LEI: 549300JZQ39WJPD7U596    

 

INVESCO GLOBAL EQUITY INCOME TRUST PLC

HALF-YEARLY FINANCIAL REPORT

SIX MONTHS ENDED 30 NOVEMBER 2025

 

Unless noted below all page numbers refer to the Half-Yearly Financial Report on the Company’s website.

 

Period Highlights

• Proposed merger with Franklin Global Trust plc (FRGT) announced, with holders representing 96% of FRGT shares subsequently electing to rollover into IGET.

 

• £35.2 million raised through sales of treasury shares.

 

• Average share price premium to NAV of 1.9%.

 

• Yield at period end of 3.7% based on projected annualised dividend for year ending 31 May 2026, compared with benchmark index yield of 1.6%.

 

• Winner of 'Best International Trust’ category at Citywire Investment Trust Awards for third consecutive year and ‘Global Income' category at Investment Week Investment Company of the Year Awards – both awards recognise IGET’s strong longer-term performance.

 

Investment Objective

The Company’s investment objective is to provide an attractive level of predictable income and capital appreciation over the long term, predominately through investment in a diversified portfolio of equities worldwide.

 

Total Return Statistics (1) (dividends reinvested)

	At	At
	30 November	31 May
	2025	2025
Net asset value (NAV) total return (2)	8.6%	11.9%
Share price total return (2)	9.3%	24.6%
Benchmark index total return	16.5%	7.4%

 

Capital Statistics

	At	At
	30 November	31 May
	2025	2025	% Change
Net assets (£’000)	260,921	212,283	22.9
NAV per share	359.77p	337.36p	6.6
Share price (1)	367.00p	342.00p	7.3
P remium (2) per ordinary share	2.0%	1.4%
Gearing (2) :
– gross gearing	nil	1.2%
– net gearing	nil	0.0%
– net cash	1.6%	nil

(1)   Source: LSEG Data & Analytics.

(2)   Alternative Performance Measures (APMs). See pages 17 to 18 for the explanation and reconciliations of APMs. Further details are provided in the Glossary of Terms and Alternative Performance Measures in the Company’s 2025 Annual Financial Report.

Chair’s Statement

‘Global equity markets over the six months ended 30 November 2025 were mainly momentum-driven. This was a more difficult environment for IGET’s valuation-focussed strategy and the NAV and share price total returns lagged the benchmark index total return over the period. Despite this, IGET’s longer-term performance relative to its benchmark remains very good.

Market leadership has begun to broaden beyond a narrow group of stocks with performance increasingly spread across sectors and geographies. This evolving backdrop has the potential to create a more balanced global opportunity set for investors. This shift should provide a more fertile environment for the Portfolio Managers as they position the portfolio for a range of possible outcomes. Their bottom-up, valuation-driven approach has proven robust across market cycles, and the Board remains confident in their ability to continue to deliver attractive long-term returns for shareholders.’

Sue Inglis

 

Dear Shareholders

I am pleased to present your Company’s half-yearly financial report for the six-month period ended 30 November 2025.

Market Overview

In the months following President Trump’s so-called ‘Liberation Day’ announcement on 2   April 2025, many of the proposed tariffs were diluted or delayed and, whilst the resulting average effective US tariff rate was still higher, economies, businesses and markets proved versatile and resilient. In addition, cooling inflation allowed most central banks to ease interest rates down at a gradual pace. Within this backdrop, it was another strong period for global equity markets, which were mainly momentum-driven.

Performance

Valuation-focussed strategies such as IGET’s are more challenged in momentum-driven markets and the period under review was no different. The NAV total return per share was +8.6%, lagging IGET’s benchmark, the MSCI World Index (£), total return of +16.5%, over the six   months ended 30 November 2025. A review of your Company’s investment performance during the period, and changes in the portfolio positioning, can be found in the Portfolio Managers’ Report.

Whilst short-term underperformance is disappointing, as I said in my statement in the 2025 Annual Report, your Board believes that, in assessing your Manager’s performance, longer periods are more appropriate. Over the three and five years ended 30 November 2025, the NAV total returns per share were +58.4% and +106.5% respectively, significantly outperforming the benchmark index total returns of +51.9% and +84.8% respectively.

Your Company’s strong longer-term performance was recognised in November 2025 when it won the ‘Best International Income Trust’ category at the Citywire Investment Trust Awards for the third consecutive year and the ‘Global Income’ category at the Investment Week Investment Company of the Year Awards,

The share price total return over the period was +9.3%, slightly ahead of the NAV total return as the share price premium to NAV increased from +1.4% at 31 May 2025 to +2.0% at the period end. The average premium over the period was 1.9%.

Revenue and Dividends

The net revenue return per share for the period was 2.02p. In accordance with IGET’s dividend policy, dividends are paid from revenues and, if needed, capital reserves.

Your Company pays dividends quarterly, with the annual dividend target set at a minimum of 4% of the unaudited previous year-end NAV. This ensures shareholders receive regular, predictable distributions. During the period, your Company paid two interim dividends, each of 3.375p per share, in respect of the year ending 31 May 2026. The yield on the shares at 30 November 2025 was 3.7%, based on the projected annualised dividend of 13.50p per share for the year ending 31 May 2026. The yield on the MSCI World Index (£) at 30   November 2025 was 1.6%.

Share Issues and Buy-backs

During the period, to meet strong ongoing demand your Company sold from treasury 9.6   million shares (equivalent to 15.3% of the shares in circulation at 31 May 2025) at an average premium of 2.0%, raising £35.2 million in total. No shares were bought back during the period.

Proposed Merger with FRGT

As I mentioned in my statement in the 2025 Annual Report, a key objective of your Board is to grow the size of your Company which should bring benefits of improved liquidity in the shares and a lower ongoing charges ratio. It was pleasing, therefore, to announce on 13   November 2025 the proposed merger of IGET and Franklin Global Trust (ticker: FRGT), with IGET as the continuing company.

