Athelney Trust plc - Net Asset Value(s)
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The unaudited net asset value of
Fund Manager's comment for
The COVID-19 coronavirus continued to hammer financial markets in March as the virus spread to the US and across the globe. The economic carnage produced by the abrupt shutdown of economic activity across the world is evident from the weekly unemployment claims in the US. In the period prior to the outbreak, jobless claims had declined to their lowest levels in sixty years. In the second week of March claims increased suddenly to 282,000 and then sky rocketed to a record 3.3 million during the week ended
This hibernation of the world's economy was reflected in the major world stock markets as represented by the MSCI World Index and the S&P 500 which continued to fall, with both indices dropping in February by 13.5% and 12.5% respectively. The
While our portfolio of investments declined in similar fashion to that of the overall market, it performed better than the small to midcap segment of the market, declining by 18.8% during the month which, after allowing for the expenses resulted in a decline of 22.6% in the NAV. When analysing the underlying performance of the portfolio it is interesting to note that the non-REIT component of the portfolio declined by only 14% with overall performance dragged down by the REIT exposure. It would appear that the REIT's have been under additional price pressure due to the selling by open-ended property funds. These funds have used exposures to listed REITs, rather than extra cash, to provide liquidity for excessive redemptions so as to retain an exposure to property. This is evidenced by a recent RNS announcement by Tritax BigBox (BBOX) where Aviva (a closed open-ended property fund) announced that it had reduced its holding.
We sold our holdings in Biffa, VP and Marston's, utilising the proceeds and some of our surplus cash to add to our position in Costain, Jarvis, Boohoo, Rightmove,
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 "Portfolio Details".
Manny is Chairman and Chief Investment Officer of E C Pohl & Co ("ECP"), an investment management company and has been a major shareholder in
E C Pohl & co is licensed by the Australian Financial services (licence no.421704).
· Flagship Investments (ASX code:FSI)
· Global Masters Fund Limited (ASX code: GFL)
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
This information is provided by RNS, the news service of the
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