Global Opportunities Trust Plc - Annual Results
Legal Entity Identifier: 2138005T5CT5ITZ7ZX58
Annual Results for the year ended
Financial Highlights
__________________________________________________________________ |NET ASSET VALUE PER SHARE|NET ASSET VALUE TOTAL RETURN | | | | |– cum inc. |(with dividends added back)* | | | | |+7.5% |+10.3% | |_________________________|________________________________________| |SHAREHOLDERS’ FUNDS |share price DISCOUNT TO NET ASSET VALUE*| | | | |£117.5m |16.1% | |_________________________|________________________________________|
31 December 31 December %
2025 2024 Change
Net assets/shareholders’ funds (£) 117,454,000 109,295,000 +7.5
Shares in issue 29,222,180 29,222,180 -
Net asset value per share – cum inc. (pence)* 401.9 374.0 +7.5
Net asset value total return (with dividends 10.3 4.1 n/a
added back) (%)*
Share price (pence) 337.0 286.0 +17.8
Dividend per share (pence) 10.3 10.0 +3.0
Share price total return (with dividends added 21.9 -2.4 n/a
back) (%)*
Share price discount to net asset value (%)* 16.1 23.5 n/a
Ongoing charges ratio (%)* 0.8 0.8 n/a
* Alternative Performance Measure.
CHAIR’S STATEMENT
Introduction
I am pleased to present the Company’s Annual Report and Financial Statements for the year ended
Investment performance
The Company’s Net Asset Value (‘NAV’) Total Return grew by 10.3% during the year, with a shareholder return of 21.9% being recorded as the discount to NAV narrowed. In comparison, the FTSE All-World Index Total Return rose by 14.6% and the Bloomberg Global Bond Index declined slightly. Equity markets broadened with non-US equities providing strong performance.
Shareholders should note however that the Company has no stated benchmark against which it seeks to outperform. Its objective is to achieve real long-term total return through investing in undervalued global securities. In this regard, the Company’s NAV Total Return over the past three years has averaged 5.2% despite the Company retaining a defensive investment posture, achieved through a combination of high cash levels and the nature of the equity holdings.
As at
Management arrangements
During 2025 the Board undertook a detailed review of its regulatory structure and management arrangements with the then Executive Director, Dr
There were no changes to the Company’s investment objective and policy or investment approach as part of the transition. However, the change in regulatory status removed certain constraints associated with its previous status, including the ability to use gearing and hedge the portfolio. As a result, the Company now has greater flexibility (within the parameters of its investment objective and policy) in the use of derivative instruments within its portfolio for efficient portfolio management, including for the purposes of hedging and leverage, when conditions demand to support the Company’s long term growth strategy. We have now put in place new arrangements which provide enhanced governance and risk management oversight.
Discount
Although there were no share buybacks conducted during the year, the Board remains of the opinion that having the option to utilise share buybacks as a discount control mechanism is important and is therefore requesting that shareholders approve a renewal to this authority at the forthcoming Annual General Meeting (‘AGM’).
Increased final dividend
The total return per ordinary share for the year ended
Board composition
As noted above
Annual General Meeting
This year’s AGM will be held on
In addition to the formal business of the meeting,
The AGM is an opportunity for shareholders to ask questions of both the Board and of the Portfolio Manager, and as always, the Board would welcome your attendance. If you are unable to attend the AGM in person, I would encourage you to vote in favour of all resolutions by Form of Proxy and appointing me (as Chair of the meeting) as your proxy to ensure your vote is registered.
Outlook
Equity markets continued to make progress during 2025. However, valuations remain high and government finances remain stretched whilst the political environment, if anything, is even more uncertain. US growth has been sustained by the surge in AI - related infrastructure spending, which is unlikely to be sustained whilst there are signs of economic weakness in the non-technology segments of the economy. As such, we believe the stance employed by the Company’s Portfolio Manager remains appropriate. The aim is to deliver positive returns in a rising market, but to be prepared to react if and when market declines occur and opportunities become available.
As we noted last year, the Board authorised a series of initiatives to address the widening discount to NAV. We are pleased to report that the efforts to increase investors’ awareness of the Company appear to be having an impact, with the discount to NAV shrinking significantly over the year. These initiatives will be continued through 2026.
Once again, we would like to thank our shareholders for their continued support and look forward to the day when the investment landscape is more attractive. Periodically, investment articles are posted on the Company’s website when we encounter investment issues worthy of comment and we would encourage shareholders to sign up to the website to receive such notifications during the year.
Recent geopolitical events must have served to increase the potential for market declines. The potential for US actions in the Gulf to cause widening and sustained conflict is meaningful, irrespective of whether resolution is reached in the near-term.
Keep up to date
Shareholders can keep up to date on the performance of the portfolio through the Company’s website at www.globalopportunitiestrust.com where you will find information on the Company, a monthly factsheet and regular updates from
As always, the Board welcomes communication from shareholders and I can be contacted directly through the Company Secretary at cosec@junipartners.com.
Chair
PORTFOLIO MANAGER’S REPORT
Background and context
The year was another where global equities produced strong returns, although in 2025 the contributors to global markets broadened from the relatively narrow range that were so important in 2024. In particular, non-US equity returns showed some strength. In aggregate, the Company produced a NAV total return of 10.3% and, with the discount narrowing, a shareholder return of 21.9%. For comparative purposes, the FTSE All-World Index Total Return was 14.6% and the Bloomberg Aggregate Bond Index -0.4%.
