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

Athelney TrustAnnouncement

03/02/2026 08:30

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RNS Number : 4945R  Athelney Trust PLC  03 February 2026

 

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 169.6p at 31 January 2026.

Fund Manager's comment for January 2026

US economic momentum strengthened into year-end. Q3 2025 annual GDP was
revised up to 4.4%, led by resilient consumer spending and a sharp rebound in
exports. Consumption rose 3.5%, the strongest pace of the year, while exports
surged 9.6%, offsetting slower business investment as spending on structures
and equipment softened. Inflation continued to ease, with headline CPI at 2.7%
and core inflation at 2.6%, its lowest level since 2021. The Federal Reserve
held rates at 3.5%-3.75%. Forward indicators point to steady economic growth
into 2026, an environment supportive of high-quality businesses with pricing
power and strong balance sheets.

Euro area growth remained modest, with Q4 2025 GDP rising 0.3%, reflecting a
subdued but resilient backdrop. Inflation continued to ease, with headline CPI
falling to 1.9%, below the ECB's target for the first time since May, while
core inflation softened to 2.3%. The ECB left rates unchanged, signalling
patience as activity and employment remain resilient. Survey data point to
tentative stabilisation: an improvement in manufacturing conditions with
production returning to growth and confidence near four-year highs. Services
growth moderated, led by weakness in France amid political uncertainty.
Overall, the region continues to muddle through, with easing inflation offset
by uneven growth momentum.

UK growth remains subdued, with Q3 GDP up just 0.1%, weighed down by weak
manufacturing and production disruptions, partly offset by modest strength in
services, construction and household spending. Annual growth eased to 1.3%.
Inflation has softened but remains uneven: CPI dipped to 3.2% in November
before rising to 3.4% in December, while core inflation held at 3.2%. The Bank
of England cut rates 25bps to 3.75% in December, signalling a cautious easing
path. Survey data improved into early 2026, with manufacturing and services
activity strengthening and business confidence recovering.

Global equities made gains in January, with the MSCI World Index up 2.2%. US
markets were also stronger with the S&P 500 rising 1.4% and the Nasdaq
rising 1%, while UK equities outperformed, with the FTSE 100 up 2.9%, the FTSE
250 up 3.5%, and Small Cap and AIM indices gaining 4.0% and 6.7%,
respectively.

Our portfolio performance while positively impacted by broad-based gains in UK
small and mid-cap companies during January while the portfolio NAV , after
allowing for all fees and expenses, only increased by 0.6% for the month. The
largest contributors to performance during the month were PayPoint, S&U
Plc, 4Imprint and AJ Bell all rising over 5% while Dunelm Group, Games
Workshop and Liontrust were the largest detractors from performance all
falling over 10%.

The decline in the Games Workshop share price was in spite of reporting record
H1 results, with core revenue up 17%, strong cash generation and a 69% gross
margin, offsetting weaker licensing income as the group continues to invest in
capacity expansion and international growth. Many portfolio companies reported
results or trading updates painting a similar picture. Boku reported FY25
revenue growth of ~29%, with EBITDA up 31% and margins of ~32%, driven by
rising Total Payment Volume (TPV) and rapid expansion in Digital Wallets,
Account-to-Account payments and Bundling, supporting management's targets of
>20% organic revenue growth and >30% EBITDA margins from FY26. Wise
delivered strong Q3 FY26 results, with cross-border volumes rising 25%
year-on-year, supported by robust customer and balance growth, driving 21%
underlying income growth and reaffirming guidance toward the upper end of its
margin range ahead of a planned US dual listing in H1 2026.

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)

 https://flagshipinvestments.com.au (https://flagshipinvestments.com.au)

·     ECP Emerging Growth (ASX code: ECP)

 https://ecpam.com/emerging (https://ecpam.com/emerging)

·     Global Masters Fund Limited (ASX code: GFL)

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

·     Athelney Trust plc (LSE code: ATY)

 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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