Capital Gearing Trust P.l.c. - Final Results for the Year Ended 31 March 2026
(the ‘Company’)
Final Results for the Year Ended
Legal Entity Identifier: 213800T2PJTPVF1UGW53
Information disclosed in accordance with DTR 4.1.3
Financial Highlights
31 March 2026 31 March 2025
Share price 4,985.0p 4,785.0p
NAV per Ordinary share 5,104.5p 4,924.8p
Dividends per share 66p 102p
Share price discount to NAV per share (1) 2.3% 2.8%
Shareholders’ funds £801.3m £885.0m
Market capitalisation £782.6m £859.9m
Ongoing charges ratio (1) 0.59% 0.56%
Total return performance to
One year Three years Five years Ten years
Share price total return (1) 6.4% 11.1% 14.1% 61.5%
NAV total return (1) 5.8% 12.1% 19.4% 68.6%
Consumer Price Index (2) 3.3% 9.4% 28.9% 40.7%
(1)
Please refer to the Company’s Annual Report and Financial Statements for the year ended
(2) The Company does not have a formal benchmark but uses the Consumer Price Index (‘CPI’) as a relative measure over the medium to longer term.
Highlights
-- Over the year to 31 March, the Company delivered a NAV return of +5.8%
and a share price return of +6.4% for the year. This compares with CPI
inflation of +3.3%. All major parts of the portfolio delivered a
positive contribution.
-- Over the year ended 31 March 2026 , the Company has repurchased 2,272,529
shares (2025: 4,067,965 shares) for a total cost of £111.2 million
(2025: £194.5 million). No shares were issued. As a result of this
policy, over the year the discount averaged 2.0%.
-- The Board has recommended a final dividend of 66p per share which will
be paid, subject to shareholder approval, on 15 July 2026 to
shareholders on the register on 12 June 2026 . The ex-dividend date will
be 11 June 2026 .
-- As a consequence of the Company’s exceptional performance since launch,
the share price has risen sharply and stood at 4,985.0p (or £49.85) as
at 31 March 2026 . The Board believes that the high share price may be
unhelpful for those investing smaller amounts, monthly savers, and
dividend re-investment programmes. Therefore, it is proposing to
sub-divide the shares on a ten for one basis, which if approved by
shareholders at the Annual General Meeting it is expected that dealings
in the Existing Ordinary Shares will cease as at close of business on 22
July 2026 and admission of the New Ordinary Shares to the Official List
and to trading on the London Stock Exchange , and dealings in the New
Ordinary Shares, will commence 23 July 2026 .
-- The next opportunity to hear from the Investment Managers is on
Thursday, 4 June 2026 at 2.30 p.m. , when the investment team will
present the Company’s year-end results via Investor Meet Company’s
webcasting service. Investors and potential investors can sign up to
Investor Meet Company for free and add “to meet CG Asset Management”
via:
https://www.investormeetcompany.com/cg-asset-management/register-investor
Chairman’s Statement
I am pleased to present the Annual Report of
Performance is the most important information in every chairman’s statement. Over the year ended
The Company’s objective is to preserve and, over time, to grow shareholder’s real wealth. It does this by having two combined aims. The first is to protect investors’ wealth by cushioning the effect of falling asset prices. The second aim is to beat inflation over the medium term by at least 2%, compounded over time. During the most recent reporting period, CGT’s NAV return outperformed inflation by 2.5%.
There is further analysis of historical returns for the Company in the Company’s Annual Report & Financial Statements for the year ended
Working with the Investment Manager, the Board has given significant attention to what returns shareholders might reasonably expect in future, particularly in the light of current market conditions. We began with three specific observations. Firstly, when interest rates were first tightened in 2022, equity markets fell substantially, and the Company’s NAV cushioned the decline by less than it had in the past. Secondly, when
The conclusion of our deliberations is that we cannot simply point to the returns delivered since inception and suggest that those returns can be a guide to future returns. We have moved from a disinflationary world with falling interest rates to an inflationary environment with higher interest rates.
Nevertheless, the Board believes that the Company’s dual targets stated above are achievable, and attractive for shareholders. To deliver at least 2% real p.a., with lower volatility than investment in a global equity tracker fund should be an important anchor in all portfolios. Other asset classes may ultimately perform better, but they will have much scarier interludes. Having CGT in a portfolio makes it easier to weather those rougher seas without panicking. Moreover, if markets finally start to price in greater inflation and inflation volatility, CGT should perform much better than the 30% or 40% in conventional bonds that investors are often herded into owning as they approach retirement.
Discount/Premium Control Policy (‘DCP’)
Our DCP, which aims to ensure that, in normal market conditions, the Company’s ordinary shares trade at close to underlying asset value, requires us to buy or sell shares in the Company to maintain a narrow discount or premium. Over the year ended
Shares which are bought back are held in
Reflecting both the quantum of buybacks completed by the Company and the Board’s commitment to the DCP, the Company held a General Meeting in
Income and Distributions
The amount the Company receives in dividends and interest is the outcome of the application of its investment policy rather than a target. The amounts distributed to shareholders are largely determined by the net revenue received by the Company in any year and are designed to satisfy the Company’s annual income distribution test to ensure that it maintains its investment trust status.
In respect of the Company’s year ended
The receipt of income has fallen since last year, nevertheless the Company is again designating a proportion of the total distribution as an interest distribution. Accordingly, the Board has recommended a final dividend of 66p per share which will be paid, subject to shareholder approval, on
Interest distribution per Ordinary share: 43p
Dividend distribution per Ordinary share: 23p
Total distribution per Ordinary share: 66p
The total distribution represents a decrease of 35% from the 102p paid to shareholders in respect of the Company’s financial year ended
Share Split
As a consequence of the Company’s exceptional performance since launch, the share price has risen sharply and stood at 4,985.0p (or £49.85) as at
We hope that sub-dividing the Company’s ordinary shares will make buying the shares more attractive to new investors and increase market liquidity. I would like to reassure existing shareholders that the splitting of the shares will not affect the overall value of their holdings in the Company as the reduction in the price per share will be offset by a commensurate increase in the number of shares they hold. By way of example, taking the price as at
If resolution 11 is approved at the Annual General Meeting it is expected that dealings in the Existing Ordinary Shares will cease as at close of business on
Company’s
The Board is continuing to work with CGAM to increase the Company’s profile via various media including video conferences, podcasts and in-person meetings, together with ongoing interaction with national and investment industry journalists. The Board’s view is that enhancing the Company’s profile will benefit all shareholders if a better understanding of the Company and its objectives can be translated into sustained demand for its shares.
During the year, the Company launched a redesigned website to provide a clearer, more informative, and accessible online experience for shareholders. The site provides the history and background of the Company, insights, regulatory documents, performance data, shareholder communications, and investor tools. The new site can be found here: https://capitalgearingtrust.com
The next opportunity to hear from the Investment Managers is on Thursday,
The Board is also keen to engage with shareholders. If any shareholder wishes to communicate with me as Chairman or
Annual General Meeting (‘AGM’)
The AGM will be held on Wednesday,
Details on the resolutions to be proposed at the AGM can be found in the 2026 Annual Report. The Board firmly believes that all the resolutions being proposed are in the best interests of the Company and its shareholders and encourages shareholders to vote by proxy in favour of the resolutions, as the Directors intend to do in respect of their own shareholdings. We would encourage shareholders to return their votes by electronic proxy, including by instructing their platform providers to vote on their behalf if their shares are held through platform nominees.
Outlook
In the 1970s the world economy experienced price shocks from the oil market and a wage-price spiral, more emphatically in the
The response of governments and central banks was to raise interest rates to control the growth in credit and money stock. Under Paul Volcker’s Chairmanship of the
Once inflation was under control, the
The hubris of central bankers was revealed, with an inflationary impulse from printing money. At the same time, these global disinflationary forces started to reverse. Tariffs are back, used as geopolitical and now geo-economic weapons. Globalisation is challenged as the US, and other countries, start to focus on security of supply, with price levels taking a back seat. Power has shifted in labour markets as the populations of the developed countries are no longer growing; in
The Board agrees with the Investment Manager that the new super-cycle is one of higher and more variable inflation. The economic challenges feel more like the 1970s redux than anything experienced by most active managers today. We are in a bear market for long-dated bonds as governments struggle to finance themselves and ultimately other asset classes like equities will come under pressure from much higher government bond yields. Policy-makers may try to put off the day of reckoning by intervening in bond markets to keep longer rates lower; and they may yet force banks and even growing pension funds to own domestic government debt. All such interventions are ultimately inflationary. As
Chairman
Investment Manager’s Report
Review
Over the year to
Attribution analysis
Return on portfolio % % Cash & treasury-bills 0.4 Credit 0.7 Managed Liquidity Reserve 1.1 Inflation-linked bonds 1.0 Gold 0.5 Infrastructure 0.8 Alternatives 0.3 Property 0.1 Equities 2.3 Risk assets 4.0 Gross return 6.1 NAV accretion from buyback 0.3 Management fee and other costs (0.6) Net return 5.8
(1) Alternative Performance Measure (‘APM‘). Please refer to the 2026 Annual Report for a glossary of terms and definitions and for a reconciliation of the Alternative Performance Measures to the year-end results.