The merger is expected to increase the net assets of IGET to approximately £460   million (based on net assets as at 20   February 2026). Most importantly, the merger will not result in any changes to IGET’s investment strategy, which is proven to be scalable and, therefore, the significant increase in IGET’s size is not expected to compromise its ability to continue to deliver strong performance over the long-term. Shareholders will also benefit from the increase in the Company’s size through a reduction in the blended rate of the investment management fee payable to the Manager and by spreading its fixed costs over a larger asset base, resulting in a lower ongoing charges ratio than the figure at 30 November 2025 which was 0.78%.

Your Manager has agreed to make a significant contribution towards the costs of the merger (equivalent to 12 months’ management fee on the value of the assets to be transferred from FRGT to the Company). This should benefit our existing shareholders as it is expected to cover or exceed the Company’s costs of implementing the merger.

At a general meeting of the Company held on 18 February 2026 shareholders approved authorities for the Company to issue new shares pursuant to the merger and to renew the general share issuance and buy back authorities to reflect IGET’s considerably larger issued share capital following completion of the merger. FRGT shareholders also approved the terms of the merger at a general meeting on 18 February 2026. On 19 February 2026, FRGT announced that holders of 96% of its shares in circulation had elected to rollover into IGET shares. The merger remains subject to a further approval to place FRGT into voluntary liquidation at a general meeting of FRGT to be held on 27   February 2026, when it is expected that the merger will become effective. Dealings in the new shares are expected to commence on 2   March 2026.

A copy of the circular to shareholders dated 21 January 2026, which includes details of the merger is   available in the key documents section under ‘Literature’ on the   Company’s section of the Manager’s website https://www.invesco.com/uk/en/investment-trusts/invesco-global-equity-income-trust.html.

Investor Engagement and Communication

It remains important to ensure that our shareholders remain up   to   date   with updates from the Manager as well as announcements   from   your Board. Therefore, if you have not already   done so, I would   encourage you sign up for updates by   scanning   the QR code below with your smartphone/device,   visiting   the Company’s section of the Manager’s website at https://digitalservices.invesco.com/uk/en/investment-trusts-subscriptions or contacting Invesco or the Board directly at [email protected].

Post-period End Update

Since 30 November 2025, the net assets had increased to £301m and the NAV and share price total returns per share were +7.0% and +7.5% respectively, compared with the MSCI World Index (£) total return of +1.8% (to 20 February 2026).

Since the period end, the Company has sold 6,833,000 shares from treasury (equivalent to 9.4% of the shares in circulation at the period end) at an average premium of +1.5%, raising £25.5 million.

At 20 February 2026, the shares were trading at a premium of +2.5% and the yield on the shares was 3.5%, based on the projected annualised dividend for the year ending 31 May 2026.

Audit Tender

As noted in our 2025 Annual Financial Report, due to auditor rotation requirements, your Company is required to   undertake an audit tender process during the current financial year. I am pleased to report that a formal and competitive tender process for its external auditor, overseen by the Audit Committee, has now been completed. Following a detailed evaluation of each participating firm, the Audit Committee has recommended, and the Board has endorsed, the appointment of Johnston Carmichael LLP as the external auditor of the Company for the year-ending 31 May 2027. A resolution to approve this appointment will be put to shareholders at the Company's 2026 Annual General Meeting.

Grant Thornton UK LLP, which has been the Company's auditor since 2016, will continue in the role until this year’s AGM and will therefore undertake the audit for the year-ending 31 May 2026.

Outlook

Global economic growth is expected to decelerate modestly in 2026, but remain at a reasonable level. Robust earnings growth, lower interest rates and easing policy headwinds should continue to support global equity markets. In addition, fiscal stimulus measures being implemented in parts of Europe, together with targeted policy support in China, should provide further support to activity, particularly outside the US. While there remains a wide range of outcomes, particularly given President Trump's less predictable nature of policy making, market leadership has begun to broaden beyond a narrow group of stocks with performance increasingly spread across sectors and geographies.

This evolving backdrop has the potential to create a more balanced global opportunity set for investors albeit with continued scope for periods of volatility. For IGET with its genuinely global investment mandate, this shift should provide a more fertile environment for your Portfolio Managers as they position the portfolio for a range of possible outcomes. Whilst elevated valuations still present risks, your Portfolio Managers’ bottom-up, valuation-driven approach has proven robust across market cycles, and your Board remains confident in their ability to continue to deliver attractive long-term returns for shareholders.

 

Sue Inglis

Chair

24 February 2026

 

 

Portfolio Managers’ Report

Q   How has the portfolio performed over the period?

A   Over the six months ended 30   November 2026, the Company’s net asset value returned +8.6% (total   return, in sterling terms), compared with its benchmark, the MSCI World Index, which   delivered +16.5% over the same period driven by momentum and speculation.

  Below is an analysis of the main contributors and detractors during the period:

		30 Nov 2025
	Performance	Portfolio
Key	Impact	Weight
Contributors	%	%
ASML	1.0	3.0
Standard Chartered	0.7	3.0
Taiwan Semiconductor Manufacturing	0.7	2.7
Rolls-Royce	0.6	4.5
Viking Holdings	0.5	2.6

 

		30 Nov 2025
	Performance	Portfolio
Key	Impact	Weight
Detractors	%	%
3i	–2.3	5.6
Alphabet (1)	–1.8	0.0
Canadian Pacific Kansas City	–1.5	5.4
Novo-Nordisk – B Shares	–1.2	1.4
Azelis	–1.2	1.4

Source: Invesco. (1) Not held in the portfolio.

Semiconductor equipment manufacturer ASML was a top contributor over the period, benefitting from strong AI-related demand. The company’s shares had de-rated to a decade low price-to-earnings (P/E) earlier in the summer, providing an attractive entry point that allowed us to build a position and capture the subsequent rally. Another beneficiary of robust AI-related demand was semiconductor manufacturer Taiwan Semiconductor Manufacturing (TSMC), which also made a strong contribution to relative performance.

