Global Opportunities Trust plc
Legal
Entity Identifier: 2138005T5CT5ITZ7ZX58
Half-Yearly
Results for the six months to 30 June
2024 (unaudited)
Financial Highlights
INCREASE
IN NET ASSET VALUE PER SHARE
1.4%
|
NET
ASSET VALUE TOTAL RETURN*
3.1%
|
SHAREHOLDERS’
FUNDS
£107.9m
|
DISCOUNT
TO NET ASSET VALUE*
19.8%
|
|
30
June
2024
|
31
December
2023
|
%
Change
|
Net
Assets/Shareholders’ Funds (£)
|
107,896,000
|
106,411,000
|
1.4
|
Shares in
issue
|
29,222,180
|
29,222,180
|
–
|
Net Asset
Value per share (pence)*
|
369.2
|
364.1
|
1.4
|
Share
Price (pence)
|
296.0
|
298.0
|
(0.7)
|
Share
Price Discount to Net Asset Value (%)*
|
19.8
|
18.2
|
n/a
|
*
Alternative Performance Measure.
CHAIRMAN’S
STATEMENT
I am
pleased to present the Company’s interim report for the six months
to 30 June 2024.
Investment
performance
For the
six months to 30 June 2024, the
Company generated positive returns. Net Asset Value (‘NAV’) Total
Return increased by 3.1% whilst Share Price Total Return increased
by 1.0%, with dividends assumed to be reinvested. In comparison,
the FTSE All-World Index rose 12.2% on a total return basis, with
the strong performance experienced at the end of 2023 continuing
into the first half of 2024. The Bloomberg Global Aggregate Bond
Index on the other hand declined by approximately 2%. 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 2024 the Company had Net
Assets of £107.9m (31 December 2023:
£106.4m), the NAV per ordinary share was 369.2p (31 December 2023: 364.1p) and the middle market
price per share on the London Stock Exchange was 296.0p
(31 December 2023: 298.0p),
representing a discount of 19.8% to NAV.
Share
capital and discount
The
widening of the Company’s discount from its year-end position of
18.2% is disappointing albeit the discount averaged a comparable
18.4% 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 22.2% as at
30 June 2024. The narrowing of the
Company’s discount is a focus of the Board and the opportunities to
expand the Company’s reach by appealing to a wider shareholder base
are continuing to be explored. No share buybacks were undertaken
during the period.
2024
Annual General Meeting
I chaired
my third Annual General Meeting of the Company which was held on
16 May 2024 (‘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 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 our Executive Director, Dr Nairn. There is
also an option to sign-up to receive the latest publications
directly via email.
Outlook
In the
short to medium term the outlook is dominated by geopolitical
events. A large number of Western countries are facing elections.
In the UK we have the prospect of reasonable stability with the
election of a new Labour government which is emphasising fiscal
responsibility and growth. The outlook is less stable when one
considers the recent results of the French elections and the
looming US Presidential election. The war in Ukraine grinds on with shocking loss of life
and China has been making ominous
noises about Taiwan for some time
now. Equity markets have been remarkably resilient against this
backdrop such that they are close to historically high valuations
on a cyclically adjusted basis. This leaves us with a continued
risk averse approach albeit with some opportunities beginning to
appear, particularly further down the market capitalisation
scale.
Keep
in Touch
As always,
the Board welcomes communication from shareholders and I can be
contacted through the Company Secretary at
cosec@junipartners.com.
Cahal Dowds
Chairman
3 September 2024
EXECUTIVE
DIRECTOR’S REPORT
The first
six months of 2024 broadly followed the pattern of 2023 albeit that
equity returns were particularly skewed towards the artificial
intelligence (‘AI’) theme and a small number of US technology
stocks in particular. Whilst AI has been widely used since the
1980’s the ‘new’ AI relates to its ability to process the written
word through ‘large language models’ (‘LLMs’). This element of AI
is still in the early stages and whilst it will inevitably bring
productivity improvements in a range of areas it is not the
economic panacea that markets seem to believe. We remain in an
environment with elevated valuations and meaningful government debt
overhangs which have to constrain policy. This reality is dawning
on electorates which are reacting to the realisation that incumbent
governments cannot satisfy all the promises that have been made.
This will lead to more political instability with France as an early example. Against this
backdrop the UK stands out as an area of relative
stability.
Whilst
bond markets have corrected, equity market valuations remain at
historically high levels which implies substantial risk, even if
the economic and political background were more supportive. For
this reason, the portfolio remains conservatively positioned.
