REG - CT Global Mgd - CMPI - Half Year Report to 30 November 2025
30/01/2026 07:00
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RNS Number : 9936Q CT Global Managed Portfolio - CMPI 30 January 2026
TO: RNS
FROM: CT Global Managed Portfolio Trust PLC
DATE: 30 January 2026
LEI: 213800ZA6TW45NM9YY31
Information disclosed in accordance with the FCA's Disclosure Guidance and
Transparency Rule 4.2
Unaudited Half-Year Results for the Six Months ended 30 November 2025
The Board of CT Global Managed Portfolio Trust PLC (the 'Company') announces
the unaudited half-year results of the Company for the six months ended 30
November 2025.
Income Shares - Financial Highlights and Performance Summary for the Six
Months
· Dividend yield((1)) of 6.2% at 30 November 2025, compared to the
yield on the FTSE All-Share Index of 3.2%. Dividends are paid quarterly.
· Net asset value total return((1)) per Income share of +12.0% for
the six months, outperforming the total return of the FTSE All-Share Index of
+11.8% by +0.2 percentage points.
Growth Shares - Financial Highlights and Performance Summary for the Six
Months
· Net asset value total return((1)) per Growth share of +11.9% for
the six months, outperforming the total return of the FTSE All-Share Index of
+11.8% by +0.1 percentage points.
· Net asset value total return per Growth share of +208.8% in the
15 years to 30 November 2025, the equivalent of +7.8% compound((1)) per year.
This compares with the total return of the FTSE All-Share Index of +213.5%,
the equivalent of +7.9% compound per year.
The Chairman, David Warnock, said:
"The Board and Manager continue to believe the Portfolios comprise high class
investment companies, diversified across geography and investment style and
are well set to deliver future shareholder returns".
Notes:
(1) Yield, total return and compound annual NAV total return - See
Alternative Performance Measures.
Chairman's Statement
Highlights
• Net asset value ('NAV') total return for the six
months of +12.0% for the Income shares and +11.9% for the Growth shares as
compared to the total return for the FTSE All-Share Index of +11.8%
• Income shares dividend yield of 6.2% at 30 November
2025
Investment performance
For the six months to 30 November 2025, the NAV total return was +12.0% for
the Income shares and +11.9% for the Growth shares. The total return for the
benchmark index for both share classes, the FTSE All-Share Index, was +11.8%.
Of relevance and for interest, the FTSE All-Share Closed End Investments Index
total return was +13.1% for the period.
These six months saw strong returns across equity and bond markets as worries
over a global trade war dissipated. This is mostly thanks to the initial level
of tariffs announced by President Trump back in April being watered down and a
number of 'trade deals' being announced between the US and its trading
partners. Economic data remained generally positive, with falling - yet still
above central bank target - inflation, allowing central banks to further cut
interest rates. In the UK, the long-awaited budget brought some relief in
respect of keeping financial markets and Labour backbenches satisfied but
failed to deliver policies to boost the UK economic growth outlook.
UK equities posted solid returns over the six-month period, with a +12.4%
total return for the FTSE 100 and a +7.4% total return for the FTSE 250.
Elsewhere, in sterling terms, US equities continued their recovery from the
'Liberation Day' selloff, with a +18.6% total return for the S&P 500,
while in Europe the total return for the MSCI Europe ex UK Index was +9.4%.
The strongest returns included South Korea, with a total return of +52.6% from
the MSCI Korea Index. Global government bonds, as referenced by the FTSE World
Government Bond Index (GBP Hedged) were up +2.5% and the gold price continued
its ascent, up +28.1%.
From 1 June 2025, the beginning of the Company's current financial year, the
investment portfolios have been managed by Investment Managers Adam Norris and
Paul Green, supported by the Manager's broader EMEA Multi-Asset Solutions team
(of which they are members). The previous longstanding Investment Manager,
Peter Hewitt, has retired and the Board wishes him a long and happy
retirement, while thanking him for his years of service.
The Investment Managers' Review follows, and it is pleasing to see that, in
their first six month period, the NAV total return of both Portfolios was
strong and also marginally ahead of the benchmark index. The Investment
Managers have been repositioning between sectors and regions and highlights of
their recent investment activity are set out in their review.
Dividends
As I referenced in the 2025 Annual Report and Financial Statements, in the
absence of unforeseen circumstances, it was (and remains) the Board's
intention to pay four quarterly interim dividends, each of at least 1.90p per
Income share so that the aggregate dividends for the financial year to 31 May
2026 will be at least 7.60p per Income share (2025: 7.60p per Income share).
To date, first and second interim dividends in respect of the year to 31 May
2026 have been announced and paid, each at a rate of 1.90p per Income share
(1.85p per Income share in the corresponding periods in the year to 31 May
2025).
The minimum intended total dividend for the financial year of 7.60p per Income
share represents a yield on the Income share price at 30 November 2025 of 6.2%
which was materially higher than the yield of 3.2% on the FTSE All-Share Index
at the same date.
Borrowing
At 30 November 2025 the Income Portfolio had total borrowings drawn down of
£7 million (9.2% of gross assets), unchanged over the period, the investment
of which helps to boost net income after allowing for the interest cost. The
Growth Portfolio had no borrowings, also unchanged.
Management of share price premium and discount to NAV
In normal circumstances the Board aims to limit the discount to NAV at which
the Company's shares might trade to not more than 5%. During the six months to
30 November 2025 the Income shares traded at an average discount to NAV of
-0.4% and the Growth shares traded at an average discount of -3.5%. At 30
November 2025, the Income shares and Growth shares stood at a premium to NAV
of +0.6% and +0.9% respectively.
The Company is active in issuing shares to meet demand and equally in buying
back when this is appropriate. During the six months to 30 November 2025,
200,000 Income shares were bought back for treasury at an average discount of
-3.6% to NAV and then subsequently resold from treasury at an average premium
of +1.5% to NAV. In addition, 2,430,000 new Income shares were issued from the
Company's block listing facilities at an average premium to NAV of +1.6%.
1,578,000 Growth shares were also bought back to be held in treasury at an
average discount to NAV of -3.8% and 450,000 Growth shares were resold from
treasury at an average premium to NAV of +1.6%.
Since the end of the period, a further 3,095,000 new Income shares have been
issued and a further 765,000 Growth shares have been resold from treasury. To
facilitate this demand, at the start of December 2025, the Company obtained a
further block listing of 8,000,000 Income shares, which can be allotted, when
there is demand. The Income shares were issued and the Growth shares resold
from treasury at average premiums to NAV of 1.6% and 1.5% respectively. Much
of this recent demand has come from former shareholders in European Assets
Trust which underwent a corporate transaction with The European Smaller
Companies Trust ('ESCT') in the autumn. Shares in ESCT are not eligible to be
held through the Manager's savings plans and we welcome those investors who
have decided to invest instead in CT Global Managed Portfolio Trust.
Share conversion facility
Shareholders have the opportunity to convert their Income shares into Growth
shares or their Growth shares into Income shares annually subject to minimum
and maximum conversion thresholds which may be reduced or increased at the
discretion of the Board. On 6 November 2025 the conversion proceeded for those
Shareholders who had elected to do so. The net result of those conversions was
a decrease of 38,324 Income shares and an increase of 15,549 Growth shares in
issue. The ability to convert without incurring capital gains tax should be an
attractive facility for Shareholders and the next conversion date (subject to
minimum and maximum thresholds) will be in October 2026. Details will be
provided when the Company's 2026 Annual Report and Financial Statements is
published in the summer.
Investment management fee
During the period, the Board and Manager agreed a reduction in the investment
management fee (the 'Fee') with effect from 1 September 2025. The Fee has been
reduced to 0.60% per annum of the net asset value of each portfolio of the
Company (rather than 0.65% per annum of their total assets of each portfolio)
and there will no longer be any charge on any assets which are invested in
other investment vehicles managed by the Manager.
Board changes
Simon Longfellow stepped down as a non-executive director with effect from 31
December 2025. Simon was also the Chair of the Marketing Committee. Simon has
taken up a full-time senior marketing role and as a result was not able to
continue his role with the Company. The Board was very sorry to lose Simon who
has been an excellent colleague with great insights contributing particularly
into our marketing efforts and we wish him all the best for the future. The
Board is well advanced with a recruitment process to replace him. In the
interim, I have taken on the role of Chair of the Marketing Committee.
