Invesco Global Equity Income Trust Plc - Half-year Financial Report
LEI: 549300JZQ39WJPD7U596
HALF-YEARLY FINANCIAL REPORT
SIX MONTHS ENDED
Unless noted below all page numbers refer to the Half-Yearly Financial Report on the Company’s website.
Period Highlights
• Proposed merger with
• £35.2 million raised through sales of treasury shares.
• Average share price premium to NAV of 1.9%.
• Yield at period end of 3.7% based on projected annualised dividend for year ending
• Winner of 'Best International Trust’ category at
Investment Objective
The Company’s investment objective is to provide an attractive level of predictable income and capital appreciation over the long term, predominately through investment in a diversified portfolio of equities worldwide.
Total Return Statistics (1) (dividends reinvested)
At At
30 November 31 May
2025 2025
Net asset value (NAV) total return(2) 8.6% 11.9%
Share price total return(2) 9.3% 24.6%
Benchmark index total return 16.5% 7.4%
Capital Statistics
At At
30 November 31 May
2025 2025 % Change
Net assets (£’000) 260,921 212,283 22.9
NAV per share 359.77p 337.36p 6.6
Share price(1) 367.00p 342.00p 7.3
Premium(2) per ordinary share 2.0% 1.4%
Gearing(2):
– gross gearing nil 1.2%
– net gearing nil 0.0%
– net cash 1.6% nil
(1) Source: LSEG Data & Analytics.
(2) Alternative Performance Measures (APMs). See pages 17 to 18 for the explanation and reconciliations of APMs. Further details are provided in the Glossary of Terms and Alternative Performance Measures in the Company’s 2025 Annual Financial Report.
Chair’s Statement
‘Global equity markets over the six months ended
Market leadership has begun to broaden beyond a narrow group of stocks with performance increasingly spread across sectors and geographies. This evolving backdrop has the potential to create a more balanced global opportunity set for investors. This shift should provide a more fertile environment for the Portfolio Managers as they position the portfolio for a range of possible outcomes. Their bottom-up, valuation-driven approach has proven robust across market cycles, and the Board remains confident in their ability to continue to deliver attractive long-term returns for shareholders.’
Dear Shareholders
I am pleased to present your Company’s half-yearly financial report for the six-month period ended
Market Overview
In the months following President Trump’s so-called ‘Liberation Day’ announcement on 2
Performance
Valuation-focussed strategies such as IGET’s are more challenged in momentum-driven markets and the period under review was no different. The NAV total return per share was +8.6%, lagging IGET’s benchmark, the MSCI World Index (£), total return of +16.5%, over the six
months ended
Whilst short-term underperformance is disappointing, as I said in my statement in the 2025 Annual Report, your Board believes that, in assessing your Manager’s performance, longer periods are more appropriate. Over the three and five years ended
Your Company’s strong longer-term performance was recognised in
The share price total return over the period was +9.3%, slightly ahead of the NAV total return as the share price premium to NAV increased from +1.4% at
Revenue and Dividends
The net revenue return per share for the period was 2.02p. In accordance with IGET’s dividend policy, dividends are paid from revenues and, if needed, capital reserves.
Share Issues and Buy-backs
During the period, to meet strong ongoing demand your Company sold from treasury 9.6
million shares (equivalent to 15.3% of the shares in circulation at
Proposed Merger with FRGT
As I mentioned in my statement in the 2025 Annual Report, a key objective of your Board is to grow the size of your Company which should bring benefits of improved liquidity in the shares and a lower ongoing charges ratio. It was pleasing, therefore, to announce on 13
The merger is expected to increase the net assets of IGET to approximately £460
million (based on net assets as at 20
Your Manager has agreed to make a significant contribution towards the costs of the merger (equivalent to 12 months’ management fee on the value of the assets to be transferred from FRGT to the Company). This should benefit our existing shareholders as it is expected to cover or exceed the Company’s costs of implementing the merger.
At a general meeting of the Company held on
A copy of the circular to shareholders dated
Investor Engagement and Communication
It remains important to ensure that our shareholders remain up to date with updates from the Manager as well as announcements from your Board. Therefore, if you have not already done so, I would encourage you sign up for updates by scanning the QR code below with your smartphone/device, visiting the Company’s section of the Manager’s website at https://digitalservices.invesco.com/uk/en/investment-trusts-subscriptions or contacting Invesco or the Board directly at investmenttrusts@invesco.com.
