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

Athelney TrustAnnouncement

02/12/2025 10:45

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RNS Number : 8916J  Athelney Trust PLC  02 December 2025

 

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 173.5p at 30 November
2025.

Fund Manager's comment for November 2025

The US economy expanded at an annualised 3.8% in Q2 2025, exceeding the prior
3.3% estimate and marking its strongest run since late 2023. Growth was driven
by a sizeable upward revision in consumer spending, with services and goods
both showing solid momentum. Inflation edged up to 3.0% in September, lifted
by firmer energy prices. Manufacturing activity eased slightly but continued
to improve overall, while the services sector strengthened to its fastest pace
since July on strong customer demand. Business confidence rose to an 11-month
high.

The Eurozone economy grew 0.2% in Q3 2025, a slight improvement from Q2. Spain
and France led the bloc with solid consumer demand and export rebounds, while
Germany and Italy stagnated.  Manufacturing weakened, with factory activity
slipping as orders and employment fell. By contrast, the services sector
continued to strengthen, reaching its fastest pace of expansion in 18 months.
Inflation held at 2.1%, broadly in line with the ECB's target, though services
inflation rose to 3.4%. Overall, the region remains resilient, reducing
pressure on the ECB to cut rates further.

The UK economy grew just 0.1% in Q3 2025, down from 0.3%, as manufacturing
contracted sharply following cyber-related disruptions at Jaguar Land Rover.
Services held up modestly, while construction growth nearly stalled. Inflation
eased to 3.6% in October, helped by sharp declines in gas and electricity
prices, while core inflation slipped to a six-month low. Manufacturing showed
a modest return to growth, while the services sector lost momentum as
businesses held back ahead of the Budget and demand softened. Firms cut staff
and focused on tech investment as input cost pressures moderated.

Global equities were driven by fears of an AI-investment bubble, as fund
managers warned that tech giants were overspending on data centres and
infrastructure. This shift in sentiment fuelled volatility and coincided with
the first global equity fund outflows after a nine-week buying streak. The
MSCI World Index ended the month up a 0.18%. In the United States, the S&P
500 gained 0.13% while the Nasdaq Composite fell by 1.51%. In the UK, large
caps ended flat with the FTSE 100 up a modest 0.03%. The FTSE 250 declined by
0.03% while the FTSE Small Cap and AIM indexes underperformed, declining 0.37%
and 2.37% respectively.

November's volatility hit our portfolio, specifically some of our smaller
growth companies namely PayPoint Plc and NWF Group. Our Net Asset Value (NAV)
total return for November was -2.96% after fees and expenses. During the
month, we added to our holdings in CakeBox and Liontrust and trimmed our
holdings in Dunelm, S&U and NWF Group.

Games Workshop delivered standout results with FY25 revenue up 17%, and net
income rising 30%, while Auto Trader saw H1 revenue rise 5%, operating profit
up 6%, and EPS up 11% to 17.26p. Liontrust reported a FY25 revenue decline of
14% with £2.3bn in net outflows and AUM of £22bn. Cake Box delivered 53.5%
H1 revenue growth to £28.8m, with EBITDA up 31% and raised its interim
dividend  by 5.9%. PayPoint delivered solid H1 FY26 growth with revenue up
6.7% to £144.1m.

The largest contributors to portfolio performance were Games Workshop, and
4Imprint Group, each gaining over 15%, while PayPoint, NWF, and RMV 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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