Outlook
The global economy demonstrated notable resilience throughout 2025, and we
expect the coming year to be characterised by an effort to 'extend the cycle',
supported by both fiscal and monetary policy measures aimed at sustaining
growth at or slightly above 2025 levels. The market anticipates further
interest rate cuts in the US and UK easing borrowing costs for households and
corporates alike, with the possibility of an accelerated pace in the US should
a more dovish Federal Reserve Chair be appointed by President Trump.
Geopolitical risk is currently more elevated than for many years. Whilst US
President Trump has attempted to cool regional conflicts, his 'America First'
policy continues to shake up the post-World War II order.
The Board and Manager continue to believe the Portfolios comprise high class
investment companies, diversified across geography and investment style and
are well set to deliver future shareholder returns.
David Warnock
Chairman
29 January 2026
Investment Managers' Review
We are pleased to report our first half-year results for CT Global Managed
Portfolio Trust as the new Investment Managers since we took over from Peter
Hewitt on 1 June 2025. Peter has now retired from Columbia Threadneedle
Investments, and we wish him well in his retirement.
Overall, equity markets delivered strong positive returns in the six months to
the end of November 2025. Investors will recall the volatile markets of April,
marked by concerns around tariffs and their impact on global economic
activity.
Since then, equity markets have recovered strongly. To this end, the NAV total
return of the Growth shares was +11.9% and the Income shares +12.0%. The share
price total return for the Growth shares was +16.3% and the Income shares was
+10.7%.
As comparators, the total return for the FTSE All-Share Index was +11.8% and
for the FTSE All-Share Closed End Investments Index was +13.1%.
We are also pleased to report a busy half-year period. We, like Peter before
us, are enthused for the Investment Company sector and the opportunity set in
front of us. We continue to adjust the Portfolios to further represent the
'global' remit of the Company, whilst allocating to areas of the market which
represent strong opportunities for future returns.
During our first period there has been an increase in turnover for both
Portfolios and we have set out below our vision for the direction of the
Company and how exposures were reflected across both Portfolios at 30 November
2025.
A hardware revolution
Shares in technology companies, mainly US listed, have powered market returns
over the past decade. Their earnings growth has been unrivalled within global
markets, with some commentators often - wrongly, so far - considering
technology companies too large to continue growing at premium rates and
potentially overvalued.
However, the 'law of big numbers' theory has yet to materialise, as these
technology behemoths continue to grow at a premium rate to the market. Whilst
the fruits of Artificial Intelligence may have yet to be adopted by the
masses, the 'AI Infrastructure' spend is leading to vast amounts of cash being
deployed to fund future technology growth. This build out is driven by
hardware, not so much software, and those companies interwoven in the AI
Infrastructure supply chain are being handsomely rewarded by investors.
Within the Growth Portfolio, we have added to Polar Capital Technology Trust
(share price total return over the six-month period was +39.5%), which
represented 5.6% of the Growth Portfolio's assets at the Company's half year
point. Combined with Allianz Technology Trust (+34.1%), the Portfolio's
weighting in global technology trusts was 9.1% at 30 November 2025.
Within the Income Portfolio we have added new infrastructure holdings Pantheon
Infrastructure ('PINT') and Cordiant Digital Infrastructure ('CORD'). Whilst
different in their approach, both are benefitting from the AI Infrastructure
roll out from large corporations and government directives. PINT is expected
to complete on its first company sale, Calpine Energy, in early 2026 at an
expected multiple on invested capital of 2.8x. CORD, on the other hand,
continues to grow and develop assets in Europe, announcing a partnership with
the Czech Government, with an ambition to develop one of its Prague data
centre sites to become one of the EU's next-generation Artificial Intelligence
gigafactories. If successful, we view this as an area of strong growth for the
company.
Emerging Markets - a decade to forget
Emerging Markets have endured a lost decade. Whilst emerging market economies
have grown - and continue to converge on developed markets - earnings growth
has stalled. In fact, earnings per share (EPS), measured in US Dollar terms,
are at the same level as they were in 2015.
Yet paradoxically, outside of US equities, Asia and Emerging Markets have some
of the world's most innovative companies. Chinese technology companies, much
like their US counterparts, are spending ferocious amounts of cash to further
develop their Artificial Intelligence capacity. At the same time, these highly
profitable companies are showing signs of shareholder friendliness, such as
embarking on large share buy-backs and introducing dividend policies.
Within the Growth Portfolio, we increased the combined Asia and Emerging
Markets exposure from 3.4% to 13.6%. We have introduced Fidelity Emerging
Markets. The company is not only exposed to a favourable environment for
emerging markets, but also has the flexibility to go short of specific
companies (i.e. benefit from potential share price declines). The manager has
shown a strong capacity to generate extra performance from this investment
technique and should continue to drive performance in volatile emerging equity
markets.
Within the Income Portfolio, we increased the combined Asia and Emerging
Markets exposure from 7.3% to 13.7%. We have added Invesco Asia Dragon Trust
('IAD'), which represented 2.9% of portfolio assets at the Company's half year
point. IAD's managers, Fiona Yang and Ian Hargreaves, have demonstrated strong
ability to generate performance in different market environments, utilising a
highly stock-specific investment approach. The company pays shareholders an
aggregate dividend equivalent to 4% of its prior financial year end NAV in
four equal instalments. This is achieved by using the company's reserves to
top up the natural income generated, allowing the managers to invest in an
unconstrained manner, rather than targeting high yielding stocks per se. We
additionally acquired IAD shares for the Growth Portfolio, which represented
4.9% exposure at the Company's half year point.
Pent up Private Equity value
We are excited by the pent-up value on offer within Private Equity, which has
been hampered by a poor 'exit' environment - the ability for Private Equity
managers to sell their companies - with potential IPO candidate companies
frozen out from listing. Despite this fallow period for listed Private Equity
investment companies, many portfolio companies continue to grow their earnings
and are conservatively valued within net asset values. In addition, we observe
the IPO market is beginning to thaw which may ignite the Private Equity
flywheel once again, a strong catalyst for listed Private Equity investment
companies' performance.
Within the Growth Portfolio, our largest single exposure is in Oakley Capital
Investments (+13.9%), a listed Private Equity company which focuses on
partnering and supporting European entrepreneurs across technology, consumer,
business services and education sectors. The company has a strong long-term
track record and announced in July the partial exit of a portfolio company at
a 300% premium to carrying value, highlighting that in-demand companies will
attract competitive prices, regardless of the 'exit' environment.
We have additionally topped up our holding in The Schiehallion Fund (+5.8%), a
late-stage Private Equity investment company managed by Baillie Gifford. The
company has had a tricky few years as growth investing moved sharply out of
favour. However, we now see clear 'winners' of its investment approach, with
some of its largest holdings, namely SpaceX and Bending Spoons, achieving
valuation levels rarely found within Private Equity. We sold our entire
holding in Pantheon International into share price strength.
Despite our optimism regarding Private Equity, holdings Augmentum Fintech
(-18.4%) and Literacy Capital (-13.4%) were the two largest underperformers in
the Growth Portfolio. On the former, the company took a large impairment on
one of its previously largest holdings and the latter swung to a meaningful
discount for the first time in its history post-IPO. We remain comfortable
owners of both investment companies - in our view, they own relatively mature
portfolios of assets. In a revitalised 'exit' environment, we believe both
managers have the ability to realise strong returns from their portfolio
holdings.
Within the Income Portfolio, Apax Global Alpha ('APAX') was acquired by a
third-party group at a 17% discount to its net asset value. APAX had lagged
the wider Private Equity sector and had, in our view, an excessively high
dividend policy which would be difficult to meet if the manager could not exit
portfolio holdings. We had trimmed the holding prior to the bid and
subsequently sold it entirely after the share price rally, post the bid
announcement and prior to completion.
