Global Opportunities Trust plc (LON:GOT) has announced its Half-year Results for the six months to 30 June 2026 (unaudited)
Financial Highlights
| DECREASE IN NET ASSET VALUE PER SHARE* -1.1% | NET ASSET VALUE TOTAL RETURN* +1.5% |
| SHAREHOLDERS’ FUNDS £116.1m | SHARE PRICE DISCOUNT TO NET ASSET VALUE* -17.3% |
| 30 June2026 | 31 December2025 | %Change | |
| Net Assets/Shareholders’ Funds (£) | 116,094,000 | 117,454,000 | (1.1) |
| Shares in issue | 29,222,180 | 29,222,180 | – |
| Net Asset Value per share (pence)* | 397.3 | 401.9 | (1.1) |
| Share Price (pence) | 328.5 | 337.0 | (2.5) |
| Share Price Discount to Net Asset Value (%)* | 17.3 | 16.1 | n/a |
* Alternative Performance Measure. For definitions please refer to the Glossary of Terms and Alternative Performance Measures on pages 23 to 25 of the Interim Report.
CHAIR’S STATEMENT
I am pleased to present the Company’s interim report for the six months to 30 June 2026.
Investment Performance
For the six months to 30 June 2026, the Company generated positive returns. Net Asset Value (‘NAV’) Total Return increased by 1.5% whilst Share Price Total Return increased by 0.5%, with dividends assumed to be reinvested. In comparison, the FTSE All-World Index rose a robust 12.9% on a total return basis. The Bloomberg Global Aggregate Bond Index in GBP terms increased by approximately 0.8%. We would continue to remind shareholders, 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 globally in undervalued assets.
As at 30 June 2026 the Company had Net Assets of £116.1m (31 December 2025: £117.5m), the NAV per ordinary share was 397.3p (31 December 2025: 401.9p) and the middle market price per share on the London Stock Exchange was 328.5p (31 December 2025: 337.0p), representing a discount of 17.3% to NAV.
Share Capital and Discount
The Company’s discount increased slightly from its year-end position of 16.1% to 17.3% and averaged 16.5% during the period. The average discount of the ‘Flexible Investment’ sector of the Association of Investment Companies (‘AIC’) (of which the Company is a member) was 23.0% as at 30 June 2026. The Company’s discount remains a focus of the Board and the Company continues to engage in its marketing programme to highlight the potential appeal of the Company to a wider shareholder base. No share buybacks were undertaken during the period.
2026 Annual General Meeting
I chaired my fifth Annual General Meeting of the Company which was held on 14 May 2026 (‘the AGM’). On behalf of the Board, I would like to thank all those shareholders for their engagement, either in person or by way of proxy, and I was pleased to note that all resolutions were formally passed by the requisite majority at the AGM.
Portfolio Information
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 research articles by members of the team at Goodhart Partners.
Outlook
The outlook for the global economy and world asset markets is probably as opaque as it has been in generations. At a geopolitical level, the frequency of pronouncements from the White House and the constantly changing narrative undermines the certainties which typically support confidence in financial assets. The future of free trade is one cause of concern; another is the escalating AI technology race between the US and China. In addition, there appears little prospect of the respective conflicts in Ukraine and the Middle East being resolved in the near-term. Economically, the world continues with a substantial public debt overhang and no obvious policy actions which would provide a path for its reduction. This combines with persistent inflation such that the bond markets are beginning to extract a higher price.
On the positive side the build out of AI infrastructure has contributed to a robust US economy and buoyant profits in related areas. In turn this has supported a segment of the US equity market. Questions over how sustainable this is, and the nature of the funding underpinning it, has contributed to some of the gyrations in share prices that we have seen in recent months.
Against this backdrop, equity markets have remained robust even if somewhat narrowly – based in terms of performance. The Portfolio Manager continues to adopt an approach where modest returns can be made even during periods where concerns remain over valuations, but with a portfolio that should provide protection in the event of the underlying economic issues pre-empting a market downturn.
Keep in Touch
As always, the Board welcomes communication from shareholders and I can be contacted through the Company Secretary at [email protected].
Cahal Dowds
Chair
19 August 2026
PORTFOLIO MANAGER’S REPORT
The world continues to be dominated by the constantly changing narrative flowing out of Washington. Gaza and Ukraine remain unresolved and to this has been added the Iran conflict. The Iran conflict has resulted in both higher crude oil prices and increased volatility as President Trump announces ‘peace’ treaties versus renewed hostilities on a repeating basis. The antipathy of the current US administration to the European Union remains, as does their support of the right-wing European parties. The tangible impact of this is the persistent tariff threats in response to any policy differences. The consequence is rising uncertainty over critical areas ranging from trade to defence and the reliability of the US as a partner.
