REG-Global Opportunities Trust Plc: Annual Results
Today 07:02
Global Opportunities Trust plc
Legal Entity Identifier: 2138005T5CT5ITZ7ZX58
Annual Results for the year ended 31 December 2025
Financial Highlights
NET ASSET VALUE PER SHARE – cum inc. +7.5% NET ASSET VALUE TOTAL RETURN ( with dividends added back )* +10.3%
SHAREHOLDERS’ FUNDS £117.5m share price DISCOUNT TO NET ASSET VALUE* 16.1%
31 December 2025 31 December 2024 % Change
Net assets/shareholders’ funds (£) 117,454,000 109,295,000 +7.5
Shares in issue 29,222,180 29,222,180 -
Net asset value per share – cum inc. (pence)* 401.9 374.0 +7.5
Net asset value total return (with dividends added back) (%)* 10.3 4.1 n/a
Share price (pence) 337.0 286.0 +17.8
Dividend per share (pence) 10.3 10.0 +3.0
Share price total return (with dividends added back) (%)* 21.9 -2.4 n/a
Share price discount to net asset value (%)* 16.1 23.5 n/a
Ongoing charges ratio (%)* 0.8 0.8 n/a
* Alternative Performance Measure.
CHAIR’S STATEMENT
Introduction
I am pleased to present the Company’s Annual Report and Financial Statements
for the year ended 31 December 2025.
Investment performance
The Company’s Net Asset Value (‘NAV’) Total Return grew by 10.3% during
the year, with a shareholder return of 21.9% being recorded as the discount to
NAV narrowed. In comparison, the FTSE All-World Index Total Return rose by
14.6% and the Bloomberg Global Bond Index declined slightly. Equity markets
broadened with non-US equities providing strong performance.
Shareholders should note however that the Company has no stated benchmark
against which it seeks to outperform. Its objective is to achieve real
long-term total return through investing in undervalued global securities. In
this regard, the Company’s NAV Total Return over the past three years has
averaged 5.2% despite the Company retaining a defensive investment posture,
achieved through a combination of high cash levels and the nature of the
equity holdings.
As at 31 December 2025 the Company had net assets of £117.5 million. The NAV
per ordinary share was 401.9p and the middle market price per share on the
London Stock Exchange was 337.0p, representing a discount to NAV of 16.1%.
Management arrangements
During 2025 the Board undertook a detailed review of its regulatory structure
and management arrangements with the then Executive Director, Dr Sandy Nairn.
Following this extensive review the Board transitioned from operating as a
self-managed investment trust under the small registered UK alternative
investment fund manager (‘AIFM’) regime to appoint an external AIFM with
effect from 2 January 2026. Juniper Partners Limited (‘Juniper’) were
appointed as AIFM with the portfolio management responsibilities delegated to
Goodhart Partners LLP (‘Goodhart’ or the ‘Portfolio Manager’). As part
of the transition Dr Nairn ceased to be Executive Director but continues to
have day-to-day responsibility for the management of the portfolio as part of
the Goodhart investment team, supported by the wider Goodhart team and
resources.
There were no changes to the Company’s investment objective and policy or
investment approach as part of the transition. However, the change in
regulatory status removed certain constraints associated with its previous
status, including the ability to use gearing and hedge the portfolio. As a
result, the Company now has greater flexibility (within the parameters of its
investment objective and policy) in the use of derivative instruments within
its portfolio for efficient portfolio management, including for the purposes
of hedging and leverage, when conditions demand to support the Company’s
long term growth strategy. We have now put in place new arrangements which
provide enhanced governance and risk management oversight.
Discount
Although there were no share buybacks conducted during the year, the Board
remains of the opinion that having the option to utilise share buybacks as a
discount control mechanism is important and is therefore requesting that
shareholders approve a renewal to this authority at the forthcoming Annual
General Meeting (‘AGM’).
Increased final dividend
The total return per ordinary share for the year ended 31 December 2025 was
37.9p (2024: 14.9p), comprising a revenue return of 7.8p per share and a
capital return of 30.1p per share. The Board is proposing a final dividend of
10.3p per share, representing a 3% increase on the year following the prior
year’s doubling of the dividend. Subject to the approval of the payment of
the final dividend by shareholders at the AGM, the dividend will be paid on 29
May 2026 to those shareholders on the register at the close of business on 1
May 2026. This dividend is fully covered by the Company’s revenue reserves
and exceeds the minimum that the Company is obliged to distribute under law to
maintain its investment trust status.
Board composition
As noted above Dr Nairn ceased to be a full-time executive and Director of the
Company on 2 January 2026 in connection with the transition of the management
arrangements. The Board therefore now consists of three independent
Non-Executive Directors. The Board believes that its size and composition
remain appropriate for the activities of the Company and the Board retains a
good balance of skills and business experience to enable it to operate
effectively. As such, all three Directors will be standing for re-election at
the forthcoming AGM.
Annual General Meeting
This year’s AGM will be held on 14 May 2026 at the offices of Juniper
Partners Limited, 28 Walker Street, Edinburgh EH3 7HR at 12 noon.
In addition to the formal business of the meeting, Dr Nairn will provide a
short presentation to shareholders on the performance of the Company over the
past year, as well as an outlook for the future.
The AGM is an opportunity for shareholders to ask questions of both the Board
and of the Portfolio Manager, and as always, the Board would welcome your
attendance. If you are unable to attend the AGM in person, I would encourage
you to vote in favour of all resolutions by Form of Proxy and appointing me
(as Chair of the meeting) as your proxy to ensure your vote is registered.
Outlook
Equity markets continued to make progress during 2025. However, valuations
remain high and government finances remain stretched whilst the political
environment, if anything, is even more uncertain. US growth has been sustained
by the surge in AI - related infrastructure spending, which
is unlikely to be sustained whilst there are signs of economic weakness in the
non-technology segments of the economy. As such, we believe the stance
employed by the Company’s Portfolio Manager remains appropriate. The aim is
to deliver positive returns in a rising market, but to be prepared to react if
and when market declines occur and opportunities become available.
As we noted last year, the Board authorised a series of initiatives to address
the widening discount to NAV. We are pleased to report that the efforts to
increase investors’ awareness of the Company appear to be having an impact,
with the discount to NAV shrinking significantly over the year. These
initiatives will be continued through 2026.
Once again, we would like to thank our shareholders for their continued
support and look forward to the day when the investment landscape is more
attractive. Periodically, investment articles are posted on the Company’s
website when we encounter investment issues worthy of comment and we would
encourage shareholders to sign up to the website to receive such notifications
during the year.
Recent geopolitical events must have served to increase the potential for
market declines. The potential for US actions in the Gulf to cause widening
and sustained conflict is meaningful, irrespective of whether resolution is
reached in the near-term.
Keep up to date
Shareholders can keep up to date on the performance of the portfolio through
the Company’s website at www.globalopportunitiestrust.com where you will
find information on the Company, a monthly factsheet and regular updates from
Dr Nairn.
As always, the Board welcomes communication from shareholders and I can be
contacted directly through the Company Secretary at cosec@junipartners.com.