Post-period End Update
Since
Since the period end, the Company has sold 6,833,000 shares from treasury (equivalent to 9.4% of the shares in circulation at the period end) at an average premium of +1.5%, raising £25.5 million.
At
Audit Tender
As noted in our 2025 Annual Financial Report, due to auditor rotation requirements, your Company is required to
undertake an audit tender process during the current financial year. I am pleased to report that a formal and competitive tender process for its external auditor, overseen by the Audit Committee, has now been completed. Following a detailed evaluation of each participating firm, the Audit Committee has recommended, and the Board has endorsed, the appointment of
Outlook
Global economic growth is expected to decelerate modestly in 2026, but remain at a reasonable level. Robust earnings growth, lower interest rates and easing policy headwinds should continue to support global equity markets. In addition, fiscal stimulus measures being implemented in parts of
This evolving backdrop has the potential to create a more balanced global opportunity set for investors albeit with continued scope for periods of volatility. For IGET with its genuinely global investment mandate, this shift should provide a more fertile environment for your Portfolio Managers as they position the portfolio for a range of possible outcomes. Whilst elevated valuations still present risks, your Portfolio Managers’ bottom-up, valuation-driven approach has proven robust across market cycles, and your Board remains confident in their ability to continue to deliver attractive long-term returns for shareholders.
Chair
Portfolio Managers’ Report
Q How has the portfolio performed over the period?
A
Over the six months ended 30
Below is an analysis of the main contributors and detractors during the period:
30 Nov 2025
Performance Portfolio
Key Impact Weight
Contributors % %
ASML 1.0 3.0
Standard Chartered 0.7 3.0
Taiwan Semiconductor Manufacturing 0.7 2.7
Rolls-Royce 0.6 4.5
Viking Holdings 0.5 2.6
30 Nov 2025
Performance Portfolio
Key Impact Weight
Detractors % %
3i –2.3 5.6
Alphabet(1) –1.8 0.0
Canadian Pacific Kansas City –1.5 5.4
Novo-Nordisk – B Shares –1.2 1.4
Azelis –1.2 1.4
Source: Invesco. (1) Not held in the portfolio.
Semiconductor equipment manufacturer ASML was a top contributor over the period, benefitting from strong AI-related demand. The company’s shares had de-rated to a decade low price-to-earnings (P/E) earlier in the summer, providing an attractive entry point that allowed us to build a position and capture the subsequent rally. Another beneficiary of robust AI-related demand was semiconductor manufacturer Taiwan Semiconductor Manufacturing (TSMC), which also made a strong contribution to relative performance.
Meanwhile,
Standard Chartered
(bank) was a notable outperformer, supported by strong third quarter results that saw profits exceed market expectations. The
Rolls-Royce (aerospace and defence) continues to go from strength to strength as the market increasingly recognises the quality of its civil aerospace franchise and its potential for sustained, profitable growth. Together with exposure to rapidly expanding European defence spending and optionality from nuclear Small Modular Reactors (SMRs) (which could play a role in meeting the power demands of AI), the company offers continued potential for high and long duration earnings growth.
Cruise operator
By contrast, investment firm
3i
was the largest detractor. A
brief period of weaker like-for-like sales in
Novo-Nordisk (pharmaceuticals) was also a notable detractor after cutting full year sales and profit guidance in July, reflecting weaker demand for Wegovy and Ozempic amid tougher competition. Despite an attractive valuation following a sharp de-rating, ongoing GLP 1 (weight-loss drug) share losses have weighed on the share price and management mis-execution led us to trim the position as conviction softened.
Elsewhere, Azelis (speciality chemicals and food ingredients) shares declined alongside other European chemical names during a challenging period for the sector, while freight railway company Canadian Pacific Kansas City slipped on slightly weaker results. Not owning Alphabet (interactive media) also detracted from relative performance.
Q What drove performance over the period?
A Performance over the period was shaped by the continuation of the exceptionally strong momentum trends that have characterised global equity markets since late 2024. This backdrop, driven largely by enthusiasm for AI-related companies, proved challenging for our disciplined, valuation-led approach. As markets increasingly rewarded speculative and momentum-oriented business models, our focus on quality companies trading at sensible valuations meant we naturally lagged an environment that did not align with our investment philosophy. Market behaviour during the period, including historically low cash levels among fund managers and elevated valuations being assigned to higher risk business models, further reinforced our cautious stance.
