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REG-Global Opportunities Trust Plc: Half-year Results to 30 June 2025

Global Opportunities Trust plc

Legal Entity Identifier: 2138005T5CT5ITZ7ZX58

 

Half-Yearly Results for the six months to 30 June 2025 (unaudited)

 

Financial Highlights

 

 INCREASE IN NET ASSET VALUE PER SHARE*  1.3%  NET ASSET VALUE TOTAL RETURN*  4.0%               
 SHAREHOLDERS’ FUNDS   £110.7m                 SHARE PRICE DISCOUNT TO NET ASSET VALUE*  -18.2%  

 

 

                                               30 June 2025  31 December 2024  % Change  
 Net Assets/Shareholders’ Funds (£)            110,736,000   109,295,000       +1.3      
 Shares in issue                               29,222,180    29,222,180        -         
 Net Asset Value per share (pence)*            378.9         374.0             +1.3      
 Share Price (pence)                           310.0         286.0             +8.4      
 Share Price Discount to Net Asset Value (%)*  -18.2         -23.5             n/a       

 

* Alternative Performance Measure. For definitions please refer to the
Glossary of Terms and Alternative Performance Measures on pages 22 to 24 of
the Interim Report.

 

 

CHAIR’S STATEMENT

 

I am pleased to present the Company’s interim report for the six months to
30 June 2025.

 

Investment Performance

 

For the six months to 30 June 2025, the Company generated positive returns.
Net Asset Value (‘NAV’) Total Return increased by 4.0% whilst Share Price
Total Return increased by 12.2%, with dividends assumed to be reinvested. In
comparison, the FTSE All-World Index rose a fairly anaemic 1.0% on a total
return basis. The Bloomberg Global Aggregate Bond Index in GBP terms declined
by approximately 2%, reflecting the strength of sterling. We would continue to
remind shareholders, 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 globally in undervalued assets.

 

As at 30 June 2025 the Company had Net Assets of £110.7m (31 December 2024:
£109.3m), the NAV per ordinary share was 378.9p (31 December 2024: 374.0p)
and the middle market price per share on the London Stock Exchange was 310.0p
(31 December 2024: 286.0p), representing a discount of 18.2% to NAV.

 

Share Capital and Discount

 

The Company’s discount reduced from its year-end position of 23.5% to 18.2%
and averaged 22.7% during the period. The average discount of the ‘Flexible
Investment’ sector of the Association of Investment Companies (‘AIC’)
(of which the Company is a member) was 21.7% as at 30 June 2025. The narrowing
of the Company’s discount is a focus of the Board and the Company has begun
a detailed marketing programme to highlight the potential appeal of the
Company to a wider shareholder base. No share buybacks were undertaken during
the period.

 

2025 Annual General Meeting

 

I chaired my fourth Annual General Meeting of the Company which was held on 15
May 2025 (‘the AGM’). On behalf of the Board, I would like to thank all
those shareholders for their engagement, either in person or by way of proxy,
and I was pleased to note that all resolutions were formally passed by the
requisite majority at the AGM.

 

Portfolio Information

 

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 research articles by
our Executive Director, Dr Nairn. There is also an option to sign-up to
receive the latest publications directly via email.

 

Outlook

 

In many ways it has been a tumultuous period, with the stance of the new US
administration appearing to change on a regular basis. This has been most
noticeable on trade tariffs which have been used as the primary tool by
President Trump to try and achieve his political and economic goals. Markets
have remained relatively sanguine through the period, given the potential for
severe economic distress. There are no obvious signs of resolution to the
ongoing conflicts in Gaza or Ukraine, despite the various initiatives.

 

The key point for markets is that it takes time for economic impacts to work
their way through the system and it is only now where evidence may begin to
emerge. To the extent that it is negative we have seen the likely response.
Either the messenger will be blamed, or the Federal Reserve will serve as the
scapegoat. In the meantime, there have been no meaningful attempts to address
the debt overhang facing the world’s developed economies. As before, this
leaves us with a continued risk averse approach. Where opportunities have
arisen, the Company has sought to exploit them but our principal focus at this
time is attempting to make sure that we can continue to provide positive real
returns, but retain the downside protection we feel is necessary.