The political environment was dominated by the actions of
Most governments remain constrained by the debt overhang built up since the Global Financial Crisis period and this is the main contributor to the political tensions associated with any discussion of fiscal policy. The macro environment therefore remains fragile. On the other hand, hope has been provided by the emergence of AI and its potential to enhance productivity and hence economic growth. Whilst some segments of the market may have become over-exuberant, on the back of this, it is a transformative technology which will have a profound impact over the coming decades. As the exuberance works its way out the system and capital shortage works its way in we anticipate opportunities will emerge in this area.
More recently the Trump administration has embarked on military operations in both
The portfolio
The portfolio remained defensive during the year, reflecting our views, but the equity component still managed to produce strong returns. In arithmetical terms this was driven by the returns from the top five performing stocks (Danieli, Intel, Alibaba, Orange and Lloyds) increasing by almost 80%, as compared with the average decline of just under 20% from the five worst performing stocks (Azelis, Breedon, Jet2, Bakkafrost and Whitbread). New holdings added to the portfolio include Cicor Technologies, the European electronic solutions company, Carlsberg, the brewer, which has derated significantly and Laboratorios Farmaceutico ROVI, the European specialised pharmaceutical company.
Looking at the thematic contribution to portfolio performance there was strong performance from ‘defence’ and ‘digital’ discount, particularly Alibaba and Intel. ‘European value’ on the other hand contained four of the worst five stocks, albeit the aggregate negative contribution was minimal due to the appreciation of Danieli, the machine and technology supplier to the metal industry. The European value stocks were all cyclical and their inclusion was partly to act as a hedge against the defensive nature of much of the portfolio. It is important for the portfolio that it has the ability to generate returns in all environments, which means that the various components all play an important role. Over the period and particularly during the fourth quarter the Company’s positioning became more defensive, reflecting some of the appreciation that had been recorded.
Future prospects
That double digit returns were recorded with a defensively-oriented portfolio is pleasing, but we remain of the view that the real opportunities are yet to appear and we retain the dry powder accordingly. We are also pleased that the marketing efforts are beginning to bear fruit as more investors come to appreciate the unique characteristics of the Company.
Dr
PORTFOLIO OF INVESTMENTS
as at
Country of Valuation
Company Sector Incorporation % of Net assets
£’000
AVI Japanese Special Financials Japan 11,185 9.5
Situations Fund1
Volunteer Park Financials Luxembourg 8,275 7.1
Capital Fund SCSp2
Unilever Consumer Staples United Kingdom 3,326 2.8
Orange Communication France 3,296 2.8
Services
Carlsberg Consumer Staples Denmark 2,416 2.1
GQG Partners Inc. Financials United States 2,345 2.0
Dassault Aviation Industrials France 2,292 1.9
Terveystalo Health Care Finland 2,134 1.8
Philips Health Care Netherlands 2,062 1.8
Nestlé Consumer Staples Switzerland 2,050 1.7
Bakkafrost Consumer Staples Denmark 2,025 1.7
Verizon Communication United States 1,974 1.7
Communications Services
Laboratorios Health Care Spain 1,889 1.6
Farmaceutico ROVI
ENI Energy Italy 1,797 1.5
Viscofan Consumer Staples Spain 1,743 1.5
Sanofi Health Care France 1,722 1.5
Qinetiq Industrials United Kingdom 1,718 1.5
TotalEnergies Energy France 1,654 1.4
Danieli Industrials Italy 1,630 1.4
General Dynamics Industrials United States 1,554 1.3
Alibaba Group Consumer Hong Kong 1,542 1.3
Discretionary
RTX Industrials United States 1,509 1.3
Cicor Technologies Technology Switzerland 1,458 1.2
Jet2 Industrials United Kingdom 1,140 1.0
The Magnum Ice Cream Consumer Staples Netherlands 181 0.2
Company
Equity Investments 62,917 53.6
Liquidity Fund 36,510 31.1
Investments
Total Investments 99,427 84.7
Cash and other net 18,027 15.3
assets
Net Assets 117,454 100.0
1
2
STRATEGIC REVIEW
Introduction
The purpose of this report is to provide shareholders with details of the Company’s strategy, objectives and business model as well as the principal and emerging risks and challenges the Company has faced during the year under review. It should be read in conjunction with the Chair’s Statement, the Portfolio Manager’s Report and the portfolio information, which provide a review of the Company’s investment activity and outlook.
The Board is responsible for the stewardship of the Company, including overall strategy, investment policy, dividends, corporate governance procedures and risk management. The Board assesses the performance of the Company against its investment objective at each Board meeting by considering the key performance indicators.
Business and Status
The principal activity of the Company is to carry on business as an investment trust.
The Company is registered in
Throughout the year under review, the Company was a self-managed investment company run by its Board and is authorised by the
With effect from
The Company’s shares are listed on the closed-ended investment funds category of the Official List and traded on the main market of the
The Company is a member of the
Investment Objective
The Company’s investment objective is to provide shareholders with an attractive real long-term total return by investing globally in undervalued asset classes. The portfolio is managed without reference to the composition of any stock market index.
Investment Policy
The Company invests in a range of assets across both public and private markets throughout the world. These assets include both listed and unquoted securities, investments and interests in other investment companies and investment funds (including limited partnerships and offshore funds) as well as bonds (including index-linked securities) and cash as appropriate.
Any single investment in the Company’s portfolio may not exceed 15% of the Company’s total assets at the time of the relevant investment (the ‘Single Investment Limit’).