Despite this, our open-minded and patient approach allowed us to uncover compelling opportunities in less fashionable areas of the market. Long held positions such as Rolls-Royce and Standard Chartered continued to reward this discipline, demonstrating the value of running high quality winners even when doing so may feel uncomfortable in the short-term.
Active management remained central throughout the period. The significant dispersion in share price performance created opportunities to reallocate capital towards areas where implied returns were most attractive. This also highlighted the importance of maintaining conviction in fundamentally strong businesses amid short-term noise, particularly as certain holdings (such as 3i ) faced stock specific pressures that did not reflect long-term fundamentals.
Overall, the period underscored the benefits of remaining disciplined, valuation aware and genuinely active in a market dominated by momentum. While such conditions can be challenging in the near term, they ultimately provide fertile ground for long-term opportunities as fundamentals reassert themselves.
Q Has the positioning of the portfolio changed significantly over the period?
A Some notable examples of buys and sells can be found below.
Bought:
• Global consumer internet group and technology investor Prosus offers faster growth exposure through its 26% stake in Tencent, which accounts for around 80% of NAV, yet trades at a material discount despite the assets being largely listed and liquid. Since 2022, management has aggressively addressed this mispricing through over €50 billion of share buybacks. These actions have driven meaningful NAV accretion and materially enhanced shareholder value.
•
Global technology company
Dell Technologies
combines a steadily growing dividend with a strategic shift beyond its legacy PC business towards faster growing AI infrastructure, including servers, networking and private cloud storage. Its competitive edge lies in its deep engineering expertise and bespoke data centre solutions, underpinned by strong enterprise relationships and founder-led execution. With
Sold:
• We exited the remainder of our position in semiconductor company Analog Devices (ADI) to fund more attractive opportunities elsewhere. We think ADI is a great company with innovative products and exceptional margins. However, we saw a more compelling opportunity in competitor Texas Instruments , a semiconductor company that designs, manufactures, tests and sells analog and embedded processing chips.
• Insurance company Progressive has been a good performer for the portfolio, but we felt the risk/reward opportunities are now better elsewhere.
Q What is your investment strategy looking ahead?
A Our philosophy has always been to deliver a portfolio yield above the benchmark index, but not all stocks in our portfolio need to provide a yield. This flexibility allows us to select stocks from across the market, offering diverse opportunities for growth and risk management. We categorise our investments as follows (the percentage ranges refer to the Company’s gross assets and are guidelines only):
• Dividend compounders (70-100%): companies with attractive yields that have consistently grown over time.
• Faster growth, low/no yield (0-20%): typically, tech companies with high growth potential but low or no yield.
• Dividend restoration (0-10%): special situations where dividends have been cut but are expected to be restored soon.
This diversified approach sets us apart from our peers. We strive to identify market opportunities that will grow your income and capital over the long term, even if it means not having the highest yield in the sector. Being an investment trust, the Company’s policy of paying an annual dividend of at least 4% of the previous year-end NAV out of revenues and, when needed, capital reserves means that shareholders can enjoy predictable income without any compromising of the investment team’s philosophy.
The portfolio is currently allocated 70% to dividend compounders and 30% to faster growth, low/no yield companies, reflecting our aim of delivering a stable income while also seeking meaningful long-term growth. The key priority for us is maintaining a diversified portfolio that can adapt to where we see the most compelling opportunities emerging. In an ideal scenario, we would retain some exposure to companies reinstating their dividends (up to 10%). However, at present, we are finding a greater concentration of opportunities within the faster growth, low/no yield segment, which has led us to increase our allocation beyond the 20% guideline.
Below we have provided some examples of holdings that fall into either category:
East West Bancorp – dividend yield 2.1% (1) (dividend compounder)
East West Bancorp (EWBC) is a regional bank headquartered in
(1) Source Invesco. Based on 12 month historic dividend yield.
Q What are your thoughts on gearing?
A
We use gearing selectively, often taking advantage when markets are most fearful and then reducing as they become more fairly valued. A recent example of this was President Trump’s ‘Liberation Day’ announcement in
Q What is your outlook for 2026?
A We remain committed to our bottom-up, valuation-driven approach and to building portfolios that can perform across a range of market environments. While we recognise the potentially transformative impact of AI, we continue to find more compelling risk-adjusted opportunities in unloved areas of the market. As a result, we remain underweight the US and are increasing exposure to healthcare, non-US equities and other out of favour segments that offer both attractive valuations and diversification benefits.
