Athelney Trust’s interim figures show its NAV total return was 6.4% over the six months ended 30 June 2015, behind returns on small cap indices with the FTSE Smaller Companies, Fledgling and Aim All-share being up by 7.1, 15.6 and 8.2 per cent respectively
There is much musing on the economy in the report – the portfolio review is reproduced in full below
“Holdings of AEW UK, Harworth Group, Japan Residential, Jupiter Fund Management, Record, River & Mercantile and Safestyle Uk were all purchased for the first time. Additional holdings of Begbies Traynor Group, Capital & Regional, Charles Taylor Consulting, Picton Property Income and Quarto Group were also acquired. Brit, GLI Finance, Hydrogen, ISG, NewRiver Retail, Plus 500, Redefine, Renew Holdings and RWS Holdings were sold. In addition a total of 4 holdings were top-sliced to provide capital for new purchases. We accepted take-over bids for the holdings of Catlin and Nationwide Accident Repair, which gave us a profit/(loss) on book value of 21.5 per cent and (14.1) per cent respectively.”
ATY : Athelney lags small cap. indices