The Company may invest in other investment companies or funds and may appoint one or more sub-advisors to manage a portion of the portfolio if, in either case, the Board believes that doing so will provide access to specialist knowledge that is expected to enhance returns. The Company will gain exposure to private markets directly and indirectly through investments and interest in other investment companies and investment funds (including limited partnerships and offshore funds). The Company’s investment directly and indirectly in private markets (including through investment companies and investment funds) shall not, in aggregate, exceed 30% of the Company’s total assets, calculated at the time of the relevant investment. The Company will invest no more than 15% of its total assets in other closed-ended listed investment companies (including investment trusts).
The Company may also invest up to 50% of its total assets in bonds, debt instruments, cash or cash equivalents when the Board believes extraordinary market or economic conditions make equity investment unattractive or while seeking appropriate investment opportunities for the portfolio or to maintain liquidity. The Single Investment Limit does not apply to cash or cash equivalents in such circumstances. In addition, the Company may purchase derivatives for the purposes of efficient portfolio management.
From time to time, when deemed appropriate, the Company may borrow for investment purposes up to the equivalent of 25% of its total assets. By contrast, the Company’s portfolio may from time to time have substantial holdings of debt instruments, cash or short-term deposits.
The investment objective and policy are intended to ensure that the Company has the flexibility to seek out value across asset classes rather than being constrained by a relatively narrow investment objective. The objective and policy allow the Company to be constrained in its investment selection only by valuation and to be pragmatic in portfolio construction by only investing in assets which the Portfolio Manager considers to be undervalued on an absolute basis.
Investment Strategy
The Company’s portfolio is managed without reference to any stock market index. Investments are selected for the portfolio only after extensive research by the Portfolio Manager. The Portfolio Manager’s approach is long-term and focused on absolute valuation. The team aims to identify and invest in undervalued asset classes, and to have the patience to hold them until they achieve their long-term earnings potential or valuation.
Dividend Policy
The Company does not have a stated dividend policy. The Company’s investment objective is to provide real long-term total return rather than income growth. As a result, the level of revenue generated from the portfolio will vary from year to year, and any dividend paid to shareholders is likely to fluctuate.
The Board is mindful that in order for the Company to continue to qualify as an investment trust, the Company is not permitted to retain more than 15% of eligible investment income arising during any accounting period. Accordingly, the Board will ensure that any declared dividend is sufficient to enable the Company to maintain its investment trust status.
Management Arrangements
Previously, as a self-managed investment trust, the Board was fully responsible for the management of the Company and all required reporting to the
As noted above, Juniper has been appointed as the Company’s AIFM and will continue to provide company secretarial and administrative services to the Company on the terms of its existing agreement with the Company. As AIFM, Juniper will receive an annual management fee of £60,000 per annum, plus a variable rate of 0.015% of net assets.
As Juniper is a full-scope AIFM, the Company is also required to appoint a depositary, and
Portfolio Performance
Full details on the Company’s activities during the year under review are contained in the Chair’s Statement and Portfolio Manager’s Report. The portfolio consisted of 25 investments, excluding cash and other net assets as at
Key Performance Indicators
At each Board meeting, the Directors consider key performance indicators to assess whether the Company is meeting its investment objective.
The key performance indicators used to measure the performance of the Company over time are as follows:
Share price total return
1 year (%) 3 years (%) 5 years (%)
to 31 December 2025
Global Opportunities Trust plc 21.9 14.6 31.6
AIC Flexible Investments peer group† 13.6 18.3 33.2
FTSE All-World Total Return Index* 14.6 58.9 76.7
NAV Total Return
1 year (%) 3 years (%) 5 years (%)
to 31 December 2025
Global Opportunities Trust plc 10.3 16.6 42.0
AIC Flexible Investments peer group† 8.8 23.0 42.4
FTSE All-World Total Return Index* 14.6 58.9 76.7
Share Price Discount to NAV
2025 (%) 2024 (%) 2023(%)
as at 31 December
Global Opportunities Trust plc 16.1 23.5 18.2
AIC Flexible Investments peer group† 21.1 22.0 18.3
Ongoing charges ratio
2025 (%) 2024 (%) 2023 (%)
to 31 December
Global Opportunities Trust plc 0.8 0.7 0.7
AIC Flexible Investments peer group† 0.9 0.9 0.9
† Source: theaic.co.uk & Morningstar. The Company is classified by the
* The Company does not formally benchmark its performance against a specific index, the FTSE All-World Total Return Index (in sterling) has been shown for comparative purposes only.