Cahal Dowds
Chair
23 March 2026
PORTFOLIO MANAGER’S REPORT
Background and context
The year was another where global equities produced strong returns, although
in 2025 the contributors to global markets broadened from the relatively
narrow range that were so important in 2024. In particular, non-US equity
returns showed some strength. In aggregate, the Company produced a NAV total
return of 10.3% and, with the discount narrowing, a shareholder return of
21.9%. For comparative purposes, the FTSE All-World Index Total Return was
14.6% and the Bloomberg Aggregate Bond Index -0.4%.
The political environment was dominated by the actions of President Trump
where tariff policy, in particular, induced significant concerns as threats
and actions fluctuated wildly. Just as concerning was the increased pressure
exerted on the Federal Reserve in an attempt to subvert its actions to the
desires of the White House. This probably played some role in the decline of
the dollar over the period. Equity markets, on the other hand, had clearly
become relatively immune to Presidential whims. There are two potential
reasons, the first being that markets have come to the ‘TACO’ (Trump
Always Chickens Out) view. The second is a simple one of complacency,
following from the extended period of good returns. Neither provides much
confidence. In the UK, the newly elected Labour Government, handed a sweeping
majority, seemed to quickly find itself almost paralysed by competing factions
within the party, leading to a damaging series of U-turns.
Most governments remain constrained by the debt overhang built up since the
Global Financial Crisis period and this is the main contributor to the
political tensions associated with any discussion of fiscal policy. The macro
environment therefore remains fragile. On the other hand, hope has been
provided by the emergence of AI and its potential to enhance productivity and
hence economic growth. Whilst some segments of the market may have become
over-exuberant, on the back of this, it is a transformative technology which
will have a profound impact over the coming decades. As the exuberance works
its way out the system and capital shortage works its way in we anticipate
opportunities will emerge in this area.
More recently the Trump administration has embarked on military operations in
both Venezuela and Iran and an aggressive policy towards Cuba. All of these
events increase uncertainty, but clearly the war with Iran carries the highest
risk given the strategic implications on oil supplies from the Gulf. This
combines with the apparent lack of clear strategic objectives. Whilst not
helpful in improving the geopolitics of the Gulf it does make a US exit
strategy much simpler since success can be declared at any time. The most
likely outcome is a declaration of victory by the US but a continued
theocratic and increasingly hostile state left behind. This would create a
meaningful risk of internecine conflict which could easily spread across the
region. That markets with elevated valuations have remained relatively
unconcerned is remarkable.
The portfolio
The portfolio remained defensive during the year, reflecting our views, but
the equity component still managed to produce strong returns. In arithmetical
terms this was driven by the returns from the top five performing stocks
(Danieli, Intel, Alibaba, Orange and Lloyds) increasing by almost 80%, as
compared with the average decline of just under 20% from the five worst
performing stocks (Azelis, Breedon, Jet2, Bakkafrost and Whitbread). New
holdings added to the portfolio include Cicor Technologies, the European
electronic solutions company, Carlsberg, the brewer, which has derated
significantly and Laboratorios Farmaceutico ROVI, the European specialised
pharmaceutical company.
Looking at the thematic contribution to portfolio performance there was strong
performance from ‘defence’ and ‘digital’ discount, particularly
Alibaba and Intel. ‘European value’ on the other hand contained four of
the worst five stocks, albeit the aggregate negative contribution was minimal
due to the appreciation of Danieli, the machine and technology supplier to the
metal industry. The European value stocks were all cyclical and their
inclusion was partly to act as a hedge against the defensive nature of much of
the portfolio. It is important for the portfolio that it has the ability to
generate returns in all environments, which means that the various components
all play an important role. Over the period and particularly during the fourth
quarter the Company’s positioning became more defensive, reflecting some of
the appreciation that had been recorded.
Future prospects
That double digit returns were recorded with a defensively-oriented portfolio
is pleasing, but we remain of the view that the real opportunities are yet to
appear and we retain the dry powder accordingly. We are also pleased that the
marketing efforts are beginning to bear fruit as more investors come to
appreciate the unique characteristics of the Company.
Dr Sandy Nairn
Goodhart Partners
23 March 2026
PORTFOLIO OF INVESTMENTS
as at 31 December 2025
Company Sector Country of Incorporation Valuation £’000 % of Net assets
AVI Japanese Special Situations Fund 1 Financials Japan 11,185 9.5
Volunteer Park Capital Fund SCSp 2 Financials Luxembourg 8,275 7.1
Unilever Consumer Staples United Kingdom 3,326 2.8
Orange Communication Services France 3,296 2.8
Carlsberg Consumer Staples Denmark 2,416 2.1
GQG Partners Inc. Financials United States 2,345 2.0
Dassault Aviation Industrials France 2,292 1.9
Terveystalo Health Care Finland 2,134 1.8
Philips Health Care Netherlands 2,062 1.8
Nestlé Consumer Staples Switzerland 2,050 1.7
Bakkafrost Consumer Staples Denmark 2,025 1.7
Verizon Communications Communication Services United States 1,974 1.7
Laboratorios Farmaceutico ROVI Health Care Spain 1,889 1.6
ENI Energy Italy 1,797 1.5
Viscofan Consumer Staples Spain 1,743 1.5
Sanofi Health Care France 1,722 1.5
Qinetiq Industrials United Kingdom 1,718 1.5
TotalEnergies Energy France 1,654 1.4
Danieli Industrials Italy 1,630 1.4
General Dynamics Industrials United States 1,554 1.3
Alibaba Group Consumer Discretionary Hong Kong 1,542 1.3
RTX Industrials United States 1,509 1.3
Cicor Technologies Technology Switzerland 1,458 1.2
Jet2 Industrials United Kingdom 1,140 1.0
The Magnum Ice Cream Company Consumer Staples Netherlands 181 0.2
Equity Investments 62,917 53.6
Liquidity Fund Investments 36,510 31.1
Total Investments 99,427 84.7
Cash and other net assets 18,027 15.3
Net Assets 117,454 100.0
1 Sub-Fund of Gateway UCITS Funds PLC
2 Luxembourg Special Limited Partnership
STRATEGIC REVIEW
Introduction
The purpose of this report is to provide shareholders with details of the
Company’s strategy, objectives and business model as well as the principal
and emerging risks and challenges the Company has faced during the year under
review. It should be read in conjunction with the Chair’s Statement, the
Portfolio Manager’s Report and the portfolio information, which provide a
review of the Company’s investment activity and outlook.
The Board is responsible for the stewardship of the Company, including overall
strategy, investment policy, dividends, corporate governance procedures and
risk management. The Board assesses the performance of the Company against its
investment objective at each Board meeting by considering the key performance
indicators.
Business and Status
The principal activity of the Company is to carry on business as an investment
trust.
The Company is registered in Scotland as a public limited company and is an
investment company within the meaning of section 833 of the Companies Act
2006. The Company has been approved by HM Revenue & Customs as an authorised
investment trust under sections 1158 and 1159 of the Corporation Tax Act 2010
and the ongoing requirements for approved companies as detailed in Chapter 3
of Part 2 of the Investment Trust (Approved Company) (Tax) Regulations 2011.
In the opinion of the Directors, the Company has conducted its affairs so as
to enable it to continue to maintain its status as an investment trust.
Throughout the year under review, the Company was a self-managed investment
company run by its Board and is authorised by the Financial Conduct Authority
(‘FCA’) as a Small Registered Alternative Investment Fund Manager.