Our experience continues to underline three enduring principles. First, being different and open-minded is essential in momentum-led markets. Second, allowing high quality investments to compound over time remains a powerful driver of returns, even when the journey is uncomfortable. Finally, active portfolio management is vital, as periods of heightened volatility create opportunities when share prices move far more than underlying cash flows.
We believe this disciplined approach leaves the portfolio well positioned to deliver long-term growth.
Portfolio Manager Deputy Portfolio Manager
List of Investments
AT
Ordinary shares unless stated otherwise
Market
Value % of
Company Sector(1) Country £’000 Portfolio
3i Financial Services United Kingdom 14,400 5.6
Canadian Pacific Kansas Transportation Canada 13,951 5.4
City
Microsoft Software & Services United States 12,246 4.8
AIA Insurance Hong Kong 12,245 4.8
Texas Instruments Semiconductors & United States 12,031 4.7
Semiconductor Equipment
Rolls-Royce Capital Goods United Kingdom 11,448 4.5
Coca-Cola Europacific Food, Beverage & United Kingdom 10,203 4.0
Partners Tobacco
Standard Chartered Banks United Kingdom 7,673 3.0
ASML Semiconductors & Netherlands 7,666 3.0
Semiconductor Equipment
XPO Transportation United States 7,194 2.8
Top Ten Holdings 109,057 42.6
Prosus Consumer Discretionary Netherlands 7,040 2.7
Distribution & Retail
Taiwan Semiconductor Semiconductors & Taiwan 6,898 2.7
Manufacturing Semiconductor Equipment
London Stock Exchange Financial Services United Kingdom 6,732 2.6
East West Bancorp Banks United States 6,727 2.6
Viking Holdings Consumer Services United States 6,637 2.6
Union Pacific Transportation United States 6,496 2.4
Universal Music Media & Entertainment Netherlands 6,307 2.4
Tractor Supply Consumer Discretionary United States 6,254 2.4
Distribution & Retail
Equity Real Estate
American Tower Investment Trusts United States 5,995 2.3
(REITs)
QXO Capital Goods United States 5,834 2.3
Top Twenty Holdings 173,977 67.6
Herc Holdings Capital Goods United States 5,828 2.3
Novonesis – B Shares Materials Denmark 5,574 2.2
Aker BP Energy Norway 5,390 2.1
Broadcom Semiconductors & United States 5,327 2.1
Semiconductor Equipment
Dell Technologies Technology Hardware & United States 5,068 2.0
Equipment
Pharmaceuticals,
Recordati Biotechnology & Life Italy 4,905 1.9
Sciences
Abbott Laboratories Health Care Equipment & United States 4,771 1.9
Services
LVMH Consumer Durables & France 4,660 1.8
Apparel
KKR & Co Financial Services United States 4,021 1.6
Estee Lauder – A Shares Household & Personal United States 3,814 1.5
Products
Top Thirty Holdings 223,335 87.0
Ametek Capital Goods United States 3,778 1.5
Amentum Commercial & United States 3,773 1.5
Professional Services
Itochu Capital Goods Japan 3,746 1.5
Zurich Insurance Insurance Switzerland 3,743 1.5
Azelis Capital Goods Belgium 3,729 1.4
Pharmaceuticals,
Novo-Nordisk – B Shares Biotechnology & Life Denmark 3,578 1.4
Sciences
Elis Commercial & France 3,457 1.3
Professional Services
Aviva Insurance United Kingdom 3,038 1.2
Corpay Financial Services United States 2,237 0.9
Rosebank Industries Financial Services United Kingdom 2,141 0.8
Top Forty Holdings 256,555 100.0
Sberbank(2) – ADR Banks Russia – –
Harbinger – Streamline Hedge Funds Cayman Islands – –
Offshore Fund(3)
Total Holdings 42 (31 256,555 100.0
May 2025: 43)
ADR American Depositary Receipts – certificates that represent shares in the relevant company and are issued by a US bank. They are denominated and pay dividends in US dollars.
(1) MSCI and Standard & Poor’s Global Industry Classification Standard.
(2) The investment in Sberbank – ADR has been valued at zero as secondary listings of the depositary receipts on Russian companies have been suspended from trading.