Source: CGAM and Frostrow. All figures are on a total return basis. Contributions calculated using arithmetic methodology.
The Company’s financial year began and ended with two significant political and economic shocks. On
Then, on
Both events proved to be a good test of the resilience of the portfolio. From its peak in the middle of February to its trough in
Markets have rallied since then, despite the inflationary shock of rising oil prices and interruptions in supply, driven by excitement about the potential for AI and the huge investments required in data centres to enable uptake of AI.
It remains unclear how the war will unfold, although the most immediate consequence is elevated inflation. It is therefore necessary that alongside preserving capital during such crises, the Company also grows investors’ real wealth by delivering returns in excess of inflation. CGT has outperformed CPI by 1.9% per annum over ten years and 2.5% per annum over 20 years. Under the Manager’s tenure, the Company has exceeded inflation in 37 of the last 44 financial years.
High inflation is negative for both bonds and equities and, accordingly, both fell following the outbreak of war. Perhaps more surprising was that gold did not prove to be a haven and fell 17% following the start of the conflict. However, for many months, the behaviour of gold had been unusual, with it trading more like a speculative asset. In 2025, it reached record levels at the same time as equities. Traditionally, gold has been a safe-haven but, during this shock, it did not perform that role. We sold all the Company’s gold at a price of
For some time, the Company’s most direct form of inflation protection has come from its inflation-linked government bond portfolio. At the end of the year, inflation-linked bonds comprised 46% of the Company’s portfolio, with an overall duration of five years. This is allocated across US TIPS (25% of the portfolio) and inflation-linked gilts (21% of the portfolio). While the real yield is broadly similar across both portfolios (1.0% over US CPI for TIPS, and 1.2% over
In both jurisdictions, inflation-linked bond positioning is materially shorter than respective benchmark indices, and emphasises the belly of the curve. This short positioning ensures that the return on the portfolio more closely tracks accruals of realised inflation over market expectations – with some exposure to the ‘belly’ of the curve (i.e. five to ten years) to ensure that the portfolio benefits from the relative steepness of both yield curves, without creating undue sensitivity to volatility from long-term interest rates.
The Company’s exposure to risk assets is predominantly via investment trusts. Our strategy for conventional equity trusts is to buy them on discounts where we believe there is a catalyst for those discounts to close. We have extensive experience in this approach and only rarely get the discounts wrong. What is more uncertain is the performance of the underlying sector and whether the fund manager underperforms, our approach seeks to identify sectors that we like and quality underlying fund managers with robust processes across a wide spread of investments. This increases the likelihood that the performance of our equities will reflect a broadly diversified basket of equities, with additional returns harvested from discount narrowing.
Notable successes in the year, where both the discount narrowed and the underlying performance was strong, include
The Company’s largest equity holding, North Atlantic Smaller Companies, had a disappointing year delivering a return of -4%. This level of performance is not good enough and we are engaging with the Company to improve corporate governance.
The average discount on the investment trust portfolio stands at 16%, an increase over last year, which holds the promise of attractive future returns. The Company’s infrastructure holdings delivered a return of +11.4% for the year, outperforming their underlying benchmark. On the back of a sharp rally in the summer, we sold the majority of the Company’s renewable infrastructure holdings. This proved prudent, as they have since materially underperformed both the Company’s core equity infrastructure holdings and equity markets more broadly.
Property holdings delivered positive, though unexciting returns. Two of the largest positions –
2025 did not seem an opportune time to take credit risk as spreads were at near record lows. The company harvested a number of positions that were built following the Truss Crisis and generally reduced duration and spread risk. The return of +6.3%, outperformed the credit market return of +4.7%. High yield bonds also returned +13.9% for the year which was satisfactory though, given the low weighting, the overall contribution was modest.
Outlook
Since 1945, every global inflationary episode has been caused either by war or by an energy price shock. Often, as today, the two coincide. How long the shock will persist is unknowable. At the time of writing the price of Brent for delivery next year is
In 2023 the
High energy prices and physical shortages also reduce growth. The combination of lower growth and higher inflation should have a negative impact on both nominal bonds and equities. Nominal bond yields rise as investors anticipate lower real returns and higher short term nominal interest rates. Equities suffer from the triple whammy of lower revenue growth, lower margins and rising discount rates.
The outlook for the
For these reasons, we maintain a high allocation to inflation-linked bonds which, unlike conventional bonds and equities, we believe will perform well in a stagflationary world. Given our concerns about the outlook for government debt, which places foreseeable upward pressure on long-term yields, duration has been kept relatively short (circa five years). If held to maturity, the Company’s TIPS and inflation-linked gilt portfolios should yield around 1.0% per annum over their respective domestic rates of inflation 3 . Despite the recent global inflation shock, market expectations of inflation remain undemanding at the five-year point, further underscoring the value in this portfolio in an increasingly volatile inflationary outlook 4 .
The Company’s return profile is very unusual. Bonds typically offer low volatility, the downside of which is that most of the return comes as income. Equities offer capital gains, which means that returns can be highly volatile. The Company’s portfolio is constructed to compound investors’ capital with low tax drag, low volatility and high levels of inflation protection. We hope our shareholders value this approach. As investors ourselves, we do.
(1) Calculated by applying a 75bp RPI-CPI wedge for four of the five years, noting that RPI indexation will cease in 2030.
(2)
(3)
The real yield on the Company’s TIPS portfolio was 1.0% over US CPI at
(4)
At year end, the five-year breakeven on TIPS was 2.6% (US CPI). The five year breakeven on inflation-linked gilts was 3.9% (
Strategic Review
Business model and investment strategy
The Company, as an investment trust, is a
The Company has no employees, and the Board outsources its entire operational infrastructure to third party organisations. In particular, the Board appoints and oversees
The Company seeks to preserve shareholders’ real wealth and deliver absolute total returns through the construction of a multi-asset portfolio. Portfolio construction is the key tool used to mitigate capital loss in any given year. The Investment Manager allocates across asset classes based on an assessment of capital markets and macro-economic risks, with the aim of avoiding capital loss. In addition, a portion of the portfolio is invested into closed-ended investment companies with the aim of generating risk adjusted returns that are superior to those available in more liquid equity markets.
One of the unique characteristics of the Company is the implementation of the Investment Manager’s macro views on risk assets through the Company’s holdings in investment companies. Investment companies provide an opportunity to benefit from an additional return from discounts narrowing, alongside the underlying asset performance. There are also risks from discounts widening. The macro impact of rising interest rates and inflation particularly affects investment companies investing in illiquid assets, such as infrastructure, property, private equity and credit. In addition, the investment companies sector has a
Objective
The Company’s objective is to preserve and, over time, to grow shareholders’ real wealth.
Investment policy
As preserving shareholders’ real wealth is core to the investment objective, greater emphasis is placed on avoiding loss than maximising returns. Achieving the investment objective implies returns at least in line with inflation over the short term and significantly ahead of inflation over the long term.
The Company does not have a formal benchmark but reports against the
The Investment Manager has the authority to invest in equities, bonds, commodities and cash. Equity investments are typically in listed collective investment vehicles, including investment companies, ETFs, investment holding companies and property companies.
Asset allocation is flexible and responds to changes in asset values and to the macro-economic environment. A broad mix of assets will be maintained, with a maximum equity exposure of 80% and a minimum of 20%. The Investment Manager has the authority to invest in any geographical region and has no set limits on industry sector or country exposure.
The Company will not invest more than 15% of its investment portfolio in any single security. The Investment Manager is not permitted to invest in derivatives (such as options, swaps or forward contracts) without prior Board approval. Investments in other funds managed by the Investment Manager also requires Board approval.
The Company has the authority to borrow up to 20% of net assets, subject to prior Board approval.
Promoting the success of the Company
The Board is required to describe to the Company’s shareholders how the Directors have discharged their duties and responsibilities over the course of the financial period under section 172 of the Companies Act 2006 (the ‘Section 172 Statement’). This requires an explanation of how the Directors have promoted the success of the Company for the benefit of its members as a whole, taking into account the likely long-term consequences of decisions, the need to foster relationships with all stakeholders in the Company and the impact of the Company’s operations on the environment.
Role of the Board
The Board comprises five independent non-executive Directors who have a broad range of skills and experience across all major functions that affect the Company. The Board has responsibility for decisions relating to the Company’s investment objective and policy, gearing, corporate governance and strategy, and for monitoring the performance of the Company’s various service providers. The Board’s philosophy is that the Company should foster a culture where all parties are treated fairly and with respect and the Board recognises the importance of keeping the interests of the Company’s stakeholders, and of acting fairly between them, front of mind in its key decision making.
The Board has identified the following as its key stakeholders:
How the Board engages with stakeholders
The Board considers its stakeholders at Board meetings and receives feedback on the Investment Manager’s interactions with them.
Stakeholder How we engage
Shareholders are key stakeholders and the Board
places great importance on communication with
them, both through written communication from
the Company and the Investment Manager. The
Board welcomes all shareholders’ views and aims
to act fairly between shareholders. The
Company’s shareholder register is retail
investor orientated both directly and through
wealth managers and private client brokers
representing private investors. As a
constituent of the FTSE -250 Index, the Company
also has index tracking investors. The
Investment Manager and Company’s broker
regularly meet with current and prospective
shareholders to discuss the Company, its
performance and outlook. The Chairman is
available to talk directly with shareholders.
