Half Year Report to 30 November 2025
Summary by AI BETAClose X
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TO: |
RNS |
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FROM: |
CT Global Managed Portfolio Trust PLC |
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DATE: |
30 January 2026 |
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LEI: |
213800ZA6TW45NM9YY31 |
Information disclosed in accordance with the FCA's Disclosure Guidance and Transparency Rule 4.2
Unaudited Half-Year Results for the Six Months ended 30 November 2025
The Board of CT Global Managed Portfolio Trust PLC (the 'Company') announces the unaudited half-year results of the Company for the six months ended 30 November 2025.
Income Shares - Financial Highlights and Performance Summary for the Six Months
· Dividend yield(1) of 6.2% at 30 November 2025, compared to the yield on the FTSE All-Share Index of 3.2%. Dividends are paid quarterly.
· Net asset value total return(1) per Income share of +12.0% for the six months, outperforming the total return of the FTSE All-Share Index of +11.8% by +0.2 percentage points.
Growth Shares - Financial Highlights and Performance Summary for the Six Months
· Net asset value total return(1) per Growth share of +11.9% for the six months, outperforming the total return of the FTSE All-Share Index of +11.8% by +0.1 percentage points.
· Net asset value total return per Growth share of +208.8% in the 15 years to 30 November 2025, the equivalent of +7.8% compound(1) per year. This compares with the total return of the FTSE All-Share Index of +213.5%, the equivalent of +7.9% compound per year.
The Chairman, David Warnock, said:
"The Board and Manager continue to believe the Portfolios comprise high class investment companies, diversified across geography and investment style and are well set to deliver future shareholder returns".
Notes:
(1) Yield, total return and compound annual NAV total return - See Alternative Performance Measures.
Chairman's Statement
Highlights
• Net asset value ('NAV') total return for the six months of +12.0% for the Income shares and +11.9% for the Growth shares as compared to the total return for the FTSE All-Share Index of +11.8%
• Income shares dividend yield of 6.2% at 30 November 2025
Investment performance
For the six months to 30 November 2025, the NAV total return was +12.0% for the Income shares and +11.9% for the Growth shares. The total return for the benchmark index for both share classes, the FTSE All-Share Index, was +11.8%. Of relevance and for interest, the FTSE All-Share Closed End Investments Index total return was +13.1% for the period.
These six months saw strong returns across equity and bond markets as worries over a global trade war dissipated. This is mostly thanks to the initial level of tariffs announced by President Trump back in April being watered down and a number of 'trade deals' being announced between the US and its trading partners. Economic data remained generally positive, with falling - yet still above central bank target - inflation, allowing central banks to further cut interest rates. In the UK, the long-awaited budget brought some relief in respect of keeping financial markets and Labour backbenches satisfied but failed to deliver policies to boost the UK economic growth outlook.
UK equities posted solid returns over the six-month period, with a +12.4% total return for the FTSE 100 and a +7.4% total return for the FTSE 250. Elsewhere, in sterling terms, US equities continued their recovery from the 'Liberation Day' selloff, with a +18.6% total return for the S&P 500, while in Europe the total return for the MSCI Europe ex UK Index was +9.4%. The strongest returns included South Korea, with a total return of +52.6% from the MSCI Korea Index. Global government bonds, as referenced by the FTSE World Government Bond Index (GBP Hedged) were up +2.5% and the gold price continued its ascent, up +28.1%.
From 1 June 2025, the beginning of the Company's current financial year, the investment portfolios have been managed by Investment Managers Adam Norris and Paul Green, supported by the Manager's broader EMEA Multi-Asset Solutions team (of which they are members). The previous longstanding Investment Manager, Peter Hewitt, has retired and the Board wishes him a long and happy retirement, while thanking him for his years of service.
The Investment Managers' Review follows, and it is pleasing to see that, in their first six month period, the NAV total return of both Portfolios was strong and also marginally ahead of the benchmark index. The Investment Managers have been repositioning between sectors and regions and highlights of their recent investment activity are set out in their review.
Dividends
As I referenced in the 2025 Annual Report and Financial Statements, in the absence of unforeseen circumstances, it was (and remains) the Board's intention to pay four quarterly interim dividends, each of at least 1.90p per Income share so that the aggregate dividends for the financial year to 31 May 2026 will be at least 7.60p per Income share (2025: 7.60p per Income share).
To date, first and second interim dividends in respect of the year to 31 May 2026 have been announced and paid, each at a rate of 1.90p per Income share (1.85p per Income share in the corresponding periods in the year to 31 May 2025).
The minimum intended total dividend for the financial year of 7.60p per Income share represents a yield on the Income share price at 30 November 2025 of 6.2% which was materially higher than the yield of 3.2% on the FTSE All-Share Index at the same date.
Borrowing
At 30 November 2025 the Income Portfolio had total borrowings drawn down of £7 million (9.2% of gross assets), unchanged over the period, the investment of which helps to boost net income after allowing for the interest cost. The Growth Portfolio had no borrowings, also unchanged.
Management of share price premium and discount to NAV
In normal circumstances the Board aims to limit the discount to NAV at which the Company's shares might trade to not more than 5%. During the six months to 30 November 2025 the Income shares traded at an average discount to NAV of -0.4% and the Growth shares traded at an average discount of -3.5%. At 30 November 2025, the Income shares and Growth shares stood at a premium to NAV of +0.6% and +0.9% respectively.
The Company is active in issuing shares to meet demand and equally in buying back when this is appropriate. During the six months to 30 November 2025, 200,000 Income shares were bought back for treasury at an average discount of -3.6% to NAV and then subsequently resold from treasury at an average premium of +1.5% to NAV. In addition, 2,430,000 new Income shares were issued from the Company's block listing facilities at an average premium to NAV of +1.6%. 1,578,000 Growth shares were also bought back to be held in treasury at an average discount to NAV of -3.8% and 450,000 Growth shares were resold from treasury at an average premium to NAV of +1.6%.
Since the end of the period, a further 3,095,000 new Income shares have been issued and a further 765,000 Growth shares have been resold from treasury. To facilitate this demand, at the start of December 2025, the Company obtained a further block listing of 8,000,000 Income shares, which can be allotted, when there is demand. The Income shares were issued and the Growth shares resold from treasury at average premiums to NAV of 1.6% and 1.5% respectively. Much of this recent demand has come from former shareholders in European Assets Trust which underwent a corporate transaction with The European Smaller Companies Trust ('ESCT') in the autumn. Shares in ESCT are not eligible to be held through the Manager's savings plans and we welcome those investors who have decided to invest instead in CT Global Managed Portfolio Trust.
Share conversion facility
Shareholders have the opportunity to convert their Income shares into Growth shares or their Growth shares into Income shares annually subject to minimum and maximum conversion thresholds which may be reduced or increased at the discretion of the Board. On 6 November 2025 the conversion proceeded for those Shareholders who had elected to do so. The net result of those conversions was a decrease of 38,324 Income shares and an increase of 15,549 Growth shares in issue. The ability to convert without incurring capital gains tax should be an attractive facility for Shareholders and the next conversion date (subject to minimum and maximum thresholds) will be in October 2026. Details will be provided when the Company's 2026 Annual Report and Financial Statements is published in the summer.
Investment management fee
During the period, the Board and Manager agreed a reduction in the investment management fee (the 'Fee') with effect from 1 September 2025. The Fee has been reduced to 0.60% per annum of the net asset value of each portfolio of the Company (rather than 0.65% per annum of their total assets of each portfolio) and there will no longer be any charge on any assets which are invested in other investment vehicles managed by the Manager.
Board changes
Simon Longfellow stepped down as a non-executive director with effect from 31 December 2025. Simon was also the Chair of the Marketing Committee. Simon has taken up a full-time senior marketing role and as a result was not able to continue his role with the Company. The Board was very sorry to lose Simon who has been an excellent colleague with great insights contributing particularly into our marketing efforts and we wish him all the best for the future. The Board is well advanced with a recruitment process to replace him. In the interim, I have taken on the role of Chair of the Marketing Committee.
Outlook
The global economy demonstrated notable resilience throughout 2025, and we expect the coming year to be characterised by an effort to 'extend the cycle', supported by both fiscal and monetary policy measures aimed at sustaining growth at or slightly above 2025 levels. The market anticipates further interest rate cuts in the US and UK easing borrowing costs for households and corporates alike, with the possibility of an accelerated pace in the US should a more dovish Federal Reserve Chair be appointed by President Trump. Geopolitical risk is currently more elevated than for many years. Whilst US President Trump has attempted to cool regional conflicts, his 'America First' policy continues to shake up the post-World War II order.
The Board and Manager continue to believe the Portfolios comprise high class investment companies, diversified across geography and investment style and are well set to deliver future shareholder returns.
David Warnock
Chairman
29 January 2026
Investment Managers' Review
We are pleased to report our first half-year results for CT Global Managed Portfolio Trust as the new Investment Managers since we took over from Peter Hewitt on 1 June 2025. Peter has now retired from Columbia Threadneedle Investments, and we wish him well in his retirement.
Overall, equity markets delivered strong positive returns in the six months to the end of November 2025. Investors will recall the volatile markets of April, marked by concerns around tariffs and their impact on global economic activity.
Since then, equity markets have recovered strongly. To this end, the NAV total return of the Growth shares was +11.9% and the Income shares +12.0%. The share price total return for the Growth shares was +16.3% and the Income shares was +10.7%.
As comparators, the total return for the FTSE All-Share Index was +11.8% and for the FTSE All-Share Closed End Investments Index was +13.1%.
We are also pleased to report a busy half-year period. We, like Peter before us, are enthused for the Investment Company sector and the opportunity set in front of us. We continue to adjust the Portfolios to further represent the 'global' remit of the Company, whilst allocating to areas of the market which represent strong opportunities for future returns.
