's central bank became the first central bank to raise interest rates, with a policy rate increase of 25 bps and signals of more to come.

China continues to dominate the financial media, albeit for the wrong reasons. Evergrande, one of China's largest real estate developers, caused volatility in global financial markets due to concerns that the company could default on its debts. Given its sheer size and the importance of the real estate sector to China's economy, an Evergrande default could weigh on China's economy and possibly spill over into the prospects for the global economy. However, the direct exposure to Evergrande among western banks appears thus far to be negligible. Nevertheless, major disruptions in China, the world's second largest economy, will certainly be felt in economies around the world.

Dividends declared by the companies in our portfolio continue to improve. However, a 4.6% decline in the market value of our investments as well as the payment in September of an interim dividend of 2p to shareholders has resulted in a 5.48% decline in the NAV per share. With the exception of the Fledgling index which increased by 1.08%, all the other indices declined during September. T he AIM All Share Index declined by 3.8%, the Small Cap Index was down by 2.23% and, while the FTSE 100 decline by only 0.47%, the broader FTSE 250 Index declined by 4.44%. Overall, the global markets ended the month in negative territory, with the MSCI declining by 4.29% and the S&P 500 down by 4.76%.

During the month we sold down our holding in Mountview Estates while adding to our holding in Target Healthcare. Cash received by way of dividends was higher as compared to the same period last year resulting in a slight increase in the overall cash position which currently represents 3.2% of the portfolio value as at the end of September.

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$1700m under its management including four listed investment companies, three listed in Australia and one in the UK:

   --    Flagship Investments (ASX code:FSI)

AUD95m https://flagshipinvestments.com.au

   --    Barrack St Investments (ASX code: BST)

AUD37m www.barrackst.com

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

AUD33m www.globalmastersfund.com.au

   --    Athelney Trust plc (LSE code: ATY)

GBP6m 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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October 04, 2021 06:40 ET (10:40 GMT)

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