Gearing
The Company did not have any borrowings and did not use derivative instruments for currency hedging during the year ended
Principal Risks
In order to monitor and manage the risks facing the Company, the Board maintains and formally reviews on a semi-annual basis a risk register. There have been no new principal risks identified during the year, however, the Board is currently monitoring a small number of emerging risks: corporate strategy at risk from hedge funds/arbitrageurs seeking to build their positions and impose changes; and shareholder returns at risk from increasing expenses, if the Company cannot grow out of its current small size. The new management arrangements, as referred to in the Chair’s Report, are expected to provide enhanced governance and risk management oversight, including reduction in
The principal risks and uncertainties facing the Company, together with a summary of the mitigating actions and controls in place to manage these risks, and how these risks have changed over the year are set out below:
______________________________________________________________________________ |Principal Risks |Mitigation and Controls | |______________________________________|_______________________________________| | |The Board regularly reviews the | |Geopolitical Risk |Company’s portfolio, including | | |geographical split, and its performance| |Heightened geopolitical tensions, |against its stated investment | |including the ongoing conflicts in |objective. | |Ukraine and the Middle East, coupled | | |with new trade tariffs introduced by |The Portfolio Manager has experience of| |the US, could have an adverse impact |managing a range of global and regional| |on global markets and impact the |equity strategies and ensures that the | |Company’s portfolio. |portfolio has exposure to various | | |geographies and sectors, in order to | |No change to this risk |reduce risk relative to | | |less-diversified portfolios. | |______________________________________|_______________________________________| |Investment and Strategy Risk | | | |The Board meets regularly to discuss | |There can be no guarantee that the |and challenge the portfolio performance| |investment objective of the Company, |and strategy and to receive investment | |to provide shareholders with an |updates from the Portfolio Manager. The| |attractive real long-term total return|Board receives quarterly reports | |by investing globally in undervalued |detailing all portfolio transactions | |asset classes, will be achieved. |and any other significant changes in | | |the market or stock outlooks. | |No change to this risk | | |______________________________________|_______________________________________| | |The Board frequently considers | | |succession planning. Dr Nairn retains | |Key Person Risk |day-to-day responsibility for the | | |investment management of the Company | |Dr Nairn has been the lead portfolio |and the Portfolio Manager has a | |manager of the Company from its launch|dedicated investment and marketing team| |in 2003. |supporting the Company. The Board are | | |in regular contact with the Portfolio | |A change in key investment management |Manager (who attends Board meetings) | |personnel who are involved in the |and would be informed of any proposed | |management of the Company’s portfolio |changes in personnel. The Portfolio | |could impact on future performance and|Manager is also in regular contact with| |the Company’s ability to deliver on |underlying investment fund managers. | |its investment strategy. | | | |The additional expertise at Goodhart is| |No change to this risk |expected to enhance the Company’s | | |ability to execute against its | | |strategy. | |______________________________________|_______________________________________| | |The Board receives regular updates on | | |the composition of the Company’s | |Financial and Economic Risk |investment portfolio and market | | |developments from the Portfolio | |The Company’s investments are impacted|Manager. Investment performance is | |by financial and economic factors |continually monitored specifically in | |including market prices, interest |the light of emerging risks throughout | |rates, foreign exchange rates, |the period. | |liquidity and inflation, which could | | |cause losses within the portfolio. |The Board regularly reviews and agrees | | |policies for managing market price | |No change to this risk |risk, interest rate risk, foreign | | |exchange risk, liquidity risk and | | |inflationary risk. | |______________________________________|_______________________________________| | |The Board actively monitors the | | |discount at which the Company’s shares | | |trade, and is committed to using its | | |powers to allot or repurchase the | |Discount Volatility Risk |Company’s shares. The Board may use | | |share buybacks, when appropriate, to | |As referred to in the Chair’s |narrow the discount to NAV at which the| |Statement, the Company’s share price |shares trade. This will be done in | |discount to NAV narrowed during the |conjunction with creating new demand | |year. |and being aware of the liquidity of the| | |shares. | |The Board recognises that it is in the| | |long-term interests of shareholders to|The Board’s commitment to allot or | |reduce discount volatility and |repurchase shares is subject to it | |believes that the prime driver of |being satisfied that any offer to allot| |discounts over the longer term is |or purchase shares is in the best | |investment performance. An |interests of shareholders of the | |inappropriate or unattractive |Company as a whole, the Board having | |objective and strategy may have an |the requisite authority pursuant to the| |adverse effect on shareholder returns |Articles of Association and relevant | |or cause a reduction in demand for the|legislation to allot or purchase | |Company’s shares, both of which could |shares, and all other applicable | |lead to a widening of the discount. |legislative and regulatory provisions. | | | | |No change to this risk |The Board approved a significantly | | |enhanced marketing plan and budget, in | | |March 2025, which is managed by | | |Goodhart and has assisted with | | |improving demand for the Company’s | | |shares. | |______________________________________|_______________________________________| | |Compliance with the Company’s | | |regulatory obligations is monitored on | | |an ongoing basis by the Company | | |Secretary and other professional | | |advisers as required who report to the | |Regulatory Risk |Board regularly. The Directors note the| | |corporate offence of failure to prevent| |The Company operates in an evolving |tax evasion and believe all necessary | |regulatory environment and faces a |steps have been taken to prevent | |number of regulatory risks. |facilitation of tax evasion. The | | |Directors are aware of their | |Failure to qualify under the terms of |responsibilities relating to price | |sections 1158 and 1159 of the CTA may |sensitive information and would consult| |lead to the Company being subject to |with their advisers if any potential | |capital gains tax. A breach of the |issues arose. This includes ensuring | |Listing Rules may result in censure by|compliance with the Market Abuse | |theFCA and/or the suspension of the |Regulation. The Company Secretary would| |Company’s shares from listing. |notify the Board immediately if it | | |became aware of any disclosure issues. | |If all price sensitive issues are not |Under the new management arrangements, | |disclosed in a timely manner, this |the Board has agreed service levels | |could create a misleading market in |with Juniper in its capacity as AIFM | |the Company’s shares. |and Company Secretary to ensure | | |compliance with all applicable rules. | |No change to this risk |Juniper has delegated portfolio | | |management responsibilities to | | |Goodhart. The Portfolio Manager has a | | |comprehensive market abuse policy and | | |any potential breaches of this policy | | |would be promptly reported to the | | |Board. | |______________________________________|_______________________________________| | |The Board regularly receives and | | |reviews management information on third| | |parties which the Company Secretary | | |compiles. In addition, each of the | | |third parties, where available, | | |provides a copy of its report on | | |internal controls to the Board each | |Operational Risk |year. Any breaches in controls which | | |have resulted in errors or incidents | |There are a number of operational |are required to be notified to the | |risks associated with the fact that |Board along with proposed remediation | |third parties undertake the Company’s |actions. | |administration and custody functions. | | |Operational risks include cyber |The Company employs the Administrator | |security, IT systems failure, |to prepare all financial statements of | |inadequacy of oversight and control |the Company and meets with the Auditor | |and climate risk. The main risk is |at least once a year to discuss all | |that third parties may fail to ensure |financial matters, including | |that statutory requirements, such as |appropriate accounting policies. | |compliance with the Companies Act 2006| | |and the FCA requirements, are met. |The Company is a member of the AIC, a | | |trade body which promotes investment | |No change to this risk |trusts and also develops best practice | | |for its members. | | | | | |The Portfolio Manager and the Company’s| | |third-party suppliers have contingency | | |plans to ensure the continued operation| | |of the business in the event of | | |disruption. | |______________________________________|_______________________________________|
Culture
The Chair leads the Board and is responsible for its overall effectiveness in directing the Company. He demonstrates objective judgement, promotes a culture of openness and debate, and facilitates effective contributions by all Directors. In liaison with the Company Secretary, the Chair ensures that the Directors receive accurate, timely and clear information. The Directors are required to act with integrity, lead by example and promote this culture within the Company.