A plan for UK growth
The UK equity market delivered a strong absolute return, albeit lagging other
equity markets. Local UK investors long proclaim UK equities are 'cheap'. This
may be true from an aggregate market price-to-earnings multiple, but in our
view represents a lower growth collection of stocks versus other markets,
rather than a 'UK PLC discount'.
As a result, we have reduced the overall weighting to UK equities. Within the
Growth Portfolio, the allocation to UK Equity investment companies fell from
29.4% to 15.7%. We divested fully from Finsbury Growth & Income Trust, The
Law Debenture Corporation, Baillie Gifford UK Growth Trust, Lowland Investment
Company, Diverse Income Trust and Henderson Smaller Companies Investment
Trust.
It is not obvious to us that 'cheap' markets are enough of a catalyst for
performance. As a result, within the Growth Portfolio, we have introduced two
new holdings in Strategic Equity Capital, managed by Gresham House's Ken
Wotton, as well as Odyssean Investment Trust, managed by Stuart Widdowson and
Ed Wielechowski. Both sets of managers, with different investment approaches,
aim to take significant positions in their portfolio companies and engage with
management teams to drive business improvement, if required. We see these
highly engaged approaches as an important lever to unlock value within small
and mid-sized UK companies.
Similarly, within the Income Portfolio we reduced the overall exposure to UK
Equity investment companies from 40.2% to 27.1% over the six months. We fully
divested from Diverse Income Trust and Henderson High Income Trust, noting the
latter also contained fixed income exposure. Eagle eyed readers will notice we
have retained exposure to The Law Debenture Corporation and Lowland Investment
Company, where we think the investment team's focus, led by James Henderson
and Laura Foll, on income stock picking remains a suitable investment approach
and worthy of inclusion for this portfolio.
It is our intention to continue to further reduce our exposure to UK Equity
investment companies within both the Growth Portfolio and Income Portfolio in
a thoughtful and measured way, in order for shareholders to benefit from
broader opportunities, such as within infrastructure or global equities.
Biotechnology recovery
Biotechnology roared higher in the first half of the Company's financial year
generating significant returns. With tariff fears, drug pricing concerns and
interest rates all subsiding, biotechnology stocks were some of the strongest
performing in the six-month period. Merger & Acquisition announcements
remain rife in the sector as pharmaceutical companies look to replenish their
diminishing patent-related income streams. For context, Biotech Growth Trust
(+79.0%), a holding within the Growth Portfolio, and International
Biotechnology Trust (+73.7%), a holding within the Income Portfolio, were both
standout performers, recovering some prior poor performance.
We have used this strength to reduce exposure, allocating to aforementioned
Private Equity, technology and Emerging Markets investment companies.
Renewable Energy 'head-winds'
Renewable Energy Infrastructure investment companies Greencoat UK Wind ('UKW')
(-7.7%) and The Renewables Infrastructure Group ('TRIG') (-3.6%) remained a
drag on performance for the Income Portfolio. Persistently low cash generation
from portfolio assets versus projections are weighing on sentiment, whilst,
conversely to Private Equity, transactions are grinding to a halt, providing
scant evidence of 'true' market value. Although the UK government's
consultation of Renewables Obligation Certificates (ROCs), the subsidy regime
which underpins many renewable energy project cash flows, has since been
determined, revisions of existing contracts adds further uncertainty to the
sector.
Despite the valuation uncertainties within operational assets, we introduced
GCP Infrastructure ('GCP') to the Income Portfolio. GCP is a company which
owns loans focused on UK infrastructure (including renewables). The company
has had an extremely low default rate since its IPO 15 years ago and, in
recent years, has sold assets to pay down its revolving credit facility.
Despite this progress, the company's share price performance has been weak and
the dividend yield is now c.10%. We believe we are being paid to wait as
investors in a bond-like investment company. We await further asset disposals
for it to completely pay down its revolving credit facility and return
additional capital to us as shareholders.
A constructive outlook
As we look ahead to the calendar year of 2026, our outlook remains sanguine in
regard to corporate profitability.
Fiscal stimulus is set to play a key role in several major economies. Japan
and Germany have already announced substantial packages, while, in the United
States, the 'One Big Beautiful Bill' passed earlier in 2025 is expected to
deliver a meaningful boost. China is also likely to implement incremental
measures to keep growth on track toward its 5% target.
We expect further solid global economic growth in 2026. US growth is likely to
remain broadly in line with 2025, with upside potential from additional
stimulus. The UK outlook remains subdued, with below-trend but positive
growth. Overall, conditions appear supportive for another year of steady
expansion which in turn should drive positive corporate earnings growth.
Tariffs remain a structural feature of the global landscape, though their form
may evolve. Supply chains have adapted to the new regime, and the economic
impact has been relatively contained, helped by exemptions and reductions from
headline rates compared to initial fears earlier in 2025.
We approach 2026 with optimism: global growth prospects remain positive,
however we note that valuations appear relatively full in certain areas.
Although markets can be sensitive to large policy shifts and geopolitical
surprises, our central view is that corporates can continue to demonstrate
earnings growth, particularly in transformative sectors such as technology and
AI Infrastructure. We remain alive to how geopolitical events can further
shape the investment landscape. This is not just through heightened risks, but
also how the evolving priorities of both governments and corporates can create
opportunities.
We look forward to further updating investors throughout the remainder of the
year and in the Annual Report.
Adam Norris and Paul Green
Investment Managers
Columbia Threadneedle Investment Business Limited
29 January 2026
Note: All performance figures are six-month total return to 30 November 2025,
unless otherwise stated
Unaudited Condensed Income Statement
Six months to 30 November 2025
Notes Revenue Capital Total
£'000 £'000 £'000
Gains on investments - 15,781 15,781
Foreign exchange losses - (5) (5)
Income 2 2,960 - 2,960
Investment management fee 3 (145) (362) (507)
Other expenses (351) - (351)
Return on ordinary activities before
finance costs and tax 2,464 15,414 17,878
Finance costs (78) (116) (194)
Return on ordinary activities before tax 2,386 15,298 17,684
Tax on ordinary activities - - -
Return attributable to shareholders 2,386 15,298 17,684
Return per Income share - basic and diluted (pence) 4 4.39p 8.86p 13.25p
Return per Growth share - basic and diluted (pence) 4 - 31.31p 31.31p
The total column of this statement is the Profit and Loss Account of the
Company. The supplementary revenue and capital columns are prepared under
guidance published by The Association of Investment Companies.
All revenue and capital items in the Income Statement derive from continuing
operations.
Return attributable to shareholders represents the profit/(loss) for the
period and also total comprehensive income.
Unaudited Condensed Income Statement
Six months to 30 November 2024
Notes Revenue Capital Total
£'000 £'000 £'000
Gains on investments - 369 369
Foreign exchange gains - 1 1
Income 2 2,613 - 2,613
Investment management fee 3 (145) (368) (513)
Other expenses (365) - (365)
Return on ordinary activities before
finance costs and tax 2,103 2 2,105
Finance costs (56) (84) (140)
Return on ordinary activities before tax 2,047 (82) 1,965
Tax on ordinary activities - - -
Return attributable to shareholders 2,047 (82) 1,965
Return per Income share - basic and diluted (pence) 4 3.94p (3.33p) 0.61p
Return per Growth share - basic and diluted (pence) 4 - 4.68p 4.68p
`
The total column of this statement is the Profit and Loss Account of the
Company. The supplementary revenue and capital columns are prepared under
guidance published by The Association of Investment Companies.
All revenue and capital items in the Income Statement derive from continuing
operations.
Return attributable to shareholders represents the profit/(loss) for the
period and also total comprehensive income.
Condensed Income Statement (audited)
Year to 31 May 2025((1))
Notes Revenue Capital Total
£'000 £'000 £'000
Gains on investments - 1,600 1,600
Foreign exchange losses - (4) (4)
Income 2 5,075 - 5,075
Investment management fee 3 (290) (732) (1,022)
Other expenses (744) - (744)
Return on ordinary activities before
finance costs and tax 4,041 864 4,905
Finance costs (128) (194) (322)
Return on ordinary activities before tax 3,913 670 4,583
Tax on ordinary activities - - -
Return attributable to shareholders 3,913 670 4,583
Return per Income share - basic and diluted (pence) 4 7.44p (2.93p) 4.51p
Return per Growth share - basic and diluted (pence) 4 - 6.33p 6.33p
((1)) These figures are audited
The total column of this statement is the Profit and Loss Account of the
Company. The supplementary revenue and capital columns are prepared under
guidance published by The Association of Investment Companies.