Shareholder feedback is discussed by the
Directors at Board meetings. The Board is kept
appraised of changes to the share register and
the Investment Manager is in contact with
investor platforms to identify how best to
communicate with the direct retail investor
community. The operation of the DCP provides
secondary market liquidity for investors and in
Shareholders providing stability of pricing at close to the
prevailing net asset value.
Regular updates are provided to shareholders
through the Annual Report, Half Yearly Report,
announcements, including daily net asset value
announcements, and the Company’s website. The
Investment Manager prepares monthly factsheets
and quarterly reports and maintains a website
which includes current information for
investors.
The Company’s Annual General Meeting typically
provides a forum, both formal and informal, for
shareholders to meet and discuss issues with
the Directors and Investment Manager. The Board
encourages as many shareholders as possible to
attend the Annual General Meeting and to
provide feedback on the Company. The Company
Secretary also deals with regular shareholder
queries on behalf of the Board. The Board
encourages shareholders to vote on all Company
business, which includes specific exercises to
obtain votes for general meetings to maintain
issuance and buyback authorities should they
become exhausted between annual general
meetings.
The Investment Manager’s Report above details
the key investment decisions taken during the
year. The Investment Manager has continued to
manage the Company’s assets in accordance with
the Company’s investment policy, with the
oversight of the Board. The Investment Manager
is represented at all formal Board meetings.
The Board regularly reviews the Company’s
performance against the investment objective
and the application of its investment policy
and restrictions. The Board undertakes an
annual strategy review meeting to ensure that
Investment Manager the Company is positioned well for the future
delivery of its investment objective.
The Board receives presentations from the
Investment Manager at every Board meeting to
help it to exercise effective oversight of the
Investment Manager and the Company’s strategy
in operation.
The Board, through the Management Engagement
Committee, formally reviews the performance of
the Investment Manager at least annually. Risks
and emerging risks are considered at each Board
meeting.
The Board monitors the activities of investee
companies through its delegation to the
Investment Manager. The Investment Manager has
discretionary powers to exercise voting rights
Investee companies on all resolutions proposed by the investee
companies. The Board monitors investments made
and divested and can query the rationale for
exposures taken and the Investment Manager’s
engagement with investee companies.
The Board supports the Investment Manager on
Environmental, Social and Governance (‘ESG’)
matters in line with good stewardship
practices, and an approach agreed with the
Board. The Board is also acutely aware of the
importance of providing an investment product
which meets the needs of its investors in both
protecting and growing value over time. The
Communities and the environment Board takes appropriate account of broader ESG
concerns and the need for the Company to act as
a good ‘corporate citizen’. An investment
approach that meets the needs of investors
provides a service valuable to the communities
in which the Company operates, not least as a
means for financial planning and saving. See
the ESG/engagement section in the 2026 Annual
Report.
The Board seeks to maintain constructive
relationships with all of the Company’s
suppliers either directly or through the
Investment Manager and/or Company Secretary
with regular communications and meetings.
Other service providers
The Management Engagement Committee conducts an
annual review of the performance and terms and
conditions of engagement of the Company’s main
service providers to ensure they are performing
in line with Board expectations and providing
value for money.
Specific examples of stakeholder consideration during the year
The Chairman and his fellow Directors always make themselves available to engage with shareholders as required. The Investment Manager also holds an annual Investor Day, which was held on 2 December in 2025. The Investor Day, which is always well attended, is open to all shareholders and potential investors.
Annual income distribution / corporation tax savings
The amount the Company receives in dividends and interest is the outcome of the application of its investment policy, and the amounts distributed to shareholders are designed to satisfy the Company’s annual income distribution test to ensure that it maintains its investment trust status.
In relation to the annual income distribution to shareholders for the Company’s year ended
Revised terminology
To achieve the Company’s objective, the Investment Manager follows a flexible multi-asset strategy using a diversified portfolio of equities, Inflation-Linked bonds, and other assets to deliver consistent, risk-adjusted returns.
Long-term shareholders will be familiar with the terms we have used for many years to describe the various assets available to the team – namely: Dry Powder, Index-Linked Bonds and Risk Assets. Whilst there has not been any change to the investment strategy, the Board worked with the Investment Manager over the year to find new labels which better reflect and explain their role in achieving the investment objective. We hope this new terminology, as detailed below, is helpful:
-- Managed Liquidity Reserve (formerly Dry Powder) - Cash and
short-dated bonds that provide the Investment Manager with liquidity and
optionality in uncertain markets.
-- Inflation-Linked Bonds (formerly Index-Linked Bonds) - These
government bonds protect against inflation and are a key component of
the capital preservation strategy.
-- Risk Assets (label unchanged) – Chiefly comprising listed investment
trusts, ETFs, and property companies offering long-term growth
potential.
Share split
As a consequence of the Company’s strong performance since launch, the share price has risen sharply and stood at 4,985.0p (or £49.85) as at
It is hoped that sub-dividing the Company’s ordinary shares will make buying the shares more attractive to new investors and increase market liquidity. More details are set out in the Chairman’s Statement above and in the 2026 Annual Report.
Discount control policy (‘DCP’)
The operation of the DCP is a fundamental part of the Company’s operating structure. It offers liquidity in the secondary market close to the prevailing net asset value and the removal of pricing volatility around net asset value either when selling or buying shares in the Company. Ensuring that the DCP continues to operate effectively requires constant monitoring, maintaining the requisite authorities, and having sufficient liquidity in the portfolio. To ensure the continued operation of the DCP, the Board called and held a General Meeting in 2026 to renew the Company’s buyback authority, since the existing authority could have been fully exhausted by the time of the next opportunity to renew (the forthcoming Annual General Meeting). The renewal was supported by shareholders and hence the Company has been able to continue the operation of the DCP. Since the renewed authority will expire at the conclusion of the Company’s forthcoming Annual General Meeting, and in line with usual practice, the Company will ask shareholders to approve the repurchase of up to 14.99% of its capital at a discount to estimated NAV at the forthcoming Annual General Meeting.
Ongoing
Overall the Board is always mindful of its responsibilities to the stakeholders of the Company and the impact of key decisions on the stakeholders, and this has been part of both scheduled Board meetings and discussions between these meetings as required.
Management of the portfolio
The Investment Manager’s Report above details the key investment decisions taken during the year ended
As explained in the 2026 Annual Report, during the year, the Management Engagement Committee agreed that the continuing appointment of the Investment Manager was in the best interests of shareholders.
Key performance indicators (‘KPIs’)
The Board has chosen KPI indices and ratios for the purpose of assessing and reporting investment performance. The KPIs have been chosen to allow the Board to monitor the performance of the Investment Manager against CPI over the short-term (three years) and over the longer-term (ten years). Further information on these performance measures can be found on in the 2026 Annual Report.
Tables and graphs showing the performance of the Company’s NAV per share compared with CPI are shown on in the 2026 Annual Report.
In addition, the Board monitors the following KPIs:
-- Share price discount/premium to NAV per share, an important measure of
demand for the Company’s shares and a key indicator of the need for
shares to be bought back or issued. At the start of the year under
review the discount to NAV was 2.8%, compared with a discount of 2.3% at
31 March 2026 , with an average discount of 2.0% for the year ended 31
March 2026 ; and
-- Ongoing charges ratio (‘OCR’), calculated using the methodology
recommended by the Association of Investment Companies which enables the
Board to measure and monitor the control of costs. This was 0.59% for
the year to 31 March 2026 (2025: 0.56%).
Both share price discount/premium to NAV per share and OCR are Alternative Performance Measures (‘APMs’). Please refer to the 2026 Annual Report for a glossary of terms and definitions and for a reconciliation of the APMs to the year-end results.
Principal and emerging risks
The Company has been subject to significant economic headwinds, such as substantial market movements, inflationary pressures and increasing interest rates. This makes preserving shareholders’ real wealth, far less growing it, challenging. The central aims remain to preserve value in the Company’s portfolio and liquidity in the Company’s shares.
The Directors aim to ensure that the Company maintains its investment strategy, has operational resilience, meets its regulatory requirements as an investment trust and navigates the financial and economic circumstances.
Through the remit of the
This year the Board has identified the emergence of Artificial Intelligence (‘AI’) as a key emerging risk. While AI presents substantial opportunities and can be a force for good, it also introduces growing risks for businesses and society. Advances in computing power have made AI a powerful tool with far-reaching applications, including the potential to disrupt – and in some cases harm – existing models. AI adoption may significantly reshape business processes and entire companies, increasing uncertainty in corporate valuations. In this environment, markets are likely to identify real or perceived winners and losers from AI, which could heighten share price volatility in investee companies. It may also influence how retail investors approach investing, including increased thematic positioning and momentum-driven flows tied to AI narratives.
Risk Mitigation
The Company’s strategy is formally
reviewed by the Board at least annually,
considering investment performance,
shareholder views, developments in the
Investment strategy and performance marketplace and the structure of the
Company.
The Board is responsible for setting
the investment strategy of the Company Investment performance is reviewed by
and monitoring investment performance. the Board on a regular basis against
Inappropriate strategy and/or poor CPI. The composition of the portfolio is
investment performance may have an provided at each Board meeting and
adverse effect on shareholder returns. allows the monitoring of the spread of
investments and associated investment
Risk remains relatively unchanged risks.