With effect from 2 January 2026, the Company appointed Juniper as its AIFM
with responsibility for portfolio management services delegated to Goodhart as
Portfolio Manager. The Portfolio Manager has the responsibility of investing
and managing the assets of the Company in accordance with the investment
objective. In addition to AIFM services, including risk management oversight,
Juniper also provide company secretarial and administration services with
responsibility for managing the daily activities of the Company. The Company
also appoints the Depositary to have responsibility for the safekeeping and
monitoring of the assets.
The Company’s shares are listed on the closed-ended investment funds
category of the Official List and traded on the main market of the London
Stock Exchange.
The Company is a member of the Association of Investment Companies
(‘AIC’), a trade body which promotes investment companies and develops
best practice for its members.
Investment Objective
The Company’s investment objective is to provide shareholders with an
attractive real long-term total return by investing globally in undervalued
asset classes. The portfolio is managed without reference to the composition
of any stock market index.
Investment Policy
The Company invests in a range of assets across both public and private
markets throughout the world. These assets include both listed and unquoted
securities, investments and interests in other investment companies and
investment funds (including limited partnerships and offshore funds) as well
as bonds (including index-linked securities) and cash as appropriate.
Any single investment in the Company’s portfolio may not exceed 15% of the
Company’s total assets at the time of the relevant investment (the ‘Single
Investment Limit’).
The Company may invest in other investment companies or funds and may appoint
one or more sub-advisors to manage a portion of the portfolio if, in either
case, the Board believes that doing so will provide access to specialist
knowledge that is expected to enhance returns. The Company will gain exposure
to private markets directly and indirectly through investments and interest in
other investment companies and investment funds (including limited
partnerships and offshore funds). The Company’s investment directly and
indirectly in private markets (including through investment companies and
investment funds) shall not, in aggregate, exceed 30% of the Company’s total
assets, calculated at the time of the relevant investment. The Company will
invest no more than 15% of its total assets in other closed-ended listed
investment companies (including investment trusts).
The Company may also invest up to 50% of its total assets in bonds, debt
instruments, cash or cash equivalents when the Board believes extraordinary
market or economic conditions make equity investment unattractive or while
seeking appropriate investment opportunities for the portfolio or to maintain
liquidity. The Single Investment Limit does not apply to cash or cash
equivalents in such circumstances. In addition, the Company may purchase
derivatives for the purposes of efficient portfolio management.
From time to time, when deemed appropriate, the Company may borrow for
investment purposes up to the equivalent of 25% of its total assets. By
contrast, the Company’s portfolio may from time to time have substantial
holdings of debt instruments, cash or short-term deposits.
The investment objective and policy are intended to ensure that the Company
has the flexibility to seek out value across asset classes rather than being
constrained by a relatively narrow investment objective. The objective and
policy allow the Company to be constrained in its investment selection only by
valuation and to be pragmatic in portfolio construction by only investing in
assets which the Portfolio Manager considers to be undervalued on an absolute
basis.
Investment Strategy
The Company’s portfolio is managed without reference to any stock market
index. Investments are selected for the portfolio only after extensive
research by the Portfolio Manager. The Portfolio Manager’s approach is
long-term and focused on absolute valuation. The team aims to identify and
invest in undervalued asset classes, and to have the patience to hold them
until they achieve their long-term earnings potential or valuation.
Dividend Policy
The Company does not have a stated dividend policy. The Company’s investment
objective is to provide real long-term total return rather than income growth.
As a result, the level of revenue generated from the portfolio will vary from
year to year, and any dividend paid to shareholders is likely to fluctuate.
The Board is mindful that in order for the Company to continue to qualify as
an investment trust, the Company is not permitted to retain more than 15% of
eligible investment income arising during any accounting period. Accordingly,
the Board will ensure that any declared dividend is sufficient to enable the
Company to maintain its investment trust status.
Management Arrangements
Previously, as a self-managed investment trust, the Board was fully
responsible for the management of the Company and all required reporting to
the FCA in respect of the safeguarding of the Company’s assets.
As noted above, Juniper has been appointed as the Company’s AIFM and will
continue to provide company secretarial and administrative services to the
Company on the terms of its existing agreement with the Company. As AIFM,
Juniper will receive an annual management fee of £60,000 per annum, plus a
variable rate of 0.015% of net assets. Goodhart has ceased to provide the
investment sub-advisory services to the Company and is instead providing the
portfolio management functions, as delegated by Juniper. These services
include the introductory services in relation to private market investment
opportunities provided under the previous arrangement. Goodhart will also
continue to provide marketing services to the Company. Under the new
management arrangements, Goodhart will receive a management fee equal to 0.50%
of the Company’s net assets per annum. Further information on Goodhart is
available via their website at www.goodhartpartners.com.
As Juniper is a full-scope AIFM, the Company is also required to appoint a
depositary, and JPMorgan Europe Limited has been appointed to perform this
role. JPMorgan Chase Bank N.A. already acts as custodian to the Company and
there has been no change to these arrangements.
Portfolio Performance
Full details on the Company’s activities during the year under review are
contained in the Chair’s Statement and Portfolio Manager’s Report. The
portfolio consisted of 25 investments, excluding cash and other net assets as
at 31 December 2025, thus ensuring that the Company has a suitable spread of
investment risk.
Key Performance Indicators
At each Board meeting, the Directors consider key performance indicators to
assess whether the Company is meeting its investment objective.
The key performance indicators used to measure the performance of the Company
over time are as follows:
Share price total return to 31 December 2025 1 year (%) 3 years (%) 5 years (%)
Global Opportunities Trust plc 21.9 14.6 31.6
AIC Flexible Investments peer group† 13.6 18.3 33.2
FTSE All-World Total Return Index* 14.6 58.9 76.7
NAV Total Return to 31 December 2025 1 year (%) 3 years (%) 5 years (%)
Global Opportunities Trust plc 10.3 16.6 42.0
AIC Flexible Investments peer group† 8.8 23.0 42.4
FTSE All-World Total Return Index* 14.6 58.9 76.7
Share Price Discount to NAV as at 31 December 2025 (%) 2024 (%) 2023(%)
Global Opportunities Trust plc 16.1 23.5 18.2
AIC Flexible Investments peer group† 21.1 22.0 18.3
Ongoing charges ratio to 31 December 2025 (%) 2024 (%) 2023 (%)
Global Opportunities Trust plc 0.8 0.7 0.7
AIC Flexible Investments peer group† 0.9 0.9 0.9
† Source: theaic.co.uk & Morningstar. The Company is classified by the
Association of Investment Companies in its Flexible Investment sector. This
sector’s performance indicators have been shown for comparative purposes
only.
* The Company does not formally benchmark its performance against a specific
index, the FTSE All-World Total Return Index (in sterling) has been shown for
comparative purposes only.
Gearing
The Company did not have any borrowings and did not use derivative instruments
for currency hedging during the year ended 31 December 2025.
Principal Risks
In order to monitor and manage the risks facing the Company, the Board
maintains and formally reviews on a semi-annual basis a risk register. There
have been no new principal risks identified during the year, however, the
Board is currently monitoring a small number of emerging risks: corporate
strategy at risk from hedge funds/arbitrageurs seeking to build their
positions and impose changes; and shareholder returns at risk from increasing
expenses, if the Company cannot grow out of its current small size. The new
management arrangements, as referred to in the Chair’s Report, are expected
to provide enhanced governance and risk management oversight, including
reduction in Key Person Risk from 2 January 2026.
