Athelney Trust PLC Net Asset Value(s) (7622V)

TIDMATY

RNS Number : 7622V

Athelney Trust PLC

05 December 2023

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 193.7p at 30 November 2023.

Fund Manager's comment for November 2023

Recent data from the US confirms that their economic expansion continues at a strong pace while at the same time inflation has started to slow. Real GDP for the third quarter was revised upwards to 5.2% from the previous estimate of 4.9%. On the inflation front, the Case-Shiller Home Price Index rose by 3.9% over the twelve months to September 2023 as compared to the prior twelve-month period when home prices were up 19.1% and the year before when they increased by 10.5%.

The same trend is evident in Europe where inflation in November fell far more than expected, to 2.4% on the back of falling energy prices and lower growth in food and services prices . Core CPI rose 3.6%, which was the slowest pace of increase since April 2022.

In the UK, recent official figures showed that mortgage approvals rose more than expected in October, pointing to a stabilisation in the property market after a prolonged period of low house sales. Separately, UK business activity grew marginally in November easing fears of the economy contracting in the last three months of the year. The UK PMI Composite Output Index, a measure of the health of manufacturing and service sectors, rose to 50.1, from 48.7 in October indicating that a majority of businesses reported an expansion rather than a contraction in business activity as had been the case since July. The recent cuts to business taxes in the Autumn Statement and the announcement that the 'full expensing' capital allowance regime will become permanent also provides a welcome boost to business.

The markets responded positively to the improved inflationary and interest rate outlook for the global economy with the tech heavy NASDAQ the standout, up by 10.7%. The S&P500 also benefited from the positive sentiment in the equity markets, reporting an 8.92% improvement over the month as did the MSCI which was up by 9.21%. In the UK, while the FTSE250 was up by 6.73% the FTSE100 was only up by 1.8%. The smaller end of the market performed much better, with the Fledgling Index up by 6.24%, the AIM All-Share Index up by 4.99% and the Small Cap Index up by 4.03%.

The Athelney portfolio has up by 4.2% during the month. After allowing for expenses, including a substantial increase in audit fees, the NAV reflected an increase of 4.03%.

There were no changes to the portfolio during the month. Our cash holding at month end was unchanged, comprising 3.4% 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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December 05, 2023 09:45 ET (14:45 GMT)

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