Meanwhile, Standard Chartered (bank) was a notable outperformer, supported by strong third quarter results that saw profits exceed market expectations. The Asia focussed bank also upgraded its guidance for the year.

Rolls-Royce (aerospace and defence) continues to go from strength to strength as the market increasingly recognises the quality of its civil aerospace franchise and its potential for sustained, profitable growth. Together with exposure to rapidly expanding European defence spending and optionality from nuclear Small Modular Reactors (SMRs) (which could play a role in meeting the power demands of AI), the company offers continued potential for high and long duration earnings growth.

Cruise operator Viking Holdings saw its shares rise following strong third quarter results, which continued to demonstrate resilient and sustained booking momentum.

By contrast, investment firm 3i was the largest detractor. A   brief period of weaker like-for-like sales in France at its key subsidiary, Action, led to a very sharp sell off. The market reaction was extreme relative to the change in fundamentals, and valuations compressed significantly. We understand the concern - retail models can turn quickly - but Action has benefitted from a scaled economics model where size strengthens competitiveness, and the majority of the business has performed very well.

Novo-Nordisk (pharmaceuticals) was also a notable detractor after cutting full year sales and profit guidance in July, reflecting weaker demand for Wegovy and Ozempic amid tougher competition. Despite an attractive valuation following a sharp de-rating, ongoing GLP 1 (weight-loss drug) share losses have weighed on the share price and management mis-execution led us to trim the position as conviction softened.

Elsewhere, Azelis (speciality chemicals and food ingredients) shares declined alongside other European chemical names during a challenging period for the sector, while freight railway company Canadian Pacific Kansas City slipped on slightly weaker results. Not owning Alphabet (interactive media) also detracted from relative performance.

Q   What drove performance over the period?

A   Performance over the period was shaped by the continuation of the exceptionally strong momentum trends that have characterised global equity markets since late 2024. This backdrop,   driven largely by enthusiasm for AI-related companies, proved challenging for our disciplined, valuation-led approach. As markets increasingly rewarded speculative and momentum-oriented business models, our focus on quality companies trading at sensible valuations meant we naturally lagged an environment that did not align with our investment philosophy. Market behaviour during the period, including historically low cash levels among fund managers and elevated valuations being assigned to higher risk business models, further reinforced our cautious stance.

Despite this, our open-minded and patient approach allowed us to uncover compelling opportunities in less fashionable areas of the market. Long held positions such as Rolls-Royce and Standard Chartered continued to reward this discipline, demonstrating the value of running high quality winners even when doing so may feel uncomfortable in the short-term.

Active management remained central throughout the period. The significant dispersion in share price performance created opportunities to reallocate capital towards areas where implied returns were most attractive. This also highlighted the importance of maintaining conviction in fundamentally strong businesses amid short-term noise, particularly as certain holdings (such as 3i ) faced stock specific pressures that did not reflect long-term fundamentals.

Overall, the period underscored the benefits of remaining disciplined, valuation aware and genuinely active in a market dominated by momentum. While such conditions can be challenging in the near term, they ultimately provide fertile ground for long-term opportunities as fundamentals reassert themselves.

Q   Has the positioning of the portfolio changed significantly over the period?

A   Some notable examples of buys and sells can be found below.

Bought:

•   Global consumer internet group and technology investor Prosus offers faster growth exposure through its 26% stake in Tencent, which accounts for around 80% of NAV, yet trades at a material discount despite the assets being largely listed and liquid. Since 2022, management has aggressively addressed this mispricing through over €50 billion of share buybacks. These actions have driven meaningful NAV accretion and materially enhanced shareholder value.

•   Global technology company Dell Technologies combines a steadily growing dividend with a strategic shift beyond its legacy PC business towards faster growing AI infrastructure, including servers, networking and private cloud storage. Its competitive edge lies in its deep engineering expertise and bespoke data centre solutions, underpinned by strong enterprise relationships and founder-led execution. With Michael Dell retaining c.40% ownership and a commitment to return 80% of cash to shareholders, Dell Technologies offers an attractive blend of income, growth and capital discipline.

Sold:

•   We exited the remainder of our position in semiconductor company Analog Devices (ADI) to fund more attractive opportunities elsewhere. We think ADI is a great company with innovative products and exceptional margins. However, we saw a more compelling opportunity in competitor Texas Instruments , a semiconductor company that designs, manufactures, tests and sells analog and embedded processing chips.

• Insurance company Progressive has been a good performer for the portfolio, but we felt the risk/reward opportunities are now better elsewhere.

Q   What is your investment strategy looking ahead?

A   Our philosophy has always been to deliver a portfolio yield above the benchmark index, but not all stocks in our portfolio need to provide a yield. This flexibility allows us to select stocks from across the market, offering diverse opportunities for growth and risk management. We categorise our investments as follows (the percentage ranges refer to the Company’s gross assets and are guidelines only):

•   Dividend compounders (70-100%): companies with attractive yields that have consistently grown over time.

•   Faster growth, low/no yield (0-20%): typically, tech companies with high growth potential but low or no yield.

•   Dividend restoration (0-10%): special situations where dividends have been cut but are expected to be restored soon.

This diversified approach sets us apart from our peers. We strive to identify market opportunities that will grow your income and capital over the long term, even if it means not having the highest yield in the sector. Being an investment trust, the Company’s policy of paying an annual dividend of at least 4% of the previous year-end NAV out of revenues and, when needed, capital reserves means that shareholders can enjoy predictable income without any compromising of the investment team’s philosophy.

The portfolio is currently allocated 70% to dividend compounders and 30% to faster growth, low/no yield companies, reflecting our aim of delivering a stable income while also seeking meaningful long-term growth. The key priority for us is maintaining a diversified portfolio that can adapt to where we see the most compelling opportunities emerging. In an ideal scenario, we would retain some exposure to companies reinstating their dividends (up to 10%). However, at present, we are finding a greater concentration of opportunities within the faster growth, low/no yield segment, which has led us to increase our allocation beyond the 20% guideline.