The Board seeks to ensure the alignment of the Company’s purpose, values and strategy with the culture of openness, debate and integrity through ongoing dialogue, and engagement with shareholders, the Portfolio Manager and the Company’s other service providers. The Company has adopted a number of policies, practices and behaviours to facilitate a culture of good governance and ensure that this is maintained.
The culture of the Board is considered as part of the annual performance evaluation process which is undertaken by each Director. The culture of the Company’s service providers is also considered by the Board during the annual review of their performance and while considering their continuing appointment. In the context of the Portfolio Manager, particular attention is paid to environmental, social and governance, engagement and proxy voting policies.
Directors and Gender Representation
As at
Employees and Human Rights
The Board recognises the requirement under the Companies Act 2006 to detail information about human
rights, employees and community issues, including information about any policies it has in relation to
these matters and the effectiveness of these policies. During the year, the Company had one employee,
Executive Director
Modern Slavery Statement
The Company is not within the scope of the Modern Slavery Act 2015 because it has not exceeded the turnover threshold and therefore no further disclosure is required in this regard.
Greenhouse Gas Emissions
The Company has no greenhouse gas emissions to report from its operations, nor does it have responsibility for any other emission-producing sources under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013.
Environmental, Social and Governance (‘ESG’)
The Company seeks to invest in companies that are well managed with high standards of corporate governance. The Board believes this creates the proper conditions to enhance long-term value for shareholders. The Company adopts a positive approach to corporate governance and engagement with companies in which it invests.
In pursuit of the above objective, the Board believes that proxy voting is an important part of the corporate governance process and considers seriously its obligation to manage the voting rights of companies in which it is invested. It is the policy of the Company to vote, as far as possible, at all shareholder meetings of investee companies. The Company follows the relevant applicable regulatory and legislative requirements in the
The Portfolio Manager considers a wide range of factors when making investment decisions including an investee company’s ESG credentials.
In making fund investment decisions, the Portfolio Manager’s assessment includes analysing the fund manager’s ESG cultural buy-in, its ESG process, procedures and reporting, its engagement with underlying portfolio companies and an operational due diligence review of the relevant manager and fund.
Duty to Promote the Success of the Company
Under section 172 of the Companies Act 2006, the Directors have a duty to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
-- the likely consequences of any decision they make in the long term;
-- the need to foster the Company’s business relationships with its
stakeholders, which includes the shareholders, the Portfolio Manager and
other relevant parties as listed below;
-- the need to act independently by exercising reasonable skill and
judgement;
-- the impact of the Company’s operations on the community and the
environment;
-- the requirement to avoid a conflict of interests;
-- the desirability of the Company maintaining a reputation for high
standards of business conduct;
-- the need to act fairly between members of the Company; and
-- the need to declare any interests in proposed transactions.
Stakeholder Engagement
During the year, the Company had one employee, its Executive Director,
Shareholders
Communication and regular engagement with shareholders are given a high priority by the Board. The Portfolio Manager seeks to maintain regular contact with major shareholders and is always available to enter into dialogue with all shareholders. A regular dialogue is also maintained with the Company’s institutional shareholders and private client asset managers through the Portfolio Manager, who regularly reports to the Board on significant contact, the views of shareholders and any changes to the composition of the share register.
All shareholders are encouraged, if possible, to attend and vote at the AGM and at any other general meetings of the Company (if any), during which the Board is available to discuss issues affecting the Company. Shareholders wishing to communicate directly with the Board should contact the Company Secretary by e-mail or post. The Chair is available throughout the year to respond to shareholders, including those who wish to speak with him in person. Copies of the Annual and Half - Yearly Reports are currently issued to shareholders and are also available, along with the monthly factsheets for downloading from the Company’s website at www.globalopportunitiestrust.com. The Company also releases portfolio updates to the market on a monthly basis.
Portfolio Manager
The Non-Executive Directors believe that maintaining a close and constructive working relationship with the Portfolio Manager is crucial to promoting the long-term success of the Company in an effective and responsible way. This ensures the interests of all current and potential stakeholders are properly taken into account when decisions are made.