However, the composition is more nuanced since we still see
opportunities, particularly outside of the mega-caps. In the first
half we initiated positions in Qinetiq and Jet2 for example.
Qinetiq has leadership positions in a number of defence related
areas and Jet2, whilst affected by the economic cycle, combines a
low valuation with a high-quality management team. This has been
part of increasing exposure to the UK equities. The portfolio also
reoriented part of the Japanese exposure from larger companies
which had performed well into the AVI Japan Special Situations Fund
to take advantage of the value in the over-capitalised Japanese
small-cap companies.
We
anticipate that the stark economic choices facing the major
economies will prove increasingly difficult to ignore and will
become ever more evident in company results/ forecasts. Combining
this with an unfolding election season and the global geopolitical
tensions suggests that the seemingly unshakeable optimism of equity
markets will be severely tested.
The
portfolio has been constructed to try and provide positive returns
through the cycle including periods of asset market decline. For
this reason, one of the characteristics has been a volatility level
around one third that of equity markets. The target has been to
identify attractive investments without taking on meaningful broad
equity market risk. There will come a time when it is appropriate
to take a more sanguine view of risk and we are prepared to do this
when the potential returns justify.
Dr
Sandy Nairn
Executive
Director
3 September 2024
PORTFOLIO
OF INVESTMENTS
as at
30 June 2024 (unaudited)
Company
|
Sector
|
Country
|
Valuation
£’000
|
%
of
Net
assets
|
Templeton
European Long-Short Equity SIF1
|
Financials
|
Luxembourg
|
16,113
|
14.9
|
AVI Japan
Special Situations Fund
|
Financials
|
Japan
|
8,097
|
7.5
|
Volunteer
Park Capital Fund SCSp2
|
Financials
|
Luxembourg
|
7,842
|
7.3
|
TotalEnergies
|
Energy
|
France
|
3,749
|
3.5
|
Unilever
|
Consumer
Staples
|
United
Kingdom
|
3,345
|
3.1
|
Samsung
Electronics
|
Information
Technology
|
South
Korea
|
2,902
|
2.7
|
Qinetiq
|
Industrials
|
United
Kingdom
|
2,658
|
2.5
|
ENI
|
Energy
|
Italy
|
2,606
|
2.4
|
Lloyds
Banking
|
Financials
|
United
Kingdom
|
2,360
|
2.2
|
Imperial
Brands
|
Consumer
Staples
|
United
Kingdom
|
2,276
|
2.1
|
Jet2
|
Industrials
|
United
Kingdom
|
2,204
|
2.0
|
Alibaba
|
Consumer
Discretionary
|
Hong
Kong
|
2,186
|
2.0
|
Tesco
|
Consumer
Staples
|
United
Kingdom
|
2,163
|
2.0
|
Orange
|
Communication
Services
|
France
|
2,110
|
2.0
|
Dassault
Aviation
|
Industrials
|
France
|
1,954
|
1.8
|
General
Dynamics
|
Industrials
|
United
States
|
1,952
|
1.8
|
Sanofi
|
Health
Care
|
France
|
1,820
|
1.7
|
RTX
|
Industrials
|
United
States
|
1,804
|
1.7
|
Panasonic
|
Consumer
Discretionary
|
Japan
|
1,753
|
1.6
|
Verizon
Communications
|
Communication
Services
|
United
States
|
1,512
|
1.4
|
|
|
|
|
|
Total
investments
|
|
|
71,406
|
66.2
|
Cash
and other net current assets
|
|
|
36,490
|
33.8
|
Net
assets
|
|
|
107,896
|
100.0
|
1 Luxembourg
Specialised Investment Fund
2 Luxembourg
Special Limited Partnership
DISTRIBUTION
OF INVESTMENTS
as at
30 June 2024 (% net
assets)
Sector
Distribution
|
|
|
Geographical
Distribution
|
|
|
|
|
|
Sector
|
%
|
|
Region
/ country
|
%
|
Financials:
Long-Short Fund
|
14.9
|
|
Europe ex
UK
|
11.4
|
Financials:
Japan Fund
|
7.5
|
|
Europe:
Long-Short Fund
|
14.9
|
Financials:
Private Equity Fund
|
7.3
|
|
Total
Europe
|
26.3
|
Financials:
Direct Equities
|
2.2
|
|
North
America: Private Equity Fund
|
7.3
|
Total
Financials
|
31.9
|
|
North
America: Direct Equities
|
4.9
|
Industrials
|
9.8
|
|
Total
North America
|
12.2
|
Consumer
Staples
|
7.2
|
|
United
Kingdom
|
13.9
|
Energy
|
5.9
|
|
Japan
|
9.1
|
Consumer
Discretionary
|
3.6
|
|
Asia
Pacific ex Japan
|
4.7
|
Communication
Services
|
3.4
|
|
Cash and
other net assets*
|
33.8
|
Information
Technology
|
2.7
|
|
|
|
Health
Care
|
1.7
|
|
|
|
Cash and
other net assets*
|
33.8
|
|
|
|
The
figures detailed in the sector distribution represent the Company’s
exposure to those sectors.