During our first period there has been an increase in turnover for both Portfolios and we have set out below our vision for the direction of the Company and how exposures were reflected across both Portfolios at 30 November 2025.
A hardware revolution
Shares in technology companies, mainly US listed, have powered market returns over the past decade. Their earnings growth has been unrivalled within global markets, with some commentators often - wrongly, so far - considering technology companies too large to continue growing at premium rates and potentially overvalued.
However, the 'law of big numbers' theory has yet to materialise, as these technology behemoths continue to grow at a premium rate to the market. Whilst the fruits of Artificial Intelligence may have yet to be adopted by the masses, the 'AI Infrastructure' spend is leading to vast amounts of cash being deployed to fund future technology growth. This build out is driven by hardware, not so much software, and those companies interwoven in the AI Infrastructure supply chain are being handsomely rewarded by investors.
Within the Growth Portfolio, we have added to Polar Capital Technology Trust (share price total return over the six-month period was +39.5%), which represented 5.6% of the Growth Portfolio's assets at the Company's half year point. Combined with Allianz Technology Trust (+34.1%), the Portfolio's weighting in global technology trusts was 9.1% at 30 November 2025.
Within the Income Portfolio we have added new infrastructure holdings Pantheon Infrastructure ('PINT') and Cordiant Digital Infrastructure ('CORD'). Whilst different in their approach, both are benefitting from the AI Infrastructure roll out from large corporations and government directives. PINT is expected to complete on its first company sale, Calpine Energy, in early 2026 at an expected multiple on invested capital of 2.8x. CORD, on the other hand, continues to grow and develop assets in Europe, announcing a partnership with the Czech Government, with an ambition to develop one of its Prague data centre sites to become one of the EU's next-generation Artificial Intelligence gigafactories. If successful, we view this as an area of strong growth for the company.
Emerging Markets - a decade to forget
Emerging Markets have endured a lost decade. Whilst emerging market economies have grown - and continue to converge on developed markets - earnings growth has stalled. In fact, earnings per share (EPS), measured in US Dollar terms, are at the same level as they were in 2015.
Yet paradoxically, outside of US equities, Asia and Emerging Markets have some of the world's most innovative companies. Chinese technology companies, much like their US counterparts, are spending ferocious amounts of cash to further develop their Artificial Intelligence capacity. At the same time, these highly profitable companies are showing signs of shareholder friendliness, such as embarking on large share buy-backs and introducing dividend policies.
Within the Growth Portfolio, we increased the combined Asia and Emerging Markets exposure from 3.4% to 13.6%. We have introduced Fidelity Emerging Markets. The company is not only exposed to a favourable environment for emerging markets, but also has the flexibility to go short of specific companies (i.e. benefit from potential share price declines). The manager has shown a strong capacity to generate extra performance from this investment technique and should continue to drive performance in volatile emerging equity markets.
Within the Income Portfolio, we increased the combined Asia and Emerging Markets exposure from 7.3% to 13.7%. We have added Invesco Asia Dragon Trust ('IAD'), which represented 2.9% of portfolio assets at the Company's half year point. IAD's managers, Fiona Yang and Ian Hargreaves, have demonstrated strong ability to generate performance in different market environments, utilising a highly stock-specific investment approach. The company pays shareholders an aggregate dividend equivalent to 4% of its prior financial year end NAV in four equal instalments. This is achieved by using the company's reserves to top up the natural income generated, allowing the managers to invest in an unconstrained manner, rather than targeting high yielding stocks per se. We additionally acquired IAD shares for the Growth Portfolio, which represented 4.9% exposure at the Company's half year point.
Pent up Private Equity value
We are excited by the pent-up value on offer within Private Equity, which has been hampered by a poor 'exit' environment - the ability for Private Equity managers to sell their companies - with potential IPO candidate companies frozen out from listing. Despite this fallow period for listed Private Equity investment companies, many portfolio companies continue to grow their earnings and are conservatively valued within net asset values. In addition, we observe the IPO market is beginning to thaw which may ignite the Private Equity flywheel once again, a strong catalyst for listed Private Equity investment companies' performance.
Within the Growth Portfolio, our largest single exposure is in Oakley Capital Investments (+13.9%), a listed Private Equity company which focuses on partnering and supporting European entrepreneurs across technology, consumer, business services and education sectors. The company has a strong long-term track record and announced in July the partial exit of a portfolio company at a 300% premium to carrying value, highlighting that in-demand companies will attract competitive prices, regardless of the 'exit' environment.
We have additionally topped up our holding in The Schiehallion Fund (+5.8%), a late-stage Private Equity investment company managed by Baillie Gifford. The company has had a tricky few years as growth investing moved sharply out of favour. However, we now see clear 'winners' of its investment approach, with some of its largest holdings, namely SpaceX and Bending Spoons, achieving valuation levels rarely found within Private Equity. We sold our entire holding in Pantheon International into share price strength.
Despite our optimism regarding Private Equity, holdings Augmentum Fintech (-18.4%) and Literacy Capital (-13.4%) were the two largest underperformers in the Growth Portfolio. On the former, the company took a large impairment on one of its previously largest holdings and the latter swung to a meaningful discount for the first time in its history post-IPO. We remain comfortable owners of both investment companies - in our view, they own relatively mature portfolios of assets. In a revitalised 'exit' environment, we believe both managers have the ability to realise strong returns from their portfolio holdings.
Within the Income Portfolio, Apax Global Alpha ('APAX') was acquired by a third-party group at a 17% discount to its net asset value. APAX had lagged the wider Private Equity sector and had, in our view, an excessively high dividend policy which would be difficult to meet if the manager could not exit portfolio holdings. We had trimmed the holding prior to the bid and subsequently sold it entirely after the share price rally, post the bid announcement and prior to completion.
A plan for UK growth
The UK equity market delivered a strong absolute return, albeit lagging other equity markets. Local UK investors long proclaim UK equities are 'cheap'. This may be true from an aggregate market price-to-earnings multiple, but in our view represents a lower growth collection of stocks versus other markets, rather than a 'UK PLC discount'.
As a result, we have reduced the overall weighting to UK equities. Within the Growth Portfolio, the allocation to UK Equity investment companies fell from 29.4% to 15.7%. We divested fully from Finsbury Growth & Income Trust, The Law Debenture Corporation, Baillie Gifford UK Growth Trust, Lowland Investment Company, Diverse Income Trust and Henderson Smaller Companies Investment Trust.
It is not obvious to us that 'cheap' markets are enough of a catalyst for performance. As a result, within the Growth Portfolio, we have introduced two new holdings in Strategic Equity Capital, managed by Gresham House's Ken Wotton, as well as Odyssean Investment Trust, managed by Stuart Widdowson and Ed Wielechowski. Both sets of managers, with different investment approaches, aim to take significant positions in their portfolio companies and engage with management teams to drive business improvement, if required. We see these highly engaged approaches as an important lever to unlock value within small and mid-sized UK companies.
Similarly, within the Income Portfolio we reduced the overall exposure to UK Equity investment companies from 40.2% to 27.1% over the six months. We fully divested from Diverse Income Trust and Henderson High Income Trust, noting the latter also contained fixed income exposure. Eagle eyed readers will notice we have retained exposure to The Law Debenture Corporation and Lowland Investment Company, where we think the investment team's focus, led by James Henderson and Laura Foll, on income stock picking remains a suitable investment approach and worthy of inclusion for this portfolio.
It is our intention to continue to further reduce our exposure to UK Equity investment companies within both the Growth Portfolio and Income Portfolio in a thoughtful and measured way, in order for shareholders to benefit from broader opportunities, such as within infrastructure or global equities.
Biotechnology recovery
Biotechnology roared higher in the first half of the Company's financial year generating significant returns. With tariff fears, drug pricing concerns and interest rates all subsiding, biotechnology stocks were some of the strongest performing in the six-month period. Merger & Acquisition announcements remain rife in the sector as pharmaceutical companies look to replenish their diminishing patent-related income streams. For context, Biotech Growth Trust (+79.0%), a holding within the Growth Portfolio, and International Biotechnology Trust (+73.7%), a holding within the Income Portfolio, were both standout performers, recovering some prior poor performance.
We have used this strength to reduce exposure, allocating to aforementioned Private Equity, technology and Emerging Markets investment companies.
Renewable Energy 'head-winds'
Renewable Energy Infrastructure investment companies Greencoat UK Wind ('UKW') (-7.7%) and The Renewables Infrastructure Group ('TRIG') (-3.6%) remained a drag on performance for the Income Portfolio. Persistently low cash generation from portfolio assets versus projections are weighing on sentiment, whilst, conversely to Private Equity, transactions are grinding to a halt, providing scant evidence of 'true' market value. Although the UK government's consultation of Renewables Obligation Certificates (ROCs), the subsidy regime which underpins many renewable energy project cash flows, has since been determined, revisions of existing contracts adds further uncertainty to the sector.
Despite the valuation uncertainties within operational assets, we introduced GCP Infrastructure ('GCP') to the Income Portfolio. GCP is a company which owns loans focused on UK infrastructure (including renewables). The company has had an extremely low default rate since its IPO 15 years ago and, in recent years, has sold assets to pay down its revolving credit facility. Despite this progress, the company's share price performance has been weak and the dividend yield is now c.10%. We believe we are being paid to wait as investors in a bond-like investment company. We await further asset disposals for it to completely pay down its revolving credit facility and return additional capital to us as shareholders.
A constructive outlook
As we look ahead to the calendar year of 2026, our outlook remains sanguine in regard to corporate profitability.