Below we have provided some examples of holdings that fall into either category:

East West Bancorp – dividend yield 2.1% (1) (dividend compounder)

East West Bancorp (EWBC) is a regional bank headquartered in Pasadena, California. Founded in 1973 in Los Angeles’ Chinatown, the bank is now the largest independent commercial bank to serve the Chinese-American community. We believe this is one of the best banks we have analysed. CEO Dominic Ng has been an exceptional steward of capital for over 30 years. In our view this is a well-managed regional bank with strong growth and high ROE (return on equity), supported by a robust capital buffer and diversified loan book.

Viking Holdings – dividend yield 0% (1) (faster growth, low/no yield)

Viking Holdings (VIK) offers high-quality, culturally enriching experiences to wealthy retired Americans, with an average customer age of nearly 70. These individuals are recession resilient, loyal and relatively price insensitive. Viking is a gem of a business with a long runway for growth, high returns on capital, and a founder who owns over $10 billion in stock. Viking combines structural demand, scarce supply and repeatable cost/marketing advantages into a high visibility, compounding engine.

(1) Source Invesco. Based on 12 month historic dividend yield.

Q   What are your thoughts on gearing?

A   We use gearing selectively, often taking advantage when markets are most fearful and then reducing as they become more fairly valued. A recent example of this was President Trump’s ‘Liberation Day’ announcement in April 2025 where the broad-based sell off provided some exceptional opportunities and so we tactically increased our gearing to take advantage. Since then markets have moved in one direction, and we remain cautious about adding additional risk to the portfolio at a point when expectations are quite high in the market. Gearing added 0.79% positive performance contribution over the six months ending 30 November 2025.

Q   What is your outlook for 2026?

A   We remain committed to our bottom-up, valuation-driven approach and to building portfolios that can perform across a range of market environments. While we recognise the potentially transformative impact of AI, we continue to find more compelling risk-adjusted opportunities in unloved areas of the market. As a result, we remain underweight the US and are increasing exposure to healthcare, non-US equities and other out of favour segments that offer both attractive valuations and diversification benefits.

Our experience continues to underline three enduring principles. First, being different and open-minded is essential in momentum-led markets. Second, allowing high quality investments to compound over time remains a powerful driver of returns, even when the journey is uncomfortable. Finally, active portfolio management is vital, as periods of heightened volatility create opportunities when share prices move far more than underlying cash flows.

We believe this disciplined approach leaves the portfolio well positioned to deliver long-term growth.

 

Stephen Anness   Joe Dowling

Portfolio Manager   Deputy Portfolio Manager

24 February 2026

 

 

List of Investments

AT 30 NOVEMBER 2025

Ordinary shares unless stated otherwise

			Market
			Value	% of
Company	Sector (1)	Country	£’000	Portfolio
3i	Financial Services	United Kingdom	14,400	5.6
Canadian Pacific Kansas City	Transportation	Canada	13,951	5.4
Microsoft	Software & Services	United States	12,246	4.8
AIA	Insurance	Hong Kong	12,245	4.8
Texas Instruments	Semiconductors & Semiconductor Equipment	United States	12,031	4.7
Rolls-Royce	Capital Goods	United Kingdom	11,448	4.5
Coca-Cola Europacific Partners	Food, Beverage & Tobacco	United Kingdom	10,203	4.0
Standard Chartered	Banks	United Kingdom	7,673	3.0
ASML	Semiconductors & Semiconductor Equipment	Netherlands	7,666	3.0
XPO	Transportation	United States	7,194	2.8
Top Ten Holdings			109,057	42.6
Prosus	Consumer Discretionary Distribution & Retail	Netherlands	7,040	2.7
Taiwan Semiconductor Manufacturing	Semiconductors & Semiconductor Equipment	Taiwan	6,898	2.7
London Stock Exchange	Financial Services	United Kingdom	6,732	2.6
East West Bancorp	Banks	United States	6,727	2.6
Viking Holdings	Consumer Services	United States	6,637	2.6
Union Pacific	Transportation	United States	6,496	2.4
Universal Music	Media & Entertainment	Netherlands	6,307	2.4
Tractor Supply	Consumer Discretionary Distribution & Retail	United States	6,254	2.4
American Tower	Equity Real Estate Investment Trusts (REITs)	United States	5,995	2.3
QXO	Capital Goods	United States	5,834	2.3
Top Twenty Holdings			173,977	67.6
Herc Holdings	Capital Goods	United States	5,828	2.3
Novonesis – B Shares	Materials	Denmark	5,574	2.2
Aker BP	Energy	Norway	5,390	2.1
Broadcom	Semiconductors & Semiconductor Equipment	United States	5,327	2.1
Dell Technologies	Technology Hardware & Equipment	United States	5,068	2.0
Recordati	Pharmaceuticals, Biotechnology & Life Sciences	Italy	4,905	1.9
Abbott Laboratories	Health Care Equipment & Services	United States	4,771	1.9
LVMH	Consumer Durables & Apparel	France	4,660	1.8
KKR & Co	Financial Services	United States	4,021	1.6
Estee Lauder – A Shares	Household & Personal Products	United States	3,814	1.5
Top Thirty Holdings			223,335	87.0
Ametek	Capital Goods	United States	3,778	1.5
Amentum	Commercial & Professional Services	United States	3,773	1.5
Itochu	Capital Goods	Japan	3,746	1.5
Zurich Insurance	Insurance	Switzerland	3,743	1.5
Azelis	Capital Goods	Belgium	3,729	1.4
Novo-Nordisk – B Shares	Pharmaceuticals, Biotechnology & Life Sciences	Denmark	3,578	1.4
Elis	Commercial & Professional Services	France	3,457	1.3
Aviva	Insurance	United Kingdom	3,038	1.2
Corpay	Financial Services	United States	2,237	0.9
Rosebank Industries	Financial Services	United Kingdom	2,141	0.8
Top Forty Holdings			256,555	100.0
Sberbank (2) – ADR	Banks	Russia	–	–
Harbinger – Streamline Offshore Fund (3)	Hedge Funds	Cayman Islands	–	–
Total Holdings 42 (31 May 2025: 43)			256,555	100.0

ADR   American Depositary Receipts – certificates that represent shares in the relevant company and are issued by a US bank. They are denominated and pay dividends in US   dollars.