(3)
The hedge fund investment is a residual holding of the previous investment strategy, transferred from the Balanced Risk Allocation Portfolio as part of the Company’s restructure in
Governance
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company fall into the following broad categories: market risk, geopolitical risk, investment objective and strategy risk, discount risk, performance risk, ESG (including climate risk), currency fluctuation risk, information technology resilience and security risk, operational resilience risk and regulatory and tax-related risk. An explanation of these risks (as well as emerging risks) and how they are managed is set out on pages 26 to 29 of the Company’s Annual Report and Financial Statements for the year ended
In the view of the Board, the principal risks and uncertainties have not materially changed since the date of that report and are as applicable to the remaining six months of the financial year as they were to the six months under review.
Going Concern
T
he financial statements have been prepared on a going concern basis. The Directors consider this to be appropriate as the Company has adequate resources to continue in operational existence for the foreseeable future, taken as 12 months from the signing of the financial statements for this purpose. This conclusion is consistent with the longer term viability statement on page 29 of the Company’s Annual Report and Financial Statements for the year ended
Related Party Transactions
Under United Kingdom Generally Accepted Accounting Practice (
Statement of Directors’ Responsibilities
(in respect of the preparation of the half-yearly financial report)
The Directors are responsible for preparing the half-yearly financial report using accounting policies consistent with applicable law and
The Directors confirm that, to the best of their knowledge:
– the condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with the FRC’s FRS 104 Interim Financial Reporting;
– the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R of the FCA’s Disclosure Guidance and Transparency Rules; and
– the interim management report includes a fair review of any information required on related party transactions.
The half-yearly financial report has not been audited or reviewed by the Company’s auditor.
Signed on behalf of the Board of Directors.
Chair
Condensed Income Statement
For the Six Months Ended For the Six Months Ended
30 November 2025 30 November 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Gains on investments held – 17,197 17,197 – 20,183 20,183
at fair value
Losses on foreign exchange – (1) (1) – (19) (19)
Income – note 2 2,110 – 2,110 1,803 – 1,803
Investment management fees (197) (458) (655) (165) (384) (549)
– note 3
Other expenses (333) (24) (357) (322) 10 (312)
Net return before finance 1,580 16,714 18,294 1,316 19,790 21,106
costs and taxation
Finance costs – note 3 (12) (28) (40) (12) (27) (39)
Return before taxation 1,568 16,686 18,254 1,304 19,763 21,067
Tax – note 4 (198) – (198) (163) – (163)
Return after taxation for 1,370 16,686 18,056 1,141 19,763 20,904
the financial period
Return per ordinary share:
Basic 2.02p 24.60p 26.62p 1.81p 31.36p 33.17p
Weighted average number of
ordinary shares in issue 67,827,167 63,014,375
during the period
The total columns of this statement represent the Company’s profit and loss account, prepared in accordance with
Condensed Statement of Changes in Equity
Capital
Share Redemption Special Capital Revenue
Capital Reserve Reserve Reserve Reserve Total
£’000 £’000 £’000 £’000 £’000 £’000
Six months ended 30 November
2025
At 31 May 2025 800 1,285 108,533 101,665 – 212,283
Return after taxation per the – – – 16,686 1,370 18,056
income statement
Dividends paid – note 5 – – (3,266) – (1,370) (4,636)
Shares sold from treasury – – 35,218 – – 35,218
At 30 November 2025 800 1,285 140,485 118,351 – 260,921
Six months ended 30 November
2024
At 31 May 2024 800 1,285 113,296 82,072 102 197,555
Return after taxation per the – – – 19,763 1,141 20,904
income statement
Dividends paid – note 5 – – (2,803) – (1,141) (3,944)
Shares bought back and held – – (315) – – (315)
in treasury
At 30 November 2024 800 1,285 110,178 101,835 102 214,200
Condensed Balance Sheet
Registered Number 5916642
AS AT
At At
30 November 31 May
2025 2025
£’000 £’000
Fixed assets
Investments held at fair value through profit or loss 256,555 211,444
Current assets
Share reissues from treasury awaiting settlement – 510
Tax recoverable 333 353
Prepayments and accrued income 469 451
Cash and cash equivalents 4,047 2,618
4,849 3,932
Creditors: amounts falling due within one year
Bank facility – (2,650)
Accruals (483) (443)
(483) (3,093)
Net current assets 4,366 839
Net assets 260,921 212,283
Capital and reserves
Share capital 800 800
Other reserves:
Capital redemption reserve 1,285 1,285
Special reserve 140,485 108,533
Capital reserve 118,351 101,665
Revenue reserve – –
Total shareholders’ funds 260,921 212,283
Net asset value per ordinary share 359.77p 337.36p
Signed on behalf of the Board of Directors.