The Investment Manager is formally
appraised at least annually by the
Management Engagement Committee.
Geopolitical
There are a growing number of
geopolitical conflicts which pose an
increased risk to market stability. As This risk is managed to some extent by
of 2026, the global security situation diversification of investments and by
is unusually tense, with a high number regular communication with the Manager
of simultaneous conflicts. Analysts on matters of investment strategy and
note that the number of armed conflicts portfolio construction which will
worldwide is at its highest level since directly or indirectly include an
World War II, with a mix of full-scale assessment of these risks. The Board
wars, regional confrontations, receives regular reports from the
insurgencies and a broader resurgence Manager regarding market outlook and
of economic nationalism. These factors, considers thematic and factor risks,
along with uncertainty surrounding together with stock selection on a
interest rate and inflation, could regular basis and has set investment
weigh on market stability and restrictions and guidelines which are
investment opportunities and may monitored and reported on by the
adversely affect the Company’s Manager. The Board can, with shareholder
performance. approval, look to amend the investment
policy and objectives of the Company to
Increased overall risk due to gain exposure to or mitigate the risks
inflation, higher interest rates, arising from geopolitical instability.
supply issues and ongoing and
increasing global political tensions
and the impact of heightened interest
rates.
The Company operates a discount/premium
control policy (‘DCP’), under which it
aims to purchase or issue shares to
Premium/discount level ensure, in normal market conditions,
that the shares trade close to their
The Company’s share price could be underlying NAV per share. The DCP
impacted by a range of factors causing increases liquidity and reduces
it to be higher than (at a premium to) volatility by preventing the build-up of
or lower than (at a discount to) the excessive demand and/or supply for the
underlying NAV per share. Company’s shares which, the Board
believes, is in the best interests of
Excessive demand for, or supply of, shareholders. The DCP continues to be
shares can create liquidity issues, reviewed to ensure liquidity for
restricting the ability of investors to issuance and buyback.
buy and sell shares in the secondary
market. The levels of issuance/buyback of shares
are reported to the Board on an ongoing
Fluctuations in the share price can basis and at each Board meeting the
cause volatility which may not be Board considers the Investment Manager’s
reflective of the underlying investment ability to invest new proceeds (in the
portfolio. case of issuance) and maintain
sufficient liquidity (in the case of
Risk remains relatively unchanged buybacks) to meet the demands of the
DCP. Since the inception of the DCP, the
Company has issued and bought back a
substantial number of shares, with the
more recent trend being buying back.
The Audit and Risk Committee formally
reviews each service provider at least
annually, considering their reports on
internal controls, information security,
and the resources available to them. The
Management Engagement Committee reviews
Operational the service levels and how the service
providers have performed.
The Company is reliant on third-party
service providers and key teams at such The operational requirements of the
service providers. Failure of the Company from its service providers are
internal control systems of these third subject to rigorous testing including
parties could result in inaccurate the use of office/home working and
information being reported or risk to online communication. Additionally, the
the Company’s assets. Investment Manager’s and Administrator’s
technology environments are continually
Risk reduced since it has been more maintained and subject to regular
than a year since two new key service testing, vulnerability scans and patch
providers have been in place and there management. As part of this review the
has been a seamless transition. Board considers the measures taken by
each supplier to mitigate its
cybersecurity risk.
Further details of the Company’s
internal control and risk management
system is provided in the 2026 Annual
Report.
Compliance with relevant regulations is
monitored on an ongoing basis by the
Company Secretary and Investment Manager
Regulatory and governance who report regularly to the Board. The
Board also takes into account increasing
The Company operates in a regulatory governance requirements and complies
environment. Failure to comply with with them wherever practical or explains
section 1158 of the Corporation Tax Act why there is any divergence.
2010 could result in the Company losing
investment trust status and being The Board monitors changes in the
subject to tax on capital gains. regulatory environment and receives
Failure to comply with other regulatory updates from the Investment
regulations could result in financial Manager, Company Secretary, lawyers and
penalties or the suspension of the auditor as relevant.
Company’s listing on the London Stock
Exchange . The Board is appraised of corporate
governance issues and changes and as far
Risk remains relatively unchanged as practical the Company complies with
governance guidance or explains where it
does not and meets the guidance of the
AIC Corporate Governance Code (refer to
the 2026 Annual Report).
The Board regularly reviews and monitors
the management of market risk, interest
rate risk, foreign currency risk and
credit risk. These are explained in
detail in Note 15 to the financial
statements below. Inflation, and
geopolitical risks, are considered a
component of market risk, with the
Financial and economic impact of higher inflation and interest
rates taken into account.
The Company’s investments are impacted
by financial and economic factors The Board has authorised the purchase of
including market prices, interest hedged Japanese and US Treasury Bills,
rates, foreign exchange rates and which are hedged back to sterling to
credit which could cause losses to the remove some of the currency risk.
investment portfolio.
The Company has sufficient cash
Risk has been heightened by resources and liquidity in its portfolio
geopolitical events to meet its operating requirements,
including the operation of DCP. In
common with most commercial operations,
there are always exogenous risks and
consequences, which are difficult to
predict and plan for in advance. The
Company does what it can to address
these risks when they emerge, not least
operationally and in trying to meet its
investment objective.
Share buybacks
During the year the Company bought back 2,272,529 shares at an average price of 4,893.01p per share and for an aggregate consideration of £111.2 million (2025: 4,067,965 shares at an average price of 4,746.7p per share and for an aggregate consideration of £194.5 million). Shares are repurchased at a discount to the NAV thereby covering the costs of the DCP and associated portfolio transaction costs and providing some accretion to the NAV per share. All shares were bought back in accordance with the DCP, which is detailed further in the Chairman’s Statement above. Since the year-end, the Company has repurchased a further 51,386 shares.
Going concern
The financial position of the Company, including its cash flows and liquidity positions, is set out in detail in the financial statements. Note 15 to the financial statements describes the Company’s processes for managing its capital, its financial risk management objectives, details of its financial instruments and its exposures to market price, interest rates, foreign currency, credit and liquidity risk. The Board works closely with the Investment Manager and the Company Secretary to ensure that the Company’s operations are resilient, and its portfolio robust enough to meet challenges and opportunities.
The Directors also take into account the liquidity of the portfolio and scenario stress testing when considering the viability of the Company and its ability to meet liabilities as they fall due and to fulfil the ongoing operation of the DCP. The stress tests examined downside scenarios which combined a substantial fall (up to 25%) in stock markets, and therefore asset values, with a considerable loss of income. The impact of such severe scenarios are then mitigated by a significant reduction in management fees and most expenses. The results of the stress testing indicated that there was sufficient portfolio liquidity and net income for the Company to continue in operation and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
The stress tests also examined the operation of the DCP in the event of the Company having to buy back a substantial number of shares.
The Directors believe that the Company is well placed to manage its business risks successfully and consider that the Company currently has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence. For this reason, they continue to adopt the going concern basis in preparing the annual report and financial statements. The Directors do not consider that there are any material uncertainties to the Company’s ability to continue to adopt this approach over a period of at least 12 months from the date of approval of these financial statements.
Viability statement
The Board has carried out a robust assessment of the principal risks facing the Company including those that would threaten its business model, future performance, solvency or liquidity. The Board has drawn up a matrix of the risks facing the Company and has put in place appropriate processes and controls in order to mitigate these risks as far as practicable. The principal risks which have been identified, and the steps taken by the Board to manage these, are detailed above.
The Company is a long-term investor and the Board believes it is appropriate to assess the Company’s viability over a five-year period in recognition of the balance between the Investment Manager’s long-term horizon and also what the Directors believe to be investors’ horizons, taking account of the Company’s current position and the potential impact of the principal risks and uncertainties, the operation of the DCP and the circumstances of investment companies more generally.
As mentioned under the going concern paragraph above, the Directors also take into account the liquidity of the portfolio and scenario stress testing when considering the viability of the Company. The results of the stress testing indicated there was sufficient portfolio liquidity and net income for the Company to continue in operation for at least three years.
The Directors do not expect there to be any significant change in the principal risks that have been identified and the adequacy of the controls in place. Also, the Directors do not envisage any change in the Company’s strategy or its objective, or any events, that would prevent the Company from continuing to operate over that period as the Company’s assets are liquid, its commitments are limited, and the Company intends to continue to operate as an investment trust. The Directors believe that only a dramatic downturn in financial markets, deteriorating economic circumstances, or other crises besetting global markets, could have an impact on this assessment.
Based on this assessment, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the next five years.
The Board’s Strategic Report has been approved by the Board and signed on its behalf by:
Chairman
Directors’ Responsibilities Statement
in Respect of the Annual Report and the Financial Statements
The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The Financial Reporting Standard applicable in the
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The Financial Reporting Standard applicable in the
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable UK Accounting Standards, comprising FRS 102,
have been followed, subject to any material departures disclosed and
explained in the financial statements;
-- make judgements and accounting estimates that are reasonable and
prudent;
-- prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business; and
-- prepare a directors’ report, a strategic report and directors’
remuneration report which comply with the requirements of the Companies
Act 2006.
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 the financial statements and the Directors’ Remuneration Report comply with the Companies Act 2006.
