Net Asset Value(s)

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 163.4p at 31 July 2026.

Fund Manager's comment for July 2026

In the US, GDP growth moderated to an annualised 1.5% in the second quarter, supported by solid consumer spending and continued expansion in business activity. While manufacturing activity remained in expansion territory although slowing slightly, businesses cited geopolitical tensions, elevated inflation and trade uncertainty as ongoing headwinds. The Federal Reserve left interest rates unchanged, maintaining a cautious approach as inflation remained above target.

The Eurozone economy strengthened during the second quarter, with GDP expanding 0.4%, supported by resilient investment, government spending and improving business activity despite higher energy prices and geopolitical tensions. Manufacturing activity continued to recover, while business confidence improved and inflationary pressures eased, although they remained above historical norms.

The UK economy showed some improvement with GDP expanding 0.6% in the first quarter, its strongest quarterly growth in a year, driven primarily by the services sector and supported by modest gains in manufacturing and construction. Business confidence improved during the period, while manufacturing activity continued to strengthen, supported by improving market conditions, stronger new orders and easing cost pressures.

Global equity markets were resilient during July despite heightened geopolitical tensions and ongoing inflation concerns. Corporate earnings continued to support investor confidence, while improving market breadth saw gains extend beyond the largest technology companies into sectors such as financials and healthcare. The S&P 500 remained close to record levels, although investors became increasingly selective, focusing on companies able to convert significant AI investment into sustainable earnings growth. The MSCI World Index rose 0.46%. In the UK, the FTSE 100 rose 3.53%, supported by its large-cap energy constituents, while the more domestically focused FTSE 250 rose 4.18%. The FTSE Small Cap Index was up 1.53% while the AIM Index underperformed, declining by 1.25% with the Fledgling Index down by 11.48% as investor sentiment towards smaller UK growth companies remained subdued.

Our portfolio NAV increased by 0.2% for the month after all fees and expenses. During the month, we trimmed our holdings in Fevertree, Games Workshop, Liontrust Asset Management, Spectra Systems and S&U and sold our holding of Wise Group Plc. We added to our holdings in Cake Box and Mony Group.

Turning to our portfolio companies, AJ Bell delivered another record quarter, with Assets Under Management increasing 26%. Dunelm increased sales 3.1%, with digital accounting for 42% of sales and supported by continued growth in both its store estate and digital channel, which now represents around 42% of sales.

Games Workshop delivered another record year, with core revenue increasing 11% and EPS increasing 19%. Strong cash generation continues to fund manufacturing expansion, new store openings and shareholder returns. Boku reported its first half revenue up 11%, with margins of ~29% and total payment volume increasing 12%.

RELX delivered another strong first half, with revenue increasing 7%, adjusted operating profit rising 9% and adjusted EPS increasing 11%. Yü Group reported first half revenue up 19%, with meter points increasing 43% to 153,000 and its contracted revenue book reaching £1.7bn (+45%).

The largest contributors to performance during the month were Dunelm, 4Imprint, Paypoint while Boku, Liontrust and Raspberry Pi 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