Athelney Trust announces final results. Athelney Trust, an investor in small companies and junior markets has announced its final results for the year ended 31 December 2017. Key highlights are an NAV total return of 16.8% (31 December 2016: 5.7%); revenue return per ordinary share of 9.6p (31 December 2016: 10p) and a final dividend of 8.9p per share (2016: 8.6p), an increase of 3.5%.
Performance
With a total return of 16.8% for 2017, Athelny has outperformed the FTSE Small Cap index (14.9%) but underperformed the Fledgling and AIM All-share indices (23% and 24.1% per cent respectively). The chairman says that 2017 was about growth strategies while those based on value and income did well enough without matching the strong performance of Fledgling and AIM. However, taking a longer-term perspective, the chairman highlights that investors who subscribed for Athelney Trust shares in the IPO of 1994, the annual return has now risen to 17.8% (net of basic rate tax on the capital originally invested).
Portfolio activity
Holdings of Biffa, Countrywide, Crest Nicholson, Debenhams, Greene King, Hostelworld, Ibstock, Marstons, Murgitroyds, NWF, The PRS REIT and Safecharge were all purchased for the first time. Additional holdings of Air Partner, M&C Saatchi and Record were also acquired. Beasley, Hiscox, Lancashire Holdings and Novae were sold. In addition, eleven holdings were top-sliced to provide capital for the new purchases. The chairman also says that Athelney’s holdings of Lavendon and Cape were taken over at a capital profit of 99.1% and 19.8% respectively.
ATY : Athelney Trust announces final results