Service Providers
The Company’s day-to-day operational functions are delegated to several third-party service providers, each engaged under separate contracts. In addition to the Portfolio Manager, the Company’s principal third-party service providers include the AIFM, Administrator, Auditor, Company Secretary, Custodian and Registrar. The Board engages with its service providers to develop and maintain positive and productive relationships, and to ensure that they are well informed in respect of all relevant information about the Company’s business and activities. The Board, through its
Corporate Broker
The Company appointed
Investee Companies
The Portfolio Manager assists with the day-to-day management of the Company’s equity investment portfolio. As such, the Portfolio Manager has responsibility for engaging with investee companies on behalf of the Company. The Portfolio Manager does so in consideration of the principles set out in the
The Board recognises the importance of engagement with investee companies. The Board is aware of evolving expectations in this regard and is committed to working with the Portfolio Manager, in relation to future engagement on behalf of the Company. The above methods for engaging with stakeholders are kept under review by the Directors and discussed on a regular basis at Board meetings to ensure that they remain effective.
The above methods for engaging with stakeholders are kept under review by the Directors and discussed on
a regular basis at Board meetings to ensure that they remain effective.
For and on behalf of the Board
Chair
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable
The Companies Act 2006 (the ‘Law’) requires the Directors to prepare Financial Statements for each financial period. Under that Law, they have elected to prepare the Financial Statements in accordance with
Under the Law, the Directors must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these Financial Statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
•
state whether applicable
• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that its Financial Statements comply with the Law and include the information required by the Listing Rules of the
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors’ Report, Remuneration Report and Corporate Governance Statement that comply with that law and those regulations.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website, www.globalopportunitiestrust.com. The work carried out by the Auditor does not include consideration of these matters and, accordingly, the Auditor accepts no responsibility for any changes that may have occurred to the Financial Statements since they were initially presented on the website. Legislation in the
Each of the Directors confirm to the best of their knowledge that:
•
the Financial Statements, prepared in accordance with the applicable set of
• the Annual Report includes a fair view of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties that the Company faces; and
• in the opinion of the Board, the Annual Report and Financial Statements taken as a whole, is fair, balanced and understandable and provides the information necessary to assess the Company’s performance, business model and strategy.
On behalf of the Board
Chair
INCOME STATEMENT
for the year ended
2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Gains on investments at fair value – 10,875 10,875 – 2,123 2,123
through profit or loss
Foreign exchange (losses)/gains on – (2,027) (2,027) – 136 136
capital items
Income 3,338 71 3,409 2,996 33 3,029
Investment management fee (45) (105) (150) (42) (99) (141)
Other expenses (799) – (799) (591) – (591)
Net return before finance costs 2,494 8,814 11,308 2,363 2,193 4,556
and taxation
Finance costs
Interest payable and related – – – (7) – (7)
charges
Net return before taxation 2,494 8,814 11,308 2,356 2,193 4,549
Taxation – overseas withholding (227) – (227) (204) – (204)
tax
Net return after taxation 2,267 8,814 11,081 2,152 2,193 4,345
Return per ordinary share 7.8p 30.1p 37.9p 7.4p 7.5p 14.9p
All revenue and capital items in the above statement derive from continuing operations.
The total column of this statement is the profit and loss account of the Company.
The revenue and capital return columns are prepared under guidance issued by the
A separate Statement of Comprehensive Income has not been prepared as all gains and losses are included in the Income Statement.
BALANCE SHEET
as at
2025 2024
£’000 £’000
Fixed asset investments
Investments at fair value through profit or loss 99,427 94,186
Current assets
Debtors 367 411
Cash at bank and short-term deposits 17,830 16,506
18,197 16,917
Current liabilities
Creditors (170) (1,808)
(170) (1,808)
Net current assets 18,027 15,109
Net assets 117,454 109,295
Capital and reserves
Called-up share capital 645 645
Share premium 1,597 1,597
Capital redemption reserve 14 14
Special reserve 9,760 9,760
Capital reserve 101,288 92,474
Revenue reserve 4,150 4,805
Total shareholders’ funds 117,454 109,295
Net asset value per ordinary share 401.9p 374.0p
The Financial Statements were approved by the Board of Directors on
Chair
Registered in Scotland No. SC259207
STATEMENT OF CHANGES IN EQUITY
for the year ended
Share Capital
Year ended Share premium redemption Special Capital Revenue Total
capital reserve1 reserve1 reserve1
31 December £’000 reserve £’000
2025 £’000 £’000 £’000 £’000
£’000
At 1 January 645 1,597 14 9,760 92,474 4,805 109,295
2025
Net return
after – – – – 8,814 2,267 11,081
taxation
Dividends – – – – – (2,922) (2,922)
paid
At 31
December 645 1,597 14 9,760 101,288 4,150 117,454
2025
Share Capital
Year ended Share premium redemption Special Capital Revenue Total
capital reserve1 reserve1 reserve1
31 December £’000 reserve £’000
2024 £’000 £’000 £’000 £’000
£’000
At 1 January 645 1,597 14 9,760 90,281 4,114 106,411
2024
Net return
after – – – – 2,193 2,152 4,345
taxation
Dividends – – – – – (1,461) (1,461)
paid
At 31
December 645 1,597 14 9,760 92,474 4,805 109,295
2024
1 Distributable reserves total £107,099,000 (2024: £100,167,000). The Capital reserve comprises realised gains of £93,189,000 (2024: £85,602,000), which are distributable, and unrealised gains of £8,099,000 (2024: £6,872,000), which are not immediately distributable.