 

Keep in Touch

 

As always, the Board welcomes communication from shareholders and I can be
contacted through the Company Secretary at cosec@junipartners.com.

 

Cahal Dowds

Chair

20 August 2025

 

 

EXECUTIVE DIRECTOR’S REPORT

 

Global equity markets remained focused on AI as the core area of interest.
Although the shares largely paused for breath, such has been the movement that
the US market now accounts for 72% of the world’s equity market
capitalisation with the top 10 technology companies alone exceeding over 25%.
Attention has turned to the build out of AI infrastructure with the Stargate
project targeting expenditure of $500bn on data centres. The expenditure in AI
and AI-related fields accounts for much of US current capital expenditure. As
a result, there appears a two tier economy with one characterised by capital
inflows, growing valuations and inflating salaries. The other appeared
reasonably robust, but recent data revision have begun to undermine that view.
The White House has reacted by shooting the messenger, claiming recent data
revisions are either not accurate or politically inspired. At the same time,
the attacks on the Federal Reserve Chairman continue. Undermining the core
financial institutions and government bodies is not designed to inspire the
confidence of international investors already concerned at the ongoing tariff
dramas and reversals. Hitherto, equity markets have been willing to shrug off
the twists of policy and the increasingly bellicose rhetoric. If the US
economy begins to deteriorate, one can expect the political attacks to
increase but for market tolerance to move in the opposite direction.

 

There are many reasons why this is likely, the most important being the lags
that exist in the economic system. The impact of the tariff-induced
uncertainty together with the actual rises will soon begin to feed through in
prices and volumes. Whilst it is highly likely that some interest rate cuts
will follow, it is also likely that these will be limited reflecting the
merging inflationary pressures. With markets at historically high valuations
and accompanying political stress, it does not make for an appetising
cocktail. This does not mean no investment opportunities will emerge,
particularly given the current narrowness of markets and the focus on
technology. In the first six months, for example, the Company did invest in a
number of small/mid cap European companies with attractive long-term
valuations whilst still retaining its overall defensive posture. These include
out of favour industrials such as Kalmar and Danieli. At the same time, a
number of UK holdings including Tesco and Imperial Tobacco performed well and
were sold as a consequence.

 

We expect this to continue, an overall defensive posture but with selected new
investments. Against this backdrop, the growth in the NAV has been encouraging
reflecting the objective of the Company to provide real returns through
different environments, including those where opportunities are limited and
there is a focus on obtaining the right risk profile. The Company retains
ample liquidity, which will be deployed as opportunities present themselves.

 

Dr Sandy Nairn

Executive Director

20 August 2025

 

 

PORTFOLIO OF INVESTMENTS

as at 30 June 2025 (unaudited)

 

 Company                                 Sector                  Country of incorporation  Valuation £’000     % of net assets  
 AVI Japanese Special Situations Fund 1  Financials              Japan                     14,321              12.9             
 Volunteer Park Capital Fund SCSp 2      Financials              Luxembourg                7,747               7.0              
 Dassault Aviation                       Industrials             France                    3,500               3.2              
 Unilever                                Consumer Staples        United Kingdom            3,406               3.1              
 Lloyds Banking Group                    Financials              United Kingdom            3,306               3.0              
 TotalEnergies                           Energy                  France                    3,173               2.9              
 Alibaba Group                           Consumer Discretionary  Hong Kong                 3,117               2.8              
 Jet2                                    Industrials             United Kingdom            3,105               2.8              
 Qinetiq                                 Industrials             United Kingdom            3,093               2.8              
 Orange                                  Communication Services  France                    2,948               2.6              
 ENI                                     Energy                  Italy                     2,538               2.3              
 RTX                                     Industrials             United States             2,413               2.2              
 Terveystalo                             Health Care             Finland                   2,033               1.8              
 Danieli                                 Industrials             Italy                     1,848               1.7              
 General Dynamics                        Industrials             United States             1,806               1.6              
 Kalmar                                  Industrials             Finland                   1,762               1.6              
 Bakkafrost                              Consumer Staples        Denmark                   1,745               1.6              
 Sanofi                                  Health Care             France                    1,685               1.5              
 Azelis Group                            Materials               Belgium                   1,672               1.5              
 Verizon Communications                  Communication Services  United States             1,459               1.3              
 Breedon Group                           Materials               United Kingdom            1,454               1.3              
 Nestle                                  Consumer Staples        Switzerland               1,332               1.2              
 Intel                                   Information Technology  United States             1,302               1.2              
 Philips                                 Health Care             Netherlands               817                 0.7              
 Equity Investments                                                                        71,582              64.6             
 Liquidity Fund Investments                                                                25,307              22.9             
 Total Investments                                                                         96,889              87.5             
 Cash and other Net Assets                                                                 13,847              12.5             
 Net Assets                                                                                110,736             100.0            