The
figures detailed in the geographical distribution 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 cash and other net assets as at
30 June 2024 is based on currencies
held in the following regions/countries:
US
Dollar
|
24.8%
|
British
Pound
|
6.4%
|
Swiss
Franc
|
2.2%
|
Euro
|
0.3%
|
Japanese
Yen
|
0.1%
|
|
33.8%
|
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 Chairman’s Statement and Executive Director’s Report on
pages 3 to 5 of the Interim Report. The principal factors that
could impact the remaining six months of the financial year are
also detailed in the Chairman’s Statement and Executive Director’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 2023.
The Board
considers that the following risks remain the principal risks
associated with investing in the Company: investment and strategy
risk, key person risk, discount volatility risk, price risk,
foreign currency risk, liquidity risk, operational risk and
regulatory 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 and uncertainties” within the Strategic Report in the
Company’s Annual Report and Financial Statements for the year ended
31 December 2023.
The
emerging risks facing the Company have largely remained unchanged
since those detailed in the Annual Report for the year ended
31 December 2023, namely those risks
arising from heightened geopolitical tensions.
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
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
Chairman
3 September 2024
INCOME
STATEMENT
for the
six months to 30 June 2024
(unaudited)
|
Six
months
to
30 June 2024
|
Six
months
to
30 June 2023
|
|
Revenue
£’000
|
Capital
£’000
|
Total
£’000
|
Revenue
£’000
|
Capital
£’000
|
Total
£’000
|
Gains on
investments at fair value through profit or loss
|
–
|
2,288
|
2,288
|
–
|
564
|
564
|
Unrealised
foreign exchange losses on current assets
|
–
|
(157)
|
(157)
|
–
|
(2,278)
|
(2,278)
|
Realised
foreign exchange losses on current assets
|
–
|
(342)
|
(342)
|
–
|
(7)
|
(7)
|
Income
|
1,623
|
–
|
1,623
|
1,539
|
–
|
1,539
|
Management
fee
|
(20)
|
(48)
|
(68)
|
(25)
|
(58)
|
(83)
|
Other
expenses
|
(299)
|
–
|
(299)
|
(348)
|
–
|
(348)
|
Net
return before finance costs and taxation
|
1,304
|
1,741
|
3,045
|
1,166
|
(1,779)
|
(613)
|
Finance
costs
|
|
|
|
|
|
|
Interest
payable and related charges
|
(9)
|
–
|
(9)
|
(8)
|
–
|
(8)
|
Net
return before taxation
|
1,295
|
1,741
|
3,036
|
1,158
|
(1,779)
|
(621)
|
Taxation –
overseas withholding tax
|
(90)
|
–
|
(90)
|
(182)
|
–
|
(182)
|
Net
return after taxation
|
1,205
|
1,741
|
2,946
|
976
|
(1,779)
|
(803)
|
Return
per share
|
4.1p
|
6.0p
|
10.1p
|
3.3p
|
(6.1)p
|
(2.8)p
|
All
revenue and capital items in the above statement derive from
continuing operations.
The total
column of this statement is the profit and loss account of the
Company.
The
revenue and capital columns are prepared in accordance with
guidance issued by the Association of Investment Companies
(“AIC”).
A separate
Statement of Comprehensive Income has not been prepared as all
gains and losses are included in the Income Statement.
