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

Athelney TrustAnnouncement

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RNS Number : 1276G  Athelney Trust PLC  04 November 2025

 

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 178.8p at 31 October 2025.

Fund Manager's comment for October 2025

The US economy expanded at a 3.8% annualised pace in Q2 2025, its strongest
run since 2023. Growth was lifted by robust consumer spending and higher
business investment. Inflation edged up to 3.0%, mainly due to firmer energy
prices, while underlying price pressures continued to ease. The Federal
Reserve trimmed rates by 25 bps to a range of 3.75-4.00%, responding to a
softer jobs market. Overall, the US remains on solid footing, though the Fed
is expected to ease policy gradually to keep both growth and inflation in
balance.

In the Eurozone, annual GDP rose 1.3%, showing resilience despite weak trade.
Inflation eased to 2.1%, near the ECB's target, as energy prices fell and core
inflation held at 2.4%. Manufacturing activity stabilised, and services
recorded the fastest growth since August 2024, supported by rising new orders
and job creation. Overall, growth remains modest yet stable, giving the ECB
room to delay rate cuts.

The UK economy grew by 0.3% in Q2 2025 over the previous quarter, supported by
services and construction, while manufacturing output contracted. Consumer and
government spending rose modestly, though business investment fell 1.1%.
Exports weakened slightly, leaving annual GDP up 1.4%. Inflation held steady
at 3.8% in September, with higher transport and hospitality costs offset by
easing food and energy prices, core inflation eased to 3.5%. Recent business
surveys indicated signs of stabilisation in the industrial sector and modest
growth in services. Companies reported improving order pipelines, better cost
control, and early signs of renewed confidence ahead of the November Budget,
suggesting that economic momentum may be starting to firm into year-end.

Global equities rose in October, albeit at a slower pace than in the previous
month, led once again by mega-cap, AI-related names such as NVIDIA, Microsoft
and Amazon. The MSCI advanced by 1.7% on broad developed-market strength. In
the United States, the S&P 500 gained 2.3% and the Nasdaq Composite
climbed 4.8%. In the UK, large caps rose strongly on higher oil prices and a
weaker pound, with the FTSE 100 up 3.9%. The FTSE 250 and FTSE Small Cap added
0.7% and 2.2%, respectively, while AIM stocks underperformed, declining by
1.8%.

Our portfolio declined by 1.17% and after providing for fees and expenses the
Net Asset Value (NAV) declined by 1.8%. During the month, we initiated a new
position in Boku (LSE: BOKU), a global mobile and online payments platform
providing direct carrier billing and digital wallets in over 90 countries. The
company's capital-light model, network effects, recurring revenues, and
disciplined management align well with our investment philosophy. We added to
our holdings in Begbies Traynor and Dunelm, while reducing positions in Auto
Trader and Treatt.

In October 2025, RELX reported 7% underlying revenue growth for the first nine
months, reaffirming guidance and highlighting strong demand across its data
and analytics divisions. Dunelm delivered a robust Q1 update, maintaining
sales momentum and healthy gross margins. Liontrust Asset Management recorded
£1.2 billion in net outflows, with AUM declining to £22 billion, though
management noted improving sentiment. S&U posted a 22% profit increase,
driven by better credit quality and strong growth in bridging finance. The
largest contributors to portfolio performance were Games Workshop, Cake Box,
and S&U, each gaining over 5%, while PayPoint, Liontrust, and Spectra
Systems were the main detractors.

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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