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

Athelney TrustAnnouncement

Mon 10:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260105:nRSE6576Na&default-theme=true

RNS Number : 6576N  Athelney Trust PLC  05 January 2026

 

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 169.5p at 31 December
2025.

Fund Manager's comment for December 2025

Economic conditions improved into year-end, particularly in the United States,
where Q3 GDP was revised up to 4.3%, the strongest pace in two years. Growth
was led by the American consumer, supported by exports and government
spending, while business investment continued to expand despite ongoing
weakness in housing. Survey data suggests activity is slowing from a high
level rather than rolling over, with employment holding up. Against this
backdrop, the Federal Reserve reduced rates by 25bps and indicated that
further easing is likely in 2026 if inflation continues to moderate.

The Eurozone remains a tale of uneven progress. Growth improved slightly,
supported by higher investment and public spending, but this was offset by
weak trade and persistent regional divergence. Manufacturing remains under
pressure, particularly in Germany and Italy, while services continue to expand
but with diminishing momentum. Overall, the region remains resilient but
fragile, leaving the European Central Bank in no rush to materially change
policy.

In the UK, economic growth remained muted, with Q3 GDP rising just 0.1%.
Manufacturing returned to modest expansion in November, with output and new
orders improving after a prolonged downturn, but employment continued to
decline as higher labour and input costs weighed on hiring. Services showed
clearer momentum in December on stronger domestic and overseas demand.
Inflation eased further, with CPI slowing to 3.2% in November, The Bank of
England cut rates by 25bps, signalling a cautious and data dependent path
ahead.

Equity markets were mixed in December. Global equities recovered modestly,
with the MSCI World Index up 0.73%. US markets were weaker with the S&P
500 slipping 0.05% and the Nasdaq falling 0.53%, while UK equities
outperformed, with the FTSE 100 up 2.17%, the FTSE 250 up 1.38%, and Small Cap
and AIM indices gaining 1.85% and 1.63%, respectively.

Our portfolio performance was weighed down by negative sentiment toward UK
financials, particularly AJ Bell, following Autumn Budget changes affecting
pensions and savings. These policy shifts created short-term uncertainty
around client behaviour, despite no deterioration in underlying business
quality. We used this weakness to add to AJ Bell and trimmed our holding in
Liontrust. The portfolio declined by 1.89% in December with the NAV down by
2.31% after allowing for expenses.

At the company level, AJ Bell delivered record FY25 results, with strong
growth in revenue, profits and earnings per share, alongside a higher dividend
and a further £50m share buyback. Net inflows remained robust and management
continues to invest for long-term growth. Begbies Traynor reported steady H1
progress, with revenue and profit growth, a higher interim dividend, and
continued strength in counter-cyclical advisory services. Impax Asset
Management ended the year with £26.1bn of assets under management and remains
focused on long-term sustainability themes.

The largest contributors to performance were S&U, NWF Group, and Dunelm,
while AJ Bell, Impax, and Auto Trader were the main detractors, a reminder
that short-term market sentiment often diverges from long-term business value
and success.

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  NAVGCGDBDUGDGLU



            Copyright 2019 Regulatory News Service, all rights reserved