BALANCE
SHEET
as at
30 June 2024 (unaudited)
|
30
June
2024
(unaudited)
£’000
|
31
December
2023
(audited)
£’000
|
Fixed
asset investments
|
|
|
Investments
at fair value through profit or loss
|
71,406
|
64,083
|
|
|
|
Current
assets
|
|
|
Debtors
|
587
|
374
|
Cash at
bank and short-term deposits
|
36,030
|
42,105
|
|
36,617
|
42,479
|
Current
liabilities
|
|
|
Creditors
|
(127)
|
(151)
|
|
(127)
|
(151)
|
Net
current assets
|
36,490
|
42,328
|
Net
assets
|
107,896
|
106,411
|
|
|
|
Capital
and reserves
|
|
|
Called-up
share capital
|
645
|
645
|
Share
premium
|
1,597
|
1,597
|
Capital
redemption reserve
|
14
|
14
|
Special
reserve
|
9,760
|
9,760
|
Capital
reserve
|
92,022
|
90,281
|
Revenue
reserve
|
3,858
|
4,114
|
Total
shareholders’ funds
|
107,896
|
106,411
|
Net
asset value per share
|
369.2
|
364.1
|
STATEMENT
OF CHANGES IN EQUITY
for the
six months to 30 June 2024
(unaudited)
Six
months to
30
June 2024
|
Share
capital
£’000
|
Share
premium
£’000
|
Capital
redemption
reserve
£’000
|
Special
reserve
£’000
|
Capital
reserve
£’000
|
Revenue
reserve
£’000
|
Total
£’000
|
At 31
December 2023
|
645
|
1,597
|
14
|
9,760
|
90,281
|
4,114
|
106,411
|
Net return
after
taxation
|
–
|
–
|
–
|
–
|
1,741
|
1,205
|
2,946
|
Dividends
paid
|
–
|
–
|
–
|
–
|
–
|
(1,461)
|
(1,461)
|
At
30 June 2024
|
645
|
1,597
|
14
|
9,760
|
92,022
|
3,858
|
107,896
|
Six
months to
30
June 2023
|
Share
capital
£’000
|
Share
premium
£’000
|
Capital
redemption
reserve
£’000
|
Special
reserve
£’000
|
Capital
reserve
£’000
|
Revenue
reserve
£’000
|
Total
£’000
|
At 31
December 2022
|
645
|
1,597
|
14
|
9,760
|
90,098
|
4,030
|
106,144
|
Net return
after
taxation
|
–
|
–
|
–
|
–
|
(1,779)
|
976
|
(803)
|
Dividends
paid
|
–
|
–
|
–
|
–
|
–
|
(1,461)
|
(1,461)
|
At
30 June 2023
|
645
|
1,597
|
14
|
9,760
|
88,319
|
3,545
|
103,880
|
STATEMENT
OF CASH FLOW
For the
six months to 30 June 2024
(unaudited)
|
Six
months to
30
June 2024
£’000
|
Six
months to
30
June 2023
£’000
|
Cash
flows from operating activities
|
|
|
Net return
on ordinary activities before taxation
|
3,036
|
(621)
|
Adjustments
for:
|
|
|
Gains on
investments
|
(2,288)
|
(564)
|
Interest
payable
|
9
|
8
|
Purchases
of investments*
|
(15,132)
|
(52)
|
Sales of
investments*
|
10,077
|
4,383
|
Dividend
income
|
(921)
|
(1,105)
|
Other
income
|
(702)
|
(434)
|
Dividend
income received
|
877
|
1,064
|
Other
income received
|
610
|
456
|
Increase
in receivables
|
(39)
|
(2)
|
Decrease
in payables
|
(24)
|
(76)
|
Overseas
withholding tax deducted
|
(108)
|
(185)
|
|
(7,641)
|
3,493
|
Net
cash flows from operating activities
|
(4,605)
|
2,872
|
Cash
flows from financing activities
|
|
|
Equity
dividends paid from revenue
|
(1,461)
|
(1,461)
|
Interest
paid
|
(9)
|
(9)
|
Net
cash flows from financing activities
|
(1,470)
|
(1,470)
|
Net
(decrease)/increase in cash and cash
equivalents
|
(6,075)
|
1,402
|
Cash and
cash equivalents at the start of the period
|
42,105
|
36,629
|
Cash
and cash equivalents at the end of the period
|
36,030
|
38,031
|
* Receipts
from the sale of, and payments to acquire, investment securities
have been classified as components of cash flows from operating
activities because they form part of the Company’s dealing
operations.
NOTES TO THE
FINANCIAL STATEMENTS
for the six months to
30 June 2024
-
Accounting
policies
Basis of
accounting
The Company applies
Financial Reporting Standard (“FRS”) 102: “The Financial Reporting
Standard applicable in the UK and Republic of Ireland” and the
Statement of Recommended Practice as issued by the AIC. The Company
has prepared the Financial Statements for the six months to
30 June 2024 in accordance with FRS
104: “Interim Financial Reporting”.