The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for ensuring that the Annual Report and Financial Statements, taken as a whole, are fair, balanced, and understandable and provide the information necessary for shareholders to assess the Company’s performance, business model and strategy.
The Annual Report and Financial Statements are published on the Company’s website which is maintained by the Investment Manager. The Investment Manager is responsible for the maintenance and integrity of the Company’s website. Legislation in the
The maintenance and integrity of the Company’s website is the responsibility of the Directors. The Directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein.
Declaration
Each of the Directors, whose names and functions are listed in the Governance Report, confirms that, to the best of his or her knowledge:
-- the Company’s Financial Statements, which have been prepared in
accordance with United Kingdom Generally Accepted Accounting Practice
(United Kingdom Accounting Standards, comprising FRS 102, and applicable
law), give a true and fair view of the assets, liabilities, financial
position and net return of the Company; and
-- the Board’s Strategic Report includes a fair review 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 it faces.
For and on behalf of the Board
Chairman
Income Statement
for the year ended
Year ended 31 March 2026 Year ended 31 March 2025
Revenue Capital Total Revenue Capital Total
Note
£’000 £’000 £’000 £’000 £’000 £’000
Net gains on 8 – 16,995 16,995 – 13,059 13,059
investments
Net gains on currency – 15,541 15,541 – 1,354 1,354
swap contracts
Net currency gains – 4 4 – 51 51
Investment income 2 17,682 – 17,682 26,694 – 26,694
Other income 2 95 – 95 339 – 339
Gross return 17,777 32,540 50,317 27,033 14,464 41,497
Investment management 3 (3,447) – (3,447) (3,950) – (3,950)
fee
Other expenses 4 (1,482) – (1,482) (1,513) – (1,513)
Net return before 12,848 32,540 45,388 21,570 14,464 36,034
tax
Tax 5 – – – (43) – (43)
Net return
attributable to
equity shareholders 12,848 32,540 45,388 21,527 14,464 35,991
Net return per 7 76.90p 194.80p 271.70p 107.54p 72.26p 179.85p
Ordinary share
The total column of this statement represents the income statement of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance issued by the
All revenue and capital items in the above statement derive from continuing operations.
There are no gains or losses other than those recognised in the income statement and therefore no statement of comprehensive income has been presented.
The notes below form an integral part of these financial statements.
Statement of Changes in Equity
for the year ended
Called-up Capital Realised Unrealised
Special Revenue Total
share redemption capital capital equity
Note reserve reserve share-
capital reserve (1) reserve reserve (1) holders’
(1) (1) funds
£’000 £’000 £’000 £’000 £’000
£’000 £’000
Opening
balance
at 1 6,645 16 1,037,403 7,670 (9,215) 17,654 1,060,173
April
2024
Net
return – – – 21,205 (6,741) 21,527 35,991
for the
year
Shares
bought 11 – – (194,541) – – – (194,541)
back into
treasury
Dividends 6 – – – – – (16,598) (16,598)
paid
Closing
balance
at 31 6,645 16 842,862 28,875 (15,956) 22,583 885,025
March
2025
Opening
balance
at 1 6,645 16 842,862 28,875 (15,956) 22,583 885,025
April
2025
Net
return – – – 13,354 19,186 12,848 45,388
for the
year
Shares
bought 11 – – – – –
back into (111,195) (111,195)
treasury
Dividends 6 – – – – – (17,907)
paid (17,907)
Closing
balance
at 31 6,645 16 731,667 42,229 3,230 17,524 801,311
March
2026
(1) These reserves are available for distribution (except for the unrealised gains on Level 3 investments detailed in Note 15 below).
The notes below form an integral part of these financial statements.
Statement of Financial Position
as at
Restated (1)
31 March 31 March
2026 2025
Note £’000 £’000
Fixed assets
Investments held at fair value through profit or 8 776,813 860,407
loss
Current assets
Debtors 9 3,149 5,448
Investments – derivative financial instruments 15 16,439 4,455
(1)
Cash at bank 7,376 42,859
26,964 52,762
Creditors: amounts falling due within one year
Investments – derivative financial instruments 15 – (1,524)
(1)
Other creditors 10 (2,466) (26,620)
Net current assets 24,498 24,618
Total assets less current liabilities 801,311 885,025
Capital and reserves
Called-up share capital 11 6,645 6,645
Capital redemption reserve 16 16
Special reserve 12 731,667 842,862
Capital reserve 45,459 12,919
Revenue reserve 17,524 22,583
Total equity shareholders’ funds 801,311 885,025
Net asset value per Ordinary share 13 5,104.5p 4,924.8p
(1) In the prior year the net receivable balance of £2,931,000 from derivative financial instruments was included in the “debtors” balance. In the current year derivative financial instruments have been disclosed as current assets and creditors: amounts falling due within one year, to comply with the presentation requirements of the Companies Act. The prior year presentation has also been restated for comparability.
The financial statements were approved by the Board on
Chairman
The notes below form an integral part of these financial statements.
Cash Flow Statement
for the year ended
Year ended Year ended
31 March 31 March
2026 2025
Note £’000 £’000
Net cash inflow from operating activities 14 13,711 10,689
Payments to acquire investments (744,867) (1,072,259)
Receipts from sale of investments 823,116 1,307,502
Settlement on currency swap contracts 2,033 (1,577)
Net cash inflow from investing activities 80,282 233,666
Equity dividends paid 6 (17,907) (16,598)
Repurchase of Ordinary shares (111,573) (196,592)
Net cash outflow from financing activities (129,480) (213,190)
(Decrease)/increase in cash and cash equivalents (35,483) 31,216
Cash and cash equivalents at start of year 42,859 11,643
Gains on currency translations 4 51
Cash and cash equivalents at end of year 7,376 42,859
The notes below form an integral part of these financial statements.
Notes to the Financial Statements
1 Significant accounting policies
a) Basis of accounting
The accounts are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice (Accounting Standards ‘UK GAAP’) including Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the
The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments held at fair value through profit or loss. The Directors carried out a robust assessment, taking into account the liquidity of the portfolio, forecasts and obligations under the DCP, and determined that the Company has adequate resources to continue in operational existence for the foreseeable future and has the ability to meet its financial obligations as they fall due for a period of at least twelve months from the date of approval of this Annual Report.
The principal accounting policies are set out below. These policies have been applied consistently throughout the current year and prior period.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
As at
b) Valuation of investments
The Company has elected to adopt Sections 11 and 12 of FRS 102 in respect of investments and other financial instruments. The Company’s business is investing in financial assets with a view to profiting from their total return in the form of income and capital growth. This portfolio of financial assets is managed and its performance evaluated on a fair value basis in accordance with a documented investment strategy and information is provided internally on that basis to the Board. Accordingly, upon initial recognition the investments are designated by the Company as “held at fair value through profit or loss”. Investments are included initially at fair value which is taken to be their cost, including expenses incidental to purchase. Subsequently the investments are valued at fair value, which are quoted bid prices for investments traded in active markets. Where trading in the securities of an investee company is suspended, the investment is valued at the Board’s estimate of its fair value following a detailed review and appropriate challenge of the valuations proposed by the Investment Manager. The Investment Manager applies techniques consistent with the International Private Equity and Venture Capital Valuation Guidelines 2022 (‘IPEV’) (as detailed in Note 15). The investments are valued according to a three monthly cycle of measurement dates, or where there is an indication of a change in fair value as defined in the IPEV guidelines.
All purchases and sales are accounted for on a trade date basis.
c) Accounting for reserves
Gains and losses on sales of investments and any other capital charges are included in the Income Statement and dealt with in the capital reserve. Increases and decreases in the valuation of investments held at the year-end and foreign exchange gains and losses on cash balances held at the year-end are also included in the Income Statement and dealt with in the capital reserve. The cost of repurchasing the Company’s own shares for cancellation including the related stamp duty and transaction costs is charged to the distributable element of the capital reserve. The costs relating to the issue of new Ordinary shares are charged to the share premium account.
d) Dividends
In accordance with FRS 102 the final dividend is included in the financial statements in the year that it is approved by shareholders.
e) Income
Dividends receivable on listed equity shares are recognised on the ex-dividend date as a revenue return, and the return on zero dividend preference shares is recognised as a capital return.
Dividends receivable on equity shares where no ex-dividend date is quoted are recognised when the Company’s right to receive payment is established.
Special dividends receivable are taken to capital where relevant circumstances indicate that the dividends are capital in nature. Otherwise they are taken to revenue.
Income from fixed-interest securities is recognised as revenue on an effective interest rate basis so as to reflect their effective yield.
Income from securities where the return is linked to an inflation index is accrued as earned and is included in the income column of the Income Statement. In accordance with the Company’s commercial objective and as permitted by the AIC SORP, the movement in capital value is recognised in the capital column of the Income Statement. The amount recognised as a capital return on inflation-linked securities in the year is disclosed in Note 8 – Investments held at fair value through profit or loss.
f) Expenses
All expenses are charged to revenue and include, where applicable, value added tax (‘VAT’). All expenses are accounted for on an accruals basis.
g) Taxation policy
Current tax payable is based on the taxable profit for the year. Deferred taxation is measured based on timing differences, calculated at the rate at which it is anticipated the timing differences will reverse. Owing to the Company’s status as an investment trust, and the intention to continue to meet the conditions required to obtain approval in the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation of investments.
h) Other debtors and creditors
Other debtors and creditors do not carry any interest, are short-term in nature and initially recognised at fair value and then held at amortised cost, with debtors reduced by appropriate allowances for estimated irrecoverable amounts.