Fiscal stimulus is set to play a key role in several major economies. Japan and Germany have already announced substantial packages, while, in the United States, the 'One Big Beautiful Bill' passed earlier in 2025 is expected to deliver a meaningful boost. China is also likely to implement incremental measures to keep growth on track toward its 5% target.
We expect further solid global economic growth in 2026. US growth is likely to remain broadly in line with 2025, with upside potential from additional stimulus. The UK outlook remains subdued, with below-trend but positive growth. Overall, conditions appear supportive for another year of steady expansion which in turn should drive positive corporate earnings growth.
Tariffs remain a structural feature of the global landscape, though their form may evolve. Supply chains have adapted to the new regime, and the economic impact has been relatively contained, helped by exemptions and reductions from headline rates compared to initial fears earlier in 2025.
We approach 2026 with optimism: global growth prospects remain positive, however we note that valuations appear relatively full in certain areas. Although markets can be sensitive to large policy shifts and geopolitical surprises, our central view is that corporates can continue to demonstrate earnings growth, particularly in transformative sectors such as technology and AI Infrastructure. We remain alive to how geopolitical events can further shape the investment landscape. This is not just through heightened risks, but also how the evolving priorities of both governments and corporates can create opportunities.
We look forward to further updating investors throughout the remainder of the year and in the Annual Report.
Adam Norris and Paul Green
Investment Managers
Columbia Threadneedle Investment Business Limited
29 January 2026
Note: All performance figures are six-month total return to 30 November 2025, unless otherwise stated
Unaudited Condensed Income Statement
Six months to 30 November 2025
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|
|
|
|||
|
|
|
|
|
|
|
|
|
Notes |
Revenue |
Capital |
Total |
|
|
|
|
£'000 |
£'000 |
£'000 |
|
|
Gains on investments |
|
- |
15,781 |
15,781 |
|
|
Foreign exchange losses |
|
- |
(5) |
(5) |
|
|
Income |
2 |
2,960 |
- |
2,960 |
|
|
Investment management fee |
3 |
(145) |
(362) |
(507) |
|
|
Other expenses |
|
(351) |
- |
(351) |
|
|
Return on ordinary activities before finance costs and tax |
|
2,464 |
15,414 |
17,878 |
|
|
Finance costs |
|
(78) |
(116) |
(194) |
|
|
Return on ordinary activities before tax |
|
2,386 |
15,298 |
17,684 |
|
|
Tax on ordinary activities |
|
- |
- |
- |
|
|
Return attributable to shareholders |
|
2,386 |
15,298 |
17,684 |
|
|
Return per Income share - basic and diluted (pence) |
4 |
4.39p |
8.86p |
13.25p |
|
|
Return per Growth share - basic and diluted (pence) |
4 |
- |
31.31p |
31.31p |
|
|
|
|
|
|
|
|
The total column of this statement is the Profit and Loss Account of the Company. The supplementary revenue and capital columns are prepared under guidance published by The Association of Investment Companies.
All revenue and capital items in the Income Statement derive from continuing operations.
Return attributable to shareholders represents the profit/(loss) for the period and also total comprehensive income.
Unaudited Condensed Income Statement
Six months to 30 November 2024
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
Notes |
Revenue |
Capital |
Total |
|
|
|
|
£'000 |
£'000 |
£'000 |
|
|
Gains on investments |
|
- |
369 |
369 |
|
|
Foreign exchange gains |
|
- |
1 |
1 |
|
|
Income |
2 |
2,613 |
- |
2,613 |
|
|
Investment management fee |
3 |
(145) |
(368) |
(513) |
|
|
Other expenses |
|
(365) |
- |
(365) |
|
|
Return on ordinary activities before finance costs and tax |
|
2,103 |
2 |
2,105 |
|
|
Finance costs |
|
(56) |
(84) |
(140) |
|
|
Return on ordinary activities before tax |
|
2,047 |
(82) |
1,965 |
|
|
Tax on ordinary activities |
|
- |
- |
- |
|
|
Return attributable to shareholders |
|
2,047 |
(82) |
1,965 |
|
|
Return per Income share - basic and diluted (pence) |
4 |
3.94p |
(3.33p) |
0.61p |
|
|
Return per Growth share - basic and diluted (pence) |
4 |
- |
4.68p |
4.68p |
|
|
|
|
|
|
` |
|
The total column of this statement is the Profit and Loss Account of the Company. The supplementary revenue and capital columns are prepared under guidance published by The Association of Investment Companies.
All revenue and capital items in the Income Statement derive from continuing operations.
Return attributable to shareholders represents the profit/(loss) for the period and also total comprehensive income.
Condensed Income Statement (audited)
Year to 31 May 2025(1)
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
Notes |
Revenue |
Capital |
Total |
|
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
Gains on investments |
|
- |
1,600 |
1,600 |
|
|
Foreign exchange losses |
|
- |
(4) |
(4) |
|
|
Income |
2 |
5,075 |
- |
5,075 |
|
|
Investment management fee |
3 |
(290) |
(732) |
(1,022) |
|
|
Other expenses |
|
(744) |
- |
(744) |
|
|
Return on ordinary activities before finance costs and tax |
|
4,041 |
864 |
4,905 |
|
|
Finance costs |
|
(128) |
(194) |
(322) |
|
|
Return on ordinary activities before tax |
|
3,913 |
670 |
4,583 |
|
|
Tax on ordinary activities |
|
- |
- |
- |
|
|
Return attributable to shareholders |
|
3,913 |
670 |
4,583 |
|
|
Return per Income share - basic and diluted (pence) |
4 |
7.44p |
(2.93p) |
4.51p |
|
|
Return per Growth share - basic and diluted (pence) |
4 |
- |
6.33p |
6.33p |
|
(1) These figures are audited
The total column of this statement is the Profit and Loss Account of the Company. The supplementary revenue and capital columns are prepared under guidance published by The Association of Investment Companies.
All revenue and capital items in the Income Statement derive from continuing activities.
Return attributable to shareholders represents the profit/(loss) for the year and also total comprehensive income.
Unaudited Condensed Balance Sheet
As at 30 November 2025
|
|
|
|
||
|
|
Notes |
Income Shares |
Growth Shares |
Total |
|
|
|
£'000 |
£'000 |
£'000 |
|
Fixed assets |
|
|
|
|
|
Investments at fair value |
6 |
74,195 |
96,293 |
170,488 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Debtors |
7 |
960 |
1,363 |
2,323 |
|
Cash at bank and on deposit |
|
2,857 |
3,081 |
5,938 |
|
|
|
|
|
|
|
|
|
3,817 |
4,444 |
8,261 |
|
|
|
|
|
|
|
Creditors Amounts falling due within one year |
8 |
(9,061) |
(1,797) |
(10,858) |
|
|
|
|
|
|
|
Net current (liabilities)/assets |
|
(5,244) |
2,647 |
(2,597) |
|
|
|
|
|
|
|
Net assets |
|
68,951 |
98,940 |
167,891 |
|
|
|
|
|
|
|
Capital and reserves: |
|
|
|
|
|
Called-up share capital |
9 |
2,592 |
1,788 |
4,380 |
|
Share premium |
|
8,049 |
709 |
8,758 |
|
Capital redemption reserve |
|
2,699 |
2,258 |
4,957 |
|
2022 special reserve |
|
29,588 |
29,581 |
59,169 |
|
2008 special reserve |
|
19,634 |
2,940 |
22,574 |
|
Capital reserves |
|
2,275 |
61,664 |
63,939 |
|
Revenue reserve |
|
4,114 |
- |
4,114 |
|
|
|
|
|
|
|
Equity shareholders' funds |
|
68,951 |
98,940 |
167,891 |
|
|
|
|
|
|
|
Net asset value per share (pence) |
10 |
122.73p |
297.40p |
|
Unaudited Condensed Balance Sheet
As at 30 November 2024
|
|
|
|
||
|
|
Notes |
Income Shares |
Growth Shares |
Total |
|
|
|
£'000 |
£'000 |
£'000 |
|
Fixed assets |
|
|
|
|
|
Investments at fair value |
|
64,292 |
89,662 |
153,954 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Debtors |
7 |
279 |
231 |
510 |
|
Cash at bank and on deposit |
|
1,744 |
1,963 |
3,707 |
|
|
|
|
|
|
|
|
|
2,023 |
2,194 |
4,217 |
|
|
|
|
|
|
|
Creditors Amounts falling due within one year |
8 |
(7,191) |
(270) |
(7,461) |
|
|
|
|
|
|
|
Net current (liabilities)/assets |
|
(5,168) |
1,924 |
(3,244) |
|
|
|
|
|
|
|
Net assets |
|
59,124 |
91,586 |
150,710 |
|
|
|
|
|
|
|
Capital and reserves: |
|
|
|
|
|
Called-up share capital |
|
3,157 |
2,347 |
5,504 |
|
Share premium |
|
3,520 |
428 |
3,948 |
|
Capital redemption reserve |
|
1,950 |
1,698 |
3,648 |
|
2022 special reserve |
|
29,588 |
29,581 |
59,169 |
|
2008 special reserve |
