Athelney Trust PLC Net Asset Value(s) (2717Y)

TIDMATY

RNS Number : 2717Y

Athelney Trust PLC

03 May 2023

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 219.0p at 30 April 2023.

Fund Manager's comment for April 2023

While US consumer spending grew at a solid annualised rate of 3.7% in the first quarter, the US economy did not expand as expected with real GDP increasing at an annualised rate of only 1.1% as compared to the 2.6% registered in the final three months of 2022. The weak performance was largely due to a significant drag from private inventories and business spending on equipment which fell by 7.3% and residential investment which declined for the eighth consecutive quarter. The US trade deficit narrowed last month on the back of the slowdown in the US economy which shows that the Federal Reserve's year-long battle against inflation is beginning to take effect. Rates have been lifted from near zero to just under 5% in the past year, the fastest increase in decades.

In the Eurozone, GDP was up by 1.3% over the year, facilitated by lower energy prices. The services PMI has been increasing in recent months as has the IFO surveys for Germany which reflect an improvement in the business outlook indicator for the sixth consecutive month.

The UK Government borrowed GBP139.2 billion in the 2022-23 financial year, significantly less than official forecasts, opening the way to possible tax cuts later in the year. The borrowing figure, which was published recently by the Office for National Statistics, was GBP13.2 billion less than forecast last month, largely because of lower-than-expected public spending. Separately, the Bank of England's Monetary Policy Committee said labour shortages and the accompanying pressures on wages, could make high inflation more persistent in the UK than elsewhere.

After being under pressure the previous month, the UK and world equity markets fared a little better this month in response to the reduced upward pressure on interest rates. T he net result was that while the Nasdaq Composite was flat, the S&P500 improved by 1.5% and the MSCI increased by 1.6%. In the UK, the large cap segment of the market was the best performing segment with the FTSE 100 up by 3.1% over the month and the broader FTSE 250 Index up by only 2.6%. Smaller company valuations fared similarly with the AIM All-Share Index up by 2.6% and the Small Cap Index up by a slightly lesser 1.8%. By comparison, the Athelney portfolio with its focus on quality growth companies had a good month, increasing by 3.6% during the month and, after providing for ongoing expenses, the NAV improved by 3.5% to end the month at 219p.

During the month we continued to reduce our exposure to the Target Healthcare REIT and Liontrust Asset Management and used the cash to increase our holdings in Fevertree Drinks, AEWUK Reit and made our initial investment into Alpha Group International. Our cash holding at month end comprised 2.3% of the portfolio.

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 (license 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 03, 2023 05:14 ET (09:14 GMT)

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