(1)   MSCI and Standard & Poor’s Global Industry Classification Standard.

(2)   The investment in Sberbank – ADR has been valued at zero as secondary listings of the depositary receipts on Russian companies have been suspended from trading.

(3)   The hedge fund investment is a residual holding of the previous investment strategy, transferred from the Balanced Risk Allocation Portfolio as part of the Company’s restructure in May 2024, which is awaiting realisation of underlying investments. Given lack of availability of recent valuation, the market value has been written-down to zero.

 

 

Governance

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company fall into the following broad categories: market risk, geopolitical risk, investment objective and strategy risk, discount risk, performance risk, ESG (including climate risk), currency fluctuation risk, information technology resilience and security risk, operational resilience risk and regulatory and tax-related risk. An explanation of these risks (as well as emerging risks) and how they are managed is set out on pages 26 to 29 of the Company’s Annual Report and Financial Statements for the year ended 31 May 2025 which is available on the Company’s section of the Manager’s website: www.invesco.com/uk/en/investment-trusts/invescoglobal-equity-income-trust.html .

 

In the view of the Board, the principal risks and uncertainties have not materially changed since the date of that report and are as applicable to the remaining six months of the financial year as they were to the six months under review.

Going Concern

T he financial statements have been prepared on a going concern basis. The Directors consider this to be appropriate as the Company has adequate resources to continue in operational existence for the foreseeable future, taken as 12 months from the signing of the financial statements for this purpose. This conclusion is consistent with the longer term viability statement on page 29 of the Company’s Annual Report and Financial Statements for the year ended 31 May 2025 and in reaching it the Directors took into account: the value of net assets; the Company’s investment policy; its risk management policies; the diversified portfolio of readily realisable securities which can be used to meet funding commitments; the credit facility and the overdraft which can be used for short-term funding requirements; the liquidity of the investments which could be used to repay the credit facility in the event that the facility could not be renewed or replaced; the Company’s revenue; the current economic outlook; and the ability of the Company in the light of these factors to meet all its liabilities and ongoing expenses. At the Company’s 2026 Annual General Meeting, the Board will put forward a vote on the continuation of the Company (the 2026 Continuation Vote). Based on current information including, but not limited to, the following points, the Board is of positive opinion as to the outcome of 2026 Continuation Vote: the robust demand for the Company’s shares evidenced by regular share issuance, with the shares mostly trading at a premium to NAV over the last six months and the proposed merger with Franklin Global Trust plc which will result in an enlargement of the Company and should create additional demand for the shares, and result in higher trading volumes and market liquidity. The Directors also took account of the 2026 Continuation Vote when considering this going concern assessment.

 

Related Party Transactions

 

Under United Kingdom Generally Accepted Accounting Practice (UK   Accounting Standards and applicable law), the Company has identified the Directors and their dependents as related parties. No other related parties have been identified during the period. No transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.

Statement of Directors’ Responsibilities

(in respect of the preparation of the half-yearly financial report)

 

The Directors are responsible for preparing the half-yearly financial report using accounting policies consistent with applicable law and

UK Accounting Standards.

 

The Directors confirm that, to the best of their knowledge:

 

– the condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with the FRC’s FRS 104 Interim Financial Reporting;

 

– the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R of the FCA’s Disclosure Guidance and Transparency Rules; and

 

– the interim management report includes a fair review of any information required on related party transactions.

 

The half-yearly financial report has not been audited or reviewed by the Company’s auditor.

 

Signed on behalf of the Board of Directors.

 

Sue Inglis

Chair

 

24 February 2026

 

Condensed Income Statement

	For the Six Months Ended 30 November 2025			For the Six Months Ended 30 November 2024
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Gains on investments held at fair value	–	17,197	17,197	–	20,183	20,183
Losses on foreign exchange	–	(1)	(1)	–	(19)	(19)
Income – note 2	2,110	–	2,110	1,803	–	1,803
Investment management fees – note 3	(197)	(458)	(655)	(165)	(384)	(549)
Other expenses	(333)	(24)	(357)	(322)	10	(312)
Net return before finance costs and taxation	1,580	16,714	18,294	1,316	19,790	21,106
Finance costs – note 3	(12)	(28)	(40)	(12)	(27)	(39)
Return before taxation	1,568	16,686	18,254	1,304	19,763	21,067
Tax – note 4	(198)	–	(198)	(163)	–	(163)
Return after taxation for the financial period	1,370	16,686	18,056	1,141	19,763	20,904
Return per ordinary share:
Basic	2.02p	24.60p	26.62p	1.81p	31.36p	33.17p
Weighted average number of ordinary shares in issue during the period			67,827,167			63,014,375

The total columns of this statement represent the Company’s profit and loss account, prepared in accordance with UK Accounting Standards. The return on ordinary activities after taxation is the total comprehensive income and therefore no additional statement of other comprehensive income is presented. The supplementary revenue and capital columns are presented for information purposes in accordance with the Statement of Recommended Practice issued by the Association of Investment Companies. All items in the above statement derive from continuing operations of the Company. No operations were acquired or discontinued in the period.