The principal risks and uncertainties facing the Company, together with a
summary of the mitigating actions and controls in place to manage these risks,
and how these risks have changed over the year are set out below:
Principal Risks Mitigation and Controls
Geopolitical Risk Heightened geopolitical tensions, including the ongoing conflicts in Ukraine and the Middle East, coupled with new trade tariffs introduced by the US, could have an adverse impact on global markets and impact the Company’s portfolio. No change to this risk The Board regularly reviews the Company’s portfolio, including geographical split, and its performance against its stated investment objective. The Portfolio Manager has experience of managing a range of global and regional equity strategies and ensures
that the portfolio has exposure to various geographies and sectors, in order to reduce risk relative to less-diversified portfolios.
Investment and Strategy Risk There can be no guarantee that the investment objective of the Company, to provide shareholders with an attractive real long-term total return by investing globally in undervalued asset classes, will be achieved. No change to this risk The Board meets regularly to discuss and challenge the portfolio performance and strategy and to receive investment updates from the Portfolio Manager. The Board receives quarterly reports detailing all portfolio transactions and any other significant
changes in the market or stock outlooks.
Key Person Risk Dr Nairn has been the lead portfolio manager of the Company from its launch in 2003. A change in key investment management personnel who are involved in the management of the Company’s portfolio could impact on future performance and the Company’s ability to deliver on its investment strategy. No change to this risk The Board frequently considers succession planning. Dr Nairn retains day-to-day responsibility for the investment management of the Company and the Portfolio Manager has a dedicated investment and marketing team supporting the Company. The Board are in
regular contact with the Portfolio Manager (who attends Board meetings) and would be informed of any proposed changes in personnel. The Portfolio Manager is also in regular contact with underlying investment fund managers. The additional expertise at
Goodhart is expected to enhance the Company’s ability to execute against its strategy.
Financial and Economic Risk The Company’s investments are impacted by financial and economic factors including market prices, interest rates, foreign exchange rates, liquidity and inflation, which could cause losses within the portfolio. No change to this risk The Board receives regular updates on the composition of the Company’s investment portfolio and market developments from the Portfolio Manager. Investment performance is continually monitored specifically in the light of emerging risks throughout the
period. The Board regularly reviews and agrees policies for managing market price risk, interest rate risk, foreign exchange risk, liquidity risk and inflationary risk.
Discount Volatility Risk As referred to in the Chair’s Statement, the Company’s share price discount to NAV narrowed during the year. The Board recognises that it is in the long-term interests of shareholders to reduce discount volatility and believes that the prime driver of discounts over the longer term is investment performance. An inappropriate or unattractive objective and strategy may have an adverse effect on shareholder returns or cause a reduction in demand for the Company’s shares, both of which could lead to a widening of the discount. No change to this risk The Board actively monitors the discount at which the Company’s shares trade, and is committed to using its powers to allot or repurchase the Company’s shares. The Board may use share buybacks, when appropriate, to narrow the discount to NAV at which the
shares trade. This will be done in conjunction with creating new demand and being aware of the liquidity of the shares. The Board’s commitment to allot or repurchase shares is subject to it being satisfied that any offer to allot or purchase shares is
in the best interests of shareholders of the Company as a whole, the Board having the requisite authority pursuant to the Articles of Association and relevant legislation to allot or purchase shares, and all other applicable legislative and regulatory
provisions. The Board approved a significantly enhanced marketing plan and budget, in March 2025, which is managed by Goodhart and has assisted with improving demand for the Company’s shares.
Regulatory Risk The Company operates in an evolving regulatory environment and faces a number of regulatory risks. Failure to qualify under the terms of sections 1158 and 1159 of the CTA may lead to the Company being subject to capital gains tax. A breach of the Listing Rules may result in censure by the FCA and/or the suspension of the Company’s shares from listing. If all price sensitive issues are not disclosed in a timely manner, this could create a misleading market in the Company’s shares. No change to this risk Compliance with the Company’s regulatory obligations is monitored on an ongoing basis by the Company Secretary and other professional advisers as required who report to the Board regularly. The Directors note the corporate offence of failure to prevent tax
evasion and believe all necessary steps have been taken to prevent facilitation of tax evasion. The Directors are aware of their responsibilities relating to price sensitive information and would consult with their advisers if any potential issues arose.
This includes ensuring compliance with the Market Abuse Regulation. The Company Secretary would notify the Board immediately if it became aware of any disclosure issues. Under the new management arrangements, the Board has agreed service levels with
Juniper in its capacity as AIFM and Company Secretary to ensure compliance with all applicable rules. Juniper has delegated portfolio management responsibilities to Goodhart. The Portfolio Manager has a comprehensive market abuse policy and any potential
breaches of this policy would be promptly reported to the Board.
Operational Risk There are a number of operational risks associated with the fact that third parties undertake the Company’s administration and custody functions. Operational risks include cyber security, IT systems failure, inadequacy of oversight and control and climate risk. The main risk is that third parties may fail to ensure that statutory requirements, such as compliance with the Companies Act 2006 and the FCA requirements, are met. No change to this risk The Board regularly receives and reviews management information on third parties which the Company Secretary compiles. In addition, each of the third parties, where available, provides a copy of its report on internal controls to the Board each year. Any
breaches in controls which have resulted in errors or incidents are required to be notified to the Board along with proposed remediation actions. The Company employs the Administrator to prepare all financial statements of the Company and meets with the
Auditor at least once a year to discuss all financial matters, including appropriate accounting policies. The Company is a member of the AIC, a trade body which promotes investment trusts and also develops best practice for its members. The Portfolio
Manager and the Company’s third-party suppliers have contingency plans to ensure the continued operation of the business in the event of disruption.
Culture
The Chair leads the Board and is responsible for its overall effectiveness in
directing the Company. He demonstrates objective judgement, promotes a culture
of openness and debate, and facilitates effective contributions by all
Directors. In liaison with the Company Secretary, the Chair ensures that the
Directors receive accurate, timely and clear information. The Directors are
required to act with integrity, lead by example and promote this culture
within the Company.
The Board seeks to ensure the alignment of the Company’s purpose, values and
strategy with the culture of openness, debate and integrity through ongoing
dialogue, and engagement with shareholders, the Portfolio Manager and the
Company’s other service providers. The Company has adopted a number of
policies, practices and behaviours to facilitate a culture of good governance
and ensure that this is maintained.
The culture of the Board is considered as part of the annual performance
evaluation process which is undertaken by each Director. The culture of the
Company’s service providers is also considered by the Board during the
annual review of their performance and while considering their continuing
appointment. In the context of the Portfolio Manager, particular attention is
paid to environmental, social and governance, engagement and proxy voting
policies.
Directors and Gender Representation
As at 31 December 2025, the Board of Directors of the Company comprised two
male and two female Directors. The appointment of any new Director is made in
accordance with the Company’s diversity policy.
Employees and Human Rights
The Board recognises the requirement under the Companies Act 2006 to detail
information about human
rights, employees and community issues, including information about any
policies it has in relation to
these matters and the effectiveness of these policies. During the year, the
Company had one employee,
Executive Director Dr Nairn. All the remaining Directors are Non-Executive.
The Company has outsourced all its functions to third-party service providers.
The Company has therefore not reported further in respect of these provisions.