|
19,681 |
6,916 |
26,597 |
|
Capital reserves |
|
(2,727) |
50,616 |
47,889 |
|
Revenue reserve |
|
3,955 |
- |
3,955 |
|
|
|
|
|
|
|
Equity shareholders' funds |
|
59,124 |
91,586 |
150,710 |
|
|
|
|
|
|
|
Net asset value per share (pence) |
10 |
113.25p |
264.16p |
|
Condensed Balance Sheet (audited)
As at 31 May 2025(1)
|
|
Notes |
Income shares |
Growth shares |
Total |
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
Investments at fair value |
|
66,576 |
87,956 |
154,532 |
|
Current assets |
|
|
|
|
|
Debtors |
7 |
286 |
146 |
432 |
|
Cash at bank and on deposit |
|
1,332 |
3,592 |
4,924 |
|
|
|
|
|
|
|
|
|
1,618 |
3,738 |
5,356 |
|
Creditors |
|
|
|
|
|
Amounts falling due within one year |
8 |
(7,219) |
(289) |
(7,508) |
|
|
|
|
|
|
|
Net current (liabilities)/assets |
|
(5,601) |
3,449 |
(2,152) |
|
|
|
|
|
|
|
Net assets |
|
60,975 |
91,405 |
152,380 |
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
Called-up share capital |
|
2,481 |
1,787 |
4,268 |
|
Share premium |
|
5,197 |
476 |
5,673 |
|
Capital redemption reserve |
|
2,699 |
2,258 |
4,957 |
|
2022 special reserve |
|
29,588 |
29,581 |
59,169 |
|
2008 special reserve |
|
19,681 |
6,122 |
25,803 |
|
Capital reserves |
|
(2,540) |
51,181 |
48,641 |
|
Revenue reserve |
|
3,869 |
- |
3,869 |
|
|
|
|
|
|
|
Equity shareholders' funds |
|
60,975 |
91,405 |
152,380 |
|
|
|
|
|
|
|
Net asset value per share (pence) |
10 |
113.36p |
265.86p |
|
(1) These figures are audited
Unaudited Condensed Statement of Cash Flows
Six months to 30 November 2025
|
|
Notes |
Income shares |
Growth shares |
Total |
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
Net cash outflow from operations before dividends and interest |
11 |
(388) |
(540) |
(928) |
|
Dividends received |
|
1,745 |
785 |
2,530 |
|
Interest received |
|
31 |
49 |
80 |
|
Interest paid |
|
(193) |
- |
(193) |
|
Net cash inflow from operating activities |
|
1,195 |
294 |
1,489 |
|
Investing activities |
|
|
|
|
|
Purchases of investments |
|
(19,093) |
(31,004) |
(50,097) |
|
Sales of investments |
|
19,183 |
33,448 |
52,631 |
|
Cash flows from investing activities |
|
90 |
2,444 |
2,534 |
|
Cash flows before financing activities |
|
1,285 |
2,738 |
4,023 |
|
Financing activities |
|
|
|
|
|
Equity dividends paid |
5 |
(2,141) |
- |
(2,141) |
|
Proceeds from issuance of new shares, net of share issuance expenses |
|
2,422 |
- |
2,422 |
|
Shares purchased to be held in treasury |
|
(238) |
(4,337) |
(4,575) |
|
Sale of shares from treasury |
|
244 |
1,041 |
1,285 |
|
Share conversion |
|
(47) |
47 |
- |
|
Cash flows from financing activities |
|
240 |
(3,249) |
(3,009) |
|
Net movement in cash and cash equivalents |
|
1,525 |
(511) |
1,014 |
|
Cash and cash equivalents at the beginning of the period |
|
1,332 |
3,592 |
4,924 |
|
Cash and cash equivalents at the end of the period |
|
2,857 |
3,081 |
5,938 |
|
Represented by: Cash at bank |
|
137 |
31 |
168 |
|
Short-term deposits |
|
2,720 |
3,050 |
5,770 |
|
|
|
2,857 |
3,081 |
5,938 |
Unaudited Condensed Statement of Cash Flows
Six months to 30 November 2024
|
|
Notes |
Income shares |
Growth shares |
Total |
|
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
Net cash outflow from operations before dividends and interest |
11 |
(376) |
(535) |
(911) |
|
Dividends received |
|
1,678 |
818 |
2,496 |
|
Interest received |
|
20 |
41 |
61 |
|
Interest paid |
|
(132) |
- |
(132) |
|
Net cash inflow from operating activities |
|
1,190 |
324 |
1,514 |
|
Investing activities |
|
|
|
|
|
Purchases of investments |
|
(1,056) |
(1,226) |
(2,282) |
|
Sales of investments |
|
1,868 |
4,685 |
6,553 |
|
Cash flows from investing activities |
|
812 |
3,459 |
4,271 |
|
Cash flows before financing activities |
|
2,002 |
3,783 |
5,785 |
|
Financing activities |
|
|
|
|
|
Equity dividends paid |
5 |
(1,995) |
- |
(1,995) |
|
Proceeds from issuance of new shares, net of share issuance expenses |
|
314 |
- |
314 |
|
Shares purchased to be held in treasury |
|
(58) |
(2,073) |
(2,131) |
|
Sale of shares from treasury |
|
58 |
- |
58 |
|
Share conversion |
|
223 |
(223) |
- |
|
Cash flows from financing activities |
|
(1,458) |
(2,296) |
(3,754) |
|
Net movement in cash and cash equivalents |
|
544 |
1,487 |
2,031 |
|
Cash and cash equivalents at the beginning of the period |
|
1,200 |
476 |
1,676 |
|
Cash and cash equivalents at the end of the period |
|
1,744 |
1,963 |
3,707 |
|
Represented by: Cash at bank |
|
214 |
43 |
257 |
|
Short-term deposits |
|
1,530 |
1,920 |
3,450 |
|
|
|
1,744 |
1,963 |
3,707 |
Condensed Statement of Cash Flows (audited)
Year to 31 May 2025(1)
|
|
Notes |
Income shares |
Growth shares |
Total |
||
|
|
|
£'000 |
£'000 |
£'000 |
||
|
|
|
|
|
|
||
|
Net cash outflow from operations before dividends and interest |
11 |
(732) |
(1,054) |
(1,786) |
||
|
Dividends received |
|
3,365 |
1,610 |
4,975 |
||
|
Interest received |
|
57 |
113 |
170 |
||
|
Interest paid |
|
(334) |
- |
(334) |
||
|
Net cash inflow from operating activities |
|
2,356 |
669 |
3,025 |
||
|
Investing activities |
|
|
|
|
||
|
Purchases of investments |
|
(5,938) |
(6,359) |
(12,297) |
||
|
Sales of investments |
|
5,374 |
11,848 |
17,222 |
||
|
Cash flows from investing activities |
|
(564) |
5,489 |
4,925 |
||
|
Cash flows before financing activities |
|
1,792 |
6,158 |
7,950 |
||
|
Financing activities |
|
|
|
|
||
|
Equity dividends paid |
5 |
(3,947) |
- |
(3,947) |
||
|
Proceeds from issuance of new shares, net of share issuance expenses |
|
2,064 |
- |
2,064 |
||
|
Shares purchased to be held in treasury |
|
(58) |
(3,219) |
(3,277) |
||
|
Sale of shares from treasury |
|
58 |
400 |
458 |
||
|
Share conversion |
|
223 |
(223) |
- |
||
|
Fixed rate term loan repaid |
|
(5,000) |
- |
(5,000) |
||
|
Revolving credit facility drawdown |
|
5,000 |
- |
5,000 |
||
|
Cash flows from financing activities |
|
(1,660) |
(3,042) |
(4,702) |
||
|
Net movement in cash and cash equivalents |
|
132 |
3,116 |
3,248 |
||
|
Cash and cash equivalents at the beginning of the period |
|
1,200 |
476 |
1,676 |
||
|
Cash and cash equivalents at the end of the period |
|
1,332 |
3,592 |
4,924 |
||
|
Represented by: Cash at bank |
|
192 |
52 |
244 |
||
|
Short-term deposits |
|
1,140 |
3,540 |
4,680 |
||
|
|
|
1,332 |
3,592 |
4,924 |
||
(1) These figures are audited
Unaudited Condensed Statement of Changes in Equity
Six months to 30 November 2025
|
Income shares |
Share capital £000 |
Share premium £000 |
Capital redemption reserve £000 |
2022 special reserve £000 |
2008 special reserve £000 |
Capital reserves £000 |
Revenue reserve £000 |
Total shareholders' funds £000 |
|
As at 31 May 2025 |
2,481 |
5,197 |
2,699 |
29,588 |
19,681 |
(2,540) |
3,869 |
60,975 |
|
Increase in share capital in issue, net of issuance expenses |
112 |
2,845 |
- |
- |
- |
- |
- |
2,957 |
|
Shares purchased for treasury |
- |
- |
- |
- |
(238) |
- |
- |
(238) |
|
Sale of shares from treasury |
- |
7 |
- |
- |
237 |
- |
- |
244 |
|
Share conversion |
(1) |
- |
- |
- |
(46) |
- |
- |
(47) |
|
Transfer of net income from Growth to Income Portfolio |
- |
- |
- |
- |
- |
- |
772 |
772 |
|
Transfer of capital from Income to Growth Portfolio |
- |
- |
- |
- |
- |
(772) |
- |
(772) |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
(2,141) |
(2,141) |
|
Return attributable to shareholders |
- |
- |
- |
- |
- |
5,587 |
1,614 |
7,201 |
|
As at 30 November 2025 |
2,592 |
8,049 |
2,699 |
29,588 |
19,634 |
2,275 |
4,114 |
68,951 |
|
Growth shares |
|
|
|
|
|
|
|
|
|
As at 31 May 2025 |
1,787 |
476 |
2,258 |
29,581 |
6,122 |
51,181 |
- |
91,405 |
|
Increase in share capital in issue, net of issuance expenses |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shares purchased for treasury |
- |
- |
- |
- |
(4,337) |
- |
- |
(4,337) |
|
Sale of shares from treasury |
- |
233 |
- |
- |
1,109 |
- |
- |
1,342 |
|
Share conversion |
1 |
- |
- |
- |
46 |
- |
- |
47 |
|
Transfer of net income from Growth to Income Portfolio |
- |
- |
- |
- |
- |
- |
(772) |
(772) |
|
Transfer of capital from Income to Growth Portfolio |
- |
- |
- |
- |
- |
772 |
- |
772 |
|
Return attributable to shareholders |
- |
- |
- |
- |
- |
9,711 |
772 |
