Annual Results

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 [email protected].

 

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 Fund1	Financials	Japan	11,185	9.5
Volunteer Park Capital Fund SCSp2	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 reserve1 £’000	Capital reserve1 £’000	Revenue reserve1 £’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 reserve1 £’000	Capital reserve1 £’000	Revenue reserve1 £’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 income1	–	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 shares1	Per share pence	Net return £’000	Number of shares1	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: [email protected]

23 March 2026