Modern Slavery Statement
The Company is not within the scope of the Modern Slavery Act 2015 because it
has not exceeded the turnover threshold and therefore no further disclosure is
required in this regard.
Greenhouse Gas Emissions
The Company has no greenhouse gas emissions to report from its operations, nor
does it have responsibility for any other emission-producing sources under the
Companies Act 2006 (Strategic Report and Directors’ Report) Regulations
2013.
Environmental, Social and Governance (‘ESG’)
The Company seeks to invest in companies that are well managed with high
standards of corporate governance. The Board believes this creates the proper
conditions to enhance long-term value for shareholders. The Company adopts a
positive approach to corporate governance and engagement with companies in
which it invests.
In pursuit of the above objective, the Board believes that proxy voting is an
important part of the corporate governance process and considers seriously its
obligation to manage the voting rights of companies in which it is invested.
It is the policy of the Company to vote, as far as possible, at all
shareholder meetings of investee companies. The Company follows the relevant
applicable regulatory and legislative requirements in the UK, with the guiding
principles being to make proxy voting decisions which favour proposals that
will lead to maximising shareholder value while avoiding any conflicts of
interest. Voting decisions are taken on a case-by-case basis by the Portfolio
Manager on behalf of the Company. The key issues on which the Portfolio
Manager focuses are corporate governance, including disclosure and
transparency, board composition and independence, control structures,
remuneration, and social and environmental issues.
The Portfolio Manager considers a wide range of factors when making investment
decisions including an investee company’s ESG credentials.
In making fund investment decisions, the Portfolio Manager’s assessment
includes analysing the fund manager’s ESG cultural buy-in, its ESG process,
procedures and reporting, its engagement with underlying portfolio companies
and an operational due diligence review of the relevant manager and fund.
Duty to Promote the Success of the Company
Under section 172 of the Companies Act 2006, the Directors have a duty to act
in the way they consider, in good faith, would be most likely to promote the
success of the Company for the benefit of its members as a whole, and in doing
so have regard (amongst other matters) to:
* the likely consequences of any decision they make in the long
term;
* the need to foster the Company’s business relationships with
its stakeholders, which includes the shareholders, the Portfolio Manager and
other relevant parties as listed below;
* the need to act independently by exercising reasonable skill and
judgement;
* the impact of the Company’s operations on the community and the
environment;
* the requirement to avoid a conflict of interests;
* the desirability of the Company maintaining a reputation for high
standards of business conduct;
* the need to act fairly between members of the Company; and
* the need to declare any interests in proposed transactions.
Stakeholder Engagement
During the year, the Company had one employee, its Executive Director, Dr
Nairn. As an investment trust, the Company has no customers or physical
assets; the primary stakeholders are the shareholders, the Portfolio Manager,
and other third-party service providers. The Company also engages with its
investee companies where appropriate.
Shareholders
Communication and regular engagement with shareholders are given a high
priority by the Board. The Portfolio Manager seeks to maintain regular contact
with major shareholders and is always available to enter into dialogue with
all shareholders. A regular dialogue is also maintained with the Company’s
institutional shareholders and private client asset managers through the
Portfolio Manager, who regularly reports to the Board on significant contact,
the views of shareholders and any changes to the composition of the share
register.
All shareholders are encouraged, if possible, to attend and vote at the AGM
and at any other general meetings of the Company (if any), during which the
Board is available to discuss issues affecting the Company. Shareholders
wishing to communicate directly with the Board should contact the Company
Secretary by e-mail or post. The Chair is available throughout the year to
respond to shareholders, including those who wish to speak with him in person.
Copies of the Annual and Half - Yearly Reports are currently
issued to shareholders and are also available, along with the monthly
factsheets for downloading from the Company’s website at
www.globalopportunitiestrust.com. The Company also releases portfolio updates
to the market on a monthly basis.
Portfolio Manager
The Non-Executive Directors believe that maintaining a close and constructive
working relationship with the Portfolio Manager is crucial to promoting the
long-term success of the Company in an effective and responsible way. This
ensures the interests of all current and potential stakeholders are properly
taken into account when decisions are made. Dr Nairn attends all Board
meetings and provides reports on investments, performance, marketing,
operational and administrative matters. Other representatives of the Portfolio
Manager are available to attend Board meetings upon request. An open
discussion regarding such matters is encouraged, both at Board meetings and by
way of ongoing communication between the Directors and the Portfolio Manager.
Board members are encouraged to share their knowledge and experience with the
Portfolio Manager, and where appropriate, the Board adopts a tone of
constructive challenge. The Board keeps the ongoing performance of the
Portfolio Manager under continual review and conducts an annual appraisal of
the firm.
Service Providers
The Company’s day-to-day operational functions are delegated to several
third-party service providers, each engaged under separate contracts. In
addition to the Portfolio Manager, the Company’s principal third-party
service providers include the AIFM, Administrator, Auditor, Company Secretary,
Custodian and Registrar. The Board engages with its service providers to
develop and maintain positive and productive relationships, and to ensure that
they are well informed in respect of all relevant information about the
Company’s business and activities. The Board, through its Audit and
Management Engagement Committee, keeps the ongoing performance, fees and
continuing appointment of these service providers under continual review and
conducts an annual appraisal of all third-party service providers.
Corporate Broker
The Company appointed Cavendish Capital Markets Limited (‘Cavendish’) as
corporate broker and financial adviser to the Company on 3 February 2025.
Under this appointment, Cavendish advises the Company on the trading in the
Company’s shares and is working with the Portfolio Manager to build
relationships with new retail investors and wealth management clients.
Investee Companies
The Portfolio Manager assists with the day-to-day management of the
Company’s equity investment portfolio. As such, the Portfolio Manager has
responsibility for engaging with investee companies on behalf of the Company.
The Portfolio Manager does so in consideration of the principles set out in
the UK Stewardship Code 2020.
The Board recognises the importance of engagement with investee companies. The
Board is aware of evolving expectations in this regard and is committed to
working with the Portfolio Manager, in relation to future engagement on behalf
of the Company. The above methods for engaging with stakeholders are kept
under review by the Directors and discussed on a regular basis at Board
meetings to ensure that they remain effective.
The above methods for engaging with stakeholders are kept under review by the
Directors and discussed on
a regular basis at Board meetings to ensure that they remain effective.
For and on behalf of the Board
Cahal Dowds
Chair
23 March 2026
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the Annual Report and the
Financial Statements in accordance with applicable UK law and regulations.
The Companies Act 2006 (the ‘Law’) requires the Directors to prepare
Financial Statements for each financial period. Under that Law, they have
elected to prepare the Financial Statements in accordance with UK Accounting
Standards (United Kingdom Generally Accepted Accounting Practice), including
FRS 102 “The Financial Reporting Standard applicable in the UK and Republic
of Ireland”.
Under the Law, the Directors must not approve the Financial Statements unless
they are satisfied that they give a true and fair view of the state of affairs
of the Company and of the profit or loss of the Company for that period.
