The Athelney Trust unaudited NAV continued to decline during November, the sixth month in a row, to 238.5p, a decline of 1.45% which compared favourably to a 2.09% decline in the FTSE Index, a 5.05% decline in the AIM All Share index and a 0.43% decline in the Small Cap Index. This is in contrast to most other major stock markets which showed some improvement during the month. The Dow Jones Index increased in US$ by 1.68% and there was a 0.96% increase in the MSCI World Index in November. The portfolio continues to be affected by UK macro factors rather than specific business-related matters and this trend is expected to continue for the foreseeable future. The Brexit compromise deal which is currently on the table has clearly affected investor confidence in the equity markets while the pound has changed little during the month when compared to a basket of currencies. UK equities were also negatively impacted by a further loss of earnings momentum and growing concerns around the outlook for the UK consumer as confirmed in the latest consumer confidence index, which decreased by three points to -13 in November 2018, is the lowest reading since December last year. I have been careful to not make too many changes to the portfolio, to ensure that for now, we reap the dividends that were expected and are imminent. To this end, we added to our positions in Jarvis Securities, Marston’s and XP Power. None were sold.