10,483 |
|
As at 30 November 2025 |
1,788 |
709 |
2,258 |
29,581 |
2,940 |
61,644 |
- |
98,940 |
|
Total |
|
|
|
|
|
|
|
|
|
As at 31 May 2025
|
4,268 |
5,673 |
4,957 |
59,169 |
25,803 |
48,641 |
3,869 |
152,380 |
|
Increase in share capital in issue, net of issuance expenses |
112 |
2,845 |
- |
- |
- |
- |
- |
2,957 |
|
Shares purchased for treasury |
- |
- |
- |
- |
(4,575) |
- |
- |
(4,575) |
|
Sale of shares from treasury |
- |
240 |
- |
- |
1,346 |
- |
- |
1,586 |
|
Share conversion |
- |
- |
- |
- |
- |
- |
- |
- |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
(2,141) |
(2,141) |
|
Return attributable to shareholders |
- |
- |
- |
- |
- |
15,298 |
2,386 |
17,684 |
|
Total Company as at 30 November 2025 |
4,380 |
8,758 |
4,957 |
59,169 |
22,574 |
63,939 |
4,114 |
167,891 |
Unaudited Condensed Statement of Changes in Equity
Six months to 30 November 2024
|
Income shares |
Share capital £000 |
Share premium £000 |
Capital redemption reserve £000 |
2022 special reserve £000 |
2008 special reserve £000 |
Capital reserves £000 |
Revenue reserve £000 |
Total shareholders' funds £000 |
|
As at 31 May 2024 |
3,134 |
3,223 |
1,950 |
29,588 |
19,464 |
(998) |
3,903 |
60,264 |
|
Increase in share capital in issue, net of issuance expenses |
17 |
297 |
- |
- |
- |
- |
- |
314 |
|
Shares purchased for treasury |
- |
- |
- |
- |
(58) |
- |
- |
(58) |
|
Sale of shares from treasury |
- |
- |
- |
- |
58 |
- |
- |
58 |
|
Share conversion |
6 |
- |
- |
- |
217 |
- |
- |
223 |
|
Transfer of net income from Growth to Income Portfolio |
- |
- |
- |
- |
- |
- |
627 |
627 |
|
Transfer of capital from Income to Growth Portfolio |
- |
- |
- |
- |
- |
(627) |
- |
(627) |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
(1,995) |
(1,995) |
|
Return attributable to shareholders |
- |
- |
- |
- |
- |
(1,102) |
1,420 |
318 |
|
As at 30 November 2024 |
3,157 |
3,520 |
1,950 |
29,588 |
19,681 |
(2,727) |
3,955 |
59,124 |
|
Growth shares |
|
|
|
|
|
|
|
|
|
As at 31 May 2024 |
2,353 |
428 |
1,698 |
29,581 |
9,206 |
48,969 |
- |
92,235 |
|
Increase in share capital in issue, net of issuance expenses |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shares purchased for treasury |
- |
- |
- |
- |
(2,073) |
- |
- |
(2,073) |
|
Share conversion |
(6) |
- |
- |
- |
(217) |
- |
- |
(223) |
|
Transfer of net income from Growth to Income Portfolio |
- |
- |
- |
- |
- |
- |
(627) |
(627) |
|
Transfer of capital from Income to Growth Portfolio |
- |
- |
- |
- |
- |
627 |
- |
627 |
|
Return attributable to shareholders |
- |
- |
- |
- |
- |
1,020 |
627 |
1,647 |
|
As at 30 November 2024 |
2,347 |
428 |
1,698 |
29,581 |
6,916 |
50,616 |
- |
91,586 |
|
Total |
|
|
|
|
|
|
|
|
|
As at 31 May 2024
|
5,487 |
3,651 |
3,648 |
59,169 |
28,670 |
47,971 |
3,903 |
152,499 |
|
Increase in share capital in issue, net of issuance expenses |
17 |
297 |
- |
- |
- |
- |
- |
314 |
|
Shares purchased for treasury |
- |
- |
- |
- |
(2,131) |
- |
- |
(2,131) |
|
Sale of shares from treasury |
- |
- |
- |
- |
58 |
- |
- |
58 |
|
Share conversion |
- |
- |
- |
- |
- |
- |
- |
- |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
(1,995) |
(1,995) |
|
Return attributable to shareholders |
- |
- |
- |
- |
- |
(82) |
2,047 |
1,965 |
|
Total Company as at 30 November 2024 |
5,504 |
3,948 |
3,648 |
59,169 |
26,597 |
47,889 |
3,955 |
150,710 |
Condensed Statement of Changes in Equity (audited)
Year to 31 May 2025(1)
|
Income Shares |
Share capital £000 |
Share premium £000 |
Capital redemption reserve £000 |
2022 special reserve £000 |
2008 special reserve £000 |
Capital reserves £000 |
Revenue reserve £000 |
Total shareholders' funds £000 |
|
As at 31 May 2024 |
3,134 |
3,223 |
1,950 |
29,588 |
19,464 |
(998) |
3,903 |
60,264 |
|
Increase in share capital in issue, net of share issuance expenses |
90 |
1,974 |
- |
- |
- |
- |
- |
2,064 |
|
Shares purchased for treasury |
- |
- |
- |
- |
(58) |
- |
- |
(58) |
|
Sale of shares from treasury |
- |
- |
- |
- |
58 |
- |
- |
58 |
|
Share conversion |
6 |
- |
- |
- |
217 |
- |
- |
223 |
|
Cancellation of deferred shares |
(749) |
- |
749 |
- |
- |
- |
- |
- |
|
Transfer of net income from Growth to Income Portfolio |
- |
- |
- |
- |
- |
- |
1,109 |
1,109 |
|
Transfer of capital from Income to Growth Portfolio |
- |
- |
- |
- |
- |
(1,109) |
- |
(1,109) |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
(3,947) |
(3,947) |
|
Return attributable to shareholders |
- |
- |
- |
- |
- |
(433) |
2,804 |
2,371 |
|
As at 31 May 2025 |
2,481 |
5,197 |
2,699 |
29,588 |
19,681 |
(2,540) |
3,869 |
60,975 |
|
Growth Shares |
|
|
|
|
|
|
|
|
|
As at 31 May 2024 |
2,353 |
428 |
1,698 |
29,581 |
9,206 |
48,969 |
- |
92,235 |
|
Increase in share capital in issue, net of share issuance expenses |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shares purchased for treasury |
- |
- |
- |
- |
(3,219) |
- |
- |
(3,219) |
|
Sale of shares from Treasury |
- |
- |
- |
- |
400 |
- |
- |
400 |
|
Profit on sale of treasury shares |
- |
48 |
- |
- |
(48) |
- |
- |
- |
|
Share conversion |
(6) |
- |
- |
- |
(217) |
- |
- |
(223) |
|
Cancellation of deferred shares |
(560) |
- |
560 |
- |
- |
- |
- |
- |
|
Transfer of net income from Growth to Income Portfolio |
- |
- |
- |
- |
- |
- |
(1,109) |
(1,109) |
|
Transfer of capital from Income to Growth Portfolio |
- |
- |
- |
- |
- |
1,109 |
- |
1,109 |
|
Return attributable to shareholders |
- |
- |
- |
- |
- |
1,103 |
1,109 |
2,212 |
|
As at 31 May 2025 |
1,787 |
476 |
2,258 |
29,581 |
6,122 |
51,181 |
- |
91,405 |
|
Total |
|
|
|
|
|
|
|
|
|
As at 31 May 2024 |
5,487 |
3,651 |
3,648 |
59,169 |
28,670 |
47,971 |
3,903 |
152,499 |
|
Increase in share capital in issue, net of share issuance expenses |
90 |
1,974 |
- |
- |
- |
- |
- |
2,064 |
|
Shares purchased for treasury |
- |
- |
- |
- |
(3,277) |
- |
- |
(3,277) |
|
Sale of shares from Treasury |
- |
- |
- |
- |
458 |
- |
- |
458 |
|
Profit on sale of treasury shares |
- |
48 |
- |
- |
(48) |
- |
- |
- |
|
Share conversion |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cancellation of deferred shares |
(1,309) |
- |
1,309 |
- |
- |
- |
- |
- |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
(3,947) |
(3,947) |
|
Return attributable to shareholders |
- |
- |
- |
- |
- |
670 |
3,913 |
4,583 |
|
Total Company as at 31 May 2025 |
4,268 |
5,673 |
4,957 |
59,169 |
25,803 |
48,641 |
3,869 |
152,380 |
(1) These figures are audited
Notes
1. Accounting policies
These condensed financial statements, which are unaudited, have been prepared on a going concern basis in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, FRS 102, 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.
The accounting policies applied in the condensed financial statements are set out in the Company's Annual Report and Financial Statements for the year ended 31 May 2025.
2. Income
|
|
Six months to 30 November 2025 |
Six months to 30 November 2024 |
Year to 31 May 2025 |
|
|
£'000 |
£'000 |
£'000 |
|
UK dividends |
2,059 |
1,911 |
3,708 |
|
Overseas dividends |
821 |
583 |
1,109 |
|
Property income distributions |
- |
58 |
88 |
|
Deposit interest |
80 |
61 |
170 |
|
Total income |
2,960 |
2,613 |
5,075 |
3. Investment management fee
|
|
Six months to 30 November 2025 |
Six months to 30 November 2024 |
Year to 31 May 2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Investment management fee |
507 |
513 |
1,022 |
|
|
507 |
513 |
1,022 |
The Company's Investment Manager is Columbia Threadneedle Investment Business Limited (the 'Manager'). Until 31 August 2025, the Manager received an investment management fee at the rate of 0.65% per annum of the total assets of each Portfolio payable quarterly in arrears, subject to being reduced to 0.325% per annum on any assets which are invested in other investment vehicles managed by the Manager. With effect from 1 September 2025, the investment management fee is at a rate of 0.60% per annum of the net asset value of each Portfolio payable quarterly in arrears. There is no charge on any assets which are invested in other investment vehicles managed by the Manager. A fee for secretarial and administration services is also paid to the Manager.