In the US, growth has largely been sustained by a massive AI infrastructure construction programme with significant debt funding. The revenues required to justify this expenditure have yet to arise and whilst this is not unusual, there is little slack if they do not arrive in the required quantities. At the political level the US mid-term elections approach bringing the prospect of a change of control in the Congress, potentially in both the House of Representatives and the Senate. Leaving aside the potential for subsequent political conflict, there is also the danger of the President disputing any results which go against the Republicans.
One would have thought such a backdrop would make it hard for global equities to prosper. The converse has been true, with the FTSE All-World Index advancing by 12.9%. Against this the NAV Total Return has been 1.5%. Such have been the swings and rotations in share prices this year that it is difficult to draw any inferences other than uncertainty and volatility are rising.
Over the period and to date we have continued to manage the portfolio as conditions changed; this included adding a small hedge against the European index allowing us to take advantage of some individual stock opportunities, without meaningfully changing the overall equity risk positioning. This included the purchase of Diageo and AG Barr. The former had sustained a dramatic fall from favour, but with the lower share price and the new management team addressing the endemic cost issues the valuation case was compelling. The Japanese exposure was shifted as we took advantage of an opportunity to invest in the AVI Japan Discovery Fund which targets micro-cap Japanese companies seeking to engage with management to narrow the significant discount to their underlying value.
Post the half-year end, we have continued to witness significant swings in investor sentiment, particularly in the semi- conductor related area as investors concerns over AI infrastructure build wax and wane. At current valuations, it is not an area in which we are currently inclined to participate, but this could change if there is a meaningful sustained setback.
We remain optimistic that opportunities will continue to appear but we are agnostic as to whether this happens over a prolonged period or whether it occurs through a sudden setback. In either scenario, we are ready to deploy the liquidity reserves to take advantage of opportunities as they appear. Our approach rests on being sufficiently agile to do this.
Dr Sandy Nairn
Goodhart Partners
19 August 2026
PORTFOLIO OF INVESTMENTS
as at 30 June 2026
| Company | Sector | Country of incorporation | Valuation£’000 | % ofinvestments |
| AVI Japan Discovery Fund 1 | Financials | Cayman Islands | 8,390 | 8.2 |
| Volunteer Park Capital Fund SCSp 2 | Financials | Luxembourg | 6,841 | 6.7 |
| Verizon Communications | Communication Services | United States | 3,123 | 3.0 |
| Unilever | Consumer Staples | United Kingdom | 3,098 | 3.0 |
| Sanofi | Health Care | France | 2,987 | 2.9 |
| Diageo | Consumer Staples | United Kingdom | 2,823 | 2.7 |
| Carlsberg | Consumer Staples | Denmark | 2,740 | 2.7 |
| Bakkafrost | Consumer Staples | Denmark | 2,696 | 2.6 |
| General Dynamics | Industrials | United States | 2,631 | 2.6 |
| Dassault Aviation | Industrials | France | 2,513 | 2.4 |
| Rheinmetall | Industrials | Germany | 2,446 | 2.4 |
| GQG Partners Inc. | Financials | United States | 2,433 | 2.4 |
| Nestlé | Consumer Staples | Switzerland | 2,341 | 2.3 |
| Barr (AG) | Consumer Staples | United Kingdom | 2,318 | 2.3 |
| Orange | Communication Services | France | 2,262 | 2.2 |
| Philips | Health Care | Netherlands | 2,083 | 2.0 |
| Jet2 | Industrials | United Kingdom | 1,968 | 1.9 |
| Cicor Technologies | Technology | Switzerland | 1,947 | 1.9 |
| Terveystalo | Health Care | Finland | 1,762 | 1.7 |
| ENI | Energy | Italy | 1,758 | 1.7 |
| Laboratorios Farmaceutico ROVI | Health Care | Spain | 1,699 | 1.7 |
| Qinetiq | Industrials | United Kingdom | 1,644 | 1.6 |
| TotalEnergies | Energy | France | 1,492 | 1.5 |
| RaySearch Laboratories | Health Care | Sweden | 1,367 | 1.3 |
| Bonesupport Holding | Health Care | Sweden | 1,352 | 1.3 |
| Origin Enterprises | Materials | Ireland | 1,177 | 1.1 |
| Katakura | Industrials | Japan | 210 | 0.2 |
| Equity Investments | 68,101 | 66.3 | ||
| Liquidity Fund Investments | 19,650 | 19.1 | ||
| Bond Investments 3 | 14,985 | 14.6 | ||
| Total Investments at fair value through profit or loss | 102,736 | 100.00 | ||
1 Participating Shares of CV5 SPC
2 Luxembourg Special Limited Partnership
3 US Treasury Bill – September 2026