All revenue and capital items in the Income Statement derive from continuing
activities.
Return attributable to shareholders represents the profit/(loss) for the year
and also total comprehensive income.
Unaudited Condensed Balance Sheet
As at 30 November 2025
Notes Income Growth
Shares Shares Total
£'000 £'000 £'000
Fixed assets
Investments at fair value 6 74,195 96,293 170,488
Current assets
Debtors 7 960 1,363 2,323
Cash at bank and on deposit 2,857 3,081 5,938
3,817 4,444 8,261
Creditors
Amounts falling due within one year 8 (9,061) (1,797) (10,858)
Net current (liabilities)/assets (5,244) 2,647 (2,597)
Net assets 68,951 98,940 167,891
Capital and reserves:
Called-up share capital 9 2,592 1,788 4,380
Share premium 8,049 709 8,758
Capital redemption reserve 2,699 2,258 4,957
2022 special reserve 29,588 29,581 59,169
2008 special reserve 19,634 2,940 22,574
Capital reserves 2,275 61,664 63,939
Revenue reserve 4,114 - 4,114
Equity shareholders' funds 68,951 98,940 167,891
Net asset value per share (pence) 10 122.73p 297.40p
Unaudited Condensed Balance Sheet
As at 30 November 2024
Notes Income Growth
Shares Shares Total
£'000 £'000 £'000
Fixed assets
Investments at fair value 64,292 89,662 153,954
Current assets
Debtors 7 279 231 510
Cash at bank and on deposit 1,744 1,963 3,707
2,023 2,194 4,217
Creditors
Amounts falling due within one year 8 (7,191) (270) (7,461)
Net current (liabilities)/assets (5,168) 1,924 (3,244)
Net assets 59,124 91,586 150,710
Capital and reserves:
Called-up share capital 3,157 2,347 5,504
Share premium 3,520 428 3,948
Capital redemption reserve 1,950 1,698 3,648
2022 special reserve 29,588 29,581 59,169
2008 special reserve 19,681 6,916 26,597
Capital reserves (2,727) 50,616 47,889
Revenue reserve 3,955 - 3,955
Equity shareholders' funds 59,124 91,586 150,710
Net asset value per share (pence) 10 113.25p 264.16p
Condensed Balance Sheet (audited)
As at 31 May 2025((1))
Notes Income shares Growth shares
Total
£'000 £'000 £'000
Fixed assets
Investments at fair value 66,576 87,956 154,532
Current assets
Debtors 7 286 146 432
Cash at bank and on deposit 1,332 3,592 4,924
1,618 3,738 5,356
Creditors
Amounts falling due within one year 8 (7,219) (289) (7,508)
Net current (liabilities)/assets (5,601) 3,449 (2,152)
Net assets 60,975 91,405 152,380
Capital and reserves
Called-up share capital 2,481 1,787 4,268
Share premium 5,197 476 5,673
Capital redemption reserve 2,699 2,258 4,957
2022 special reserve 29,588 29,581 59,169
2008 special reserve 19,681 6,122 25,803
Capital reserves (2,540) 51,181 48,641
Revenue reserve 3,869 - 3,869
Equity shareholders' funds 60,975 91,405 152,380
Net asset value per share (pence) 10 113.36p 265.86p
((1)) These figures are audited
Unaudited Condensed Statement of Cash Flows
Six months to 30 November 2025
Notes Income shares Growth shares
Total
£'000 £'000 £'000
Net cash outflow from operations before dividends
and interest 11 (388) (540) (928)
Dividends received 1,745 785 2,530
Interest received 31 49 80
Interest paid (193) - (193)
Net cash inflow from operating activities 1,195 294 1,489
Investing activities
Purchases of investments (19,093) (31,004) (50,097)
Sales of investments 19,183 33,448 52,631
Cash flows from investing activities 90 2,444 2,534
Cash flows before financing activities 1,285 2,738 4,023
Financing activities
Equity dividends paid 5 (2,141) - (2,141)
Proceeds from issuance of new shares, net of share
issuance expenses 2,422 - 2,422
Shares purchased to be held in treasury (238) (4,337) (4,575)
Sale of shares from treasury 244 1,041 1,285
Share conversion (47) 47 -
Cash flows from financing activities 240 (3,249) (3,009)
Net movement in cash and cash equivalents 1,525 (511) 1,014
Cash and cash equivalents at the beginning of the period 1,332 3,592 4,924
Cash and cash equivalents at the end of the period 2,857 3,081 5,938
Represented by:
Cash at bank 137 31 168
Short-term deposits 2,720 3,050 5,770
2,857 3,081 5,938
Unaudited Condensed Statement of Cash Flows
Six months to 30 November 2024
Notes Income shares Growth shares
Total
£'000 £'000 £'000
Net cash outflow from operations before dividends
and interest 11 (376) (535) (911)
Dividends received 1,678 818 2,496
Interest received 20 41 61
Interest paid (132) - (132)
Net cash inflow from operating activities 1,190 324 1,514
Investing activities
Purchases of investments (1,056) (1,226) (2,282)
Sales of investments 1,868 4,685 6,553
Cash flows from investing activities 812 3,459 4,271
Cash flows before financing activities 2,002 3,783 5,785
Financing activities
Equity dividends paid 5 (1,995) - (1,995)
Proceeds from issuance of new shares, net of share
issuance expenses 314 - 314
Shares purchased to be held in treasury (58) (2,073) (2,131)
Sale of shares from treasury 58 - 58
Share conversion 223 (223) -
Cash flows from financing activities (1,458) (2,296) (3,754)
Net movement in cash and cash equivalents 544 1,487 2,031
Cash and cash equivalents at the beginning of the period 1,200 476 1,676
Cash and cash equivalents at the end of the period 1,744 1,963 3,707
Represented by:
Cash at bank 214 43 257
Short-term deposits 1,530 1,920 3,450
1,744 1,963 3,707
Condensed Statement of Cash Flows (audited)
Year to 31 May 2025((1))
Income shares Growth shares
Notes Total
£'000 £'000 £'000
Net cash outflow from operations before dividends
and interest 11 (732) (1,054) (1,786)
Dividends received 3,365 1,610 4,975
Interest received 57 113 170
Interest paid (334) - (334)
Net cash inflow from operating activities 2,356 669 3,025
Investing activities
Purchases of investments (5,938) (6,359) (12,297)
Sales of investments 5,374 11,848 17,222
Cash flows from investing activities (564) 5,489 4,925
Cash flows before financing activities 1,792 6,158 7,950
Financing activities
Equity dividends paid 5 (3,947) - (3,947)
Proceeds from issuance of new shares, net of share
issuance expenses 2,064 - 2,064
Shares purchased to be held in treasury (58) (3,219) (3,277)
Sale of shares from treasury 58 400 458
Share conversion 223 (223) -
Fixed rate term loan repaid (5,000) - (5,000)
Revolving credit facility drawdown 5,000 - 5,000
Cash flows from financing activities (1,660) (3,042) (4,702)
Net movement in cash and cash equivalents 132 3,116 3,248
Cash and cash equivalents at the beginning of the period 1,200 476 1,676
Cash and cash equivalents at the end of the period 1,332 3,592 4,924
Represented by:
Cash at bank 192 52 244
Short-term deposits 1,140 3,540 4,680
1,332 3,592 4,924
((1)) These figures are audited
Unaudited Condensed Statement of Changes in Equity
Six months to 30 November 2025
Capital redemption reserve 2022 2008 Total shareholders' funds
Share capital Share premium £000 special reserve special reserve Capital reserves Revenue reserve £000
£000 £000 £000 £000 £000 £000
Income shares
As at 31 May 2025 2,481 5,197 2,699 29,588 19,681 (2,540) 3,869 60,975
Increase in share capital in issue, net of issuance expenses
112 2,845 - - - - - 2,957
Shares purchased for treasury
- - - - (238) - - (238)
Sale of shares from treasury
- 7 - - 237 - - 244
Share conversion (1) - - - (46) - - (47)
Transfer of net income from Growth to Income Portfolio
- - - - - - 772 772
Transfer of capital from Income to Growth Portfolio
- - - - - (772) - (772)
Dividends paid - - - - - - (2,141) (2,141)