In preparing these Financial Statements, the Directors are required to:
• select suitable accounting policies
and then apply them consistently;
• make judgements and estimates that are
reasonable and prudent;
• state whether applicable UK Accounting
Standards have been followed, subject to any material departures disclosed and
explained in the Financial Statements; and
• prepare the Financial Statements on
the going concern basis unless it is inappropriate to presume that the Company
will continue in business.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company’s transactions and disclose with
reasonable accuracy at any time the financial position of the Company and
enable them to ensure that its Financial Statements comply with the Law and
include the information required by the Listing Rules of the Financial Conduct
Authority. They are also responsible for safeguarding the assets of the
Company and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for
preparing a Strategic Report, Directors’ Report, Remuneration Report and
Corporate Governance Statement that comply with that law and those
regulations.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company’s website,
www.globalopportunitiestrust.com. The work carried out by the Auditor does not
include consideration of these matters and, accordingly, the Auditor accepts
no responsibility for any changes that may have occurred to the Financial
Statements since they were initially presented on the website. Legislation in
the UK governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
Each of the Directors confirm to the best of their knowledge that:
• the Financial Statements, prepared in
accordance with the applicable set of UK Accounting Standards, give a true and
fair view of the assets, liabilities, financial position and profit or loss of
the Company;
• the Annual Report includes a fair view
of the development and performance of the business and the position of the
Company together with a description of the principal risks and uncertainties
that the Company faces; and
• in the opinion of the Board, the
Annual Report and Financial Statements taken as a whole, is fair, balanced and
understandable and provides the information necessary to assess the
Company’s performance, business model and strategy.
On behalf of the Board
Cahal Dowds
Chair
23 March 2026
INCOME STATEMENT
for the year ended 31 December 2025
2025 2024
Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000
Gains on investments at fair value through profit or loss – 10,875 10,875 – 2,123 2,123
Foreign exchange (losses)/gains on capital items – (2,027) (2,027) – 136 136
Income 3,338 71 3,409 2,996 33 3,029
Investment management fee (45) (105) (150) (42) (99) (141)
Other expenses (799) – (799) (591) – (591)
Net return before finance costs and taxation 2,494 8,814 11,308 2,363 2,193 4,556
Finance costs
Interest payable and related charges – – – (7) – (7)
Net return before taxation 2,494 8,814 11,308 2,356 2,193 4,549
Taxation – overseas withholding tax (227) – (227) (204) – (204)
Net return after taxation 2,267 8,814 11,081 2,152 2,193 4,345
Return per ordinary share 7.8p 30.1p 37.9p 7.4p 7.5p 14.9p
All revenue and capital items in the above statement derive from continuing
operations.
The total column of this statement is the profit and loss account of the
Company.
The revenue and capital return columns are prepared under guidance issued by
the Association of Investment Companies Statement of Recommended Practice.
A separate Statement of Comprehensive Income has not been prepared as all
gains and losses are included in the Income Statement.
BALANCE SHEET
as at 31 December 2025
2025 £’000 2024 £’000
Fixed asset investments
Investments at fair value through profit or loss 99,427 94,186
Current assets
Debtors 367 411
Cash at bank and short-term deposits 17,830 16,506
18,197 16,917
Current liabilities
Creditors (170) (1,808)
(170) (1,808)
Net current assets 18,027 15,109
Net assets 117,454 109,295
Capital and reserves
Called-up share capital 645 645
Share premium 1,597 1,597
Capital redemption reserve 14 14
Special reserve 9,760 9,760
Capital reserve 101,288 92,474
Revenue reserve 4,150 4,805
Total shareholders’ funds 117,454 109,295
Net asset value per ordinary share 401.9p 374.0p
The Financial Statements were approved by the Board of Directors on 23 March
2026 and signed on its behalf by:
Cahal Dowds
Chair
Registered in Scotland No. SC259207
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2025
Year ended 31 December 2025 Share capital £’000 Share premium £’000 Capital redemption reserve £’000 Special reserve 1 £’000 Capital reserve 1 £’000 Revenue reserve 1 £’000 Total £’000
At 1 January 2025 645 1,597 14 9,760 92,474 4,805 109,295
Net return after taxation – – – – 8,814 2,267 11,081
Dividends paid – – – – – (2,922) (2,922)
At 31 December 2025 645 1,597 14 9,760 101,288 4,150 117,454
Year ended 31 December 2024 Share capital £’000 Share premium £’000 Capital redemption reserve £’000 Special reserve 1 £’000 Capital reserve 1 £’000 Revenue reserve 1 £’000 Total £’000
At 1 January 2024 645 1,597 14 9,760 90,281 4,114 106,411
Net return after taxation – – – – 2,193 2,152 4,345
Dividends paid – – – – – (1,461) (1,461)
At 31 December 2024 645 1,597 14 9,760 92,474 4,805 109,295
1 Distributable reserves total £107,099,000 (2024:
£100,167,000). The Capital reserve comprises realised gains of £93,189,000
(2024: £85,602,000), which are distributable, and unrealised gains of
£8,099,000 (2024: £6,872,000), which are not immediately distributable.
STATEMENT OF CASH FLOW
for the year ended 31 December 2025
Year ended 31 December 2025 Year ended 31 December 2024
£’000 £’000 £’000 £’000
Cash flows from operating activities
Net return on ordinary activities before taxation 11,308 4,549
Adjustments for:
Gains on investments (10,875) (2,123)
Interest payable – 7
Purchases of investments* (46,046) (60,433)
Sales of investments* 50,068 34,122
Dividend income (1,769) (1,601)
Other income (1,640) (1,428)
Dividend income received 1,716 1,612
Other income received 1,619 1,335
(Increase)/decrease in receivables (2) 2
Increase in payables 19 1
Overseas withholding tax deducted (152) (174)
(7,062) (28,680)
Net cash flows from operating activities 4,246 (24,131)
Cash flows from financing activities
Equity dividends paid from revenue (2,922) (1,461)
Interest paid - (7)
Net cash flows from financing activities (2,922) (1,468)
Net increase/(decrease) in cash and cash equivalents 1,324 (25,599)
Cash and cash equivalents at the start of the year 16,506 42,105
Cash and cash equivalents at the end of the year 17,830 16,506
* Receipts from the sale of, and payments to acquire, investment
securities have been classified as components of cash flows from operating
activities because they form part of the Company’s dealing operations.
Amounts include liquidity fund investment subscriptions and redemptions
NOTES TO THE FINANCIAL STATEMENTS
at 31 December 2025
1. Accounting policies
Statement of compliance
Global Opportunities Trust plc is a company incorporated in Scotland. The
Company is registered as a public limited company and is an investment company
within the terms of section 833 of the Companies Act 2006 (“the Act”). The
nature of the Company’s operations and its principal activities are set out
in the Strategic Review.
The Company’s Financial Statements have been prepared under FRS 102 “The
Financial Reporting Standard applicable in the UK and Republic of Ireland”
and in accordance with the Act and with the Statement of Recommended Practice
issued by the AIC (the “AIC SORP”).
The comparative figures for the Financial Statements are for the year ended 31
December 2024.
Going concern
The financial statements have been prepared on a going concern basis and on
the basis that approval as an investment trust company will continue to be
met.
The Directors have made an assessment of the Company’s ability to continue
as a going concern and are satisfied that the Company has adequate resources
to continue in operational existence for a period of at least 12 months from
the date when these financial statements were approved.
The Directors have noted that the Company, holding a portfolio
consisting principally of liquid listed investments and cash balances, is able
to meet the obligations of the Company as they fall due, any future funding
requirements and finance future additional investments. The Company is a
closed end fund, where assets are not required to be liquidated to meet
day-to-day redemptions.