DISTRIBUTION OF INVESTMENTS
as at 30 June 2026 (% net assets)
| Sector Distribution | Geographical Distribution | |||
| Sector | % | Region / country | % | |
| Financials: Japanese Fund | 7.2 | Europe ex UK | 28.1 | |
| Financials: Private Equity Fund | 5.9 | North America: Direct Equities | 7.1 | |
| Financials: Direct Equities | 2.1 | North America: Private Equity Fund | 5.9 | |
| Total Financials | 15.2 | Total North America | 13.0 | |
| Consumer Staples | 13.8 | Fixed Interest | 12.9 | |
| Fixed Interest | 12.9 | United Kingdom | 10.2 | |
| Industrials | 9.9 | Japan | 7.4 | |
| Health Care | 9.7 | Liquidity funds and cash* | 28.4 | |
| Communication Services | 4.6 | |||
| Energy | 2.8 | |||
| Technology | 1.7 | |||
| Materials | 1.0 | |||
| Liquidity funds and cash* | 28.4 | |||
The figures detailed in the sector distribution list represent the Company’s exposure to those sectors.
The figures detailed in the geographical distribution list represent the Company’s exposure to these countries or regional areas through its investments and cash.
The geographical distribution is based on each investment’s principal stock exchange listing or domicile, except in instances where this would not give a proper indication of where its activities predominate.
*The geographical distribution of liquidity fund investments, cash and other net assets as at 30 June 2026 is based on currencies held in the following regions/countries:
| 2026 | 2025 | ||
| United Kingdom | 15.7% | United Kingdom | 22.6% |
| North America | 10.1% | North America | 21.4% |
| Europe ex UK | 2.6% | Europe ex UK | 2.3% |
| Japan | 0.1% | ||
| 28.4% | 46.4% |
DIRECTORS’ STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES
The important events that have occurred during the period under review and the key factors influencing the Financial Statements are set out in the Chair’s Statement and Portfolio Manager’s Report on pages 3 to 6 of the Interim Report. The principal factors that could impact the remaining six months of the financial year are also detailed in the Chair’s Statement and Portfolio Manager’s Report.
Principal Risks and Uncertainties
The Board has considered the principal and emerging risks facing the Company. The Board has concluded that there are no significant additional risks facing the Company other than those detailed below and in the Annual Report and Financial Statements for the year ended 31 December 2025.
The Board considers that the following risks remain the principal risks associated with investing in the Company: geopolitical risk, investment and strategy risk, key person risk, financial and economic risk, discount volatility risk, regulatory risk and operational risk. Other risks associated with investing in the Company include, but are not limited to, credit risk, interest rate risk and gearing risk. These risks, and the way in which they are managed, are described in more detail under the heading “Principal Risks” within the Strategic Report in the Company’s Annual Report and Financial Statements for the year ended 31 December 2025.
The risks identified by the Board as detailed above are not exhaustive and various other risks may apply to an investment in the Company. Potential investors may wish to obtain independent financial advice as to the suitability of investing in the Company.
Going Concern
As detailed in Note 1 to the Financial Statements on page 15 the Half-Yearly Report has been prepared on a going concern basis. The Directors consider that this is the appropriate basis as they have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its financial commitments as they fall due for a period of at least 12 months from the date of approval of the unaudited financial statements.
DIRECTORS’ STATEMENT OF RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS
The Directors confirm that to the best of their knowledge:
- The condensed set of Financial Statements, prepared in accordance with Financial Reporting Standard (“FRS”) 104: “Interim Financial Reporting”, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
- This Half-Yearly Report includes a fair review of the information required by:
(a) Disclosure Guidance and Transparency Rule 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed set of Financial Statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) Disclosure Guidance and Transparency Rule 4.2.8R, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so.
This Half-Yearly Report has not been audited or reviewed by the Company’s auditor.
This Half-Yearly Report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by:
Cahal Dowds
Chair
19 August 2026
