Global Opportunities Trust plc (`the Company')

Legal Entity Identifier: 2138005T5CT5ITZ7ZX58

 

 

Block Listing Six Monthly Return

 

Date: 14 April 2025

 

 

Name of applicant:

Global Opportunities Trust plc

Name of scheme:

N/A

Period of return:

From:

13 October 2024

To:

14 April 2025

Balance of unallotted securities under scheme(s) from previous return:

745,830 Ordinary shares

Plus:  The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for):

-

Less:  Number of securities issued/allotted under scheme(s) during period (see LR3.5.7G):

-

Equals:  Balance under scheme(s) not yet issued/allotted at end of period:

745,830 Ordinary shares

 

Name of contact:

Juniper Partners Limited

Company Secretary

 

Telephone number of contact:

0131 378 0500

 

 

 

Date: 11 April 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 10 April 2025 are as follows:

 

378.44 pence per share (including income)

366.19 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

Date: 10 April 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 09 April 2025 are as follows:

 

376.31 pence per share (including income)

364.43 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

This announcement is made in accordance with the requirements of the UK Market Abuse Regulation.

1.

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

Dr Alasdair Nairn

2.

Reason for the notification

 

a)

Position/status

 

Executive Director

 

 

b)

Initial notification /Amendment

 

Initial notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name:

 

Global Opportunities Trust plc

b)

LEI:

 

2138005T5CT5ITZ7ZX58

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the financial instrument, type of instrument

 

Identification code

 

Global Opportunities Trust plc

Ordinary shares of 1p

 

 

ISIN: GB0033862573

b)

Nature of the transaction

 

Acquisition of Ordinary shares

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

GBP 2.8246

10,000

 

 

d)

Aggregated information

 

Aggregated price and volume

 

 

Price(s)

Volume(s)

GBP 2.8246

10,000

 

 

e)

Date of transaction

09 April 2025

 

f)

Place of transaction

XLON

 

Name of authorised official of issuer responsible for making notification:

 

Juniper Partners Limited

Company Secretary

Telephone: 0131 378 0500

 

09 April 2025

 

 

 

Date: 09 April 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 08 April 2025 are as follows:

 

376.71 pence per share (including income)

364.93 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

Date: 08 April 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 07 April 2025 are as follows:

 

376.38 pence per share (including income)

364.60 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

Date: 07 April 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 04 April 2025 are as follows:

 

380.93 pence per share (including income)

369.14 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

Date: 04 April 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 03 April 2025 are as follows:

 

386.48 pence per share (including income)

377.32 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

Global Opportunities Trust plc

Legal Entity Identifier: 2138005T5CT5ITZ7ZX58

 

 

Annual Results for the year ended 31 December 2024

 

Financial Highlights

 

NET ASSET VALUE PER SHARE

– cum inc.

 

+2.7%

NET ASSET VALUE TOTAL RETURN

(with dividends added back)*

 

+4.1%

 

SHAREHOLDERS’ FUNDS

 

£109.3m

 

 

share price DISCOUNT TO NET ASSET VALUE*

 

-23.5%

 

 

 

31 December

2024

31 December

2023

%

Change

Net assets/shareholders’ funds (£)

109,295,000

106,411,000

+2.7

Shares in issue

29,222,180

29,222,180

-

Net asset value per share – cum inc. (pence)*

374.0

364.1

+2.7

Net asset value total return (with dividends added back) (%)*

4.1

1.7

n/a

Share price (pence)

286.0

298.0

-4.0

Dividend per share (pence)

10.0

5.0

+100.0

Share price total return (with dividends added back) (%)*

-2.4

-3.6

n/a

Share price discount to net asset value (%)*

-23.5

-18.2

n/a

Ongoing charges ratio (%)*

0.8

0.9

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 2024.

 

Investment performance

The Company’s Net Asset Value (‘NAV’) Total Return grew by 4.1% during the year however its share price dropped by 4.0% reflecting a widening of the discount to NAV. In comparison, the FTSE All-World Total Return Index rose by 19.8% and the Bloomberg Global Bond Index declined slightly. Equity markets remained narrow in their returns with particular reference to a small number of US technology companies where artificial intelligence became the central theme.

 

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 6.8% 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 2024 the Company had net assets of £109.3 million. The NAV per ordinary share was 374.0p and the middle market price per share on the London Stock Exchange was 286.0p, representing a discount to NAV of 23.5%. The Company’s discount is discussed in more detail in the section that follows.

 

Further details on the investment performance of the Company during the year under review are provided in the Executive Director’s Report.

