LICs, page-32

Yeah- not sure on that

This one shows the NTA has underperformed http://www.athelneytrust.co.uk/perch/resources/athperfstatdec16.pdf

This one shows it has done 153% last 5 years, well exceeding its NTA and the benchmarks
http://www.theaic.co.uk/companydata/BXBG0/performance

Ah, 1, 3 & 10 years not good, 5 years good.

Here are its holdings http://www.theaic.co.uk/companydata/BXBG0/portfolio

Anyway, its all of 7% of the portfolio, immaterial. I can only assume they want UK exposure, but for 7% not even worth it IMO

Here we go, website says The assets of the Trust are allocated predominantly to companies with a market capitalisation of less than £300m. http://www.athelneytrust.co.uk/shareholder_information.php

Also says it is 14% owned by Global Masters, so I think that means its about a $20m company size?? Probably not much liquidity on this I'd doubt

Probably just cheap UK small cap growth exposure.


Dunno why they hold Australia in it- but I expect it is because they need dividends to pay the cost of operating the company, or it would always show a paper loss. And Flagship investments has no Management Fee just a performance fee.

I'd rather a pure play Berkshire Hathaway

I might get a thread going on that one. Prefer to get a round in instead, but looks like a 3pm shower apparently. If it rains in 2 hours you'll know why