 

1 Sub-Fund of Gateway UCITS Funds PLC

2 Luxembourg Special Limited Partnership

 

 

DISTRIBUTION OF INVESTMENTS

as at 30 June 2025 (% net assets)

 

 Sector Distribution                      Geographical Distribution                          
                                                                                             
 Sector                           %       Region / country                    %              
 Financials: Japanese Fund        12.9    Europe ex UK                        22.6           
 Financials: Private Equity Fund  7.0     North America: Private Equity Fund  7.0            
 Financials: Direct Equities      3.0     North America: Direct Equities      6.3            
 Total Financials                 22.9    Total North America                 13.3           
 Industrials                      15.9    United Kingdom                      13.0           
 Consumer Staples                 5.9     Japan                               12.9           
 Energy                           5.2     Asia Pacific ex Japan               2.8            
 Health Care                      4.0     Liquidity funds and cash*           35.4           
 Communication Services           3.9                                                        
 Consumer Discretionary           2.8                                                        
 Materials                        2.8                                                        
 Information Technology           1.2                                                        
 Liquidity funds and cash*        35.4                                                       

 

The figures detailed in the sector distribution list represent the Company’s
exposure to those sectors.

 

The figures detailed in the geographical distribution list represent the
Company’s exposure to these countries or regional areas through its
investments and cash.

 

The geographical distribution is based on each investment’s principal stock
exchange listing or domicile, except in instances where this would not give a
proper indication of where its activities predominate.

 

*The geographical distribution of cash and other net assets as at 30 June 2025
is based on currencies held in the following regions/countries:

 

 North America   22.0%  
 United Kingdom  10.7%  
 Europe ex UK    2.7%   
                 35.4%  

 

 

DIRECTORS’ STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES

 

The important events that have occurred during the period under review and the
key factors influencing the Financial Statements are set out in the Chair’s
Statement and Executive Director’s Report on pages 3 to 5 of the Interim
Report. The principal factors that could impact the remaining six months of
the financial year are also detailed in the Chair’s Statement and Executive
Director’s Report.

 

Principal Risks and Uncertainties

 

The Board has considered the principal and emerging risks facing the Company.
The Board has concluded that there are no significant additional risks facing
the Company other than those detailed below and in the Annual Report and
Financial Statements for the year ended 31 December 2024.

 

The Board considers that the following risks remain the principal risks
associated with investing in the Company: geopolitical risk, investment and
strategy risk, key person risk, financial and economic risk, discount
volatility risk, regulatory risk and operational risk. Other risks associated
with investing in the Company include, but are not limited to, credit risk,
interest rate risk and gearing risk. These risks, and the way in which they
are managed, are described in more detail under the heading “Principal
Risks” within the Strategic Report in the Company’s Annual Report and
Financial Statements for the year ended 31 December 2024.

 

The risks identified by the Board as detailed above are not exhaustive and
various other risks may apply to an investment in the Company. Potential
investors may wish to obtain independent financial advice as to the
suitability of investing in the Company.

 

Going Concern

 

As detailed in Note 1 to the Financial Statements on page 14 the Half-Yearly
Report has been prepared on a going concern basis. The Directors consider that
this is the appropriate basis as they have a reasonable expectation that the
Company has adequate resources to continue in operational existence and meet
its financial commitments as they fall due for a period of at least 12 months
from the date of approval of the unaudited financial statements.