Cash at bank and in hand may comprise cash and demand deposits which are readily convertible to a known amount of cash and are subject to insignificant risk of changes in value.
i) Foreign currency
The results and financial position of the Company are expressed in pounds sterling, which is the functional and presentational currency of the Company. The Directors, having regard to the currency of the Company’s share capital and the predominant currency in which the Company operates, have determined the functional currency to be sterling.
Transactions denominated in foreign currencies are recorded in the functional currency at actual exchange rates as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year-end are reported at the rates of exchange prevailing at the year-end.
j) Reserves
The following are accounted for in the capital reserve:
-- gains and losses on the realisation of investments;
-- increases and decreases in the valuation of investments held at the
year-end;
-- realised foreign currency differences of a capital nature; and
-- unrealised foreign currency differences of a capital nature.
Other reserves:
-- The share premium account includes the premium above nominal value from
proceeds on issue of any equity share capital comprising Ordinary shares
of 25p each and is not distributable.
-- The revenue reserve reflects all the income and costs which are
recognised in the revenue column of the income statement and is
distributable.
-- The special reserve results from the shareholder and court approved
cancellation of the share premium account, is distributable and will be
applied for share buy backs.
-- The capital redemption reserve arises from the buy back and cancellation
of shares and is not distributable.
k) Repurchases of shares into treasury and subsequent re-issue
The proceeds from issuing Ordinary shares less issue costs are taken to equity and the costs of repurchasing Ordinary shares, including related stamp duty and transaction costs, are taken directly to equity and reported through the Statement of Changes in Equity, with the cost of repurchase being charged to a distributable reserve. Share issues and repurchase transactions are accounted for on a trade-date basis. The nominal value of Ordinary share capital repurchased and cancelled is transferred out of called-up share capital and into the capital redemption reserve, in accordance with section 733 of the Companies Act 2006.
Where shares are repurchased and held in treasury, the transfer to the capital redemption reserve is made if and when such shares are subsequently cancelled.
The sales proceeds of treasury shares re-issued are treated as a realised profit up to the amount of the purchase price of those shares and is transferred to capital reserves. The excess of the sales proceeds over the purchase price is transferred to ‘share premium’.
l) Derivative financial instruments
Derivative instruments are prohibited for the purpose of investment under the Company’s Investment Policy, but with the Board’s prior approval, can be used to hedge certain market risk exposures such as foreign currency risk.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Income Statement and entirely recognised as capital, as the sole purpose of the derivative contracts is to protect the currency fluctuations on the underlying investments.
2 Investment income
2026 2025
£’000 £’000
Income from Investments:
Income from overseas equity and non-equity investments 4,271 6,531
Income from UK equity and non-equity investments 3,729 6,200
Interest from inflation-linked overseas bonds 3,389 4,759
Interest from conventional UK bonds 2,730 5,423
Interest from inflation-linked UK bonds 2,214 2,688
Interest from conventional overseas bonds 1,349 1,093
Total income from investments 17,682 26,694
2026 2025
£’000 £’000
Total income comprises:
Interest from bonds 9,682 13,963
Dividends 6,832 11,266
Property income and interest distributions 1,168 1,465
Deposit interest 95 339
17,777 27,033
2026 2025
£’000 £’000
Income from investments comprises:
UK 8,673 14,311
Overseas 9,009 12,383
17,682 26,694
3 Investment management fee
2026 2025
£’000 £’000
Investment management fee 3,447 3,950
The Company’s
4 Other expenses
2026 2025
£’000 £’000
Company secretarial and administration services 506 571
Directors’ remuneration (refer to Directors’ Remuneration Report) 214 197
Depositary fees 83 96
Stock Exchange and FCA fees 105 110
Custody fees 59 65
Registrar fees 50 48
Fees payable to the Company’s auditor for the audit of Company 52 82
financial statements (1)
General expenses 413 344
1,482 1,513
(1)
Audit fees for the year ended
The above expenses exclude VAT where appropriate. Irrecoverable VAT is included within general expenses.
5 Taxation
2026 2025
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Current tax:
Overseas withholding tax – – – 43 – 43
Corporation tax – – – – – –
Current tax charge – – – 43 – 43
The tax assessed for the year is lower (2025: lower) than the standard rate of corporation tax in the
2026 2025
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Net return before tax 12,810 32,540 45,350 21,570 14,464 36,034
Net return multiplied by
the standard rate of UK 3,203 8,135 11,338 5,393 3,616 9,009
corporation tax
Adjusted for the effects
of:
Non-taxable UK franked (1,565) – (1,565) (2,537) – (2,537)
dividends
Non-taxable capital returns – (8,135) (8,135) – (3,616) (3,352)
Tax impact on dividends
designated as interest (1,647) – (1,647) (2,856) – (2,856)
distribution
Irrecoverable overseas – – – 43 – 43
withholding tax
Current tax charge – – – 43 – 43
The Company has no unrelieved management expenses.
6 Dividends paid
2026 2025
£’000 £’000
Ordinary shares
2024 dividend paid 5 July 2024 (78p per share) – 16,598
2025 dividend paid 5 July 2025 (102p per share) 17,907 –
17,907 16,598
The 2025 dividends were paid on
The Directors have recommended to shareholders a final dividend of 66p per share, comprising 43p in interest distribution and 23p in ordinary equity dividends for the year ended
2026 2025
£’000 £’000
Revenue available for distribution by way of dividend for the 12,848 21,527
year
Proposed final dividend of 66p for the year ended 31 March
2026 (10,361) (17,907)
(2025: paid final dividends of 102p per share)
Surplus/(deficit) available to carry forward 2,487 3,620
7 Net return per Ordinary share
The net return per share of 271.70p (2025: 179.85p), net revenue per share of 76.90p (2025: 107.54p) and net capital return per share of 194.80p (2025: 72.26p) are calculated based on the net return, net revenue income and net capital gain figures reported in the Income Statement and the weighted average number Ordinary shares in issue of 16,704,520 (2025: 20,011,591) during the year.
8 Investments held at fair value through profit or loss
2026 2025
£’000 £’000
Inflation-linked government and corporate bonds – UK 203,795 98,924
Inflation-linked government and corporate bonds – 201,420 259,448
overseas
UK equities (1) 165,697 209,298
Conventional government and corporate bonds – overseas 105,497 164,560
Conventional government and corporate bonds – UK 83,193 81,592
Overseas equities (including offshore ETFs) 17,211 46,586
776,813 860,407
Opening cost of investments 879,297 1,063,115
Unrealised losses (18,890) (9,323)
Opening fair value of investments 860,407 1,053,792
Additions at cost 721,131 1,092,046
Effective yield adjustment (2) 3,157 8,689
Sales proceeds (824,877) (1,307,179)
Net gains on investments 16,995 13,059
Closing fair value of investments 776,813 860,407
Closing book cost of investments 790,029 879,297
Unrealised accumulated losses (13,216) (18,890)
776,813 860,407
Realised gains on disposals 11,321 22,626
Increase/(decrease) in cumulative unrealised losses 5,674 (9,567)
Net gains on investments 16,995 13,059
(1)
Includes perpetual preference and zero dividend preference shares, which are presented under “Preference Shares/Corporate Debt” instead of “Funds/Equities” in the ‘List of
(2) The effective yield adjustment is in relation to conventional fixed interest and inflation-linked securities. The accounting treatment for income on securities held is set out in Note 1(e) below.
The categorisation of investments at the top section of the above table has been reorganised to provide a more consistent presentation across the portfolio listings report in the Investment Manager’s Report and Note 15: Financial Instruments. The 2025 categorisation has also been re-presented to reflect this change.
During the year the Company purchased £721,131,000 (2025: £1,092,046,000) of investments and incurred a total transaction cost of £258,000 (2025: £393,000). Disposals of investments amounted to £824,877,000 (202 £1,307,179,000) with a total transaction cost of £88,000 (2025: £98,000). The book cost of the disposed investments was £813,556,000 (2025: 1,284,553,000) and the transaction costs are included in the book cost of acquisitions and the net proceeds of sales.
The total amount recognised as a capital return on inflation-linked securities in the year was £4,923,000 (2025: £5,575,000).
The geographical spread of investments is shown below.
9 Debtors
Restated (1)
2026 2025
£’000 £’000
Due from brokers 422 1,818
Accrued interest 2,025 1,803
Dividends receivable 617 1,002
Prepayments and other debtors 85 91
Corporation tax refund – 734
3,149 5,448
(1) In the prior year the net receivable balance of £2,931,000 from derivative financial instruments was included in the “debtors” balance. In the current year derivative financial instruments have been disclosed separately under current assets and creditors: amounts falling due within one year, to comply with the presentation requirements of the Companies Act. The prior year presentation has also been restated for comparability.