Return attributable to shareholders
- - - - - 5,587 1,614 7,201
As at 30 November 2025 2,592 8,049 2,699 29,588 19,634 2,275 4,114 68,951
Growth shares
As at 31 May 2025 1,787 476 2,258 29,581 6,122 51,181 - 91,405
Increase in share capital in issue, net of issuance expenses
- - - - - - - -
Shares purchased for treasury
- - - - (4,337) - - (4,337)
Sale of shares from treasury
- 233 - - 1,109 - - 1,342
Share conversion 1 - - - 46 - - 47
Transfer of net income from Growth to Income Portfolio
- - - - - - (772) (772)
Transfer of capital from Income to Growth Portfolio
- - - - - 772 - 772
Return attributable to shareholders
- - - - - 9,711 772 10,483
As at 30 November 2025 1,788 709 2,258 29,581 2,940 61,644 - 98,940
Total
As at 31 May 2025 4,268 5,673 4,957 59,169 25,803 48,641 3,869 152,380
Increase in share capital in issue, net of issuance expenses
112 2,845 - - - - - 2,957
Shares purchased for treasury
- - - - (4,575) - - (4,575)
Sale of shares from treasury - 240 - - 1,346 - - 1,586
Share conversion - - - - - - - -
Dividends paid - - - - - - (2,141) (2,141)
Return attributable to shareholders
- - - - - 15,298 2,386 17,684
Total Company as at 30 November 2025
4,380 8,758 4,957 59,169 22,574 63,939 4,114 167,891
Unaudited Condensed Statement of Changes in Equity
Six months to 30 November 2024
Capital redemption reserve 2022 2008 Total shareholders' funds
Share capital Share premium £000 special reserve special reserve Capital reserves Revenue reserve £000
£000 £000 £000 £000 £000 £000
Income shares
As at 31 May 2024 3,134 3,223 1,950 29,588 19,464 (998) 3,903 60,264
Increase in share capital in issue, net of issuance expenses
17 297 - - - - - 314
Shares purchased for treasury
- - - - (58) - - (58)
Sale of shares from treasury
- - - - 58 - - 58
Share conversion 6 - - - 217 - - 223
Transfer of net income from Growth to Income Portfolio
- - - - - - 627 627
Transfer of capital from Income to Growth Portfolio
- - - - - (627) - (627)
Dividends paid - - - - - - (1,995) (1,995)
Return attributable to shareholders
- - - - - (1,102) 1,420 318
As at 30 November 2024 3,157 3,520 1,950 29,588 19,681 (2,727) 3,955 59,124
Growth shares
As at 31 May 2024 2,353 428 1,698 29,581 9,206 48,969 - 92,235
Increase in share capital in issue, net of issuance expenses
- - - - - - - -
Shares purchased for treasury
- - - - (2,073) - - (2,073)
Share conversion (6) - - - (217) - - (223)
Transfer of net income from Growth to Income Portfolio
- - - - - - (627) (627)
Transfer of capital from Income to Growth Portfolio
- - - - - 627 - 627
Return attributable to shareholders
- - - - - 1,020 627 1,647
As at 30 November 2024 2,347 428 1,698 29,581 6,916 50,616 - 91,586
Total
As at 31 May 2024 5,487 3,651 3,648 59,169 28,670 47,971 3,903 152,499
Increase in share capital in issue, net of issuance expenses
17 297 - - - - - 314
Shares purchased for treasury
- - - - (2,131) - - (2,131)
Sale of shares from treasury - - - - 58 - - 58
Share conversion - - - - - - - -
Dividends paid - - - - - - (1,995) (1,995)
Return attributable to shareholders
- - - - - (82) 2,047 1,965
Total Company as at 30 November 2024
5,504 3,948 3,648 59,169 26,597 47,889 3,955 150,710
Condensed Statement of Changes in Equity (audited)
Year to 31 May 2025((1))
Capital redemption reserve 2022 2008 Total shareholders' funds
Share capital Share premium £000 special reserve special Capital reserves Revenue reserve £000
£000 £000 £000 reserve £000 £000
Income Shares £000
As at 31 May 2024 3,134 3,223 1,950 29,588 19,464 (998) 3,903 60,264
Increase in share capital in issue, net of share issuance expenses
90 1,974 - - - - - 2,064
Shares purchased for treasury
- - - - (58) - - (58)
Sale of shares from treasury
- - - - 58 - - 58
Share conversion 6 - - - 217 - - 223
Cancellation of deferred shares
(749) - 749 - - - - -
Transfer of net income from Growth to Income Portfolio
- - - - - - 1,109 1,109
Transfer of capital from Income to Growth Portfolio
- - - - - (1,109) - (1,109)
Dividends paid - - - - - - (3,947) (3,947)
Return attributable to shareholders
- - - - - (433) 2,804 2,371
As at 31 May 2025 2,481 5,197 2,699 29,588 19,681 (2,540) 3,869 60,975
Growth Shares
As at 31 May 2024 2,353 428 1,698 29,581 9,206 48,969 - 92,235
Increase in share capital in issue, net of share issuance expenses
- - - - - - - -
Shares purchased for treasury
- - - - (3,219) - - (3,219)
Sale of shares from Treasury
- - - - 400 - - 400
Profit on sale of treasury shares
- 48 - - (48) - - -
Share conversion (6) - - - (217) - - (223)
Cancellation of deferred shares
(560) - 560 - - - - -
Transfer of net income from Growth to Income Portfolio
- - - - - - (1,109) (1,109)
Transfer of capital from Income to Growth Portfolio
- - - - - 1,109 - 1,109
Return attributable to shareholders
- - - - - 1,103 1,109 2,212
As at 31 May 2025 1,787 476 2,258 29,581 6,122 51,181 - 91,405
Total
As at 31 May 2024 5,487 3,651 3,648 59,169 28,670 47,971 3,903 152,499
Increase in share capital in issue, net of share issuance expenses
90 1,974 - - - - - 2,064
Shares purchased for treasury
- - - - (3,277) - - (3,277)
Sale of shares from Treasury
- - - - 458 - - 458
Profit on sale of treasury shares
- 48 - - (48) - - -
Share conversion - - - - - - - -
Cancellation of deferred shares
(1,309) - 1,309 - - - - -
Dividends paid - - - - - - (3,947) (3,947)
Return attributable to shareholders
- - - - - 670 3,913 4,583
Total Company as at 31 May 2025
4,268 5,673 4,957 59,169 25,803 48,641 3,869 152,380
((1)) These figures are audited
Notes
1. Accounting policies
These condensed financial statements, which are unaudited, have been prepared
on a going concern basis in accordance with the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority, FRS 102, FRS 104
'Interim Financial Reporting' and the Statement of Recommended Practice
'Financial Statements of Investment Trust Companies and Venture Capital
Trusts' issued by The Association of Investment Companies.
The accounting policies applied in the condensed financial statements are set
out in the Company's Annual Report and Financial Statements for the year ended
31 May 2025.
2. Income
Six months to Six months to Year to
30 November 2025 30 November 2024 31 May
2025
£'000 £'000 £'000
UK dividends 2,059 1,911 3,708
Overseas dividends 821 583 1,109
Property income distributions - 58 88
Deposit interest 80 61 170
Total income 2,960 2,613 5,075
3. Investment management fee
Six months to Six months to Year to
30 November 2025 30 November 2024 31 May
2025
£'000 £'000 £'000
Investment management fee 507 513 1,022
507 513 1,022
The Company's Investment Manager is Columbia Threadneedle Investment Business
Limited (the 'Manager'). Until 31 August 2025, the Manager received an
investment management fee at the rate of 0.65% per annum of the total assets
of each Portfolio payable quarterly in arrears, subject to being reduced to
0.325% per annum on any assets which are invested in other investment vehicles
managed by the Manager. With effect from 1 September 2025, the investment
management fee is at a rate of 0.60% per annum of the net asset value of each
Portfolio payable quarterly in arrears. There is no charge on any assets which
are invested in other investment vehicles managed by the Manager. A fee for
secretarial and administration services is also paid to the Manager.