 

Discount and appointment of broker

The Company’s discount to underlying NAV averaged 20.5% during the year, and at the year end stood at 23.5%. The Board is very conscious of the level of the discount and will look closely at a range of options for improving the marketability of the Company. To this end Cavendish have been appointed as company broker with effect from 3 February 2025 to assist with efforts to improve demand for the Company’s shares. Further initiatives will be put in place in the coming year.

 

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 return per ordinary share for the year ended 31 December 2024 was 14.9p (2023: 5.9p), comprising a revenue return of 7.4p per share and a capital return of 7.5p per share. The Board is proposing a final dividend of 10.0p per share, representing a doubling of the prior year’s dividend (2023: 5.0p). Subject to the approval of the payment of the final dividend by shareholders at the AGM, the dividend will be paid on 30 May 2025 to those shareholders on the register at the close of business on 2 May 2025. 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

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 Directors will be standing for re- election at the forthcoming AGM.

 

Annual General Meeting

This year’s AGM will be held on 15 May 2025 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 Executive Director, 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

Whilst last year we thought that significant market rallies would be likely in response to falling inflation, these rallies have been sustained longer than we might have expected. The reason probably lies in the growth recorded in the US which has given rise to the hope that there will be a ‘soft landing’ and a meaningful recession will be avoided. Should this occur, it is just about possible to make an argument for the current extended equity valuations, however this would not leave much room for significant returns. If the global economy were to follow normal historic patterns, then there will be significant scope for negative corporate profit outcomes which would quickly puncture the current prevailing sanguine view of equity markets. Against this backdrop the Company has retained a broadly similar structure to last year in anticipation of new opportunities arising.

 

As noted earlier, whilst the Company’s NAV rose slightly over the year this was not reflected in the share price such that the discount widened further. To address this, efforts have begun to increase investors’ awareness of the Company and these will be intensified during 2025.

 

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.

 

Keep up to date

Shareholders can also 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

 

3 April 2025

 

EXECUTIVE DIRECTOR’S REPORT

 

Background and context

The year was one where strong returns were delivered by global equities but focussed on a narrow range of companies. Government bonds on the other hand recorded a marginal decline. Sentiment on inflation and hence interest rates fluctuated through the year as the US Federal Reserve painted a more positive picture but with periodic reservations expressed. On the political side the damage done by the post Covid inflationary jump could be seen in the anti-incumbency voting patterns. In the UK this resulted in a Labour landslide and the return of President Trump in the US. Hitherto governments have not had to deal with the consequences of the post global financial crisis build up in government debt and it is not a winning strategy when seeking votes to focus on coming fiscal issues. Normal practice is that during the post-election period the new government then resets expectations as the reality of dealing with historic level fiscal overhangs are confronted. In the UK this has led to a rapid change in sentiment to the new Labour government. In the US it is too early to tell but the most likely outcome from President Trump will be to continue with debt expansion and pressurise the Federal Reserve to cut rates. There will be resistance which may lead to questioning of the Federal Reserve’s independence. None of this is supportive for asset markets. On the other hand, the US has continued to deliver economic growth which has channelled into excitement largely focussed on artificial intelligence related businesses. At an aggregate level this has left the US cyclically adjusted price-earnings ratio at its second most expensive level in history, higher than 1929 and only exceeded by the technology, media and telecommunications peak of late 2000.

 

As many commentators have pointed out: a large part of global equity gains flowed from a small number of technology companies, the so called ‘magnificent seven’ (Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla). On the negative side, for the indices, this does pose some considerable risk if expectations are not met. On the positive side, it means that there have been different price experiences across sectors and market capitalisation levels. Whilst we remain of the view that the aggregate risk/reward on equities is not attractive, it is important to remember that in a market which has displayed such narrowness, opportunities may exist in areas where less attention has been directed. In anticipation of this, the Company’s Sub-Advisor has added experienced research resources with a long history in smaller and mid-cap equities. It is important to be ready to invest when the opportunities arise.

 

The economic path is not entirely clear. Under normal circumstances the need to address the debt overhang would cause the economy to slow and equity markets to retrench accordingly. Inflation would continue on a downward path and whilst recession would appear, the conditions for an upswing would begin to form. However, it is unlikely that President Trump would willingly countenance such an outcome. All that he has said suggests that there will initially be little by the way of fiscal tightening and enormous pressure will be exerted for monetary laxity. It is not clear what the initial market reactions to this will be but ultimately it is a combination of policies which would unsettle bond markets as funding requirements continue to grow. A perception that control of inflation has been subordinated to presidential whim is not an environment conducive to premium pricing of assets. We therefore retain our caution with the caveat that there are some pockets of attractive valuations.

 

The portfolio

The structure of the portfolio has changed somewhat from last year. Part of this was driven by necessity and part by design.