Chair
Condensed Statement of Cash Flows
For the For the
six months six months
ended ended
30 November 30 November
2025 2024
£’000 £’000
Cash flows from operating activities
Net return before finance costs and taxation 18,294 21,106
Tax on overseas income (198) (163)
Adjustments for:
Purchase of investments (79,234) (40,593)
Sale of investments 51,320 40,373
(27,914) (220)
Gains on investments (17,197) (20,183)
Decrease/(increase) in debtors 2 (20)
Increase/(decrease) in creditors 40 (6)
Net cash (outflow)/inflow from operating activities (26,973) 514
Cash flows from financing activities
Interest paid on bank borrowings (40) (47)
(Decrease)/increase in bank facility(1) (2,650) 2,950
Shares sold from treasury 35,728 –
Shares bought back and held in treasury – (315)
Dividends paid – note 5 (4,636) (3,944)
Net cash inflow/(outflow) from financing activities 28,402 (1,356)
Net increase/(decrease) in cash and cash equivalents 1,429 (842)
Cash and cash equivalents at the start of the period 2,618 1,859
Cash and cash equivalents at the end of the period 4,047 1,017
Reconciliation of cash and cash equivalents to the
Balance Sheet is as follows:
Cash held at custodian 567 457
Invesco Liquidity Funds plc – Sterling, money market 3,480 560
fund
Cash and cash equivalents 4,047 1,017
Cash flow from operating activities includes:
Dividends received 1,849 1,577
Interest received 11 18
(1) Due to the nature of the bank facility allowing weekly marginal changes to the amount borrowed, rather than full repayment and new drawdown amount, management judges it appropriate to show the net increase/(decrease) over the period rather than the gross repayments and drawdowns separately, as defined in FRS 102 section 7.10A (b).
At At
1 June Cash 30 November
2025 flows 2025
£’000 £’000 £’000
Reconciliation of net debt
Cash and cash equivalents 2,618 1,429 4,047
Bank facility (2,650) 2,650 –
Total (32) 4,079 4,047
Notes to the Condensed Financial Statements
1. Accounting Policies
The condensed financial statements have been prepared in accordance with applicable United Kingdom Accounting Standards and applicable law (
The accounting policies applied to these condensed financial statements are consistent with those applied in the Company’s 2025 Annual Financial Report for the year ended
2. Income
Six Months to Six Months to
30 November 30 November
2025 2024
£’000 £’000
Income from investments:
UK dividends 588 468
Overseas dividends – ordinary 1,511 1,219
Overseas dividends – special – 98
2,099 1,785
Other income:
Deposit interest 11 18
2,110 1,803
No special dividends have been recognised in capital during the period (2024: £nil).
3. Management Fee and Finance Costs
Investment management fee and finance costs on any borrowings are charged 70% to capital and 30% to revenue. A management fee is payable quarterly in arrears and is equal to 0.55% per annum of the value of the Company’s net assets at the end of the relevant quarter and 0.50% per annum for any net assets over £100 million.
The Manager has agreed to waive the investment management fee which would otherwise have been payable to the Manager in respect of the value of the assets transferred by
4. Investment Trust Status and Tax
It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for approval as an investment trust company. As such, the Company has not provided for any
The tax charge represents withholding tax suffered on overseas income for the period.
5. Dividends Paid on Ordinary Shares
A first interim dividend of 3.375p per share was paid on
In accordance with accounting standards, dividends payable after the period end have not been recognised as a liability.
On
6. Share Capital, Including Movements
Share capital represents the total number of shares in issue, including treasury shares.
(a) Ordinary Shares of 1p Each (1)
Six Months to Year to
30 November 31 May
2025 2025
Number of ordinary shares in issue
Brought forward 62,924,182 63,056,464
Shares bought back into treasury – (1,342,282)
Shares sold from treasury 9,600,000 1,210,000
Carried forward 72,524,182 62,924,182
(b)Treasury Shares
Six Months to Year to
30 November 31 May
2025 2025
Number of treasury shares held:
Brought forward 17,062,404 16,930,122
Shares brought back in treasury – 1,342,282
Shares sold from treasury (9,600,000) (1,210,000)
Carried forward 7,462,404 17,062,404
Total shares in issue 79,986,586 79,986,586
(1)
Following shareholder approval at the Annual General Meeting held on
During the period the Company sold, from treasury, 9,600,000 ordinary shares at a total consideration of £35,218,000 (
Subsequent to the period end, 6,833,000 ordinary shares were sold from treasury for a total consideration of £25,502,000.
