Net Asset Value(s)

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 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

www.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

·     ECP Emerging Growth (ASX code: ECP)

 https://ecpam.com/emerging

·     Global Masters Fund Limited (ASX code: GFL)

 www.globalmastersfund.com.au

·     Athelney Trust plc (LSE code: ATY)

 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

Website

www.athelneytrust.co.uk           

 

END