The accounting policies
are set out in the Company’s Annual Report and Financial Statements
for the year ended 31 December 2023
and remain unchanged. 70% of management fees and finance costs
relating to borrowings are charged to capital, with 30% of these
costs charged to revenue, as detailed in the Income
Statement.
Going
concern
The financial statements
have been prepared on a going concern basis and on the basis that
approval as an investment trust company will continue to be
met.
The Directors have made an
assessment of the Company’s ability to continue as a going concern
and are satisfied that the Company has adequate resources to
continue in operational existence for a period of at least 12
months from the date when these financial statements were
approved.
The Directors have noted
that the Company, holding a portfolio consisting principally of
liquid listed investments and cash balances, is able to meet the
obligations of the Company as they fall due, any future funding
requirements and finance future additional investments. The Company
is a closed end fund, where assets are not required to be
liquidated to meet day-to-day redemptions.
The Directors have
reviewed stress tests assessing the impact of changes and scenario
analysis to assist them in determination of going concern. In
making this assessment, the Directors have considered plausible
downside scenarios that have been financially modelled. These tests
apply to any set of circumstances in which asset value and income
are significantly impaired. The conclusion was that in a plausible
downside scenario, the Company could continue to meet its
liabilities. Whilst the economic future is uncertain, and the
Directors believe that it is possible the Company could experience
further reductions in income and/or market value, the opinion of
the Directors is that this is unlikely to be to a level which would
threaten the Company’s ability to continue as a going
concern.
The Company and its key
service providers have put in place contingency plans to minimise
disruption. Furthermore, the Directors are not aware of any
material uncertainties that may cast significant doubt on the
Company’s ability to continue as a going concern, having taken into
account the liquidity of the Company’s investment portfolio and the
Company’s financial position in respect of its cash flows,
borrowing facilities and investment commitments. Therefore, the
financial statements have been prepared on the going concern
basis.
Comparative
information
The financial information
for the six months to 30 June 2024
and for the six months to 30 June
2023 have not been audited or reviewed by the Company’s
Auditor pursuant to the Auditing Practices Board guidance on such
reviews. The financial information contained in this report does
not constitute statutory accounts as defined in the Companies Act
2006.
The latest published
audited financial statements which have been delivered to the
Registrar of Companies are the Annual Report and Financial
Statements for the year ended 31 December
2023; the report of the Independent Auditor thereon was
unqualified and did not contain a statement under Section 498 of
the Companies Act 2006. Information shown for the year ended
31 December 2023 is extracted from
that Annual Report and Financial Statements.
Segmental
reporting
The Directors are of the
opinion that the Company is engaged in a single segment of
business, being investment business. The Company primarily invests
in listed companies.
-
Income
|
Six
months to
30
June 2024
£’000
|
Six
months to
30
June 2023
£’000
|
Revenue
|
|
|
Income
from investments
|
|
|
UK
dividend income
|
278
|
257
|
Overseas
dividend income
|
643
|
848
|
|
921
|
1,105
|
Total
income comprises
|
|
|
Dividend
income
|
921
|
1,105
|
Rebate
income
|
38
|
30
|
Bank
interest
|
664
|
404
|
|
1,623
|
1,539
|
-
Dividends
|
Six
months to
30
June 2024
£’000
|
Six
months to
30
June 2023
£’000
|
2023 final
dividend of 5.0p per ordinary share paid in May 2024
|
1,461
|
–
|
2022 final
dividend of 5.0p per ordinary share paid in May 2023
|
–
|
1,461
|
|
1,461
|
1,461
|
-
Return per
share
|
Six
months to
30
June 2024
|
Six
months to
30
June 2023
|
|
Net
return
£’000
|
Per
share
pence
|
Net
return
£’000
|
Per
share
pence
|
Revenue
return after taxation
|
1,205
|
4.1
|
976
|
3.3
|
Capital
return after taxation
|
1,741
|
6.0
|
(1,779)
|
(6.1)
|
Total
return
|
2,946
|
10.1
|
(803)
|
(2.8)
|
The returns per share for
the six months to 30 June 2024 are
based on 29,222,180 shares (six months to 30
June 2023: 29,222,180 shares), being the weighted average
number of shares, excluding shares held in treasury, in circulation
during the period.