The Directors have completed stress tests assessing the impact of changes and
scenario analysis to assist them in determination of going concern. In making
this assessment, the Directors have considered severe but plausible downside
scenarios that have been financially modelled. These tests apply to any set of
circumstances in which asset value and income are significantly impaired. The
conclusion was that in a severe but plausible downside scenario, the Company
could continue to meet its liabilities. Whilst the economic future is
uncertain, and the Directors believe that it is possible the Company could
experience further reductions in income and/or market value, the opinion of
the Directors is that this should not be to a level which would threaten the
Company’s ability to continue as a going concern.
The Directors are not aware of any material uncertainties that may
cast significant doubt on the Company’s ability to continue as a going
concern, having taken into account the liquidity of the Company’s investment
portfolio and the Company’s financial position in respect of its cash flows
and investment commitments. Therefore, the financial statements have been
prepared on the going concern basis.
Segmental reporting
The Directors are of the opinion that the Company is engaged in a single
segment of business, being investment business. The Company primarily invests
in listed companies.
Income recognition
Dividend and other investment income is included as revenue on the ex-dividend
date, the date the Company’s right to receive payment is established.
Dividends from overseas companies are shown gross of withholding tax. Where
the Company has elected to receive scrip dividends in the form of additional
shares rather than in cash, the amount of the cash dividend foregone is
recognised as income. Any excess or shortfall compared to the cash dividend is
recognised as capital. Special dividends are reviewed on an individual basis
to determine whether they should be accounted for as revenue or capital.
Income from private equity holdings is recognised upon notification of
irrevocable income distribution by the general partner. Interest income and
rebate income is included on an accruals basis.
Expenses and finance costs
All management expenses and finance costs are accounted for on an accruals
basis. The Company charges 30% of management fees and finance costs related to
borrowings to revenue in the Income Statement and 70% to capital in the Income
Statement. All other operating expenses and finance costs are charged to
revenue in the Income Statement, except costs that are incidental to the
acquisition or disposal of investments, which are charged to capital in the
Income Statement. Transaction costs are included within the gains and losses
on investments, as disclosed in the Income Statement.
Investments
In accordance with FRS 102, Sections 11 and 12, all investments held by the
Company are designated as held at fair value upon initial recognition and are
measured at fair value through profit or loss in subsequent accounting
periods. Investments are initially recognised at cost, being the fair value of
the consideration given.
After initial recognition, investments are measured at fair value, with
changes in the fair value of investments recognised in the Income Statement
and allocated to capital. Realised gains and losses on investments sold are
calculated as the difference between sales proceeds and cost.
For investments actively traded in organised financial markets, fair value is
generally determined by reference to Stock Exchange quoted market bid prices
at the close of business on the Balance Sheet date, without adjustment for
transaction costs necessary to realise the asset. Investments which are not
listed, or which are not frequently traded, are valued at the Directors’
best estimate of fair value. In arriving at their estimate, the Directors make
use of recognised valuation techniques including the utilisation of valuations
of such investments from the relevant investment manager or general partner.
For unquoted investments, the Portfolio Manager plays a key role in providing
the Board with assurance that the valuation policy and methodology adopted is
reasonable and in accordance with both the International Private Equity and
Venture Capital Association (“IPEV”) Guidelines and generally accepted
accounting standards. The Board meets annually with the Portfolio Manager and
AIFM to review and challenge the assumptions behind the proposed asset
valuations. In addition, the Portfolio Manager engages in regular discussions
with the manager of each of the underlying portfolio investments and considers
the valuation methodologies adopted, which comprise net assets and discounted
cash flows. The value of each portfolio investment is determined in accordance
with the Fund Valuation Policy, dated 24 November 2025, which was established
and is implemented by the Portfolio Manager. Where formal valuations are not
completed as at the Balance Sheet date, the last available valuation is
adjusted to reflect any cash flows and changes in circumstances from the last
formal valuation date to arrive at the estimate of fair value.
Foreign currency
The Financial Statements have been prepared in sterling, rounded to the
nearest £’000, which is the functional and reporting currency of the
Company. Sterling is the currency of the primary economic environment in which
the Company operates.
Transactions denominated in foreign currencies are converted to sterling at
the actual exchange rate as at the date of the transaction. Assets and
liabilities denominated in foreign currencies at the year end are reported at
the rate of exchange at the Balance Sheet date. Any gain or loss arising from
a change in exchange rates subsequent to the date of the transaction is
included as a gain or loss in the capital reserve or revenue reserve as
appropriate.
Taxation
The charge for taxation is based on the net revenue for the year and takes
into account taxation deferred or accelerated because of timing differences
between the treatment of certain items for accounting and taxation purposes.
Full provision for deferred taxation is made under the liability method,
without discounting, on all timing differences between taxable profits and
total comprehensive income that have arisen but not been reversed by the
Balance Sheet date, unless such provision is not permitted by FRS 102.
Deferred tax assets are only recognised if it is considered more likely than
not that there will be suitable profits from which the future reversal of the
underlying timing differences can be deducted. Timing differences are
differences arising between the Company’s taxable profits and its results as
stated in the Financial Statements which are capable of reversal in one or
more subsequent periods.
Cash at bank and short-term deposits
Cash at bank and short-term deposits comprise cash at bank and short-term
deposits with an original maturity date of three months or less.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable within one
year are recorded at transaction price. Any losses arising from impairment are
recognised in the Income Statement in other operating expenses.
Dividends payable to Shareholders
Dividends payable are accounted for when they become a liability of the
Company. Final dividends are recognised in the period in which they have been
approved by Shareholders in a general meeting. Interim dividends are
recognised in the period in which they have been declared and paid.
Own shares held in Treasury
From time to time, the Company buys back shares and holds them in Treasury for
potential sale at a later date or for cancellation. The consideration paid and
received for these shares is accounted for in Shareholders’ funds and, in
accordance with the AIC SORP, the cost has been allocated to the Company’s
special reserve. The cost of shares sold from Treasury is calculated by taking
the average cost of shares held in Treasury at the time of sale. Any
difference between the proceeds from shares sold from Treasury and above
average cost is taken to share premium.
Judgements and key sources of estimation uncertainty
The preparation of the Financial Statements requires the Company to make
judgements, estimates and assumptions that affect the application of policies
and reported amounts in the financial statements. The estimates and associated
assumptions are based on historical experience and various other factors that
are believed to be reasonable under the circumstances, the results of which
form the basis of making judgements about carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results
may differ from these estimates.
The areas requiring judgement and estimation in the preparation of the
financial statements are: the valuation of unquoted investments; and
recognising and classifying unusual or special dividends received as either
revenue or capital in nature. The policy for the valuation of unquoted
investments is detailed in the investments section of Note 1. The accounting
policy for special dividends is detailed in the income recognition section of
Note 1.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future period if the revision affects both current and
future periods.
Reserves
Share premium
The share premium account represents the accumulated premium paid for shares
issued in previous periods above their nominal value less issue expenses.
This is a reserve forming part of the non-distributable reserves. The
following items are taken to this reserve:
* costs associated with the issue of equity; and
* premium on the issue of shares.
Capital redemption reserve
The capital redemption reserve represents non-distributable reserves that
arise from the purchase and cancellation of shares.