7. Classification Under Fair Value Hierarchy
FRS 102 sets out three fair value levels. These are:
Level 1 – The unadjusted quoted price in an active market for identical assets that the entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.
Level 3 – Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.
All of the Company’s non-zero valued investments are quoted equity investments which are deemed to be Level 1.
The fair value hierarchy analysis for investments held at fair value at the period end is as follows:
30 November 31 May
2025 2025
£’000 £’000
Financial assets designated at fair value through profit or
loss:
Level 1 256,555 211,444
Level 2 – –
Level 3 – –
Total for financial assets 256,555 211,444
8. Status of Half-Yearly Financial Report
The financial information contained in this half-yearly report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended
By order of the Board
Company Secretary
Date:
Glossary of Terms and Alternative Performance Measures
(Discount)/Premium
Discount is a measure of the amount by which the mid-market price of an investment company share is lower than the underlying net asset value (NAV) of that share. Conversely, premium is a measure of the amount by which the mid-market price of an investment company share is higher than the underlying net asset value of that share. In this half-yearly financial report the discount or premium is expressed as a percentage of the net asset value per share and is calculated according to the formula set out below. If the shares are trading at a premium the result of the below calculation will be positive and if they are trading at a discount it will be negative.
Gearing
The gearing percentage reflects the amount of borrowings that a company has invested. This figure indicates the extra amount by which net assets, or shareholders’ funds, would be expected to move if the value of a company’s investments were to rise or fall. A positive percentage indicates the extent to which net assets are geared; a nil gearing percentage, or ‘nil’, shows a company is ungeared. A negative percentage indicates that a company is not fully invested and is holding net cash as described in the Alternative Performance Measures section below.
Net Asset Value (NAV)
Also described as shareholders’ funds, the NAV is the value of total assets less liabilities. The NAV per share is calculated by dividing the net asset value by the number of ordinary shares in issue. The number of ordinary shares for this purpose excludes those ordinary shares held in treasury.
Volatility
Volatility refers to the amount of uncertainty or risk about the size of changes in a security’s value. It is a statistical measure of the dispersion of returns for a given security or market index measured by using the standard deviation or variance of returns from that same security or market index. Commonly, the higher the volatility, the riskier the security.
Total Return
Total return is the theoretical return to shareholders that measures the combined effect of any dividends paid, together with the rise or fall in the share price or NAV. In this half-yearly financial report these return figures have been sourced from LSEG Data & Analytics which calculates returns on an industry comparative basis. The figures calculated below are six month and one year total returns; however the same calculation would be used for three, five and ten year total returns where quoted in this report, taking the respective net asset values and share prices for the opening and closing periods and adding the impact of dividend reinvestments for the relevant periods.
NAV Total Return
Total return on net asset value per share, assuming dividends paid by the Company were reinvested, without transaction costs, into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend.
Share Price Total Return
Total return to shareholders, on a mid-market price basis, assuming all dividends received were reinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend.
Benchmark Total Return
The benchmark of the Company is the MSCI World Index (total return in sterling terms). Total return on the benchmark is on a mid-market value basis, assuming all dividends received were reinvested, without transaction costs, into the shares of the underlying companies at the time the shares were quoted ex-dividend.
Alternative Performance Measure
An APM is a measure of performance or financial position that is not defined in applicable accounting standards and cannot be directly derived from the financial statements. The calculations shown in the corresponding tables are for the six months ended
Premium (APM)
30 November 31 May
Page 2025 2025
Share price 1 a 367.00p 342.00p
Net asset value per share 1 b 359.77p 337.36p
Premium c = (a–b)/b 2.0% 1.4%
Gross Gearing (APM)
This reflects the amount of gross borrowings in use by a company and takes no account of any cash balances. It is based on gross borrowings as a percentage of net assets.