The terms of the Investment Management Agreement with the Manager are
summarised in the Company's Annual Report and Financial Statements to 31 May
2025.
4. Return per share
The return per share for the six months to 30 November 2025 is as follows:
Income shares Growth shares
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Return attributable to Portfolios
1,614 5,587 7,201 772 9,711 10,483
Transfer of net income from Growth Portfolio to Income Portfolio
772 - 772 (772) - (772)
Transfer of capital from Income Portfolio to Growth Portfolio
- (772) (772) - 772 772
Return attributable to shareholders
2,386 4,815 7,201 - 10,483 10,483
Return per share 4.39p 8.86p 13.25p - 31.31p 31.31p
Weighted average number of shares in issue during the period
54,363,643 33,484,580
The return per share for the comparative six months to 30 November 2024 is as
follows:
Income shares Growth shares
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Return attributable to Portfolios
1,420 (1,102) 318 627 1,020 1,647
Transfer of net income from Growth Portfolio to Income Portfolio
627 - 627 (627) - (627)
Transfer of capital from Income Portfolio to Growth Portfolio
- (627) (627) - 627 627
Return attributable to shareholders
2,047 (1,729) 318 - 1,647 1,647
Return per share 3.94p (3.33p) 0.61p - 4.68p 4.68p
Weighted average number of shares in issue during the period
51,894,373 35,204,822
The return per share for the comparative year to 31 May 2025 is as follows:
Income shares Growth shares
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Return attributable to Portfolios
2,804 (433) 2,371 1,109 1,103 2,212
Transfer of net income from Growth Portfolio to Income Portfolio
1,109 - 1,109 (1,109) - (1,109)
Transfer of capital from Income Portfolio to Growth Portfolio
- (1,109) (1,109) - 1,109 1,109
Return attributable to shareholders
3,913 (1,542) 2,371 - 2,212 2,212
Return per share 7.44p (2.93p) 4.51p - 6.33p 6.33p
Weighted average number of shares in issue during the year
52,569,505 34,946,339
5. Dividends
Six months to Six months to Year to
30 November 30 November 31 May
Payment 2025 2024 2025
Dividends on Income shares Date £'000 £'000 £'000
Amounts recognised as distributions during the period:
In respect of the previous financial year:
- fourth interim of 2.05p (prior period: 2.00p) per Income share
11-Jul-2025 1,105 1,036 1,036
In respect of the period under review:
- first interim of 1.90p (prior period: 1.85p) per Income share
10-Oct-2025 1,036 959 959
- second interim (prior period: 1.85p per Income share)
- - - 968
- third interim (prior period: 1.85p per Income share)
- - - 984
2,141 1,995 3,947
A second interim dividend in respect of the year to 31 May 2026
of 1.90p per Income share was paid on 16 January 2026 to shareholders on the
register on 12 December 2025. This amount has not been accrued in the results
for the six months to 30 November 2025.
For the financial year to 31 May 2025 interim dividends totalled
7.60p per Income share.
The Growth shares do not carry an entitlement to receive
dividends.
6. Investments
Income shares Growth shares
Level 1((1)) Level 1((1))
£'000 £'000 Total
£'000
Cost at 31 May 2025 56,586 57,125 113,711
Gains at 31 May 2025 9,990 30,831 40,821
Valuation at 31 May 2025 66,576 87,956 154,532
Movement in the period
Purchases at cost 20,968 32,552 53,520
Sales proceeds (19,183) (34,162) (53,345)
Gains on investments sold in the period 2,544 12,163 14,707
Gains/(losses) on investments held at period end 3,290 (2,216) 1,074
Valuation of investments held at 74,195 96,293 170,488
30 November 2025
Cost at 30 November 2025 60,915 67,678 128,593
Gains at 30 November 2025 13,280 28,615 41,895
Valuation at 30 November 2025
74,195 96,293 170,488
((1)) Fair value hierarchy.
Income shares Growth shares
£'000 £'000 Total
Gains/(losses) on investments £'000
Gains on investments sold in the period 2,544 12,163 14,707
Gains/ (losses) on investments held at period end 3,290 (2,216) 1,074
Total gains on investments 5,834 9,947 15,781
The Company's Investments as disclosed in the Balance Sheet are valued at fair
value. The fair value as at the reporting date has been estimated using the
following fair value hierarchy:
· Level 1 - quoted prices (unadjusted) in active markets for identical
assets;
· Level 2 - investments whose value is evidenced by comparison with
other observable current market transactions in the same instrument or based
on a valuation technique whose variables includes only data from observable
markets; and
· Level 3 - investments whose value is not based on observable market
data.
There were no investments held which were valued in accordance with Levels 2
or 3.
7. Debtors
Income shares Growth shares
£'000 £'000 Total
30 November 2025 £'000
Accrued Income 387 320 707
Proceeds from issuance and sale of shares 535 301 836
Due from broker - 714 714
Other debtors and prepayments 38 28 66
960 1,363 2,323
Income shares Growth shares
£'000 £'000 Total
30 November 2024 £'000
Accrued Income 267 216 483
Other debtors and prepayments 12 15 27
279 231 510
Income shares Growth shares
£'000 £'000 Total
31 May 2025 £'000
Accrued Income 241 116 357
Other debtors and prepayments 45 30 75
286 146 432
8. Creditors
Amounts falling due within one year
Income shares Growth shares
£'000 £'000 Total
30 November 2025 £'000
Revolving credit facility 7,000 - 7,000
Management fee accrued 97 140 237
Secretarial and administration services fee
accrued 11 16 27
Due to brokers 1,878 1,556 3,434
Other accruals 75 85 160
9,061 1,797 10,858
Income shares Growth shares
£'000 £'000 Total
30 November 2024 £'000
£5 million fixed rate term loan with maturity 10
February 2025 5,000 - 5,000
Revolving credit facility 2,000 - 2,000
Management fee accrued 104 147 251
Secretarial and administration services fee
accrued 10 16 26
Other accruals 77 107 184
7,191 270 7,461
Income shares Growth shares
£'000 £'000 Total
31 May 2025 £'000
Revolving credit facility 7,000 - 7,000
Management fee accrued 107 148 255
Secretarial and administration services fee
accrued 11 16 27
Due to Brokers - 6 6
Other accruals 101 119 220
7,219 289 7,508
At 30 November 2025 the Company had a £10 million unsecured revolving credit
facility ('RCF') with The Royal Bank of Scotland International Limited. This
facility was put in place effective 10 February 2025 and is available until 10
February 2027. The interest rate on the amounts drawn down under the RCF are
variable based on SONIA plus a margin and a non-utilisation fee is payable on
undrawn amounts.
During the six months to 30 November 2025 there were no changes in the amount
borrowed and
therefore no change in liabilities arising from financing activities.
9. Share capital
Listed Held in treasury In issue
Number £'000 Number £'000 Number £'000
Income shares
Balance at 1 June 2025((1)) 53,790,518 2,481 - - 53,790,518 2,481
Issued 2,430,000 112 - - 2,430,000 112
Purchased for treasury - - (200,000) (9) (200,000) (9)
Resold from treasury - - 200,000 9 200,000 9
Share conversion:
- Income to Growth (248,593) (11) - - (248,593) (11)
- Growth to Income 210,269 10 - - 210,269 10
Balance at 30 November 2025((1)) 56,182,194 2,592 - - 56,182,194 2,592
Deferred shares -
Income
Number £'000
Deferred shares - Income
Balance at 1 June 2025 - -
Issue of 248,593 shares((2)) 248,593 -
Balance at 30 November 2025((2))
248,593 -
Total called-up share capital 2,592
(1) The nominal value of each Income share is £0.046131176 per Income
share.
(2) The nominal value of each Deferred share is £0.00314649 per share.
