Net Asset Value(s)

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 169.6p at 31 January 2026.

Fund Manager's comment for January 2026

US economic momentum strengthened into year-end. Q3 2025 annual GDP was revised up to 4.4%, led by resilient consumer spending and a sharp rebound in exports. Consumption rose 3.5%, the strongest pace of the year, while exports surged 9.6%, offsetting slower business investment as spending on structures and equipment softened. Inflation continued to ease, with headline CPI at 2.7% and core inflation at 2.6%, its lowest level since 2021. The Federal Reserve held rates at 3.5%-3.75%. Forward indicators point to steady economic growth into 2026, an environment supportive of high-quality businesses with pricing power and strong balance sheets.

Euro area growth remained modest, with Q4 2025 GDP rising 0.3%, reflecting a subdued but resilient backdrop. Inflation continued to ease, with headline CPI falling to 1.9%, below the ECB's target for the first time since May, while core inflation softened to 2.3%. The ECB left rates unchanged, signalling patience as activity and employment remain resilient. Survey data point to tentative stabilisation: an improvement in manufacturing conditions with production returning to growth and confidence near four-year highs. Services growth moderated, led by weakness in France amid political uncertainty. Overall, the region continues to muddle through, with easing inflation offset by uneven growth momentum.

UK growth remains subdued, with Q3 GDP up just 0.1%, weighed down by weak manufacturing and production disruptions, partly offset by modest strength in services, construction and household spending. Annual growth eased to 1.3%. Inflation has softened but remains uneven: CPI dipped to 3.2% in November before rising to 3.4% in December, while core inflation held at 3.2%. The Bank of England cut rates 25bps to 3.75% in December, signalling a cautious easing path. Survey data improved into early 2026, with manufacturing and services activity strengthening and business confidence recovering.

Global equities made gains in January, with the MSCI World Index up 2.2%. US markets were also stronger with the S&P 500 rising 1.4% and the Nasdaq rising 1%, while UK equities outperformed, with the FTSE 100 up 2.9%, the FTSE 250 up 3.5%, and Small Cap and AIM indices gaining 4.0% and 6.7%, respectively.

Our portfolio performance while positively impacted by broad-based gains in UK small and mid-cap companies during January while the portfolio NAV , after allowing for all fees and expenses, only increased by 0.6% for the month. The largest contributors to performance during the month were PayPoint, S&U Plc, 4Imprint and AJ Bell all rising over 5% while Dunelm Group, Games Workshop and Liontrust were the largest detractors from performance all falling over 10%.

The decline in the Games Workshop share price was in spite of reporting record H1 results, with core revenue up 17%, strong cash generation and a 69% gross margin, offsetting weaker licensing income as the group continues to invest in capacity expansion and international growth. Many portfolio companies reported results or trading updates painting a similar picture. Boku reported FY25 revenue growth of ~29%, with EBITDA up 31% and margins of ~32%, driven by rising Total Payment Volume (TPV) and rapid expansion in Digital Wallets, Account-to-Account payments and Bundling, supporting management's targets of >20% organic revenue growth and >30% EBITDA margins from FY26. Wise delivered strong Q3 FY26 results, with cross-border volumes rising 25% year-on-year, supported by robust customer and balance growth, driving 21% underlying income growth and reaffirming guidance toward the upper end of its margin range ahead of a planned US dual listing in H1 2026.

​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