Global Opportunities Trust plc reported a 1.4% increase in its share price and a 0.6% rise in net asset value (NAV) during the third quarter of 2026. The Trust continued to maintain low correlation with global equity markets, with NAV beta of -0.1 for the quarter and correlation with the MSCI World Index of -0.2 year to date.
The managers said the lack of exposure to major AI infrastructure companies and semiconductor stocks had contributed to the low market correlation but had also weighed on performance during 2026. Energy was the strongest-performing portfolio theme during the quarter, returning 14.9%, followed by Cyclical Winners at 10.4% and Japanese Reform at 9.7%.
The Trust exited two holdings, GQG Partners and Koninklijke Philips, while increasing its exposure to GTT. It also introduced a short index position representing approximately 7% to 8% of capital, intended to provide negative correlation with European equity markets.
The managers remain cautious about interest rates, geopolitical developments and AI-related investment, citing concerns around inflation, government deficits and the returns expected from significant spending on AI infrastructure. The Trust is maintaining a defensive position while continuing to identify companies offering longer-term growth potential.
Global Opportunities Trust plc (LON:GOT) invests globally in undervalued asset classes without reference to the composition of any stock market index.