During the period, the Company issued 2,430,000 (30 November 2024: 285,000; 31
May 2025: 1,870,000) Income shares from the block listing facilities receiving
net proceeds of £2,957,000 (30 November 2024: £330,000; 31 May 2025:
£2,064,000). During the period, the Company bought back 200,000 (30 November
2024: 50,000; 31 May 2025: 50,000) Income shares through the market for
treasury at a cost of £238,000 (30 November 2024: £58,000: 31 May 2025:
£58,000) and resold from treasury 200,000 (30 November 2024: 50,000; 31 May
2025: 50,000) Income shares receiving net proceeds of £244,000 (30 November
2024: £58,000, 31 May 2025: £58,000).
During the period, valid conversion notices were received to convert 248,593
Income shares (which represented a value of £305,000). These were converted
into 100,864 Growth shares in accordance with the Company's Articles and by
reference to the ratio of the relative underlying net asset values of the
Growth shares and Income shares on the conversion date.
The Company's Articles allow for Deferred shares to be allotted as part of the
share conversion to ensure that the conversion does not result in a reduction
of the aggregate par value of the Company's issued share capital. The Deferred
shares (and their par value) issued as part of the share conversion in the
period are set out above. The Deferred shares will be repurchased by the
Company from time to time as last authorised by shareholders at the October
2025 AGM.
Since the end of the period, the Company has issued a further 3,095,000 Income
shares from the block listing facilities receiving net proceeds of
£3,880,000.
Listed Held in treasury In issue
Number £'000 Number £'000 Number £'000
Growth shares
Balance at 1 June 2025((1)) 38,741,161 1,787 (4,360,000) (201) 34,381,161 1,586
Issued - - - - - -
Purchased for treasury - - (1,578,000) (73) (1,578,000) (73)
Resold from Treasury - - 450,000 21 450,000 21
Share conversion:
- Growth to Income (85,315) (4) - - (85,315) (4)
- Income to Growth 100,864 5 - - 100,864 5
Balance at
30 November 2025((1)) 38,756,710 1,788 (5,488,000) (253) 33,268,710 1,535
Deferred shares -
Growth
Number £'000
Deferred shares - Growth
Balance at 1 June 2025 - -
Issue of 85,315 shares((2)) 85,315 -
Balance at 30 November 2025((2))
85,315 -
Total called-up share capital 1,788
(1) The nominal value of each Growth share is £0.046131176 per Growth
share.
(2) The nominal value of each Deferred share is £0.00314649 per share.
During the period the Company bought back 1,578,000 (30 November 2024:
815,000; 31 May 2025: 1,255,000) Growth shares throughout the market for
treasury at a cost of £4,337,000 (30 November 2024: £2,073,000; 31 May 2025:
£3,219,000) and resold from treasury 450,000 (30 November 2024: nil; 31 May
2025: 150,000) Growth shares receiving net proceeds of £1,342,000 (30
November 2024: nil; 31 May 2025: £400,000).
During the period, valid conversion notices were received to convert 85,315
Growth shares (which represented a value of £258,000). These were converted
into 210,269 Income shares in accordance with the Company's Articles and by
reference to the ratio of the relative underlying net asset values of the
Growth shares and Income shares on the conversion date.
The Company's Articles allow for Deferred shares to be allotted as part of the
share conversion to ensure that the conversion does not result in a reduction
of the aggregate par value of the Company's issued share capital. The Deferred
shares (and their par value) issued as part of the share conversion in the
period are set out above. The Deferred shares will be repurchased by the
Company from time to time as last authorised by shareholders at the October
2025 AGM.
Since the end of the period, the Company has resold from treasury a further
765,000 Growth shares receiving net proceeds of £2,355,000.
10. Net asset value per share
30 November 30 November 31 May
2025 2024 2025
Income shares
Net asset value per share - pence 122.73p 113.25p 113.36p
Net assets attributable at end of
period - £'000 68,951 59,124 60,975
Shares in issue at end of period - number 56,182,194 52,205,518 53,790,518
Growth shares
Net asset value per share - pence 297.40p 264.16p 265.86p
Net assets attributable at end of
period - £'000 98,940 91,586 91,405
Shares in issue at end of period - number 33,268,710 34,671,161 34,381,161
11. Reconciliation of return on ordinary activities before tax to net cash
outflow from operations
Income shares Growth shares Total
Six months to 30 November 2025 £'000 £'000 £'000
Return on ordinary activities before tax 7,201 10,483 17,684
Adjust for returns from non-operating activities:
Gains on investments (5,834) (9,947) (15,781)
Foreign exchange losses 3 2 5
Return from operating activities 1,370 538 1,908
(Increase)/decrease in prepayments (3) 2 (1)
Decrease in creditors (27) (42) (69)
Dividend income (1,891) (989) (2,880)
Interest income (31) (49) (80)
Interest expense 194 - 194
Net cash outflow from operations before dividends and interest
(388) (540) (928)
Income shares Growth shares Total
Six months to 30 November 2024 £'000 £'000 £'000
Return on ordinary activities before tax 318 1,647 1,965
Adjust for returns from non-operating activities:
Losses/(gains) on investments 891 (1,260) (369)
Foreign exchange gains (1) - (1)
Return from operating activities 1,208 387 1,595
Decrease in prepayments 14 25 39
Decrease in creditors (32) (40) (72)
Dividend income (1,686) (866) (2,552)
Interest income (20) (41) (61)
Interest expense 140 - 140
Net cash outflow from operations before dividends and interest
(376) (535) (911)
Income shares Growth shares Total
Year to 31 May 2025 £'000 £'000 £'000
Return on ordinary activities before tax 2,371 2,212 4,583
Adjust for returns from non-operating activities:
Gains on investments (22) (1,578) (1,600)
Foreign exchange losses 4 - 4
Return from operating activities 2,353 634 2,987
Decrease in prepayments 14 10 24
Increase in creditors (17) (27) (44)
Dividend income (3,347) (1,558) (4,905)
Interest income (57) (113) (170)
Interest expense 322 - 322
Net cash outflow from operations before dividends and interest
(732) (1,054) (1,786)
12. Earnings
Earnings for the six months to 30 November 2025 should not be
taken as a guide to the results for the full year to 31 May 2026.
13. Tax
The effective revenue tax rate for the period to 30 November 2025
was nil% (30 November 2024: nil%; 31 May 2025: nil%). This is lower than the
standard rate of corporation tax due to the level of non-taxable dividend
income.
14. Going concern
In assessing the going concern basis of accounting, the Directors have had
regard to the guidance issued by the Financial Reporting Council and have
undertaken a rigorous review of the Company's ability to continue as a going
concern. The Board has, in particular, considered the outlook for inflation
and ongoing macroeconomic and geopolitical concerns.
The Company's investment objective and policy, which is subject to regular
Board monitoring processes, is designed to ensure that the Company is invested
principally in listed securities. The value of these investments exceeds the
Company's liabilities by a significant margin. The Company retains title to
all assets held by its Custodian and has an agreement relating to its
borrowing facility with which it has complied during the period. Cash is only
held with banks approved and regularly reviewed by the Manager.
As part of the going concern review, the Directors noted that a £10 million
revolving credit facility is committed to the Company until 10 February 2027
and loan covenants are reviewed by the Board on a regular basis.
The Company does not have a fixed life. However, the Company's Articles of
Association require the Board to next put a resolution to shareholders at the
2028 Annual General Meeting ('AGM') (and five yearly thereafter) to continue
the Company. The continuation vote will be proposed as an ordinary resolution.
The last such resolution was put to shareholders and passed at the AGM held on
28 September 2023.
The Directors believe, having assessed the principal risks and other matters,
in light of the controls and review processes and bearing in mind the nature
of the Company's business and assets and revenue and expenditure projections,
that the Company has adequate resources to continue in operational existence
for a period of at least twelve months from the date of approval of the
financial statements. Accordingly, the financial statements have been drawn up
on the basis that the Company is a going concern.
15. Related party transactions
The Board of Directors is considered a related party. Under the FCA UK Listing
Rules, the Manager is also defined as a related party. However, the existence
of an independent Board of Directors demonstrates that the Company is free to
pursue its own financial and operating policies, and therefore, under the AIC
SORP, the Manager is not considered to be a related party for accounting
purposes.