 

 

Condensed Statement of Changes in Equity

		Capital
	Share	Redemption	Special	Capital	Revenue
	Capital	Reserve	Reserve	Reserve	Reserve	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Six months ended 30 November 2025
At 31 May 2025	800	1,285	108,533	101,665	–	212,283
Return after taxation per the income statement	–	–	–	16,686	1,370	18,056
Dividends paid – note 5	–	–	(3,266)	–	(1,370)	(4,636)
Shares sold from treasury	–	–	35,218	–	–	35,218
At 30 November 2025	800	1,285	140,485	118,351	–	260,921
Six months ended 30 November 2024
At 31 May 2024	800	1,285	113,296	82,072	102	197,555
Return after taxation per the income statement	–	–	–	19,763	1,141	20,904
Dividends paid – note 5	–	–	(2,803)	–	(1,141)	(3,944)
Shares bought back and held in treasury	–	–	(315)	–	–	(315)
At 30 November 2024	800	1,285	110,178	101,835	102	214,200

Condensed Balance Sheet

Registered Number 5916642

AS AT 30 NOVEMBER 2025

 

	At	At
	30 November	31 May
	2025	2025
	£’000	£’000
Fixed assets
Investments held at fair value through profit or loss	256,555	211,444
Current assets
Share reissues from treasury awaiting settlement	–	510
Tax recoverable	333	353
Prepayments and accrued income	469	451
Cash and cash equivalents	4,047	2,618
	4,849	3,932
Creditors: amounts falling due within one year
Bank facility	–	(2,650)
Accruals	(483)	(443)
	(483)	(3,093)
Net current assets	4,366	839
Net assets	260,921	212,283
Capital and reserves
Share capital	800	800
Other reserves:
Capital redemption reserve	1,285	1,285
Special reserve	140,485	108,533
Capital reserve	118,351	101,665
Revenue reserve	–	–
Total shareholders’ funds	260,921	212,283
Net asset value per ordinary share	359.77p	337.36p

 

Signed on behalf of the Board of Directors.

Sue Inglis

Chair

24 February 2026

 

 

Condensed Statement of Cash Flows

	For the	For the
	six months	six months
	ended	ended
	30 November	30 November
	2025	2024
	£’000	£’000
Cash flows from operating activities
Net return before finance costs and taxation	18,294	21,106
Tax on overseas income	(198)	(163)
Adjustments for:
Purchase of investments	(79,234)	(40,593)
Sale of investments	51,320	40,373
	(27,914)	(220)
Gains on investments	(17,197)	(20,183)
Decrease/(increase) in debtors	2	(20)
Increase/(decrease) in creditors	40	(6)
Net cash (outflow)/inflow from operating activities	(26,973)	514
Cash flows from financing activities
Interest paid on bank borrowings	(40)	(47)
(Decrease)/increase in bank facility (1)	(2,650)	2,950
Shares sold from treasury	35,728	–
Shares bought back and held in treasury	–	(315)
Dividends paid – note 5	(4,636)	(3,944)
Net cash inflow/(outflow) from financing activities	28,402	(1,356)
Net increase/(decrease) in cash and cash equivalents	1,429	(842)
Cash and cash equivalents at the start of the period	2,618	1,859
Cash and cash equivalents at the end of the period	4,047	1,017
Reconciliation of cash and cash equivalents to the Balance Sheet is as follows:
Cash held at custodian	567	457
Invesco Liquidity Funds plc – Sterling, money market fund	3,480	560
Cash and cash equivalents	4,047	1,017
Cash flow from operating activities includes:
Dividends received	1,849	1,577
Interest received	11	18

(1)   Due to the nature of the bank facility allowing weekly marginal changes to the amount borrowed, rather than full repayment and new drawdown amount, management judges it appropriate to show the net increase/(decrease) over the period rather than the gross repayments and drawdowns separately, as defined in FRS 102 section 7.10A (b).

	At		At
	1 June	Cash	30 November
	2025	flows	2025
	£’000	£’000	£’000
Reconciliation of net debt
Cash and cash equivalents	2,618	1,429	4,047
Bank facility	(2,650)	2,650	–
Total	(32)	4,079	4,047

 

Notes to the Condensed Financial Statements

1.   Accounting Policies

The condensed financial statements have been prepared in accordance with applicable United Kingdom Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, FRS 104 Interim Financial Reporting and the Statement of Recommended Practice Financial Statements of Investment Trust Companies and Venture Capital Trusts issued by the Association of Investment Companies in July 2022. The financial statements are prepared on a going concern basis.

The accounting policies applied to these condensed financial statements are consistent with those applied in the Company’s 2025 Annual Financial Report for the year ended 31 May 2025.

2.   Income

	Six Months to	Six Months to
	30 November	30 November
	2025	2024
	£’000	£’000
Income from investments:
UK dividends	588	468
Overseas dividends – ordinary	1,511	1,219
Overseas dividends – special	–	98
	2,099	1,785
Other income:
Deposit interest	11	18
	2,110	1,803

No special dividends have been recognised in capital during the period (2024: £nil).

3.   Management Fee and Finance Costs

Investment management fee and finance costs on any borrowings are charged 70% to capital and 30% to revenue. A management fee is payable quarterly in arrears and is equal to 0.55% per annum of the value of the Company’s net assets at the end of the relevant quarter and 0.50% per annum for any net assets over £100   million.

The Manager has agreed to waive the investment management fee which would otherwise have been payable to the Manager in respect of the value of the assets transferred by Franklin Global Trust plc to the Company pursuant to the merger, and based on the value of those assets as at the calculation date for the merger, for the 12 months following the effective date of the merger.

4.   Investment Trust Status and Tax

It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for approval as an investment trust company. As such, the Company has not provided for any UK corporation tax on any realised or unrealised capital gains or losses.

The tax charge represents withholding tax suffered on overseas income for the period.

5.   Dividends Paid on Ordinary Shares

A first interim dividend of 3.375p per share was paid on 14 August 2025 to shareholders on the register on 25 July 2025. Shares were marked ex-dividend on 24 July 2025. A second interim dividend of 3.375p was paid on 21   November 2025 to shareholders on the register on 31 October 2025. Shares were marked ex-dividend on 30 October 2025.

In accordance with accounting standards, dividends payable after the period end have not been recognised as a liability.

On 4 December 2025 the Company announced the third quarterly interim dividend for the year ending 31 May 2026. The dividend declared of 3.375p was paid on 13 February 2026 to shareholders on the register on 16 January 2026. Shares were marked ex-dividend on 15 January 2026.