 

DIRECTORS’ STATEMENT OF RESPONSIBILITIES IN RESPECT OF THE FINANCIAL
STATEMENTS

 

The Directors confirm that to the best of their knowledge:

 
* The condensed set of Financial Statements, prepared in accordance with
Financial Reporting Standard (“FRS”) 104: “Interim Financial
Reporting”, gives a true and fair view of the assets, liabilities, financial
position and profit or loss of the Company; and
 
* This Half-Yearly Report includes a fair review of the information required
by:
 

(a)    Disclosure Guidance and Transparency Rule 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 condensed set of Financial
Statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and

 

(b)    Disclosure Guidance and Transparency Rule 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 that period; and any changes in
the related party transactions described in the last Annual Report that could
do so.

 

This Half-Yearly Report has not been audited or reviewed by the Company’s
auditor.

 

This Half-Yearly Report was approved by the Board of Directors and the above
responsibility statement was signed on its behalf by:

 

Cahal Dowds

Chair

20 August 2025

 

 

 


INCOME STATEMENT

for the six months to 30 June 2025 (unaudited)

 

                                                            Six months to 30 June 2025                          Six months to 30 June 2024                          
                                                            Revenue £’000     Capital £’000     Total £’000     Revenue £’000     Capital £’000     Total £’000     
 Gains on investments at fair value through profit or loss  –                 5,695             5,695           –                 2,288             2,288           
 Foreign exchange losses on capital items                   –                 (2,504)           (2,504)         –                 (499)             (499)           
 Income                                                     1,838             47                1,885           1,623             –                 1,623           
 Investment manager fee                                     (21)              (50)              (71)            (20)              (48)              (68)            
 Other expenses                                             (475)             –                 (475)           (299)             –                 (299)           
 Net return before finance costs and taxation               1,342             3,188             4,530           1,304             1,741             3,045           
 Finance costs                                                                                                                                                      
 Interest payable and related charges                       –                 –                 –               (9)               –                 (9)             
 Net return before taxation                                 1,342             3,188             4,530           1,295             1,741             3,036           
 Taxation – overseas withholding tax                        (167)             –                 (167)           (90)              –                 (90)            
 Net return after taxation                                  1,175             3,188             4,363           1,205             1,741             2,946           
 Return per ordinary share                                  4.0p              10.9p             14.9p           4.1p              6.0p              10.1p           

 

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 columns are prepared in accordance with guidance
issued by the Association of Investment Companies (“AIC”).

 

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 30 June 2025 (unaudited)

 

                                                    30 June 2025 (unaudited) £’000     31 December 2024 (audited) £’000     
 Fixed asset investments                                                                                                    
 Investments at fair value through profit or loss*  96,889                             94,186                               
                                                                                                                            
 Current assets                                                                                                             
 Debtors                                            632                                411                                  
 Cash at bank and short-term deposits               13,354                             16,506                               
                                                    13,986                             16,917                               
 Current liabilities                                                                                                        
 Creditors                                          (139)                              (1,808)                              
                                                    (139)                              (1,808)                              
 Net current assets                                 13,847                             15,109                               
 Net assets                                         110,736                            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                                    95,662                             92,474                               
 Revenue reserve                                    3,058                              4,805                                
 Total shareholders’ funds                          110,736                            109,295                              
 Net asset value per ordinary share                 378.9p                             374.0p                               

 

* Investments at fair value through profit or loss includes liquidity fund
investments of £25,307,000 (2024: £22,287,000).

 

STATEMENT OF CHANGES IN EQUITY

for the six months to 30 June 2025 (unaudited)

 

 Six months to 30 June 2025  Share capital £’000     Share premium £’000     Capital redemption reserve £’000     Special reserve £’000     Capital reserve £’000     Revenue reserve £’000     Total £’000     
 At 31 December 2024         645                     1,597                   14                                   9,760                     92,474                    4,805                     109,295         
 Net return after taxation   –                       –                       –                                    –                         3,188                     1,175                     4,363           
 Dividends paid              –                       –                       –                                    –                         –                         (2,922)                   (2,922)         
 At 30 June 2025             645                     1,597                   14                                   9,760                     95,662                    3,058                     110,736         

 

 