There have been no transactions with related parties during the first six
months of the current financial year that have materially affected the
financial position or performance of the Company during the period and there
have been no changes in the related party transactions described in the last
Annual Report and Financial Statements that could do so.
Investment management fees to the Manager are set out in note 3 and note 8
where accrued management fees and accrued secretarial and administration
services fees are disclosed.
16. Results
The Company's auditor, BDO LLP, has not audited or reviewed the
Half-Year Report and the results for the six months to 30 November 2025 and 30
November 2024 pursuant to the Auditing Practices Board guidance on 'Review of
Interim Financial Information'. These are not full statutory financial
statements in terms of Section 434 of the Companies Act 2006 and are
unaudited. Statutory financial statements for the year ended 31 May 2025,
which received an unqualified audit report and did not contain a statement
under Section 498 of the Companies Act 2006, have been lodged with the
Registrar of Companies. The abridged financial statements included for the
year ended 31 May 2025 are an extract from those financial statements. No full
statutory financial statements in respect of any period after 31 May 2025 have
been reported on by the Company's auditor or delivered to the Registrar of
Companies.
The Half-Year Report to 30 November 2025 is available on the
website maintained on behalf of the Company at
www.ctglobalmanagedportfolio.co.uk (http://www.ctglobalmanagedportfolio.co.uk)
and will shortly be submitted to the National Storage Mechanism and will be
available for inspection at: data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
Statement of Principal Risks and Uncertainties
As an investment company, investing primarily in listed securities, most of
the Company's principal risks and uncertainties that could threaten the
achievement of its objective, strategy, future performance, liquidity and
solvency are market‑related.
These risks, and the way in which they are managed, are described in more
detail under the heading 'Principal Risks and Uncertainties and Viability
Statement' within the Strategic Report in the Company's Annual Report and
Financial Statements for the year ended 31 May 2025.
The principal risks identified in the Annual Report and Financial Statements
were:
• market risk - the Company's assets consist mainly of listed closed-end
investment companies and its principal risks are therefore market-related and
include market risk (comprising currency risk, interest rate risk and other
price risk), liquidity risk and credit risk;
• investment performance risk; and
• third party service delivery and cyber risk.
The Board continues to review the key risk summary for the Company which
identifies the risks that the Company is exposed to and the controls in place
and the actions being taken to mitigate them. The Board has also considered
the outlook for inflation and ongoing macroeconomic and geopolitical concerns.
The Board considers that the Company's principal risks and uncertainties have
not changed materially since 25 July 2025, the date that the Company's Annual
Report and Financial Statements was approved, and are not expected to change
materially for the remainder of the Company's financial year. The Board has
also considered these principal risks in relation to going concern, as set out
in Note 14.
Statement of Directors' Responsibilities in Respect of the Half-Year Report
We confirm that to the best of our knowledge:
· the condensed set of financial statements has been prepared in
accordance with applicable UK Accounting Standards on a going concern basis
and give a true and fair view of the assets, liabilities, financial position
and return of the Company;
· the Chairman's Statement, the Investment Managers' Review and the
Statement of Principal Risks and Uncertainties (together constituting the
Interim Management Report) include a fair review of the information required
by Disclosure Guidance and Transparency Rule ('DTR') 4.2.7R, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the financial statements;
· the Statement of Principal Risks and Uncertainties is a fair
review of the principal risks and uncertainties for the remainder of the
financial year; and
· the Half-Year Report includes a fair review of the information
required by DTR 4.2.8R, being related party transactions that have taken place
in the first six months of the current financial year and that have materially
affected the financial position or performance of the Company during the
period, and any changes in the related party transactions described in the
last Annual Report and Financial Statements that could do so.
On behalf of the Board
David Warnock
Director
29 January 2026
Alternative Performance Measures ('APMs')
The Company uses the following APMs. These are not statutory accounting
measures and are not intended as a substitute for statutory measures.
Discount/premium - the share price of an investment company is derived from
buyers and sellers trading their shares on the stock market. This price is not
identical to the net asset value ('NAV') per share of the underlying assets
less liabilities of the Company. If the share price is lower than the NAV per
share, the shares are trading at a discount. This usually indicates that there
are more sellers of shares than buyers. Shares trading at a price above NAV
per share are deemed to be at a premium usually indicating there are more
buyers of shares than sellers.
30 November 2025 31 May 2025
Income Growth Income Growth
shares shares shares shares
Net asset value per share (a) 122.73p 297.40p 113.36p 265.86p
Share price (b) 123.50p 300.00p 115.50p 258.00p
+Premium/ -discount (c = (b-a)/(a)) (c) +0.6% +0.9% +1.9% -3.0%
Total return - the return to shareholders calculated on a per share basis
taking into account both any dividends paid in the period and the increase or
decrease in the share price or NAV in the period. The dividends are assumed to
have been re-invested in the form of shares or net assets, respectively, on
the date on which the shares were quoted ex-dividend.
The effect of reinvesting these dividends on the respective ex-dividend dates
and the share price total returns and NAV total returns are shown below.
Six months to Year to
30 November 2025 31 May 2025
Income shares Growth shares Income Growth
Total return - NAV Shares Shares
NAV per share at start of financial period/year 113.36p 265.86p 116.51p 259.29p
NAV per share at end of financial period/year 122.73p 297.40p 113.36p 265.86p
Change in the period/year 8.3% 11.9% -2.7% 2.5%
Impact of dividend reinvestments((1)) 3.7% n/a 6.9% n/a
NAV total return for the period/year 12.0% 11.9% 4.2% 2.5%
( (1)) During the six months to 30 November 2025 dividends totalling 3.95p
went ex-dividend with respect to the Income shares. During the year to 31 May
2025 the equivalent figure was 7.55p.
Six months to Year to
30 November 2025 31 May 2025
Income shares Growth shares Income Growth
Total return - Share price Shares Shares
Share price per share at start of financial period/year 115.5p 258.0p 119.0p 254.0p
Share price per share at end of financial period/year 123.5p 300.0p 115.5p 258.0p
Change in the period/year 6.9% 16.3% -2.9% 1.6%
Impact of dividend reinvestment((1)) 3.8% n/a 6.7% n/a
Share price total return for the period/year 10.7% 16.3% 3.8% 1.6%
((1)) During the six months to 30 November 2025 dividends totalling 3.95p went
ex-dividend with respect to the
Income shares. During the year to 31 May 2025 the equivalent figure was
7.55p.
Yield - the total annual dividend expressed as a percentage of the period-end
share price.
30 November 2025 31 May 2025
Annual dividend (a) 7.60p((1)) 7.60p
Income share price (b) 123.5p 115.5p
Yield (c = a/b) (c) 6.2% 6.6%
((1) ) Based on dividends at the expected minimum annual rate of 7.60 pence
per Income share for the
financial year to 31 May 2026.
Net gearing/net cash - this is calculated by expressing the Company's
borrowings less cash and cash equivalents as a percentage of shareholders'
funds. If the amount calculated is positive this is described as net gearing.
If the amount calculated is negative, this is described as net cash.
30 November 2025 31 May 2025
Income Growth Income Growth
Shares Shares Shares Shares
£'000 £'000 £'000 £'000
Borrowings 7,000 - 7,000 -
Less cash and cash equivalents (2,857) (3,081) (1,332) (3,592)
4,143 (3,081) 5,668 (3,592)
Shareholders' funds 68,951 98,940 60,975 91,405
+Net gearing/-net cash +6.0% -3.1% +9.3% -3.9%
Compound annual total return - converts the total return over a period of more
than one year to a constant annual rate of return applied to the compounded
value at the start of each year.
30 November 2025
Growth shares
Indexed NAV total return at 30 November 2010 100.0
Indexed NAV total return at 30 November 2025 308.8
Period (years) 15.0
Compound annual total return 7.8%
For further information, please contact:
Adam Norris, Columbia Threadneedle Investment Business
Limited 0131 573 8300
Paul Green, Columbia Threadneedle Investment Business
Limited 0131 573 8300
Ian Ridge, Columbia Threadneedle Investment Business
Limited 0131 573 8316
Sarah Gibbons-Cook, Quill PR
07702
412680
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