6.   Share Capital, Including Movements

Share capital represents the total number of shares in issue, including treasury shares.

(a)   Ordinary Shares of 1p Each (1)

	Six Months to	Year to
	30 November	31 May
	2025	2025
Number of ordinary shares in issue
Brought forward	62,924,182	63,056,464
Shares bought back into treasury	–	(1,342,282)
Shares sold from treasury	9,600,000	1,210,000
Carried forward	72,524,182	62,924,182
(b)   Treasury Shares
	Six Months to	Year to
	30 November	31 May
	2025	2025
Number of treasury shares held:
Brought forward	17,062,404	16,930,122
Shares brought back in treasury	–	1,342,282
Shares sold from treasury	(9,600,000)	(1,210,000)
Carried forward	7,462,404	17,062,404
Total shares in issue	79,986,586	79,986,586

(1)        Following shareholder approval at the Annual General Meeting held on 21 November 2024, the Company’s Global Equity Income Shares of £0.01 each were redesignated as ordinary shares of £0.01 each.

During the period the Company sold, from treasury, 9,600,000 ordinary shares at a total consideration of £35,218,000 (31 May 2025: 1,210,000 ordinary shares at a total consideration of £4,110,000). No ordinary shares were bought back during the period (31 May 2025: 1,342,282 ordinary shares bought back into treasury at a total cost of £4,270,000).

Subsequent to the period end, 6,833,000 ordinary shares were sold from treasury for a total consideration of £25,502,000.

7.   Classification Under Fair Value Hierarchy

FRS 102 sets out three fair value levels. These are:

Level 1 – The unadjusted quoted price in an active market for identical assets that the entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3 – Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

All of the Company’s non-zero valued investments are quoted equity investments which are deemed to be Level 1.

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

	30 November	31 May
	2025	2025
	£’000	£’000
Financial assets designated at fair value through profit or loss:
Level 1	256,555	211,444
Level 2	–	–
Level 3	–	–
Total for financial assets	256,555	211,444

8.   Status of Half-Yearly Financial Report

The financial information contained in this half-yearly report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 November 2025 and 30 November 2024 has not been audited. The figures and financial information for the year ended 31 May 2025 are extracted and abridged from the latest audited accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditor, which was unqualified and did not include a statement under section 498 of the Companies Act 2006.

 

By order of the Board

Invesco Asset Management Limited

Company Secretary  

Date: 24 February 2026

 

Glossary of Terms and Alternative Performance Measures

(Discount)/Premium

Discount is a measure of the amount by which the mid-market price of an investment company share is lower than the underlying net asset value (NAV) of that share. Conversely, premium is a measure of the amount by which the mid-market price of an investment company share is higher than the underlying net asset value of that share. In this half-yearly financial report the discount or premium is expressed as a percentage of the net asset value per share and is calculated according to the formula set out below. If the shares are trading at a premium the result of the below calculation will be positive and if they are trading at a discount it will be negative.

Gearing

The gearing percentage reflects the amount of borrowings that a company has invested. This figure indicates the extra amount by which net assets, or shareholders’ funds, would be expected to move if the value of a company’s investments were to rise or fall. A positive percentage indicates the extent to which net assets are geared; a nil gearing percentage, or ‘nil’, shows a company is ungeared. A negative percentage indicates that a company is not fully invested and is holding net cash as described in the Alternative Performance Measures section below.

Net Asset Value (NAV)

Also described as shareholders’ funds, the NAV is the value of total assets less liabilities. The NAV per share is calculated by dividing the net asset value by the number of ordinary shares in issue. The number of ordinary shares for this purpose excludes those ordinary shares held in treasury.

Volatility

Volatility refers to the amount of uncertainty or risk about the size of changes in a security’s value. It is a statistical measure of the dispersion of returns for a given security or market index measured by using the standard deviation or variance of returns from that same security or market index. Commonly, the higher the volatility, the riskier the security.

Total Return

Total return is the theoretical return to shareholders that measures the combined effect of any dividends paid, together with the rise or fall in the share price or NAV. In this half-yearly financial report these return figures have been sourced from LSEG Data & Analytics which calculates returns on an industry comparative basis. The figures calculated below are six month and one year total returns; however the same calculation would be used for three, five and ten year total returns where quoted in this report, taking the respective net asset values and share prices for the opening and closing periods and adding the impact of dividend reinvestments for the relevant periods.

NAV Total Return

Total return on net asset value per share, assuming dividends paid by the Company were reinvested, without transaction costs, into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend.

Share Price Total Return

Total return to shareholders, on a mid-market price basis, assuming all dividends received were reinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend.

Benchmark Total Return

The benchmark of the Company is the MSCI World Index (total return in sterling terms). Total return on the benchmark is on a mid-market value basis, assuming all dividends received were reinvested, without transaction costs, into the shares of the underlying companies at the time the shares were quoted ex-dividend.

Alternative Performance Measure

An APM is a measure of performance or financial position that is not defined in applicable accounting standards and cannot be directly derived from the financial statements. The calculations shown in the corresponding tables are for the six months ended 30 November 2025 and the year ended 31 May 2025. The APMs listed here are widely used in reporting within the investment company sector and consequently aid comparability.

Premium (APM)

			30 November	31 May
	Page		2025	2025
Share price	1	a	367.00p	342.00p
Net asset value per share	1	b	359.77p	337.36p
Premium		c = (a–b)/b	2.0%	1.4%

Gross Gearing (APM)

This reflects the amount of gross borrowings in use by a company and takes no account of any cash balances. It is based on gross borrowings as a percentage of net assets.