30 November 31 May
2025 2025
Page £’000 £’000
Bank facility 12 – 2,650
Gross borrowings a – 2,650
Net asset value 12 b 260,921 212,283
Gross gearing c = a/b nil 1.2%
Net gearing reflects the amount of net borrowings invested, i.e. borrowings less cash and cash equivalents (incl. investments in money market funds). It is based on net borrowings as a percentage of net assets. Net cash reflects the net exposure to cash and cash equivalents, as a percentage of net assets, after any offset against total borrowings.
30 November 31 May
2025 2025
Page £’000 £’000
Bank facility 12 – 2,650
Less: cash and cash equivalents including 12 (4,047) (2,618)
margin
Net (cash)/borrowings a (4,047) 32
Net asset value 12 b 260,921 212,283
Net (cash)/gearing c = a/b (1.6)% 0.0%
Total Return (APM)
Net Asset
Six months ended 30 November 2025 Page Value Share Price
As at 30 November 2025 1 359.77p 367.00p
As at 31 May 2025 1 337.36p 342.00p
Change in period a 6.6% 7.3%
Impact of dividend reinvestments(1) b 2.0% 2.0%
Total return for the period c = a+b 8.6% 9.3%
Net Asset
Year ended 31 May 2025 Page Value Share Price
As at 31 May 2025 1 337.36p 342.00p
As at 31 May 2024 313.30p 286.00p
Change in period a 7.7% 19.6%
Impact of dividend reinvestments(1) b 4.2% 5.0%
Total return for the period c = a+b 11.9% 24.6%
(1)
Total dividends paid during the six months to
Directors, Investment Manager and Administration
Directors
All the Directors are, in the opinion of the Board, independent of the management company.
All Directors are members of the Audit, Management Engagement, Nomination and Marketing Committees.
Registered Office and Company Number
RG9 1HH
Registered in
Company Secretary
Company Secretarial contact:
020 7543 3559
email: James.Poole@invesco.com
Correspondence Address
3rd Floor, 60
020 3753 1000
email: investmenttrusts@invesco.com
Depositary and Custodian
Corporate Broker
Cavendish
1
General Data Protection Regulation
The Company’s privacy notice can be found at www.invesco.co.uk/investmenttrusts
Invesco Client Services
Invesco has a Client Services Team, available to assist you from
www.invesco.com/uk/en/investment-trusts.html
Registrar
MUFG Corporate Markets
0371 664 0300
If you hold your shares directly as a paper share certificate and not through an investment platform or savings scheme and have queries relating to your shareholding you should contact the Company’s Registrar, MUFG Corporate Markets, via email on shareholderenquiries@cm.mpms.mufg.com or on 0371 664 0300. Calls are charged at the standard geographic rate and will vary by provider.
MUFG Corporate Markets provides an on-line and telephone share dealing service for paper share certificates to existing shareholders who are not seeking advice on buying or selling. This service is available at dealing.cm.mpms.mufg.com or
0371 664 0445. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the
Shareholders holding paper share certificates can also access their holding details via the Investor Centre app or the website at https://uk.investorcentre.mpms.mufg.com.
MUFG Corporate Markets is the business name of
Alternatively, you can also buy and sell shares yourself through a wide variety of ‘execution-only’ investment platforms – where you make the investment decisions and your shares are held electronically in an account on your behalf. These tend to also mean you do not need to worry about losing your certificate.
Most investment platforms allow you to manage your investment company holdings online, as well as access to a wide range of investment options.
Platforms generally charge fees for holding and trading shares. You can find a list of the major platforms at www.invesco.com/uk/en/investment-trusts/invesco-insights/how-to-invest-in-investment-trusts.html.
The Company is a member of the
020 7282 5555
Email: enquiries@theaic.co.uk
Website: www.theaic.co.uk
Website
Information relating to the Company can be found on the Company’s section of the Manager’s website at www.invesco.com/uk/en/investment-trusts/invesco-global-equity-income-trust.html.
The contents of websites referred to in this document, or accessible from links within those websites, are not incorporated into, nor do they form part of, this document.
The Company’s ordinary shares qualify to be considered as a mainstream investment product suitable for promotion to retail investors.
National Storage Mechanism
A copy of the Half-Yearly Financial Report will be submitted shortly to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Hard copies of the Half-Yearly Financial Report will be posted to shareholders and can be requested from the Company Secretary by email at investmenttrusts@invesco.com or at the Company’s correspondence address, 60
For further information, please contact:
For and on behalf of
Corporate Secretary to
Email: investmenttrusts@invesco.com
Head of Specialist Funds - Invesco
Email: will.ellis@invesco.com
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