-
Investments
|
Six
months to
30
June 2024
£’000
|
Year
to
31
December 2023
£’000
|
Opening
book cost
|
54,044
|
60,663
|
Changes in
fair value of investments
|
10,039
|
8,620
|
Opening
fair value
|
64,083
|
69,283
|
Movements
in the period:
|
|
|
Purchases
at cost
|
15,132
|
949
|
Sales –
proceeds
|
(10,097)
|
(8,420)
|
Sales – realised
gains on sales
|
280
|
852
|
Changes in
fair value of investments
|
2,008
|
1,419
|
Closing
fair value
|
71,406
|
64,083
|
|
|
|
Closing
book cost
|
59,359
|
54,044
|
Changes in
fair value of investments
|
12,047
|
10,039
|
Closing
fair value
|
71,406
|
64,083
|
The fair
value hierarchy for investments held at fair value at the period
end is as follows:
|
30
June 2024
£’000
|
31
December 2023
£’000
|
Level
1
|
47,451
|
41,135
|
Level
2
|
16,113
|
14,699
|
Level
3
|
7,842
|
8,249
|
|
71,406
|
64,083
|
-
Cash at bank and
short-term deposits
|
30
June
2024
£’000
|
31
December
2023
£’000
|
US
dollar
|
26,702
|
25,904
|
Sterling
|
6,805
|
5,011
|
Swiss
franc
|
2,302
|
2,441
|
Euro
|
123
|
125
|
Japanese
yen
|
88
|
8,613
|
South
Korean won
|
10
|
11
|
|
36,030
|
42,105
|
During the
period, the Company opened a new US dollar notice account with The
Royal Bank of Scotland International Limited. As at 30 June 2024 £10,500,000 was placed on deposit
(31 December 2023: £nil).
The
Company also opened two new US dollar liquidity funds with Goldman
Sachs and JPMorgan respectively. As at 30
June 2024 £7,685,000 was placed in each fund, totalling
£15,370,000 (31 December 2023:
£nil).
-
Net asset value per share
and share capital
The NAV is based on net
assets at 30 June 2024 of
£107,896,000 (31 December 2023:
£106,411,000) and on 29,222,180 shares (31
December 2023: 29,222,180 shares), being the number of
shares, excluding shares held in treasury, in circulation at the
period end.
During the six months to
30 June 2024, no shares were
repurchased or issued from Treasury by the
Company.
As at 30 June 2024 there were 64,509,642 shares in
issue of which 35,287,462 shares were held in treasury, resulting
in there being 29,222,180 shares in circulation.
-
Related party
transactions
Dr Sandy Nairn is the Executive Director of the
Company and is a substantial shareholder.
The Company has invested
in Volunteer Park Capital Fund SCSp (“VPC”). The Alternative
Investment Fund Manager of VPC is Goodhart Partners LLP
(“Goodhart”). Goodhart Partners S.a.r.l. is the general partner to
VPC and is 100% owned by Goodhart. Goodhart was also appointed to
provide investment sub-advisory services to the Company with effect
from 31 May 2023.
Dr Nairn is the sole
controller of a company which holds a significant shareholding
(30.61%) in Goodhart and will be a beneficiary of the management
fees and carried interest payable to Goodhart related companies.
Given Dr Nairn’s interests in Goodhart, it was agreed with him, in
March 2023, that his salary would be
reduced (such reduction equalling the entire salary, if necessary)
by his share (through his minority interest in Goodhart) of amounts
credited in the same period in respect of (i) any carried interest
on co-investments made by the Company alongside Goodhart and (ii)
any partnership profit allocations attributable to Goodhart’s net
profits on fees earned from the Company (including the Company’s
existing investment in VPC and any carried interest attributable to
VPC earned by Goodhart or any Goodhart-sponsored
vehicle).
-
Post balance sheet
events
There were no events
subsequent to the half-year end and up to 3
September 2024, the date of this report.
-
Availability of
Half-Yearly Report
The Half-Yearly Report
will shortly be available to view on the Company's website
at www.globalopportunitiestrust.com
where up to
date information on the Company, including daily NAV and share
prices, factsheets and portfolio information can also be
found.
A copy of the Half-Yearly
Report will shortly be submitted to the Financial Conduct
Authority’s National Storage Mechanism and will be available for
inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information
please contact:
Juniper
Partners Limited
Company
Secretary
e-mail:
cosec@junipartners.com
3 September 2024
[END]