Athelney Trust PLC Net Asset Value(s) (2935L)

TIDMATY

RNS Number : 2935L

Athelney Trust PLC

04 September 2023

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 208.7p at 31 August 2023.

Fund Manager's comment for August 2023

In the US, the increase in GDP at an annualized rate of 2.1% in the second quarter compared to earlier estimates of 2.4% for the same period lifted hopes for an easing of the upward pressure on interest rates as the economy clearly grew more slowly than previously expected. The key metric of non-residential fixed investment was revised down to 6.1% compared to the earlier estimate of 7.7%. Separate data also showed total job openings falling to 8.8 million in July, the lowest since March 2021.

Elsewhere, the authorities in China have been trying to avert an economic slowdown by lowering the key interest rates on offer during the month by the People's Bank of China.

In Europe, the PMI services survey for August declined to 48.3 and is below 50 for the first time since December of last year, in most part due to German economic weakness. In the United Kingdom, the news was not much better with the August manufacturing PMI down to 42.5, and the August services PMI declining to 48.7. This is the first time the services PMI has been recorded at below the 50 since January of this year. This negative trend was also evident in UK house prices which contracted in August at the fastest annual pace since 2009, falling by 5.3% compared with the same period last year.

Huw Pill, the Bank of England's chief economist, suggested that while the UK central bank still had to be vigilant with inflation remaining at these higher levels, keeping interest rates at 5.25% could result in a decline in inflation from July's annual rate of 6.8% to the Bank of England's target of 2% over the next three years.

This subdued economic activity overshadowed the expectation of an eventual lowering of interest rates, previously believed to be sufficient to maintain the positive momentum in the markets, with the net result that the MSCI declined over the month by 2.6%. The NASDAQ was down by 2.2% with the S&P500 faring slightly better, declining by only 1.8%. In t he UK, the broad market as represented by the FTSE 250 declined by 2.8%, dragged down by the larger companies which did not perform quite as well and evidenced by the FTSE 100 which was down by 3.4%. Smaller companies were no better off over the month with the Small Cap Index down by 3.2% while the AIM All-Share Index declined by 3.0%. The Fledgling Index did slightly better, albeit declining in similar fashion, down by 2.9%. By comparison, the Athelney portfolio was down by 2.6% and, after providing for expenses, the NAV declined by 3.2%.

During the month we utilised some of the cash received by way of dividends to increase our holding in CBOX which resulted in our cash holding at month end comprising 4.5% 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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September 04, 2023 06:17 ET (10:17 GMT)

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