 

The necessity element related to the Templeton European Long-Short fund holding. Since we initiated the holding the fund had performed much as we had hoped providing support in difficult markets and largely eking out gains in more buoyant ones. However, the manager of the fund departed and as a consequence we took the decision to exit our holding. The return for 2024 until the exit point was marginally positive. Since initiation, in December 2021, this fund investment has returned 53.9% and contributed a realised gain of £5.3m.

 

The direct equity holdings were increased to about 45% of the Company’s net assets from 40% at the end of 2023. The return over the period was approximately 8%. Within this there were a number of changes. The first was that positions in a number of Japanese companies were exited as price targets were triggered. These included Sumitomo Mitsui Trust Bank, Daiwa House Murata, and Nabtesco. The reverse of these trades was the investment in the AVI Japanese Special Situations fund which afforded us access to attractively priced smaller Japanese companies with inefficient balance sheets where there was pressure for corporate change. Towards the end of 2024 we also invested in a number of smaller European companies including Kalmar, the port equipment company spun out from Cargotec, and the fish farming company Bakkafrost.

 

The Volunteer Park Capital Fund rose slightly over the year and as its portfolio matures and their companies perform, we are beginning to see the expected distributions occur.

 

Overall, the cash component remained high at 34.2% (combining liquidity funds and net current assets). The high level of cash reflects the difficulty in finding undervalued investments, but, when these appear,

cash will be reduced. Over the year, the cash return was 4.5% against the NAV Total Return of 4.1%. For comparative purposes, the Bloomberg Global Bond Index was marginally negative whilst the FTSE All-World Index Total Return was 19.8%. For the second year in a row the Company was short listed for the Investment Week Investment Company of the year in the Flexible category. Whilst the returns lagged those of the global equity index these have to be viewed in the context of historically high equity valuations in a world of meaningful economic risk. We are beginning to see some additional opportunities and are confident that we have the additional resources to make sure we exploit them as they arise.

 

Future prospects

Equity valuations remain stretched and the macro environment weighed down with debt. Perversely, this is a positive for the Company. Cracks will begin to appear and when they do the Company is well placed to take advantage of them. The portfolio has been structured to try and give downside protection but still provide positive returns whilst we wait for rationality to return. The most exciting period will be when this happens and the portfolio can be restructured into one with significantly higher upside. As previously mentioned in the Chair’s Statement, the Company’s share price discount to NAV widened during the year. I will be working with the Board and our newly appointed broker, Cavendish, to address the discount during 2025. Through positive investment performance, our aim is to continue to attract new shareholders and grow the Company.

 

Dr Sandy Nairn

Executive Director

 

3 April 2025

 

PORTFOLIO OF INVESTMENTS

as at 31 December 2024

 

 

Company

 

Sector

 

Country of Incorporation

Valuation

£’000

% of Net assets

AVI Japanese Special Situations Fund1

Financials

Japan

12,987

11.9

Volunteer Park Capital Fund SCSp2

Financials

Luxembourg

8,130

7.4

Unilever

Consumer Staples

United Kingdom

3,501

3.2

TotalEnergies

Energy

France

3,133

2.9

Imperial Brands

Consumer Staples

United Kingdom

2,873

2.6

Jet2

Industrials

United Kingdom

2,666

2.4

Tesco

Consumer Staples

United Kingdom

2,605

2.4

Alibaba Group

Consumer Discretionary

Hong Kong

2,595

2.4

Qinetiq

Industrials

United Kingdom

2,492

2.3

Lloyds Banking Group

Financials

United Kingdom

2,362

2.2

ENI

Energy

Italy

2,313

2.1

Panasonic

Consumer Discretionary

Japan

2,261

2.1

Dassault Aviation

Industrials

France

2,218

2.0

Orange

Communication Services

France

2,118

1.9

RTX

Industrials

United States

2,100

1.9

Sanofi

Health Care

France

1,845

1.7

General Dynamics

Industrials

United States

1,789

 

 

Date: 03 April 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 02 April 2025 are as follows:

 

389.05 pence per share (including income)

380.02 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

Date: 02 April 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 01 April 2025 are as follows:

 

391.11 pence per share (including income)

382.07 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

Date: 01 April 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 31 March 2025 are as follows:

 

390.73 pence per share (including income)

382.00 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

 

To:  Cision

From:  Global Opportunities Trust plc

LEI:  2138005T5CT5ITZ7ZX58

Date:  1 April 2025

 

 

Global Opportunities Trust plc (the "Company")

 

Total Voting Rights

 

In accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, as at 31 March 2025, the Company's issued share capital consisted of 64,509,642 Ordinary shares, and 35,287,462 shares were held in Treasury. Therefore, the total number of shares with voting rights in the Company was 29,222,180 as at 31 March 2025.