The terms of the Investment Management Agreement with the Manager are summarised in the Company's Annual Report and Financial Statements to 31 May 2025.
4. Return per share
The return per share for the six months to 30 November 2025 is as follows:
|
|
Income shares |
Growth shares |
||||
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Return attributable to Portfolios |
1,614 |
5,587 |
7,201 |
772 |
9,711 |
10,483 |
|
Transfer of net income from Growth Portfolio to Income Portfolio |
772 |
- |
772 |
(772) |
- |
(772) |
|
Transfer of capital from Income Portfolio to Growth Portfolio |
- |
(772) |
(772) |
- |
772 |
772 |
|
Return attributable to shareholders |
2,386 |
4,815 |
7,201 |
- |
10,483 |
10,483 |
|
Return per share |
4.39p |
8.86p |
13.25p |
- |
31.31p |
31.31p |
|
Weighted average number of shares in issue during the period |
54,363,643 |
33,484,580 |
||||
The return per share for the comparative six months to 30 November 2024 is as follows:
|
|
Income shares |
Growth shares |
||||
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Return attributable to Portfolios |
1,420 |
(1,102) |
318 |
627 |
1,020 |
1,647 |
|
Transfer of net income from Growth Portfolio to Income Portfolio |
627 |
- |
627 |
(627) |
- |
(627) |
|
Transfer of capital from Income Portfolio to Growth Portfolio |
- |
(627) |
(627) |
- |
627 |
627 |
|
Return attributable to shareholders |
2,047 |
(1,729) |
318 |
- |
1,647 |
1,647 |
|
Return per share |
3.94p |
(3.33p) |
0.61p |
- |
4.68p |
4.68p |
|
Weighted average number of shares in issue during the period |
51,894,373 |
35,204,822 |
||||
The return per share for the comparative year to 31 May 2025 is as follows:
|
|
Income shares |
Growth shares |
||||
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Return attributable to Portfolios |
2,804 |
(433) |
2,371 |
1,109 |
1,103 |
2,212 |
|
Transfer of net income from Growth Portfolio to Income Portfolio |
1,109 |
- |
1,109 |
(1,109) |
- |
(1,109) |
|
Transfer of capital from Income Portfolio to Growth Portfolio |
- |
(1,109) |
(1,109) |
- |
1,109 |
1,109 |
|
Return attributable to shareholders |
3,913 |
(1,542) |
2,371 |
- |
2,212 |
2,212 |
|
Return per share |
7.44p |
(2.93p) |
4.51p |
- |
6.33p |
6.33p |
|
Weighted average number of shares in issue during the year |
52,569,505 |
34,946,339 |
||||
5. Dividends
|
|
Payment |
Six months to 30 November 2025 |
Six months to 30 November 2024 |
Year to 31 May 2025 |
|
Dividends on Income shares |
Date |
£'000 |
£'000 |
£'000 |
|
Amounts recognised as distributions during the period: |
|
|
|
|
|
In respect of the previous financial year: |
|
|
|
|
|
- fourth interim of 2.05p (prior period: 2.00p) per Income share |
11-Jul-2025 |
1,105 |
1,036 |
1,036 |
|
In respect of the period under review: |
|
|
|
|
|
- first interim of 1.90p (prior period: 1.85p) per Income share |
10-Oct-2025 |
1,036 |
959 |
959 |
|
- second interim (prior period: 1.85p per Income share) |
- |
- |
- |
968 |
|
- third interim (prior period: 1.85p per Income share) |
- |
- |
- |
984 |
|
|
|
2,141 |
1,995 |
3,947 |
A second interim dividend in respect of the year to 31 May 2026 of 1.90p per Income share was paid on 16 January 2026 to shareholders on the register on 12 December 2025. This amount has not been accrued in the results for the six months to 30 November 2025.
For the financial year to 31 May 2025 interim dividends totalled 7.60p per Income share.
The Growth shares do not carry an entitlement to receive dividends.
6. Investments
|
|
Income shares Level 1(1) £'000 |
Growth shares Level 1(1) £'000 |
Total £'000 |
|
Cost at 31 May 2025 Gains at 31 May 2025 |
56,586 9,990 |
57,125 30,831 |
113,711 40,821 |
|
Valuation at 31 May 2025 Movement in the period Purchases at cost Sales proceeds Gains on investments sold in the period Gains/(losses) on investments held at period end |
66,576
20,968 (19,183) 2,544 3,290 |
87,956
32,552 (34,162) 12,163 (2,216) |
154,532
53,520 (53,345) 14,707 1,074 |
|
Valuation of investments held at 30 November 2025 |
74,195 |
96,293 |
170,488
|
|
Cost at 30 November 2025 Gains at 30 November 2025 |
60,915 13,280 |
67,678 28,615
|
128,593 41,895
|
|
Valuation at 30 November 2025 |
74,195
|
96,293
|
170,488
|
(1) Fair value hierarchy.
|
Gains/(losses) on investments |
Income shares £'000 |
Growth shares £'000 |
Total £'000 |
|
Gains on investments sold in the period Gains/ (losses) on investments held at period end |
2,544 3,290
|
12,163 (2,216)
|
14,707 1,074
|
|
Total gains on investments |
5,834
|
9,947
|
15,781
|
The Company's Investments as disclosed in the Balance Sheet are valued at fair value. The fair value as at the reporting date has been estimated using the following fair value hierarchy:
· Level 1 - quoted prices (unadjusted) in active markets for identical assets;
· Level 2 - investments whose value is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables includes only data from observable markets; and
· Level 3 - investments whose value is not based on observable market data.
There were no investments held which were valued in accordance with Levels 2 or 3.
7. Debtors
|
30 November 2025 |
Income shares £'000 |
Growth shares £'000 |
Total £'000 |
|
Accrued Income |
387 |
320 |
707 |
|
Proceeds from issuance and sale of shares |
535 |
301 |
836 |
|
Due from broker |
- |
714 |
714 |
|
Other debtors and prepayments |
38 |
28 |
66 |
|
|
960 |
1,363 |
2,323 |
|
30 November 2024 |
Income shares £'000 |
Growth shares £'000 |
Total £'000 |
|
Accrued Income |
267 |
216 |
483 |
|
Other debtors and prepayments |
12 |
15 |
27 |
|
|
279 |
231 |
510 |
|
31 May 2025 |
Income shares £'000 |
Growth shares £'000 |
Total £'000 |
|
Accrued Income |
241 |
116 |
357 |
|
Other debtors and prepayments |
45 |
30 |
75 |
|
|
286 |
146 |
432 |
8. Creditors
Amounts falling due within one year
|
30 November 2025 |
Income shares £'000 |
Growth shares £'000 |
Total £'000 |
|
Revolving credit facility |
7,000 |
- |
7,000 |
|
Management fee accrued |
97 |
140 |
237 |
|
Secretarial and administration services fee accrued |
11 |
16 |
27 |
|
Due to brokers |
1,878 |
1,556 |
3,434 |
|
Other accruals |
75 |
85 |
160 |
|
|
9,061 |
1,797 |
10,858 |
|
30 November 2024 |
Income shares £'000 |
Growth shares £'000 |
Total £'000 |
|
£5 million fixed rate term loan with maturity 10 February 2025 |
5,000 |
- |
5,000 |
|
Revolving credit facility |
2,000 |
- |
2,000 |
|
Management fee accrued |
104 |
147 |
251 |
|
Secretarial and administration services fee accrued |
10 |
16 |
26 |
|
Other accruals |
77 |
107 |
184 |
|
|
7,191 |
270 |
7,461 |
|
31 May 2025 |
Income shares £'000 |
Growth shares £'000 |
Total £'000 |
|
Revolving credit facility |
7,000 |
- |
7,000 |
|
Management fee accrued |
107 |
148 |
255 |
|
Secretarial and administration services fee accrued |
11 |
16 |
27 |
|
Due to Brokers |
- |
6 |
6 |
|
Other accruals |
101 |
119 |
220 |
|
|
7,219 |
289 |
7,508 |
At 30 November 2025 the Company had a £10 million unsecured revolving credit facility ('RCF') with The Royal Bank of Scotland International Limited. This facility was put in place effective 10 February 2025 and is available until 10 February 2027. The interest rate on the amounts drawn down under the RCF are variable based on SONIA plus a margin and a non-utilisation fee is payable on undrawn amounts.
During the six months to 30 November 2025 there were no changes in the amount borrowed and
therefore no change in liabilities arising from financing activities.