 Six months to 30 June 2024  Share capital £’000     Share premium £’000     Capital redemption reserve £’000     Special reserve £’000     Capital reserve £’000     Revenue reserve £’000     Total £’000     
 At 31 December 2023         645                     1,597                   14                                   9,760                     90,281                    4,114                     106,411         
 Net return after taxation   –                       –                       –                                    –                         1,741                     1,205                     2,946           
 Dividends paid              –                       –                       –                                    –                         –                         (1,461)                   (1,461)         
 At 30 June 2024             645                     1,597                   14                                   9,760                     92,022                    3,858                     107,896         

 

STATEMENT OF CASH FLOW

For the six months to 30 June 2025 (unaudited)

 

                                                       Six months to 30 June 2025 £’000     Six months to 30 June 2024 £’000     
 Cash flows from operating activities                                                                                            
 Net return on ordinary activities before taxation     4,530                                3,036                                
 Adjustments for:                                                                                                                
 Gains on investments                                  (5,695)                              (2,288)                              
 Interest payable                                      -                                    9                                    
 Purchases of investments*                             (18,951)                             (15,132)                             
 Sales of investments*                                 20,307                               10,077                               
 Dividend income                                       (1,142)                              (921)                                
 Other income                                          (743)                                (702)                                
 Dividend income received                              1,018                                877                                  
 Other income received                                 656                                  610                                  
 Increase in receivables                               (6)                                  (39)                                 
 Decrease in payables                                  (12)                                 (24)                                 
 Overseas withholding tax deducted                     (192)                                (108)                                
                                                       (4,760)                              (7,641)                              
 Net cash flows from operating activities              (230)                                (4,605)                              
 Cash flows from financing activities                                                                                            
 Equity dividends paid from revenue                    (2,922)                              (1,461)                              
 Interest paid                                         -                                    (9)                                  
 Net cash flows from financing activities              (2,922)                              (1,470)                              
 Net decrease in cash and cash equivalents             (3,152)                              (6,075)                              
 Cash and cash equivalents at the start of the period  16,506                               42,105                               
 Cash and cash equivalents at the end of the period    13,354                               36,030                               

 

* 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

for the six months to 30 June 2025

 
1. Accounting policies
 

Basis of accounting

 

The Company applies Financial Reporting Standard (“FRS”) 102: “The
Financial Reporting Standard applicable in the UK and Republic of Ireland”
and the Statement of Recommended Practice as issued by the AIC. The Company
has prepared the Financial Statements for the six months to 30 June 2025 in
accordance with FRS 104: “Interim Financial Reporting”.

 

The accounting policies are set out in the Company’s Annual Report and
Financial Statements for the year ended 31 December 2024 and remain unchanged.
70% of management fees and finance costs relating to borrowings are charged to
capital, with 30% of these costs charged to revenue, as detailed in the Income
Statement on page 10 of the Interim Report.

 

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 reviewed 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 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 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 is unlikely to be to a level which would threaten the Company’s ability
to continue as a going concern.

 

The Company and its key service providers have put in place contingency plans
to minimise disruption. Furthermore, 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, borrowing facilities and
investment commitments. Therefore, the financial statements have been prepared
on the going concern basis.

 

Comparative information

 

The financial information for the six months to 30 June 2025 and for the six
months to 30 June 2024 have not been audited or reviewed by the Company’s
Auditor pursuant to the Auditing Practices Board guidance on such reviews. The
financial information contained in this report does not constitute statutory
accounts as defined in the Companies Act 2006.

 

The latest published audited financial statements which have been delivered to
the Registrar of Companies are the Annual Report and Financial Statements for
the year ended 31 December 2024; the report of the Independent Auditor thereon
was unqualified and did not contain a statement under Section 498 of the
Companies Act 2006. Information shown for the year ended 31 December 2024 is
extracted from that Annual Report and Financial Statements.

 

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.

