Net Asset Value(s)

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 159.6p at 30 September 2026.

Fund Manager's comment for September 2026

Economic activity remained relatively resilient across the major developed economies. The US economy expanded at an annualised rate of 2.2% in the second quarter, supported by consumer spending and investment, including continued strength in data-centre construction. Against a backdrop of persistent inflationary pressures, the Federal Reserve raised interest rates by 25 basis points in September, its first increase since 2023. The Eurozone economy grew 0.6% during the quarter and 1.2% year-on-year, although growth remained uneven across the region. In the UK, second-quarter GDP growth was revised up to 0.5%, with the economy expanding 1.4% year-on-year, supported by services, construction and net trade.

Global equity markets were mixed during September as continued enthusiasm surrounding artificial intelligence was offset by rising energy prices, persistent inflation concerns and a sharp increase in government bond yields. The rise in long-term yields proved an increasing headwind for equity valuations, particularly for smaller and more highly leveraged companies, while large technology businesses continued to benefit from expectations of substantial investment in AI infrastructure. In the United States, the S&P 500 declined 0.5% during September, while the technology heavy Nasdaq Composite gained 1.9%. The headline numbers disguised considerable divergence beneath the surface, with gains increasingly concentrated among the largest technology companies.

The UK market was similarly affected by higher bond yields and inflation concerns. UK inflation increased to 3.1% in August, while higher energy prices added to concerns that inflationary pressures could prove more persistent than previously expected. The Bank of England left interest rates unchanged during September, although markets increasingly contemplated the possibility that monetary policy would need to remain restrictive for longer. Against this backdrop, the FTSE 100 declined 2.0% during the month. UK mid and small-cap companies also weakened. The FTSE 250 declined 1.6% in September, while the AIM All-Share fell 2.93%. Our portfolio declined by 2.20% while the NAV decreased by 3.91% for the month, after paying all fees, expenses and a 2.4p dividend.

During the month, we added to our holding in Rightmove and trimmed our position in Cake Box Holdings. We initiated a new position in Unilever, a global consumer goods group with brands spanning Beauty & Wellbeing, Personal Care, Home Care and Foods, reaching around 3.7 billion consumers daily across 190 countries. The company has built a differentiated position through disciplined brand investment and innovation, supporting continued volume-led growth.

September saw generally positive trading updates across the portfolio. Boku delivered 11% underlying revenue growth, with total payment volume up 16% and continued diversification across wallets and account-to-account payments. Fever-Tree grew revenue 8% in constant currency, supported by US momentum and a UK recovery. Keystone Law Group reported particularly strong trading, with revenue up 23% and adjusted PBT up 31%, prompting an upgrade to full-year expectations. Raspberry Pi delivered record results, with revenue up 90% and EBITDA more than doubling. Yü Group maintained strong growth, with revenue up 19% and meter points increasing 43%, while NWF reported mixed trading but maintained guidance. S&U grew revenue 11%, although higher receivables resulted in increased borrowings.

The largest contributors to performance during the month were Keystone Law Group, Raspberry Pi and Boku Inc, while Autotrader, AEW UK REIT and Dunelm 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