STATEMENT OF CASH FLOW
for the year ended
Year ended Year ended
31 December 2025 31 December 2024
£’000 £’000 £’000 £’000
Cash flows from operating activities
Net return on ordinary activities before 11,308 4,549
taxation
Adjustments for:
Gains on investments (10,875) (2,123)
Interest payable – 7
Purchases of investments* (46,046) (60,433)
Sales of investments* 50,068 34,122
Dividend income (1,769) (1,601)
Other income (1,640) (1,428)
Dividend income received 1,716 1,612
Other income received 1,619 1,335
(Increase)/decrease in receivables (2) 2
Increase in payables 19 1
Overseas withholding tax deducted (152) (174)
(7,062) (28,680)
Net cash flows from operating activities 4,246 (24,131)
Cash flows from financing activities
Equity dividends paid from revenue (2,922) (1,461)
Interest paid - (7)
Net cash flows from financing activities (2,922) (1,468)
Net increase/(decrease) in cash and cash 1,324 (25,599)
equivalents
Cash and cash equivalents at the start of the 16,506 42,105
year
Cash and cash equivalents at the end of the 17,830 16,506
year
* Receipts from the sale of, and payments to acquire, investment securities have been classified as components of cash flows from operating activities because they form part of the Company’s dealing operations. Amounts include liquidity fund investment subscriptions and redemptions
NOTES TO THE FINANCIAL STATEMENTS
at
1. Accounting policies
Statement of compliance
The Company’s Financial Statements have been prepared under FRS 102 “The Financial Reporting Standard applicable in the
The comparative figures for the Financial Statements are for the year ended
Going concern
The financial statements have been prepared on a going concern basis and on the basis that approval as an investment trust company will continue to be met.
The Directors have made an assessment of the Company’s ability to continue as a going concern and are satisfied that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date when these financial statements were approved.
The Directors have noted that the Company, holding a portfolio consisting principally of liquid listed investments and cash balances, is able to meet the obligations of the Company as they fall due, any future funding requirements and finance future additional investments. The Company is a closed end fund, where assets are not required to be liquidated to meet day-to-day redemptions.
The Directors have completed stress tests assessing the impact of changes and scenario analysis to assist them in determination of going concern. In making this assessment, the Directors have considered severe but plausible downside scenarios that have been financially modelled. These tests apply to any set of circumstances in which asset value and income are significantly impaired. The conclusion was that in a severe but plausible downside scenario, the Company could continue to meet its liabilities. Whilst the economic future is uncertain, and the Directors believe that it is possible the Company could experience further reductions in income and/or market value, the opinion of the Directors is that this should not be to a level which would threaten the Company’s ability to continue as a going concern.
The Directors are not aware of any material uncertainties that may cast significant doubt on the Company’s ability to continue as a going concern, having taken into account the liquidity of the Company’s investment portfolio and the Company’s financial position in respect of its cash flows and investment commitments. Therefore, the financial statements have been prepared on the going concern basis.
Segmental reporting
The Directors are of the opinion that the Company is engaged in a single segment of business, being investment business. The Company primarily invests in listed companies.
Income recognition
Dividend and other investment income is included as revenue on the ex-dividend date, the date the Company’s right to receive payment is established. Dividends from overseas companies are shown gross of withholding tax. Where the Company has elected to receive scrip dividends in the form of additional shares rather than in cash, the amount of the cash dividend foregone is recognised as income. Any excess or shortfall compared to the cash dividend is recognised as capital. Special dividends are reviewed on an individual basis to determine whether they should be accounted for as revenue or capital. Income from private equity holdings is recognised upon notification of irrevocable income distribution by the general partner. Interest income and rebate income is included on an accruals basis.
Expenses and finance costs
All management expenses and finance costs are accounted for on an accruals basis. The Company charges 30% of management fees and finance costs related to borrowings to revenue in the Income Statement and 70% to capital in the Income Statement. All other operating expenses and finance costs are charged to revenue in the Income Statement, except costs that are incidental to the acquisition or disposal of investments, which are charged to capital in the Income Statement. Transaction costs are included within the gains and losses on investments, as disclosed in the Income Statement.
Investments
In accordance with FRS 102, Sections 11 and 12, all investments held by the Company are designated as held at fair value upon initial recognition and are measured at fair value through profit or loss in subsequent accounting periods. Investments are initially recognised at cost, being the fair value of the consideration given.
After initial recognition, investments are measured at fair value, with changes in the fair value of investments recognised in the Income Statement and allocated to capital. Realised gains and losses on investments sold are calculated as the difference between sales proceeds and cost.
For investments actively traded in organised financial markets, fair value is generally determined by reference to
For unquoted investments, the Portfolio Manager plays a key role in providing the Board with assurance that the valuation policy and methodology adopted is reasonable and in accordance with both the
Foreign currency
The Financial Statements have been prepared in sterling, rounded to the nearest £’000, which is the functional and reporting currency of the Company. Sterling is the currency of the primary economic environment in which the Company operates.
Transactions denominated in foreign currencies are converted to sterling at the actual exchange rate as at the date of the transaction. Assets and liabilities denominated in foreign currencies at the year end are reported at the rate of exchange at the Balance Sheet date. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as a gain or loss in the capital reserve or revenue reserve as appropriate.