Special reserve
The special reserve was created by a reduction in the share premium account by
order of the High Court. The costs of share buy backs, including shares
acquired through the tender offer, and any related stamp duty and transaction
costs, if applicable, are charged to the special reserve. The special reserve
is distributable.
Capital reserve
The following are taken to the capital reserve through the capital column in
the Income Statement:
Capital reserve – other, forming part of the distributable reserves:
* gains and losses on the realisation of investments;
* realised exchange differences of a capital nature;
* 70% of management fees and finance costs related to borrowings;
and
* expenses, together with related taxation effect, charged to this
account in accordance with the above policies.
Capital reserve – not distributable:
* net movement arising from changes in the fair value of
investments; and
* unrealised exchange differences of capital nature.
Revenue reserve
The revenue reserve represents the surplus of accumulated profits and is
distributable.
2. Income
2025 2024
Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000
UK dividend income 460 – 460 573 – 573
Overseas dividend income 1,238 27 1,265 1,008 20 1,028
Liquidity fund income 1,219 – 1,219 711 – 711
Income from investments 2,917 27 2,944 2,292 20 2,312
Total income comprises:
Income from investments 2,917 27 2,944 2,292 20 2,312
Bank interest 421 – 421 662 – 662
Rebate income 1 – 44 44 42 13 55
3,338 71 3,409 2,996 33 3,029
1 Rebates of annual management charges from managed investment funds
held in the investment portfolio.
3. Management fee
2025 2024
Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000
Management fee 45 105 150 42 99 141
45 105 150 42 99 141
As the Company’s Sub-Advisor, during the year ended 31 December 2025,
Goodhart Partners LLP (“Goodhart”) was entitled to a fee paid quarterly in
arrears at the rate of 0.12% per annum of the market value of equity
securities, and 0.12% of the value of cash and other current assets. No
performance fee was due.
The Company’s investment in the Volunteer Park Capital Fund SCSp was
excluded from the market value of equity securities, prior to calculation of
the management fees payable by the Company to Goodhart, being an investment in
private markets, as prescribed by the sub-advisory agreement.
During the year ended 31 December 2025, the management fees payable totalled
£150,000 (2024: £141,000). At 31 December 2025, there was £34,000
outstanding payable (2024: £32,000) in relation to management fees.
During the year ended 31 December 2025, the fees payable to the Administrator
totalled £191,000 (2024: £185,000). At 31 December 2025, there was £17,000
outstanding payable to the Administrator (2024: £16,000) in relation to
administration fees.
4. Dividends
2025 £’000 2024 £’000
Declared and paid
Amounts recognised as distributions to Ordinary Shareholders in the year.
2024 final dividend of 10.0p per share paid on 30 May 2025 (2024: year ended 31 December 2023 final dividend of 5.0p paid on 31 May 2024). 2,922 1,461
2,922 1,461
2025 £’000 2024 £’000
Proposed
Detailed below is the proposed final dividend per share in respect of the year ended 31 December 2025, which is the basis on which the requirements of section 1159 of the Corporation Act 2010 are considered. 2025 final dividend of 10.3p per share (2024 final dividend of 10.0p per share) 3,010 2,922
The Directors recommend a final dividend of 10.3p per share for the year ended
31 December 2025 (2024: final dividend of 10.0p per share, paid on 30 May
2025). Subject to Shareholder approval at the Annual General Meeting to be
held on 14 May 2026, the dividend will be payable on 29 May 2026 to
Shareholders on the register at the close of business on 1 May 2026. The
ex-dividend date will be 30 April 2026. Based on 29,222,180 shares, being the
number of shares in issue (excluding shares held in Treasury) at 20 March
2026, being the latest practical date prior to the publication of this report,
the total dividend payment will amount to £3,010,000. The proposed dividend
will be paid from the revenue reserve.
5. Return per share
2025 2024
Net return £’000 Number of shares 1 Per share pence Net return £’000 Number of shares 1 Per share pence
Revenue return after taxation 2,267 29,222,180 7.8 2,152 29,222,180 7.4
Capital return after taxation 8,814 29,222,180 30.1 2,193 29,222,180 7.5
Total return after taxation 11,081 29,222,180 37.9 4,345 29,222,180 14.9
1 Weighted average number of ordinary shares, excluding shares held
in Treasury, in issue during the year.
6. Net asset value per share
The NAV, calculated in accordance with the Articles of Association, is as
follows:
2025 Pence 2024 Pence
Share 401.9 374.0
The NAV is based on net assets of £117,454,000 (2024: £109,295,000) and on
29,222,180 (2024: 29,222,180) shares, being the number of shares, excluding
shares held in Treasury, in issue at the year end.
7. Significant holdings
As detailed in Note 8 of the Annual Report, as at 31 December 2025, the
Company owned 25% (2024: 25%) of the net assets of the Volunteer Park Capital
Fund SCSp, a Luxembourg Special Limited Partnership. The registered office of
Volunteer Park Capital Fund SCSp is 412F, route d’Esch, L-1471 Luxembourg,
Grand Duchy of Luxembourg.
As at 31 December 2025, the Company owned 11.8% (2024: 50.9%) of the AVI
Japanese Special Situations Fund, a Sub-Fund of Gateway UCITS Funds PLC, whose
registered office is 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.
The Company had no other holdings of 3.0% or more of the share capital of any
portfolio companies.
8. Related party transactions
Dr Sandy Nairn was the Executive Director of the Company, until his
resignation on 2 January 2026, but remains a substantial shareholder.
The Company has invested in Volunteer Park Capital Fund SCSp (“VPC”). The
Alternative Investment Fund Manager of VPC is Goodhart Partners LLP
(“Goodhart”). Goodhart Partners S.a.r.l. is the general partner to VPC and
is 100% owned by Goodhart.
The Company has invested in AVI Japanese Special Situations Fund (“AVI
JSS”). The sub-investment manager of AVI JSS is Asset Value Investors Ltd.
(“AVI”). Goodhart maintains a minority interest in AVI of less than 25%.
Goodhart was appointed to provide sub-investment management services to the
Company with effect from 31 May 2023. Goodhart has now ceased providing these
investment sub-advisory services and is instead providing the portfolio
management functions delegated by Juniper with effect from 2 January 2026.
Dr Nairn is the sole controller of a company which holds a significant
shareholding of more than 25% but not more than 50% in Goodhart and may be a
beneficiary of the management fees and carried interest payable to
Goodhart-related companies, with respect to the investments noted above. Given
Dr Nairn’s interests in Goodhart, it was agreed with him, in March 2023,
that his salary would be reduced (such reduction equalling the entire salary,
if necessary) by his share (through his minority interest in Goodhart) of
amounts credited in the same period in respect of (i) any carried interest on
co-investments made by the Company alongside Goodhart and (ii) any partnership
profit allocations attributable to Goodhart’s net profits on fees earned
with respect to the investments noted above.
9. Availability of Annual Report and Financial Statements
The Annual Report and Financial Statements will shortly be available to view
on the Company's website at www.globalopportunitiestrust.com. where up to date
information on the Company, including daily NAV and share prices, factsheets
and portfolio information can also be found.
A copy of the Annual Report and Financial Statements will shortly be submitted
to the Financial Conduct Authority’s National Storage Mechanism and will be
available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information please contact:
Juniper Partners Limited
Company Secretary
e-mail: cosec@junipartners.com
23 March 2026
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