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

Athelney TrustAnnouncement

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RNS Number : 1602V  Athelney Trust PLC  03 March 2026

 

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 170.7p at 28 February
2026.

Fund Manager's comment for February 2026

The US economy slowed in the final quarter of 2025, expanding at an annualised
rate of 1.4%, down from 4.4% in Q3. The moderation reflected softer consumer
demand and weaker exports following a strong Q3. Goods spending slowed,
although services activity remained resilient, while government spending
declined due to the temporary federal shutdown. Encouragingly, business
investment remained firm, particularly in intellectual property and
technology, and the decline in residential investment eased. For 2025 as a
whole, GDP grew 2.2%, a modest slowdown but still supportive of corporate
earnings. The Federal Reserve held rates at 3.5%-3.75%, with policymakers
divided on the timing of further easing.

The Euro area grew 0.3% in Q4, maintaining its steady pace. Spain led
performance, while Germany and Italy recorded modest gains. Full-year growth
improved to 1.5%. Inflation eased to 1.7% in January, with core pressures
moderating. The ECB held rates steady and signalled a cautious, data-driven
approach. Manufacturing returned to expansion, supporting a gradual
stabilisation.

The UK economy grew 0.1% in Q4. Production rebounded, though services momentum
remained limited and construction weakened. Full-year growth reached 1.3%.
Inflation eased to 3.0%, and the Bank of England held rates at 3.75%, with a
bias toward gradual easing. Overall, growth remains subdued but stabilising.

Global equities gained in February, with the MSCI World index gaining 0.64%,
US Markets were lower with the S&P 500 falling 0.87% and the Nasdaq
falling 3.38%, while UK equities outperformed, with the FTSE 100 up 6.72%, and
Small Cap and AIM indices gaining 2.80% and 0.24% respectively.

Our portfolio performance was positively impacted by gains in UK small and
mid-cap companies during February. The portfolio NAV increased 0.84% for the
month, after all fees and expenses. During the month, we added to our holding
in Impax Asset Management and trimmed 4Imprint Group.

Many portfolio companies reported results or trading updates during February.
Rightmove delivered strong 2025 results with revenue up 9% and operating
profit up 12%, supported by an expansion in Commercial, Mortgages and Rentals.
EPS rose 15% and a £90m buyback was announced. Management guides to 8-10%
revenue growth in 2026, with continued AI-led product development supporting
long-term margins.

Money Supermarket reported modest top-line growth up 2% with EPS up 5% and a
solid dividend. Growth in Money and Home Services offset car insurance
headwinds and higher Pay-Per-Click costs. A £25m buyback was announced, with
2026 EBITDA expected broadly in line with consensus. RELX delivered another
high-quality year with underlying revenue up 7%, adjusted EPS up 10%, strong
cash conversion and £1.5bn in buybacks. The shift towards analytics and
AI-enabled tools continues to drive durable growth.

Dunelm Group grew revenue 3.6% with resilient margins, though profit softened
due to timing effects. Strong cash flow supported a 17p interim and 25p
special dividend. NWF saw weaker H1 performance driven by Fuels, though Food
and Feeds improved. Full-year expectations were unchanged. S&U Plc
expanded receivables and lending volumes, with strong collections at Advantage
and record activity at Aspen.

The largest contributors to performance during the month were PayPoint, AEW UK
and LionTrust while Keystone, Money Supermarket and AJ Bell were the largest
detractors from performance.

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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