 

The above figure (29,222,180) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.

 

 

 

Juniper Partners Limited

Company Secretary

 

Email: cosec@junipartners.com

Enquiries: 0131 378 0500

 

 

 

Date: 31 March 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 28 March 2025 are as follows:

 

392.05 pence per share (including income)

383.30 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

Date: 28 March 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 27 March 2025 are as follows:

 

393.63 pence per share (including income)

384.94 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

Date: 27 March 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 26 March 2025 are as follows:

 

394.11 pence per share (including income)

385.42 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

Date: 26 March 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 25 March 2025 are as follows:

 

392.62 pence per share (including income)

384.06 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

 

 

Date: 25 March 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 24 March 2025 are as follows:

 

393.18 pence per share (including income)

384.62 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500

 

Global Opportunities Trust plc (`the Company')

Legal Entity Identifier: 2138005T5CT5ITZ7ZX58

 

 

Monthly Portfolio Update

 

As at 28 February 2025, the Net Assets of the Company were £115.2m.

 

Portfolio Holdings as at 28 February 2025

 

Rank

Company

Sector

Country of  Incorporation

% of Net Assets

 

1

AVI Japanese Special Situations Fund*

Financials

Japan

12.3

2

Volunteer Park Capital Fund SCSp**

Financials

Luxembourg

7.0

3

Alibaba Group

Consumer Discretionary

Hong Kong

3.5

4

Unilever

Consumer Staples

United Kingdom

3.0

5

TotalEnergies

Energy

France

3.0

6

Lloyds Banking Group

Financials

United Kingdom

2.7

7

Imperial Brands

Consumer Staples

United Kingdom

2.7

8

Dassault Aviation

Industrials

France

2.4

9

Panasonic

Consumer Discretionary

Japan

2.3

10

Orange

Communication Services

France

2.2

11

ENI

Energy

Italy

2.1

12

Qinetiq

Industrials

United Kingdom

2.1

13

RTX

Industrials

United States

2.1

14

Jet2

Industrials

United Kingdom

2.1

15

Azelis Group

Materials

Belgium

1.9

16

Bakkafrost

Consumer Staples

Denmark

1.8

17

Sanofi

Health Care

France

1.8

18

Terveystalo

Health Care

Finland

1.7

19

Samsung Electronics

Information Technology

South Korea

1.6

20

General Dynamics

Industrials

United States

1.5

21

Breedon Group

Materials

United Kingdom

1.4

22

Verizon Communications

Communication Services

United States

1.4

23

Intel

Information Technology

United States

1.3

24

Nestle

Consumer Staples

Switzerland

1.2

25

Danieli

Industrials

Italy

0.9

26

Philips

Health Care

Netherlands

0.8

27

Kalmar

Industrials

Finland

0.8

 

 

Total equity investments

67.6

 

 

Cash and other net assets

32.4

 

 

Net assets

100.0

 

* Sub-Fund of Gateway UCITS Funds PLC

**Luxembourg Special Limited Partnership

 

Geographical Distribution as at 28 February 2025

 

 

% of Net Assets

Europe ex UK

20.6

Japan

14.6

United Kingdom

14.0

Americas: Private Equity Fund

7.0

Americas: Direct Equities

6.3

Asia Pacific ex Japan

5.1

Liquidity funds, cash and other net assets

32.4

 

100.0

 

 

 

Sector Distribution as at 28 February 2025

 

 

% of Net Assets

Financials: Japan Fund

12.3

Financials: Private Equity Fund

7.0

Financials: Direct Equities

2.7

Total Financials

22.0

Industrials

11.8

Consumer Staples

8.8

Consumer Discretionary

5.8

Energy

5.1

Health Care

4.3

Communication Services 

3.6

Materials

3.3

Information Technology 

2.9

Liquidity funds, cash and other net assets

32.4

 

100.0

 

 

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 portfolio holdings and distribution of assets can also be viewed on the Company's website at globalopportunitiestrust.com

 

 

For further information please contact:

 

Juniper Partners Limited

Company Secretary

Telephone: 0131 378 0500

 

24 March 2025

 

 

Date: 24 March 2025

 

Global Opportunities Trust plc (the "Company")

 

LEI: 2138005T5CT5ITZ7ZX58

 

Net Asset Values

 

Global Opportunities Trust plc announces that the unaudited net asset values

(NAVs) of the Company as at the close of business on 21 March 2025 are as follows:

 

392.80 pence per share (including income)

384.35 pence per share (excluding income)

 

 

For further information, please contact:

 

Juniper Partners Limited

Company Secretary

0131 378 0500