Taxation
The charge for taxation is based on the net revenue for the year and takes into account taxation deferred or accelerated because of timing differences between the treatment of certain items for accounting and taxation purposes. Full provision for deferred taxation is made under the liability method, without discounting, on all timing differences between taxable profits and total comprehensive income that have arisen but not been reversed by the Balance Sheet date, unless such provision is not permitted by FRS 102. Deferred tax assets are only recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company’s taxable profits and its results as stated in the Financial Statements which are capable of reversal in one or more subsequent periods.
Cash at bank and short-term deposits
Cash at bank and short-term deposits comprise cash at bank and short-term deposits with an original maturity date of three months or less.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other operating expenses.
Dividends payable to Shareholders
Dividends payable are accounted for when they become a liability of the Company. Final dividends are recognised in the period in which they have been approved by Shareholders in a general meeting. Interim dividends are recognised in the period in which they have been declared and paid.
Own shares held in
From time to time, the Company buys back shares and holds them in
Judgements and key sources of estimation uncertainty
The preparation of the Financial Statements requires the Company to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The areas requiring judgement and estimation in the preparation of the financial statements are: the valuation of unquoted investments; and recognising and classifying unusual or special dividends received as either revenue or capital in nature. The policy for the valuation of unquoted investments is detailed in the investments section of Note 1. The accounting policy for special dividends is detailed in the income recognition section of Note 1.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods.
Reserves
Share premium
The share premium account represents the accumulated premium paid for shares issued in previous periods above their nominal value less issue expenses.
This is a reserve forming part of the non-distributable reserves. The following items are taken to this reserve:
-- costs associated with the issue of equity; and
-- premium on the issue of shares.
Capital redemption reserve
The capital redemption reserve represents non-distributable reserves that arise from the purchase and cancellation of shares.
Special reserve
The special reserve was created by a reduction in the share premium account by order of the
Capital reserve
The following are taken to the capital reserve through the capital column in the Income Statement:
Capital reserve – other, forming part of the distributable reserves:
-- gains and losses on the realisation of investments;
-- realised exchange differences of a capital nature;
-- 70% of management fees and finance costs related to borrowings; and
-- expenses, together with related taxation effect, charged to this account
in accordance with the above policies.
Capital reserve – not distributable:
-- net movement arising from changes in the fair value of investments; and
-- unrealised exchange differences of capital nature.
Revenue reserve
The revenue reserve represents the surplus of accumulated profits and is distributable.
2. Income
2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
UK dividend income 460 – 460 573 – 573
Overseas dividend income 1,238 27 1,265 1,008 20 1,028
Liquidity fund income 1,219 – 1,219 711 – 711
Income from investments 2,917 27 2,944 2,292 20 2,312
Total income comprises:
Income from investments 2,917 27 2,944 2,292 20 2,312
Bank interest 421 – 421 662 – 662
Rebate income1 – 44 44 42 13 55
3,338 71 3,409 2,996 33 3,029
1 Rebates of annual management charges from managed investment funds held in the investment portfolio.
3. Management fee
2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Management fee 45 105 150 42 99 141
45 105 150 42 99 141
As the Company’s Sub-Advisor, during the year ended
The Company’s investment in the Volunteer Park Capital Fund SCSp was excluded from the market value of equity securities, prior to calculation of the management fees payable by the Company to
During the year ended
During the year ended
4. Dividends
2025 2024
£’000 £’000
Declared and paid
Amounts recognised as distributions to Ordinary Shareholders in the
year.
2024 final dividend of 10.0p per share paid on 30 May 2025 (2024:
year ended 31 December 2023 final dividend of 5.0p paid on 31 May 2,922 1,461
2024).
2,922 1,461
2025 2024
£’000 £’000
Proposed
Detailed below is the proposed final dividend per share in respect
of the year ended 31 December 2025 , which is the basis on which the
requirements of section 1159 of the Corporation Act 2010 are
considered. 3,010 2,922
2025 final dividend of 10.3p per share (2024 final dividend of 10.0p
per share)
The Directors recommend a final dividend of 10.3p per share for the year ended
5. Return per share
2025 2024
Net return Number of Per share Net return Number of Per share
pence pence
£’000 shares1 £’000 shares1
Revenue return 2,267 29,222,180 7.8 2,152 29,222,180 7.4
after taxation
Capital return 8,814 29,222,180 30.1 2,193 29,222,180 7.5
after taxation
Total return 11,081 29,222,180 37.9 4,345 29,222,180 14.9
after taxation
1
Weighted average number of ordinary shares, excluding shares held in
6. Net asset value per share
The NAV, calculated in accordance with the Articles of Association, is as follows:
2025 2024
Pence Pence
Share 401.9 374.0
The NAV is based on net assets of £117,454,000 (2024: £109,295,000) and on 29,222,180 (2024: 29,222,180) shares, being the number of shares, excluding shares held in
7. Significant holdings
As detailed in Note 8 of the Annual Report, as at
As at
The Company had no other holdings of 3.0% or more of the share capital of any portfolio companies.
8. Related party transactions
Dr
The Company has invested in Volunteer Park Capital Fund SCSp (“VPC”).
The Company has invested in
9. Availability of Annual Report and Financial Statements
The Annual Report and Financial Statements will shortly be available to view on the Company's website at www.globalopportunitiestrust.com. where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.
A copy of the Annual Report and Financial Statements will shortly be submitted to the Financial Conduct Authority’s National Storage Mechanism and will be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information please contact:
Company Secretary
e-mail: cosec@junipartners.com