9. Share capital
|
|
Listed |
Held in treasury |
In issue |
|||
|
|
Number |
£'000 |
Number |
£'000 |
Number |
£'000 |
|
Income shares |
|
|
|
|
|
|
|
Balance at 1 June 2025(1) |
53,790,518 |
2,481 |
- |
- |
53,790,518 |
2,481 |
|
Issued |
2,430,000 |
112 |
- |
- |
2,430,000 |
112 |
|
Purchased for treasury |
- |
- |
(200,000) |
(9) |
(200,000) |
(9) |
|
Resold from treasury |
- |
- |
200,000 |
9 |
200,000 |
9 |
|
Share conversion: |
|
|
|
|
|
|
|
- Income to Growth |
(248,593) |
(11) |
- |
- |
(248,593) |
(11) |
|
- Growth to Income |
210,269 |
10 |
- |
- |
210,269 |
10 |
|
Balance at 30 November 2025(1) |
56,182,194 |
2,592 |
- |
- |
56,182,194 |
2,592 |
|
|
Deferred shares - Income |
|
|
|||
|
|
Number |
£'000 |
|
|
|
|
|
Deferred shares - Income |
|
|
|
|
|
|
|
Balance at 1 June 2025 |
- |
- |
|
|
|
|
|
Issue of 248,593 shares(2) |
248,593 |
- |
|
|
|
|
|
Balance at 30 November 2025(2) |
248,593 |
- |
|
|
|
|
|
Total called-up share capital |
|
2,592 |
|
|
|
|
(1) The nominal value of each Income share is £0.046131176 per Income share.
(2) The nominal value of each Deferred share is £0.00314649 per share.
During the period, the Company issued 2,430,000 (30 November 2024: 285,000; 31 May 2025: 1,870,000) Income shares from the block listing facilities receiving net proceeds of £2,957,000 (30 November 2024: £330,000; 31 May 2025: £2,064,000). During the period, the Company bought back 200,000 (30 November 2024: 50,000; 31 May 2025: 50,000) Income shares through the market for treasury at a cost of £238,000 (30 November 2024: £58,000: 31 May 2025: £58,000) and resold from treasury 200,000 (30 November 2024: 50,000; 31 May 2025: 50,000) Income shares receiving net proceeds of £244,000 (30 November 2024: £58,000, 31 May 2025: £58,000).
During the period, valid conversion notices were received to convert 248,593 Income shares (which represented a value of £305,000). These were converted into 100,864 Growth shares in accordance with the Company's Articles and by reference to the ratio of the relative underlying net asset values of the Growth shares and Income shares on the conversion date.
The Company's Articles allow for Deferred shares to be allotted as part of the share conversion to ensure that the conversion does not result in a reduction of the aggregate par value of the Company's issued share capital. The Deferred shares (and their par value) issued as part of the share conversion in the period are set out above. The Deferred shares will be repurchased by the Company from time to time as last authorised by shareholders at the October 2025 AGM.
Since the end of the period, the Company has issued a further 3,095,000 Income shares from the block listing facilities receiving net proceeds of £3,880,000.
|
|
Listed |
Held in treasury |
In issue |
|||
|
|
Number |
£'000 |
Number |
£'000 |
Number |
£'000 |
|
Growth shares |
|
|
|
|
|
|
|
Balance at 1 June 2025(1) |
38,741,161 |
1,787 |
(4,360,000) |
(201) |
34,381,161 |
1,586 |
|
Issued |
- |
- |
- |
- |
- |
- |
|
Purchased for treasury |
- |
- |
(1,578,000) |
(73) |
(1,578,000) |
(73) |
|
Resold from Treasury |
- |
- |
450,000 |
21 |
450,000 |
21 |
|
Share conversion: |
|
|
|
|
|
|
|
- Growth to Income |
(85,315) |
(4) |
- |
- |
(85,315) |
(4) |
|
- Income to Growth |
100,864 |
5 |
- |
- |
100,864 |
5 |
|
Balance at 30 November 2025(1) |
38,756,710 |
1,788 |
(5,488,000) |
(253) |
33,268,710 |
1,535 |
|
|
Deferred shares - |
|
|
|||
|
|
Growth |
|
|
|
|
|
|
|
Number |
£'000 |
|
|
|
|
|
Deferred shares - Growth |
|
|
|
|
|
|
|
Balance at 1 June 2025 |
- |
- |
|
|
|
|
|
Issue of 85,315 shares(2) |
85,315 |
- |
|
|
|
|
|
Balance at 30 November 2025(2) |
85,315 |
- |
|
|
|
|
|
Total called-up share capital |
|
1,788 |
|
|
|
|
(1) The nominal value of each Growth share is £0.046131176 per Growth share.
(2) The nominal value of each Deferred share is £0.00314649 per share.
During the period the Company bought back 1,578,000 (30 November 2024: 815,000; 31 May 2025: 1,255,000) Growth shares throughout the market for treasury at a cost of £4,337,000 (30 November 2024: £2,073,000; 31 May 2025: £3,219,000) and resold from treasury 450,000 (30 November 2024: nil; 31 May 2025: 150,000) Growth shares receiving net proceeds of £1,342,000 (30 November 2024: nil; 31 May 2025: £400,000).
During the period, valid conversion notices were received to convert 85,315 Growth shares (which represented a value of £258,000). These were converted into 210,269 Income shares in accordance with the Company's Articles and by reference to the ratio of the relative underlying net asset values of the Growth shares and Income shares on the conversion date.
The Company's Articles allow for Deferred shares to be allotted as part of the share conversion to ensure that the conversion does not result in a reduction of the aggregate par value of the Company's issued share capital. The Deferred shares (and their par value) issued as part of the share conversion in the period are set out above. The Deferred shares will be repurchased by the Company from time to time as last authorised by shareholders at the October 2025 AGM.
Since the end of the period, the Company has resold from treasury a further 765,000 Growth shares receiving net proceeds of £2,355,000.
10. Net asset value per share
|
|
30 November 2025 |
30 November 2024 |
31 May 2025 |
|
Income shares |
|
|
|
|
Net asset value per share - pence |
122.73p |
113.25p |
113.36p |
|
Net assets attributable at end of period - £'000 |
68,951 |
59,124 |
60,975 |
|
Shares in issue at end of period - number |
56,182,194 |
52,205,518 |
53,790,518 |
|
|
|
|
|
|
Growth shares |
|
|
|
|
Net asset value per share - pence |
297.40p |
264.16p |
265.86p |
|
Net assets attributable at end of period - £'000 |
98,940 |
91,586 |
91,405 |
|
Shares in issue at end of period - number |
33,268,710 |
34,671,161 |
34,381,161 |
11. Reconciliation of return on ordinary activities before tax to net cash outflow from operations
|
Six months to 30 November 2025 |
Income shares £'000 |
Growth shares £'000 |
Total £'000 |
|
|
Return on ordinary activities before tax |
7,201 |
10,483 |
17,684 |
|
|
Adjust for returns from non-operating activities: |
|
|
|
|
|
Gains on investments |
(5,834) |
(9,947) |
(15,781) |
|
|
Foreign exchange losses |
3 |
2 |
5 |
|
|
Return from operating activities |
1,370 |
538 |
1,908 |
|
|
(Increase)/decrease in prepayments |
(3) |
2 |
(1) |
|
|
Decrease in creditors |
(27) |
(42) |
(69) |
|
|
Dividend income |
(1,891) |
(989) |
(2,880) |
|
|
Interest income |
(31) |
(49) |
(80) |
|
|
Interest expense |
194 |
- |
194 |
|
|
Net cash outflow from operations before dividends and interest |
(388) |
(540) |
(928) |
|
|
Six months to 30 November 2024 |
Income shares £'000 |
Growth shares £'000 |
Total £'000 |
|
|
Return on ordinary activities before tax |
318 |
1,647 |
1,965 |
|
|
Adjust for returns from non-operating activities: |
|
|
|
|
|
Losses/(gains) on investments |
891 |
(1,260) |
(369) |
|
|
Foreign exchange gains |
(1) |
- |
(1) |
|
|
Return from operating activities |
1,208 |
387 |
1,595 |
|
|
Decrease in prepayments |
14 |
25 |
39 |
|
|
Decrease in creditors |
(32) |
(40) |
(72) |
|
|
Dividend income |
(1,686) |
(866) |
(2,552) |
|
|
Interest income |
(20) |
(41) |
(61) |
|
|
Interest expense |
140 |
- |
140 |
|
|
Net cash outflow from operations before dividends and interest |
(376) |
(535) |
(911) |
|
|
Year to 31 May 2025 |
Income shares £'000 |
Growth shares £'000 |
Total £'000 |
|
|
Return on ordinary activities before tax |
2,371 |
2,212 |
4,583 |
|
|
Adjust for returns from non-operating activities: |
|
|
|
|
|
Gains on investments |
(22) |
(1,578) |
(1,600) |
|
|
Foreign exchange losses |
4 |
- |
4 |
|
|
Return from operating activities |
2,353 |
634 |
2,987 |
|
|
Decrease in prepayments |
14 |
10 |
24 |
|
|
Increase in creditors |
(17) |
(27) |
(44) |
|
|
Dividend income |
(3,347) |
(1,558) |
(4,905) |
|
|
Interest income |
(57) |
(113) |
(170) |
|
|
Interest expense |
322 |
- |
322 |
|
|
Net cash outflow from operations before dividends and interest |
(732) |
(1,054) |
(1,786) |
|
12. Earnings
Earnings for the six months to 30 November 2025 should not be taken as a guide to the results for the full year to 31 May 2026.
13. Tax
The effective revenue tax rate for the period to 30 November 2025 was nil% (30 November 2024: nil%; 31 May 2025: nil%). This is lower than the standard rate of corporation tax due to the level of non-taxable dividend income.
14. Going concern
In assessing the going concern basis of accounting, the Directors have had regard to the guidance issued by the Financial Reporting Council and have undertaken a rigorous review of the Company's ability to continue as a going concern. The Board has, in particular, considered the outlook for inflation and ongoing macroeconomic and geopolitical concerns.
The Company's investment objective and policy, which is subject to regular Board monitoring processes, is designed to ensure that the Company is invested principally in listed securities. The value of these investments exceeds the Company's liabilities by a significant margin. The Company retains title to all assets held by its Custodian and has an agreement relating to its borrowing facility with which it has complied during the period. Cash is only held with banks approved and regularly reviewed by the Manager.