10 Creditors: amounts falling due within one year
2026 2025
£’000 £’000
Due to brokers 646 24,382
Repurchase of Ordinary shares into treasury 1,392 1,770
Accruals 428 451
Other creditors – 17
2,466 26,620
11 Called-up share capital
2026 2025
Number of Number of
shares £’000 shares £’000
Ordinary share of 25p
Ordinary shares in issue at beginning of 17,970,762 4,493 22,038,727 5,510
year
Ordinary shares bought back into (2,272,529) (568) (4,067,965) (1,017)
Treasury during year
Ordinary shares in issue at end of year 15,698,233 3,925 17,970,762 4,493
Treasury shares (Ordinary shares of
25p)
Treasury shares in issue at beginning of 8,609,501 2,152 4,541,536 1,135
year
Ordinary shares bought back into 2,272,529 568 4,067,965 1,017
Treasury during year
Treasury shares in issue at end of year 10,882,030 2,720 8,609,501 2,152
Total Ordinary shares in issue and in 26,580,263 6,645 26,580,263 6,645
treasury at end of year
During the years to
During the year to
12 Share premium account and special reserve
On
The cost of share buybacks undertaken by the Company have been recognised through this reserve since
13 Net asset value per Ordinary share
The net asset value per Ordinary share and the net asset value attributable to the Ordinary shares at the year-end, calculated in accordance with the Articles, were as follows:
Net asset value per Ordinary share attributable to
2026 2025
Ordinary shares 5,104.5p 4,924.8p
Net assets attributable to
2026 2025
£’000 £’000
Ordinary shares 801,311 885,025
Net asset value per Ordinary share is based on the net assets, as shown above, and on 15,698,233 (2025: 17,970,762) Ordinary shares, being the number of Ordinary shares in issue at the year-end, but excluding shares held in
14 Reconciliation of net return on ordinary activities before tax to net cash inflow from operating activities
2026 2025
£’000 £’000
Net return on ordinary activities before tax 45,388 36,034
Net gains on investments (32,540) (14,464)
Decrease/(increase) in prepayments 25 (2)
Decrease in accruals (41) (737)
Decrease/(increase) in dividends receivable 385 (605)
Increase in accrued interest and effective interest income (222) (8,637)
adjustments
Overseas withholding tax paid – (43)
UK Corporation tax repaid/(paid) 716 (857)
Net cash inflow from operating activities 13,711 10,689
During the year, the Company received dividend income of £6,304,000 (2025: £9,045,000) and interest income of £8,370,000 (2025: £7,006,000) in cash.
15 Financial instruments
The Company has the following financial instruments:
Restated (1)
2026 2025
£’000 £’000
Financial assets at fair value through profit or loss
– Investments held at fair value through profit and 776,813 860,407
loss
– Derivative financial instruments 16,439 4,455
Financial assets that are measured at amortised cost
– Cash at bank 7,376 42,859
– Due from brokers 422 1,886
– Accrued interest and dividends receivable 2,642 2,805
803,692 912,412
Restated (1)
2026 2025
£’000 £’000
Financial liabilities at fair value through profit or
loss
– Derivative financial instruments – 1,524
Financial liabilities measured at amortised cost
– Due to brokers 646 24,399
– Accruals 1,820 2,221
2,466 28,144
(1) In the prior year the net receivable balance of £2,931,000 from derivative financial instruments was included in the “debtors” balance. In the current year derivative financial instruments have been disclosed separately under current assets and creditors: amounts falling due within one year, to comply with the presentation requirements of the Companies Act. The prior year presentation has also been restated for comparability.
The Company’s financial instruments comprise:
-- investment company ordinary shares, zero dividend preference shares,
exchange traded funds and fixed and inflation-linked securities that are
held in accordance with the Company’s investment objective;
-- cash and liquid resources that arise directly from the Company’s
operations; and
-- debtors and creditors.
The main risks arising from the Company’s financial instruments are market risk, interest rate risk, foreign currency risk and credit risk. The Board regularly reviews and monitors the management of each of these risks and they are summarised below.
Other debtors and creditors do not carry any interest and are short-term in nature and accordingly are stated at their nominal value.
Market risk
Market risk arises mainly from uncertainty about the future prices of financial instruments held. It represents the potential loss the Company might suffer through holding market positions in the face of price movements.
The Company invests in the shares of other investment companies. These companies may use borrowings or other means to gear their balance sheets which may result in returns that are more volatile than the markets in which they invest, and the market value of investment company shares may not reflect their underlying assets.
To mitigate these risks, the Investment Manager’s investment strategy is to select investments for their fundamental value. Stock selection is therefore based on disciplined financial, market and sector analysis, with the emphasis on long-term investments. An appropriate spread of investments is held in the portfolio in order to reduce both the systemic risk and the risk arising from factors specific to a country or sector. The Investment Manager actively monitors market prices throughout the year and reports to the Board, which meets regularly to consider investment strategy. A list of the largest investments held by the Company is shown in the 2026 Annual Report. All investments are stated at bid value, which in the Directors’ opinion is equal to fair value.
Price risk sensitivity
The following table illustrates the sensitivity of the net return after taxation for the year and the net assets to an increase or decrease of 10% (2025: 10%) in market prices. This level of change is considered to be reasonably possible based on an observation of current market conditions. The sensitivity analysis is based on the Company’s investments at the Statement of Financial Position date with all other variables held constant.
2026 2025
10% increase 10% decrease 10% increase 10% decrease
in market in market in market in market
prices prices prices prices
£’000 £’000 £’000 £’000
Income Statement – net
return after tax
Revenue return (259) 259 (296) 296
Capital return 77,681 (77,681) 86,041 (86,041)
Total return after 77,422 (77,422) 85,745 (85,745)
taxation
Change to net assets
attributable to 77,422 (77,422) 85,745 (85,745)
shareholders
Interest rate risk
Bond and preference share yields, and as a consequence their prices, are determined by market perception as to the appropriate level of yields given the economic background. Key determinants include economic growth prospects, inflation, the Government’s fiscal position, short-term interest rates and international market comparisons. The Investment Manager takes all these factors into account when making any investment decisions as well as considering the financial standing of the potential investee company.
Returns from bonds and preference shares are fixed at the time of purchase, as the fixed coupon payments are known, as are the final redemption proceeds. This means that if a bond is held until its redemption date, the total return achieved is unaltered from its purchase date. However, over the life of a bond the market price at any given time will depend on the market environment at that time. Therefore, a bond sold before its redemption date is likely to have a price different from its purchase level and a profit or loss may be incurred.
Interest rate changes affect the income the Company generates from its financial assets with floating rates, and the fair value of the interest bearing assets in the Company’s portfolio. The following table illustrates the sensitivity of the net returns and the net assets to an increase or decrease of 1% (2025: 1%) in regard to the Company’s monetary financial assets and financial liabilities. The financial assets affected by interest rates comprise cash at bank, conventional and inflation-linked bonds as well as corporate debt instruments. There are no financial liabilities affected by interest rates. This level of change is considered to be reasonably possible based on an observation of current market conditions. The sensitivity analysis is based on the Company’s monetary financial instruments at the Statement of Financial Position date with all other variables held constant.
2026 2025
1% increase 1% decrease 1% increase 1% decrease
in interest in interest in interest in interest
rates rates rates rates
£’000 £’000 £’000 £’000
Income Statement – net 74 (74) 429 (429)
revenue return
Income Statement - net (83,799) 83,420 (54,955) 54,240
capital return
Change to net assets (83,725) 83,346 (54,526) 53,811
attributable to shareholders
The interest rate profile of the Company’s assets at
Total Weighted
(as per Assets/ Weighted
Statement average
Floating Inflation- Other (liabilities) average
of fixed period
Financial rate linked rate on which interest for
£’000 £’000 £’000 no interest which
Position) rate rate is
is paid %
£’000 £’000 fixed
(years)
Assets
Equity 182,908 – – – 182,908 – –
investments (1)
UK
inflation-linked 163,659 – 163,659 – – 0.53 5.64
government bonds
UK
inflation-linked 40,136 – 40,136 – – 1.28 5.42
non-government
bonds
UK government 25,427 – – 25,427 – 4.42 1.52
bonds
UK
non-government 57,766 – – 57,766 – 5.04 1.73
bonds
Overseas
inflation-linked 197,938 – 197,938 – – 0.69 4.92
government bonds
Overseas
inflation-linked 3,482 – 3,482 – – – –
non-government
bonds
Overseas 105,497 – – 105,497 – 1.05 0.83
government bonds
Invested funds 776,813 – 405,215 188,690 182,908
Cash at bank 7,376 7,376 – – – – –
Other debtors 3,149 – – – 3,149 – –
Derivative
financial 16,439 16,439
instruments
Liabilities
Creditors (2,466) – – – (2,466) – –
Total net 801,311 7,376 405,215 188,690 200,030
assets
(1) includes perpetual preference and zero dividend preference shares, which are presented under “Preference Shares/Corporate Debt” instead of “Funds/Equities” in the list of largest portfolio investments in the 2026 Annual Report.
