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

Athelney TrustAnnouncement

04/08/2025 11:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250804:nRSD8432Ta&default-theme=true

RNS Number : 8432T  Athelney Trust PLC  04 August 2025

 

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 188.9p at 31 July 2025.

Fund Manager's comment for July 2025

In the United States, the economic picture took another turn. After
contracting in Q1, the US economy rebounded with an annualised 3% GDP growth
in the June quarter. While this headline figure looks impressive, the quality
of the growth is more nuanced as a large part of the rebound came from a sharp
drop in imports as businesses and households had front-loaded purchases
earlier in the year in anticipation of further tariffs. The Federal Reserve
opted to hold rates steady for a fifth consecutive meeting.

The Eurozone posted modest growth of just 0.1% in Q2, reflecting a hesitant
recovery amid persistent trade friction and fragmented performance among
member states. Germany and Italy contracted slightly, while Spain and France
saw modest expansions. The ECB kept interest rates unchanged, effectively
pausing its easing cycle, having delivered eight rate cuts over the past year.

Taking the same stance as other central bankers, the Bank of England
maintained the Bank Rate at 4.25%. This was against an economic backdrop that
remains fragile, headline inflation is stubborn, energy markets remain
volatile due to ongoing tensions in the Middle East, and GDP growth, while
positive in Q1, lacks broad momentum. Business surveys confirmed this, with
both services and manufacturing PMIs softening in July, and confidence subdued
across most sectors.

Global equity markets continued to demonstrate resilience in July, navigating
ongoing macroeconomic uncertainty with steady gains. The MSCI World Index rose
1.23%, supported by broad-based strength across developed markets. In the US,
the S&P 500 advanced 2.17% and the Nasdaq climbed by 3.7%, reflecting
sustained investor interest in technology and growth-oriented sectors. Closer
to home, UK equities also delivered positive returns, with the FTSE 100 rising
4.24%, while the FTSE 250 and Small Cap indices gained 1.56% and 0.24%
respectively.

Turning to our portfolio, we delivered a solid return in July with the
portfolio up by 1.1% and the NAV increasing by 0.91% after providing for
expenses. During the month we lightened our holding in National Grid and added
to our positions in S&U and the Mony Group. Notably, Alpha Group received
a takeover offer from US-based Corpay, valuing the company at £1.81 billion,
a 55% premium that we view as a strong validation of Alpha's strategic
positioning. Cake Box impressed with double digit earnings growth and the
acquisition of Ambala Foods, while Auto Trader performed well amid economic
uncertainties, bolstered by strong demand, innovative product launches, and a
solid competitive position.

In a similar vein, AJ Bell reported strong growth with record net inflows and
continued investments in their platform offerings, and AEWU reaffirmed its
income strength with a solid NAV and dividend update.

During the month, the largest contributors to performance were Alpha Group,
Cake Box, and Begbies Traynor, all rising over 10% during the month.
Detractors included PayPoint, Treatt, and Money Supermarket, which faced
modest headwinds.

We continue to prioritise companies with strong pricing power, robust balance
sheets, and compelling long-term fundamentals. While short-term volatility can
be disconcerting, it often creates opportunities for long-term investors with
a disciplined mindset.

 

 

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)
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NAVGCGDIISGDGUS