Net Asset Value(s)

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 173.5p at 30 November 2025.

Fund Manager's comment for November 2025

The US economy expanded at an annualised 3.8% in Q2 2025, exceeding the prior 3.3% estimate and marking its strongest run since late 2023. Growth was driven by a sizeable upward revision in consumer spending, with services and goods both showing solid momentum. Inflation edged up to 3.0% in September, lifted by firmer energy prices. Manufacturing activity eased slightly but continued to improve overall, while the services sector strengthened to its fastest pace since July on strong customer demand. Business confidence rose to an 11-month high.

The Eurozone economy grew 0.2% in Q3 2025, a slight improvement from Q2. Spain and France led the bloc with solid consumer demand and export rebounds, while Germany and Italy stagnated. Manufacturing weakened, with factory activity slipping as orders and employment fell. By contrast, the services sector continued to strengthen, reaching its fastest pace of expansion in 18 months. Inflation held at 2.1%, broadly in line with the ECB's target, though services inflation rose to 3.4%. Overall, the region remains resilient, reducing pressure on the ECB to cut rates further.

The UK economy grew just 0.1% in Q3 2025, down from 0.3%, as manufacturing contracted sharply following cyber-related disruptions at Jaguar Land Rover. Services held up modestly, while construction growth nearly stalled. Inflation eased to 3.6% in October, helped by sharp declines in gas and electricity prices, while core inflation slipped to a six-month low. Manufacturing showed a modest return to growth, while the services sector lost momentum as businesses held back ahead of the Budget and demand softened. Firms cut staff and focused on tech investment as input cost pressures moderated.

Global equities were driven by fears of an AI-investment bubble, as fund managers warned that tech giants were overspending on data centres and infrastructure. This shift in sentiment fuelled volatility and coincided with the first global equity fund outflows after a nine-week buying streak. The MSCI World Index ended the month up a 0.18%. In the United States, the S&P 500 gained 0.13% while the Nasdaq Composite fell by 1.51%. In the UK, large caps ended flat with the FTSE 100 up a modest 0.03%. The FTSE 250 declined by 0.03% while the FTSE Small Cap and AIM indexes underperformed, declining 0.37% and 2.37% respectively.

November's volatility hit our portfolio, specifically some of our smaller growth companies namely PayPoint Plc and NWF Group. Our Net Asset Value (NAV) total return for November was -2.96% after fees and expenses. During the month, we added to our holdings in CakeBox and Liontrust and trimmed our holdings in Dunelm, S&U and NWF Group.

Games Workshop delivered standout results with FY25 revenue up 17%, and net income rising 30%, while Auto Trader saw H1 revenue rise 5%, operating profit up 6%, and EPS up 11% to 17.26p. Liontrust reported a FY25 revenue decline of 14% with £2.3bn in net outflows and AUM of £22bn. Cake Box delivered 53.5% H1 revenue growth to £28.8m, with EBITDA up 31% and raised its interim dividend by 5.9%. PayPoint delivered solid H1 FY26 growth with revenue up 6.7% to £144.1m.

The largest contributors to portfolio performance were Games Workshop, and 4Imprint Group, each gaining over 15%, while PayPoint, NWF, and RMV were the main detractors.

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