Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
The unaudited net asset value of Athelney Trust was 162.3p at 31 October 2026.
Fund Manager’s comment for October 2026
Global equity markets had a challenging October as concerns over elevated technology valuations, substantial artificial intelligence investment commitments and persistent inflationary pressures weighed on investor sentiment. The MSCI World Index declined by 0.8% during the month. Economic data nonetheless remained robust. In the United States, growth accelerated to an annualised rate of 3.4% in the third quarter, up from 2.2% in the preceding quarter, supported by strong consumer spending and business investment. Continued strength in the US economy should provide a supportive backdrop for global economic activity.
In the UK, annual inflation increased to 3.5% in September, up from 3.1% in August, with higher transport and energy costs contributing to renewed price pressures. Core inflation also increased to 2.8%, reinforcing expectations that the Bank of England would maintain a cautious approach to monetary policy. UK equity markets delivered mixed returns during October. The FTSE 100 advanced by 1.2%, while the FTSE 250 declined by 0.4%, following a 1.6% fall in September. The AIM All-Share fell by 4.4%, reflecting continued weakness among smaller companies. Nevertheless, selected UK businesses saw a recovery in share prices, suggesting that investors are beginning to recognise their underlying earnings prospects.
Our portfolio increased by 2.5%’s during October which resulted in the net asset value (NAV) increasing by 1.7% after providing for all fees and expenses. The largest positive contributors to performance were Rightmove, PayPoint and MONY Group, while Games Workshop, Impax Asset Management and Raspberry Pi were the principal detractors.
October brought a number of trading updates from our portfolio companies, with mixed results across our holdings. AJ Bell reported a 24% increase in customer numbers to 796,000, while platform assets under administration increased by 22% to a record £126.0 billion. Dunelm reported first-quarter sales of £433 million, an increase of 1.1%, although store-enabled like-for-like sales declined by 0.8%. Management indicated that the business continued to outperform a subdued homewares market, and the shares responded positively to the announcement.
Impax Asset Management reported a decline in assets under management to £20.0 billion at 30 September 2026, from £23.3 billion at the end of June. This reflected £2.4 billion of net outflows and £0.9 billion of adverse market and currency movements. Management maintained its full-year guidance. Liontrust, meanwhile, reported a moderation in client withdrawals, with assets under management and advice declining by 0.5% to £24.1 billion. The company also announced the proposed acquisition of Hawksmoor’s fund management and model portfolio services business for up to £10 million. The deal is expected to add approximately £1.9 billion in assets under management and advice, strengthening Liontrust’s multi-asset offering and distribution capabilities.
National Grid indicated that FY2027 earnings per share growth is now expected to be slightly above its previous guidance of 13–15%, benefiting from one-off fair-value gains within its National Grid Partners investment portfolio. RELX reported underlying revenue growth of 7% for the first nine months of the year, with all divisions contributing positively. Legal and Risk led the performance, recording growth of 10% and 8% respectively, and management reaffirmed its full-year guidance.
During the month, we increased our holding in NWF Group. We also trimmed our positions in Rightmove, and Dunelm.
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).
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)
- Global Masters Fund Limited (ASX code: GFL)
- Athelney Trust plc (LSE code: ATY)
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
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