Net Asset Value(s).

Athelney Trust PLC

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 158.7p at 30 April 2026.

Fund Manager's comment for April 2026

Global equity markets delivered a strong rebound over the period driven by the announced ceasefire between the US/Israel and Iran calming energy markets and raising hopes of a reopening of the straights of Hormuz. The MSCI World Index rose 9.45%, while the S&P 500 gained 10.42%. Technology-led performance drove the Nasdaq higher by 15.29%. In the UK, equities also recovered, albeit more modestly at the large-cap end, with the FTSE100 up 1.99%. Encouragingly, broader market participation improved, with the FTSE250 up by 5.95% and the FTSE Small Cap and AIM indices advancing 7.19% and 10.86% respectively. Our portfolio performance rebounded in April, increasing by 6.52% while the portfolio NAV increased by 0.83% for the month, after providing for all fees, expenses and a final dividend of 7.6p. During the month, we trimmed our holding in PayPoint and MONY Group Plc.

The US economy remains resilient, with growth modestly positive and improving into early 2026, supported by government spending and strong business investment, particularly in AI, as compared to Europe where growth remains subdued. GDP rose by just 0.1% in Q1 2026 as energy disruptions weighed on activity. The UK economy remains weak, with GDP also growing by just 0.1% in Q4 2025 and 1.0% year-on-year. Growth was driven by manufacturing, while services stagnated and construction contracted. Business investment declined, and trade detracted from growth as exports fell and imports rose, reflecting weak underlying demand. Inflation has risen to 3.3% and is expected to increase further as higher energy costs feed through, although softer labour market conditions and tighter financial conditions may help contain pressures. The Bank of England held rates at 3.75%, but the split vote and hawkish tone suggest policymakers remain concerned about inflation risks.

Many portfolio companies reported results or trading updates during April. AJ Bell continues to perform strongly, adding 50,000 (+22% y/y), with AUA up 20% and net inflows rising ~40%. Growth remains driven by Direct-to-Consumer acquisition and brand investment. Wise remains a standout, with cross-border volumes up 27% to £49.4bn, active customers rising 21% to 18.9m, and balances up 37% to £29.4bn. Underlying income grew 24% in Q4 and ~18-19% for the year, with margins at the top end of guidance. Cake Box delivered strong growth, with FY26 revenue expected at ~£61.2m (+43% y/y), or ~£46.7m (+12%) excluding Ambala. Growth is driven by store expansion (37 new sites to 310) and increasing online sales.

Dunelm reported modest growth, with Q3 sales up 2.1% and margins improving, though FY26 profit is expected toward the lower end of ~£210-£217m amid weak demand. Digital now accounts for 43% of sales, supported by a new app and store expansion. Impax Asset Management saw AUM fall 8% to £22.3bn due to £2.0bn of net outflows, with FY revenue guidance reduced to £109m-£113m. Cost measures are underway despite intact long-term structural demand. S&U plc delivered strong profit growth (PBT +32% to £31.8m, EPS 195.2p) despite lower revenue, with loan growth driving higher receivables. Gearing has risen to 97%, increasing financial risk.

The largest contributors to performance during the month were PayPoint, MONY Group, AEW UK, and AJ Bell while Impax Asset Management, NWF Group 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