REG - Athelney Trust plc - Net Asset Value(s)

Athelney TrustAnnouncement

07/05/2024 10:00

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RNS Number : 4183N  Athelney Trust PLC  07 May 2024

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 189.8p at 30 April 2024.

Fund Manager's comment for April 2024

In the US, the Federal Reserve maintained the interest rate in the range of
between 5.25% and 5.5% and indicated that it is likely to remain at this level
for a while longer as there had been "a lack of further progress" towards
their 3% inflation goal in recent months. However, on the flip side the
Federal Reserve did indicate that it was unlikely that interest rates would
rise to counter the recent uptick in inflation as the economy was moving
towards full employment in an environment of subdued price pressure. In the
4(th) quarter, US GDP increased by 3.4% with a further 175,000 jobs added in
April, albeit below estimates of a 241,000 rise, with unemployment rising
slightly to 3.9%, compared with estimates of 3.8%.

Eurozone Q1 GDP growth came in stronger than expected this week and the April
CPI showed further disinflation progress as the core CPI slowed to 2.7%
year-on-year. The gain in the Eurozone Q1 GDP was widespread, even if the
strength of the rebound varied across the region's major economies. German and
French GDP both rose in Q1, albeit by a modest 0.2% over the previous quarter.
Italy's GDP increased by a slightly stronger 0.3%, and Spain's GDP rose by a
solid 0.7%.

By comparison, the Organisation for Economic Co-operation and Development
(OECD) has forecast that the UK GDP will increase by a mere 0.4% in 2024, a
softer expansion than any other G7 economy apart from Germany, combined with a
higher rate of inflation of 2.7%. UK mortgage approvals hit an 18-month high
in March, rising to a more normal level of 61,300 after falling to a low of
39,800 in January 2023 when higher interest rates curbed demand.

The slight uptick in inflation and the perceived delay in the easing of
interest rates put pressure on share prices with the S&P500 declining by
4.2% for the month.  The NASDAQ reported a similar decline of 4.4% as did the
MSCI which was down by 3.9% over the month.

Notwithstanding the negative economic news, the UK markets performed strongly
with the FTSE 100 up by 2.41%, the Small Cap Index up by 2.02%, the AIM
All-Share index up by 2.35% and the Fledgling Index up by 4.15%.  The broad
index did not fare quite as well with the FTSE 250 up by only 0.41%.

The Athelney portfolio was unchanged for the month and, after allowing for
expenses, the NAV reflected a decline of 0.42%.

During April, we established a position in Relx, added to our holding in
Begbies Traynor while selling our entire holding in Spirax-Sarco Engineering
and reducing our holding in London Metric.  This resulted in our cash holding
increasing slightly to 2.8%.

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 (http://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 (http://www.ecpohl.com)

www.ecpam.com (http://ecpam.com/)

Manny Pohl and the ECP group has AUD2.7bn (£1.5 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 (https://flagshipinvestments.com.au)

·    Barrack St Investments (ASX code: BST)

AUD37m www.barrackst.com (https://www.barrackst.com/)

·    Global Masters Fund Limited (ASX code: GFL)

AUD33m www.globalmastersfund.com.au (http://www.globalmastersfund.com.au)

·    Athelney Trust plc (LSE code: ATY)

GBP6m www.athelneytrust.co.uk (http://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 a "Dividend Hero" being one of only a few
investment companies that have increased their dividend every year for 20
years or more. See link

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

Website

www.athelneytrust.co.uk (http://www.athelneytrust.co.uk)
 

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