Athelney Trust PLC Net Asset Value(s) (1824R)

TIDMATY

RNS Number : 1824R

Athelney Trust PLC

04 July 2022

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 233.7p at 30 June 2022.

Fund Manager's comment for June 2022

Global markets have had their worst monthly performance since March 2020 with the MSCI Index declining by 8.77%. The S&P 500 Index produced its worst first-half performance since 1970, as concerns over heightened inflation and the prospects of a recession continued to weigh on the markets resulting in the index declining by 20.6%. The Dow Jones Industrial Average was also down by over 15% in the first half of the year, while the Nasdaq Composite lost 29.5%.

In the UK, gross domestic product data released this week revealed that GDP growth was 0.8% in the first quarter, in line with expectations, but still down from 1.3% in the fourth quarter of 2021. By comparison, household incomes fell for the fourth quarter in a row, down 0.2% after adjusting for inflation which is the longest successive decline since 1955, with household incomes now down 1.3% year-on-year. On a more positive note, in the US, the core PCE Price Index which is the preferred gauge of inflation used by the Federal Reserve Bank, eased to a six-month low of 4.7% in May 2022, indicating that price increases could be slowing.

The British Pound ended the second quarter at $1.21 and is down by more than 10% in the first half of the year, which is the worst six-month performance since the Brexit referendum in 2016.

The continued Covid lockdowns in China and Russia's invasion of Ukraine exacerbated market volatility and while our portfolio declined by 7.74% over the month, the decline was not as severe as occurred in the FTSE 250 which declined by 8.58% and the AIM All Share Index which declined by 10.2%. By comparison, the FTSE 100 declined by only 5.76%, while the Small Cap Index declined by 6.74% with the Fledgling Index down by 5.68% over the same period.

During the month there was a takeover offer for Homeserve into which we sold our entire holding with the intention of using the proceeds to acquire a few new names as soon as market volatility wanes. Cash comprised 13.0% 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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July 04, 2022 04:13 ET (08:13 GMT)

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