As part of the going concern review, the Directors noted that a £10 million revolving credit facility is committed to the Company until 10 February 2027 and loan covenants are reviewed by the Board on a regular basis.
The Company does not have a fixed life. However, the Company's Articles of Association require the Board to next put a resolution to shareholders at the 2028 Annual General Meeting ('AGM') (and five yearly thereafter) to continue the Company. The continuation vote will be proposed as an ordinary resolution. The last such resolution was put to shareholders and passed at the AGM held on 28 September 2023.
The Directors believe, having assessed the principal risks and other matters, in light of the controls and review processes and bearing in mind the nature of the Company's business and assets and revenue and expenditure projections, that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. Accordingly, the financial statements have been drawn up on the basis that the Company is a going concern.
15. Related party transactions
The Board of Directors is considered a related party. Under the FCA UK Listing Rules, the Manager is also defined as a related party. However, the existence of an independent Board of Directors demonstrates that the Company is free to pursue its own financial and operating policies, and therefore, under the AIC SORP, the Manager is not considered to be a related party for accounting purposes.
There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or performance of the Company during the period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could do so.
Investment management fees to the Manager are set out in note 3 and note 8 where accrued management fees and accrued secretarial and administration services fees are disclosed.
16. Results
The Company's auditor, BDO LLP, has not audited or reviewed the Half-Year Report and the results for the six months to 30 November 2025 and 30 November 2024 pursuant to the Auditing Practices Board guidance on 'Review of Interim Financial Information'. These are not full statutory financial statements in terms of Section 434 of the Companies Act 2006 and are unaudited. Statutory financial statements for the year ended 31 May 2025, which received an unqualified audit report and did not contain a statement under Section 498 of the Companies Act 2006, have been lodged with the Registrar of Companies. The abridged financial statements included for the year ended 31 May 2025 are an extract from those financial statements. No full statutory financial statements in respect of any period after 31 May 2025 have been reported on by the Company's auditor or delivered to the Registrar of Companies.
The Half-Year Report to 30 November 2025 is available on the website maintained on behalf of the Company at www.ctglobalmanagedportfolio.co.uk and will shortly be submitted to the National Storage Mechanism and will be available for inspection at: data.fca.org.uk/#/nsm/nationalstoragemechanism
Statement of Principal Risks and Uncertainties
As an investment company, investing primarily in listed securities, most of the Company's principal risks and uncertainties that could threaten the achievement of its objective, strategy, future performance, liquidity and solvency are market‑related.
These risks, and the way in which they are managed, are described in more detail under the heading 'Principal Risks and Uncertainties and Viability Statement' within the Strategic Report in the Company's Annual Report and Financial Statements for the year ended 31 May 2025.
The principal risks identified in the Annual Report and Financial Statements were:
• market risk - the Company's assets consist mainly of listed closed-end investment companies and its principal risks are therefore market-related and include market risk (comprising currency risk, interest rate risk and other price risk), liquidity risk and credit risk;
• investment performance risk; and
• third party service delivery and cyber risk.
The Board continues to review the key risk summary for the Company which identifies the risks that the Company is exposed to and the controls in place and the actions being taken to mitigate them. The Board has also considered the outlook for inflation and ongoing macroeconomic and geopolitical concerns.
The Board considers that the Company's principal risks and uncertainties have not changed materially since 25 July 2025, the date that the Company's Annual Report and Financial Statements was approved, and are not expected to change materially for the remainder of the Company's financial year. The Board has also considered these principal risks in relation to going concern, as set out in Note 14.
Statement of Directors' Responsibilities in Respect of the Half-Year Report
We confirm that to the best of our knowledge:
· the condensed set of financial statements has been prepared in accordance with applicable UK Accounting Standards on a going concern basis and give a true and fair view of the assets, liabilities, financial position and return of the Company;
· the Chairman's Statement, the Investment Managers' Review and the Statement of Principal Risks and Uncertainties (together constituting the Interim Management Report) include a fair review of the information required by Disclosure Guidance and Transparency Rule ('DTR') 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 financial statements;
· the Statement of Principal Risks and Uncertainties is a fair review of the principal risks and uncertainties for the remainder of the financial year; and
· the Half-Year Report includes a fair review of the information required by DTR 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 the period, and any changes in the related party transactions described in the last Annual Report and Financial Statements that could do so.
On behalf of the Board
David Warnock
Director
29 January 2026
Alternative Performance Measures ('APMs')
The Company uses the following APMs. These are not statutory accounting measures and are not intended as a substitute for statutory measures.
Discount/premium - the share price of an investment company is derived from buyers and sellers trading their shares on the stock market. This price is not identical to the net asset value ('NAV') per share of the underlying assets less liabilities of the Company. If the share price is lower than the NAV per share, the shares are trading at a discount. This usually indicates that there are more sellers of shares than buyers. Shares trading at a price above NAV per share are deemed to be at a premium usually indicating there are more buyers of shares than sellers.
|
|
30 November 2025 |
|
31 May 2025 |
|||
|
|
Income |
Growth |
|
Income |
Growth |
|
|
shares |
shares |
|
shares |
shares |
||
|
Net asset value per share |
(a) |
122.73p |
297.40p |
|
113.36p |
265.86p |
|
Share price |
(b) |
123.50p |
300.00p |
|
115.50p |
258.00p |
|
+Premium/ -discount (c = (b-a)/(a)) |
(c) |
+0.6% |
+0.9% |
|
+1.9% |
-3.0% |
Total return - the return to shareholders calculated on a per share basis taking into account both any dividends paid in the period and the increase or decrease in the share price or NAV in the period. The dividends are assumed to have been re-invested in the form of shares or net assets, respectively, on the date on which the shares were quoted ex-dividend.
The effect of reinvesting these dividends on the respective ex-dividend dates and the share price total returns and NAV total returns are shown below.
|
|
Six months to 30 November 2025 |
|
Year to 31 May 2025 |
||
|
Total return - NAV |
Income shares |
Growth shares |
|
Income Shares |
Growth Shares |
|
NAV per share at start of financial period/year |
113.36p |
265.86p |
|
116.51p |
259.29p |
|
NAV per share at end of financial period/year |
122.73p |
297.40p |
|
113.36p |
265.86p |
|
Change in the period/year |
8.3% |
11.9% |
|
-2.7% |
2.5% |
|
Impact of dividend reinvestments(1) |
3.7% |
n/a |
|
6.9% |
n/a |
|
NAV total return for the period/year |
12.0% |
11.9% |
|
4.2% |
2.5% |
(1) During the six months to 30 November 2025 dividends totalling 3.95p went ex-dividend with respect to the Income shares. During the year to 31 May 2025 the equivalent figure was 7.55p.
|
|
Six months to 30 November 2025 |
|
Year to 31 May 2025 |
||
|
Total return - Share price |
Income shares |
Growth shares |
|
Income Shares |
Growth Shares |
|
Share price per share at start of financial period/year |
115.5p |
258.0p |
|
119.0p |
254.0p |
|
Share price per share at end of financial period/year |
123.5p |
300.0p |
|
115.5p |
258.0p |
|
Change in the period/year |
6.9% |
16.3% |
|
-2.9% |
1.6% |
|
Impact of dividend reinvestment(1) |
3.8% |
n/a |
|
6.7% |
n/a |
|
Share price total return for the period/year |
10.7% |
16.3% |
|
3.8% |
1.6% |
(1) During the six months to 30 November 2025 dividends totalling 3.95p went ex-dividend with respect to the
Income shares. During the year to 31 May 2025 the equivalent figure was 7.55p.
Yield - the total annual dividend expressed as a percentage of the period-end share price.
|
|
|
30 November 2025
|
31 May 2025
|
|
Annual dividend |
(a) |
7.60p(1) |
7.60p |
|
Income share price |
(b) |
123.5p |
115.5p |
|
Yield (c = a/b) |
(c) |
6.2% |
6.6% |
(1) Based on dividends at the expected minimum annual rate of 7.60 pence per Income share for the
financial year to 31 May 2026.
Net gearing/net cash - this is calculated by expressing the Company's borrowings less cash and cash equivalents as a percentage of shareholders' funds. If the amount calculated is positive this is described as net gearing. If the amount calculated is negative, this is described as net cash.
|
|
30 November 2025 |
31 May 2025 |
||
|
|
Income Shares £'000 |
Growth Shares £'000 |
Income Shares £'000 |
Growth Shares £'000 |
|
Borrowings |
7,000 |
- |
7,000 |
- |
|
Less cash and cash equivalents |
(2,857) |
(3,081) |
(1,332) |
(3,592) |
|
|
4,143 |
(3,081) |
5,668 |
(3,592) |
|
Shareholders' funds |
68,951 |
98,940 |
60,975 |
91,405 |
|
+Net gearing/-net cash |
+6.0% |
-3.1% |
+9.3% |
-3.9% |
Compound annual total return - converts the total return over a period of more than one year to a constant annual rate of return applied to the compounded value at the start of each year.
|
|
|
30 November 2025 |
|
|
|
Growth shares |
|
Indexed NAV total return at 30 November 2010 |
|
100.0 |
|
Indexed NAV total return at 30 November 2025 |
|
308.8 |
|
Period (years) |
|
15.0 |
|
Compound annual total return |
|
7.8% |
For further information, please contact:
Adam Norris, Columbia Threadneedle Investment Business Limited 0131 573 8300
Paul Green, Columbia Threadneedle Investment Business Limited 0131 573 8300
Ian Ridge, Columbia Threadneedle Investment Business Limited 0131 573 8316
Sarah Gibbons-Cook, Quill PR 07702 412680
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