 
1. Income
                           Six months to 30 June 2025 £’000     Six months to 30 June 2024 £’000     
 Revenue                                                                                             
 Income from investments                                                                             
 UK dividend income        273                                  278                                  
 Overseas dividend income  822                                  643                                  
                           1,095                                921                                  
 Total income comprises                                                                              
 Dividend income           1,095                                921                                  
 Rebate income             -                                    38                                   
 Bank interest             743                                  664                                  
                           1,838                                1,623                                
 Capital                                                                                             
 Income from investments                                                                             
 Overseas dividend income  27                                   -                                    
                           27                                   -                                    
 Total income comprises                                                                              
 Income from investments   27                                   -                                    
 Rebate income             20                                   -                                    
                           47                                   -                                    

 
1. Dividends
 

                                                                   Six months to 30 June 2025 £’000     Six months to 30 June 2024 £’000     
 2024 final dividend of 10.0p per ordinary share paid in May 2025  2,922                                –                                    
 2023 final dividend of 5.0p per ordinary share paid in May 2024   –                                    1,461                                
                                                                   2,922                                1,461                                

 

1. Return per share
                                Six months to 30 June 2025            Six months to 30 June 2024            
                                Net return £’000     Per share pence  Net return £’000     Per share pence  
 Revenue return after taxation  1,175                4.0              1,205                4.1              
 Capital return after taxation  3,188                10.9             1,741                6.0              
 Total return                   4,363                14.9             2,946                10.1             

 

The returns per share for the six months to 30 June 2025 are based on
29,222,180 shares (six months to 30 June 2024: 29,222,180 shares), being the
weighted average number of shares, excluding shares held in treasury, in
circulation during the period.

 
1. Investments
 

                             30 June 2025 £’000     31 December 2024 £’000     
 Equity investments          71,582                 71,899                     
 Liquidity fund investments  25,307                 22,287                     
 Total investments           96,889                 94,186                     

 

 

Analysis of investment portfolio movements

                                       Six months to 30 June 2025 £’000     Year to 31 December 2024 £’000     
 Opening book cost                     87,583                               54,044                             
 Changes in fair value of investments  6,603                                10,039                             
 Opening fair value                    94,186                               64,083                             
 Movements in the period:                                                                                      
 Purchases at cost                     17,315                               62,102                             
 Sales – proceeds                      (20,307)                             (34,122)                           
 Sales – realised gains on sales       2,095                                5,559                              
 Changes in fair value of investments  3,600                                (3,436)                            
 Closing fair value                    96,889                               94,186                             
 Closing book cost                     86,686                               87,583                             
 Changes in fair value of investments  10,203                               6,603                              
 Closing fair value                    96,889                               94,186                             

 

Analysis of capital gains and losses

                                       Six months to 30 June 2025 £’000     Year to 31 December 2024 £’000     
 Realised gains on sales               2,095                                5,559                              
 Changes in fair value of investments  3,600                                (3,436)                            
 Gains on investments                  5,695                                2,123                              

 

The fair value hierarchy for investments held at fair value at the period end
is as follows:

          30 June 2025 £’000     31 December 2024 £’000     
 Level 1  49,514                 50,782                     
 Level 2  39,628                 35,274                     
 Level 3  7,747                  8,130                      
          96,889                 94,186                     

 
1. Cash at bank and short-term deposits
 

                   30 June 2025 £’000     31 December 2024 £’000     
 US dollar         10,244                 10,829                     
 Swiss franc       2,401                  2,304                      
 Sterling          492                    3,151                      
 Euro              126                    121                        
 Japanese yen      91                     91                         
 South Korean won  -                      10                         
                   13,354                 16,506                     

 
1. Net asset value per share and share capital
 

The NAV is based on net assets at 30 June 2025 of £110,736,000 (31 December
2024: £109,295,000) and on 29,222,180 shares (31 December 2024: 29,222,180
shares), being the number of shares, excluding shares held in treasury, in
circulation at the period end.

 

During the six months to 30 June 2025, no shares were repurchased or issued
from Treasury by the Company.

 

As at 30 June 2025 there were 64,509,642 shares in issue of which 35,287,462
shares were held in treasury, resulting in there being 29,222,180 shares in
circulation.

 
1. Related party transactions
 

Dr Sandy Nairn is the Executive Director of the Company and is 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”). AVI is an affiliate of Goodhart which 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.

 

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. 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.

 
1. Post balance sheet events
 

There were no events subsequent to the half-year end and up to 20 August 2025,
the date of this report.

 
1.  Availability of Half-Yearly Report
 

The Half-Yearly Report 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 Half-Yearly Report 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

 


 

 END 



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