As at 31 October 2025, Global Opportunities Trust plc (LON:GOT) reported total assets of £117.5 million, with a net asset value (NAV) per share of 402.0 pence and a share price of 333.0 pence, representing a 17.2 percent discount to NAV. The trust remains ungeared and maintains a low portfolio turnover of 24 percent.
The trust aims to provide shareholders with a real long-term total return through global investment in undervalued asset classes, without reference to any stock market index. The portfolio comprises a diverse range of public and private market assets including quoted and unquoted securities, investment companies, funds, debt instruments, and cash. No individual investment may exceed 15 percent of total assets at the time of investment, and private market investments are limited to 30 percent. Up to 50 percent may be held in bonds, debt instruments, or cash equivalents, with borrowing capacity capped at 25 percent of total assets.
The company is self-managed, with Dr Sandy Nairn serving as Executive Director responsible for portfolio management. Goodhart Partners LLP acts as sub-advisor for the equity portfolio and also sources private market opportunities. The investment approach is valuation-led, focusing on long-term holding of undervalued assets, often resulting in a portfolio with a high active share and low correlation to the FTSE All-World Index.
As of the reporting date, the top equity holding was the AVI Japanese Special Situations Fund, representing 9.2 percent of net assets, followed by Volunteer Park Capital Fund SCSp (7.0 percent), and Unilever (3.0 percent). In total, the top 10 holdings made up 36.1 percent of net assets. Cash and liquidity holdings were significant, with 9.4 percent each allocated to both the BlackRock and Morgan Stanley Sterling Liquidity Funds, and a further 8.9 percent held in an RBS International US$ notice account.
Performance data for the 12 months to 31 October 2025 showed a 24.9 percent increase in share price and a 12.5 percent rise in NAV per share. Over the same period, the FTSE All-World Index rose by 20.6 percent, while the AIC Flexible Investment Sector increased by 14.1 percent. The trust has delivered an annualised NAV return of 8.3 percent since inception in December 2003.
The trust paid a total dividend of 10.0 pence in 2024, an increase from 5.0 pence in the preceding three years. Ongoing charges were 0.8 percent, and no gearing was employed.
Dr Sandy Nairn serves as the trust’s full-time Executive Director. Global Opportunities Trust plc is listed on the London Stock Exchange and is registered as a small UK AIFM.
