Athelney Trust PLC Net Asset Value(s) (2567K)

TIDMATY

RNS Number : 2567K

Athelney Trust PLC

04 May 2022

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 260.0p at 30 April 2022.

Fund Manager's comment for April 2022

Our portfolio declined by 1.38% over the month which was in line with the overall decline in the UK market. After providing for the expenses the NAV declined by 1.48% as compared to the FTSE 100 which was up by 0.38% and the broader FTSE 250 Index which declined by 2.13%. The AIM All Share Index declined by 1.93%, the Small Cap Index performed slightly better declining by only 1.54% while t he Fledgling Index was up by 0.71%. As mentioned in previous monthly comments, the FTSE 100 Index contains many larger, older and more traditional commodity and energy-related stocks including BP and Royal Dutch Shell which have been benefiting from soaring global oil and metal prices as a result of the war in Ukraine.

By comparison, the Global markets were under huge pressure with the MSCI declining by 8.43% over the month, mirroring the 8.8% decline in the S&P500 index. This decline in the broad global index was largely driven by a massive decline in the Mega Cap companies in the US with the tech heavy NASDAQ down by a massive 13.26% during the month.

Recent UK economic data for February reflected the global trend of higher inflation and slowing growth. GDP grew by 0.1% month-on-month, following a 0.8% gain in January which reflected weakness in industrial and manufacturing production as well as in construction and services. The UK's March CPI headline rate was up by 7% and now sits at a 30-year-high which is the primary cause of the current tightening by the Bank of England with its policy rate now at 0.5% .

The contraction in the US GDP at an annualised rate of 1.4% in the first quarter was a surprise and due to a substantial decline in net exports and inventories. However, personal consumption expenditure and fixed investment remained positive contributors. In the business sector, equipment investment increased by an annualised 15.3% against the backdrop of limited labour availability and strong wage growth as businesses continue to invest in automation to overcome the labour shortage and rising labour costs.

During the month we sold our holding in Lok 'n Store and added further to our holding in Target Healthcare, Tritax Big Box, LXI Reit and AEW UK Reit, thereby increasing the yield from our property exposure. We received the cash from the takeover of Clinigen with cash currently comprising 10.5% of the portfolio at month end .

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 "About" then select "Latest Monthly Fact Sheet".

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 AUD2.7bn (GBP1.5 billion) 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

https://www.theaic.co.uk/income-finder/dividend-heroes

Website

www.athelneytrust.co.uk

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May 04, 2022 02:56 ET (06:56 GMT)

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