			30 November	31 May
			2025	2025
	Page		£’000	£’000
Bank facility	12		–	2,650
Gross borrowings		a	–	2,650
Net asset value	12	b	260,921	212,283
Gross gearing		c = a/b	nil	1.2%

Net Gearing or Net Cash (APM)

Net gearing reflects the amount of net borrowings invested, i.e. borrowings less cash and cash equivalents (incl. investments in money market funds). It is based on net borrowings as a percentage of net assets. Net cash reflects the net exposure to cash and cash equivalents, as a percentage of net assets, after any offset against total borrowings.

			30 November	31 May
			2025	2025
	Page		£’000	£’000
Bank facility	12		–	2,650
Less: cash and cash equivalents including margin	12		(4,047)	(2,618)
Net (cash)/borrowings		a	(4,047)	32
Net asset value	12	b	260,921	212,283
Net (cash)/gearing		c = a/b	(1.6)%	0.0%

Total Return (APM)

			Net Asset
Six months ended 30 November 2025	Page		Value	Share Price
As at 30 November 2025	1		359.77p	367.00p
As at 31 May 2025	1		337.36p	342.00p
Change in period		a	6.6%	7.3%
Impact of dividend reinvestments (1)		b	2.0%	2.0%
Total return for the period		c = a+b	8.6%	9.3%

 

			Net Asset
Year ended 31 May 2025	Page		Value	Share Price
As at 31 May 2025	1		337.36p	342.00p
As at 31 May 2024			313.30p	286.00p
Change in period		a	7.7%	19.6%
Impact of dividend reinvestments (1)		b	4.2%	5.0%
Total return for the period		c = a+b	11.9%	24.6%

(1)   Total dividends paid during the six months to 30 November 2025 of 6.75p (year to 31 May 2025: 12.52p). NAV or share price falls subsequent to the reinvestment date consequently further reduce the returns, vice versa if the NAV or share price rises.

 

 

Directors, Investment Manager and Administration

Directors

Sue Inglis (Chair of the Board and Nomination Committee)

Helen Galbraith (Chair of the Audit Committee)

Tim Woodhead (Senior Independent Director and Chair of the Management Engagement Committee)

Mark Dampier (Chair of the Marketing Committee)

All the Directors are, in the opinion of the Board, independent of the management company.

All Directors are members of the Audit, Management Engagement, Nomination and Marketing Committees.

Registered Office and Company Number

Perpetual Park

Perpetual Park Drive

Henley-on-Thames

Oxfordshire

RG9 1HH

Registered in England and Wales Number 05916642

Alternative Investment Fund Manager (Manager)

Invesco Fund Managers Limited

Company Secretary

Invesco Asset Management Limited

Company Secretarial contact: James Poole

020 7543 3559

email: [email protected]

Correspondence Address

3rd Floor, 60 London Wall,

London EC2M 5TQ

020 3753 1000

email: [email protected]

Depositary and Custodian

The Bank of New York Mellon (International) Limited

160 Queen Victoria Street

London EC4V 4LA

Corporate Broker

Cavendish Capital Markets Limited

1 Bartholomew Close

London EC1A 7BL

General Data Protection Regulation

The Company’s privacy notice can be found at www.invesco.co.uk/investmenttrusts

Invesco Client Services

Invesco has a Client Services Team, available to assist you from 8.30am to 6.00pm Monday to Friday (excluding UK Bank Holidays). Please note no investment advice can be given.   0800 085 8677.

www.invesco.com/uk/en/investment-trusts.html

Registrar

MUFG Corporate Markets

Central Square

29 Wellington Street

Leeds LS1 4DL

  0371 664 0300

If you hold your shares directly as a paper share certificate and not through an investment platform or savings scheme and have queries relating to your shareholding you should contact the Company’s Registrar, MUFG Corporate Markets, via   email   on   [email protected] or on 0371   664   0300. Calls are charged at the standard geographic rate and will vary by provider.

MUFG Corporate Markets provides an on-line and telephone share dealing service for paper share certificates to existing shareholders who are not seeking advice on buying or selling. This service is available at dealing.cm.mpms.mufg.com or 0371 664 0445. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate. Lines are open 9.00am to 5.30pm Monday to Friday (excluding bank holidays in England and Wales.

Shareholders holding paper share certificates can also access their holding details via the Investor Centre app or the website at https://uk.investorcentre.mpms.mufg.com.

MUFG Corporate Markets is the business name of MUFG Corporate Markets (UK) Limited, a division of MUFG Pension & Market Services.

Alternatively, you can also buy and sell shares yourself through a wide variety of ‘execution-only’ investment platforms – where you make the investment decisions and your shares are held electronically in an account on your behalf. These tend to also mean you do not need to worry about losing your certificate.

Most investment platforms allow you to manage your investment company holdings online, as well as access to a wide range of investment options.

Platforms generally charge fees for holding and trading shares. You can find a list of the major platforms at www.invesco.com/uk/en/investment-trusts/invesco-insights/how-to-invest-in-investment-trusts.html.

The Association of Investment Companies

The Company is a member of the Association of Investment Companies. Contact details are as follows:

  020 7282 5555

Email: [email protected]

Website: www.theaic.co.uk

Website

Information relating to the Company can be found on the Company’s   section of the Manager’s website at www.invesco.com/uk/en/investment-trusts/invesco-global-equity-income-trust.html.

The contents of websites referred to in this document, or accessible from links within those websites, are not incorporated into, nor do they form part of, this document.

The Company’s ordinary shares qualify to be considered as a mainstream investment product suitable for promotion to retail investors.

 

National Storage Mechanism

A copy of the Half-Yearly Financial Report will be submitted shortly to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

Hard copies of the Half-Yearly Financial Report will be posted to shareholders and can be requested from the Company Secretary by email at [email protected] or at the Company’s correspondence address, 60 London Wall, London EC2M 5TQ.

 

For further information, please contact:

 

James Poole

 

For and on behalf of Invesco Asset Management Limited

 

Corporate Secretary to Invesco Select Trust plc

 

Email: [email protected]

 

Will Ellis

 

Head of Specialist Funds - Invesco

 

Email: [email protected]

 

Invesco Asset Management Limited

 

Corporate Company Secretary

 

24   February 2026