The interest rate profile of the Company’s assets at
Total Weighted
(as per Assets/ Weighted
Statement Other average
Floating Inflation- (liabilities) average
of fixed period
Financial rate linked on which interest for
£’000 £’000 rate no interest which
Position) £’000 rate rate is
is paid %
£’000 £’000 fixed
(years)
Assets
Equity 255,883 – – – 255,883 – –
investments
UK
inflation-linked 75,829 – 75,829 – – 0.40 10.24
government bonds
UK
inflation-linked 23,095 – 23,095 – – 1.03 4.58
non-government
bonds
UK government 15,855 – – – 15,855 – –
bonds
UK
non-government 65,737 – – 65,737 – 4.26 5.15
bonds
Overseas
inflation-linked 258,992 – 258,992 – – 0.51 7.13
government bonds
Overseas
inflation-linked 456 – 456 – – 3.05 0.39
non-government
bonds
Overseas 159,043 – – 159,043 – 0.54 0.77
government bonds
Overseas
non-government 5,517 – – 5,517 – 6.22 4.34
bonds
Invested funds 860,407 – 358,372 230,297 271,738 – –
Cash at bank 42,859 42,859 – – – – –
Other debtors 5,448 – – – 5,488 – –
Derivative
financial 4,455 4,455
instruments (2)
Liabilities
Derivative
financial (1,524) (1,524)
instruments (2)
Other creditors (26,620) – – – (26,620) – –
Total net 885,025 42,859 358,372 230,297 253,497
assets
2) In the prior year the net receivable balance of £2,931,000 from derivative financial instruments was included in the “debtors” balance. In the current year derivative financial instruments have been disclosed separately under current assets and creditors: amounts falling due within one year, to comply with the presentation requirements of the Companies Act. The prior year presentation has also been restated for comparability.
Fair value of financial assets and liabilities
Financial Reporting Standard 102 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
Level 1: valued using unadjusted quoted prices in active markets for identical assets.
Level 2: valued using observable inputs other than quoted prices included within Level 1.
Level 3: valued using inputs that are unobservable and are valued by the Directors using International Private Equity and Venture Capital Valuation (‘IPEV’) guidelines, such as earnings multiples, recent transactions and net assets, which equate to their fair values.
The Company’s assets are measured at fair value through profit or loss. The fair value of financial instruments traded in active markets is based on quoted market prices at the Statement of Financial Position date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis.
The financial assets and liabilities measured at fair value in the Balance Sheet are grouped into the fair value hierarchy at
2026 Restated (1)
2025
Financial
assets at
Level 1 Level Level 3 Total Level 1 Level 2 Level 3 Total
fair 2
value £’000 £’000 £’000 £’000 £’000 £’000 £’000
through £’000
profit or
loss
Quoted 763,467 13,025 – 776,492 844,854 14,990 – 859,844
securities
Currency
swap – 16,439 – 16,439 – 4,455 – 4,455
contracts
Delisted – – 321 321 – – 563 563
equities
Total
financial 763,467 29,464 321 793,252 844,854 19,445 563 864,862
assets
2026 Restated (1)
2025
Financial
liabilities
at Level Level
Level 1 2 3 Total Level 1 Level 2 Level 3 Total
fair value
through £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
profit or
loss
Currency
swap – – – – – (1,524) – (1,524)
contracts
Total
financial – – – – – (1,524) – (1,524)
liabilities
Net fair 763,467 29,464 321 793,252 844,854 17,921 563 863,338
value
(1) In the prior year the net receivable balance of £2,931,000 from derivative financial instruments was included in the “debtors” balance. In the current year derivative financial instruments have been disclosed separately under current assets and creditors: amounts falling due within one year, to comply with the presentation requirements of the Companies Act. The prior year presentation has also been restated for comparability.
Quoted securities included in fair value Level 1 are actively traded on recognised stock exchanges and the fair value of these investments has been determined by reference to their quoted bid prices at the reporting date.
Quoted securities included in fair value Level 2 relate to some corporate bond holdings in the Company’s portfolio, which are also traded on recognised stock exchanges but the fair value of these investments has been determined by reference to prices indicated by a group of contributing brokers at the reporting date.
The fair value of the Company’s Level 3 financial assets been determined by reference to primary valuation techniques described in Note 1(b), using available auction prices, and expected or discounted expected liquidation proceeds. The fair value of these investments is influenced by the estimates, assumptions and judgements made in the valuation process, including probability of future cash flows, discounts to net asset values, and recent transaction/auction price.
During the year to
A reconciliation of fair value measurements in Level 3 is set out in the following table:
2026 2025
Total Total
£’000 £’000
Opening balance 563 2,421
Purchases – –
Sales (13,596) (8,569)
Transfers from Level 1 13,150 7,451
Total gains/(losses) on investments in the Income Statement:
on assets sold (444) 38
on assets held at the end of the year 648 (778)
Closing balance 321 563
Foreign currency risk
The Company’s investments in foreign currency securities are subject to the risk of currency fluctuations. The Investment Manager monitors current and forward exchange rate movements in order to mitigate this risk. The Company’s investments denominated in foreign currencies are:
2026 2025
Cash and Currency Accrued Cash and Currency Accrued
Investments Swap interest Investments Swap interest
£’000 Contracts £’000 £’000 Contracts £’000
(1) (1)
US Dollar 213,172 (21,767) 419 276,824 (93,824) 378
Japanese Yen 108,794 (128,213) 211 185,830 (137,165) 89
Australian 3,538 – 13 3,679 – 13
Dollar
Euro 650 – – 9,506 – –
Canadian 5 – – 5 – –
Dollar
Swedish – – – 11,993 – 39
Krona
326,159 (149,980) 643 487,837 (230,989) 519
(1)
Based on notional amounts of the currency swap contracts. The contracts were entered into for the purpose of fully hedge the FX exposures on certain US and Japanese government bond investments. Notional exposure on local currency basis are
Foreign currency sensitivity
The following table illustrates the sensitivity of the net return after taxation for the year and the net assets to an increase or decrease of 10% in the rates of exchange of foreign currencies relative to Sterling. This level of change is considered to be reasonably possible based on an observation of current market conditions. The sensitivity analysis is based on the Company’s foreign currency investments at the Statement of Financial Position date with all other variables held constant.
10% 10% 10% 10%
appreciation depreciation appreciation depreciation
of Sterling of Sterling of Sterling of Sterling
£’000 £’000 £’000 £’000
Income statement – net
return after taxation
Revenue return (674) 674 (929) 929
Capital return (22,282) 22,282 (31,892) 31,892
Total return after (22,956) 22,956 (32,821) 32,821
taxation
Net assets attributable (22,956) 22,956 (32,821) 32,821
to shareholders
Liquidity risk
Liquidity risk is not considered to be significant as the Company has no bank loans or other borrowings and the majority of the Company’s assets are investments in quoted securities which are readily realisable. All liabilities are payable within three months.
Credit risk
In addition to interest rate risk, the Company’s investment in bonds, the majority of which are government bonds, is also exposed to credit risk which reflects the ability of a borrower to meet its obligations. Generally, the higher the quality of the issue, the lower the interest rate at which the issuer can borrow money. Issuers of a lower quality will tend to have to pay more to borrow money to compensate the lender for the extra risk taken. As at
A further credit risk is the failure of a counterparty to a transaction to discharge its obligations under that transaction, which could result in a loss to the Company. The following table shows the maximum credit risk exposure.
Credit risk exposure
Within the financial asset balances reported in the Statement of Financial Position, the maximum credit risk exposure is:
Restated (1)
2026 2025
Statement Statement
of Financial Maximum of Financial Maximum
Position exposure Position exposure
£’000 £’000 £’000 £’000
Financial assets – investments
at fair value through profit and 793,252 610,344 864,862 608,977
loss
Debtors – amounts due from
brokers, dividends and interest 3,064 3,064 4,623 4,623
receivable
Cash at bank 7,376 7,376 42,859 42,859
803,692 620,784 912,344 656,459
(1) In the prior year the net receivable balance of £2,931,000 from derivative financial instruments was included in the “debtors” balance. In the current year derivative financial instruments have been disclosed separately under current assets and creditors: amounts falling due within one year, to comply with the presentation requirements of the Companies Act. The prior year presentation has also been restated for comparability. As a result of this restatement, the receivable leg of the derivative financial instruments of £16,439,000 (2025: £4,455,000) has now been included in the “financial assets – investments at fair value through profit and loss” line in the table below.
Capital management policies and procedures
The Company’s capital management objectives are to ensure that it will be able to continue as a going concern and to maximise the total return to its equity shareholders. The Company’s capital comprises its equity share capital and reserves. The Board, with the assistance of the Investment Manager, monitors and reviews the broad structure of the Company’s capital on an ongoing basis. Further details can be found in the Strategic Report.
16 Transactions with the Investment Manager and related parties
Details of the Company’s transactions with the Investment Manager are fully disclosed in Note 3 above. Directors are the only related parties to the Company and their fees and shareholdings are disclosed in the Directors Remuneration Report in the 2026 Annual Report. There have been no other related party transactions in the year ended
17 Company information
18 Status of results information
2025 Financial Information
The figures and financial information for 2025 are extracted from the Annual Report and Accounts for the year ended
2026 Financial Information
The figures and financial information for 2026 are extracted from the published Annual Report and Accounts for the year ended
A copy of the 2026 Annual Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The 2026 Annual Report will also shortly be available on the Company's website at www.capitalgearingtrust.com where up to date information on the Company, including daily NAV and share prices, fact sheets, quarterly reports, webinars and portfolio information can also be found.
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
-ENDS-
Company Secretary
For further information contact:
Investment Manager
Tel: 020 3906 1649
Company Secretary
company.secretary@capitalgearingtrust.com
Tel: 020 3757 6882
