Title: 242362519.pdf URL Source: https://documentscdn.financialexpress.net/Literature/89884384D81D966E95FDB11C7943F5DD/242362519.pdf Number of Pages: 3 Markdown Content: # Global Opportunities Trust 30 APRIL 2026 Investment Objective The Company’s objective is to provide shareholders with an attractive real long-term total return by investing globally in undervalued asset classes. The portfolio is managed without reference to the composition of any stock market index. Investment Approach The Company invests in a range of assets across both public and private markets throughout the world. These assets include quoted and unquoted securities, investment companies, funds, debt instruments, cash, short-term deposits and derivatives. No investment in the Company’s portfolio may exceed 15% of the Company’s total assets at the time of investment. Investments in private markets will not, in aggregate, exceed 30% of total assets at the time of investment. Up to 50% total assets may be invested in bonds, debt instruments, cash or cash equivalents. Occasionally the Company may borrow for investment purposes up to the equivalent of 25% of its total assets. By contrast, the Company’s portfolio may from time to time have substantial holdings of debt instruments, cash or short-term deposits. The Company has flexibility (within the parameters of its investment objective and policy) in the use of derivative instruments within its portfolio for efficient portfolio management, including for the purposes of hedging and leverage and it is hoped that this will support the Company’s long term growth strategy. The investment approach provides the Company with the flexibility to seek out value across asset classes and be pragmatic in its portfolio construction by only investing in assets which the Board considers to be undervalued on an absolute basis, and hold such assets until they achieve their long-term earnings potential or valuation. The portfolio will usually have a high active share, that is to say it will have a very low correlation to the FTSE All-World Index. Portfolio turnover is generally low. Philosophy Through disciplined and intensive research, the Portfolio Manager identifies stocks which it considers are clearly undervalued. It is their belief that such undervaluation arises because the stock market’s investment horizon is too short. The Company buys and holds stocks based on valuation and not by reference to an index weighting. As long-term investors (5 years +), they stress the need for patience in investing. With effect from January 2026, the Company transitioned from a self-managed investment trust to being managed by Goodhart Partners. There are no changes to the Company’s investment policy. Dr Sandy Nairn is now part of the Goodhart Partners team. Inception Date 15 December 2003 Portfolio Manager Goodhart Partners LLP Year End 31 December Total Assets £117.7m NAV per Share 402.6p Share Price 1 329.0p Discount to NAV 18.3% Turnover 2 45% Gearing (Net) 3 None Number of Equity Holdings 26 Portfolio Manager’s Fee Shareholders’ Funds 0.5% (Fees are per annum and paid quarterly in arrears based on the quarter end valuation) Ongoing Charges 4 1.11% Dividends Annual Stock Identifiers SEDOL Code – 3386257 TIDM – GOT ISIN – GB0033862573 Listing London Stock Exchange 1 Quoted is the mid-market closing price on the London Stock Exchange on 30 April2026. 2 Turnover is calculated by dividing the total of purchases and sales of investments in a year by two, then dividing by the average monthly net assets of the Company in a year. 3 The Company has no net gearing. 4 RNS ‘Update on Management Arrangements’ announced on 30 December 2025. Top 10 Equity Holdings and Portfolio Composition Company Sector Country Market Value % of Net Assets US T Bill 3 Sep 26 Fixed Income United States 14,522,824 12.3 AVI Japan Discovery Fund Financials Japan 8,414,058 7.2 Volunteer Park Capital Fund SCSp Financials Luxembourg 6,439,918 5.5 Unilever Consumer Staples United Kingdom 2,940,568 2.5 Orange Communication Services France 2,915,810 2.5 Verizon Communications Communication Services United States 2,901,243 2.5 Carlsberg Consumer Staples Denmark 2,472,486 2.1 GQG Partners Inc. Financials United States 2,348,115 2.0 Laboratorios Farmaceutico Health Care Spain 2,337,550 2.0 Sanofi Health Care France 2,205,113 1.9 Total Top 10 Equity & Bond Holdings 40.5 16 Other Equity Holdings 23.3 Stock Index Futures – short position -6.6 Morgan Stanley Sterling Liquidity Fund 9.4 BlackRock Sterling Liquidity Fund 8.6 RBS International US$ notice account 8.3 Other cash accounts 11.5 Futures margin accounts 7.4 Other current assets/(liabilities) -2.4 Total Assets 100.0 Global Opportunities Trust 30 APRIL 2026 Performance Data Past performance is no guide to future performance. Periodic Performance* (%) 1 Month 3 Months 1 Year 2 Years 3 Years 5 Years Since inception p.a Share Price -1.9 0.4 21.1 8.5 3.4 5.4 7.3 Net Asset Value (NAV) per share 0.7 2.9 12.9 8.0 6.2 7.8 8.3 FTSE All-World Index 6.9 4.7 29.2 16.7 17.2 11.6 10.9 FTSE World Government Bond Index 0.0 -0.4 0.4 2.8 1.5 -1.3 2.4 AIC Flexible Investment Sector 4.6 0.2 11.8 7.4 4.9 2.5 7.2 Discrete Performance* (%) 30 April 2025 30 April 2026 30 April 2024 30 April 2025 30 April 2023 30 April 2024 30 April 2022 30 April 2023 30 April 2021 30 April 2022 Share Price 21.1% -2.7% -6.2% 14.5% 3.0% Net Asset Value (NAV) per share 12.9% 3.2% 2.8% 9.4% 10.9% FTSE All-World Index 29.2% 5.4% 18.3% 2.5% 4.8% FTSE World Government Bond Index 0.4% 5.2% -0.9% -3.8% -7.0% AIC Flexible Investment Sector 11.8% 3.1% 0.1% -9.8% 8.6% * Inception date 15 Dec 2003. Share Price NAV and FTSE All-World Index total returns are sourced from LSEG Datastream. Share price returns are calculated on a closing mid price basis. All dividends are reinvested at the ex-dividend date. Returns shown in the table alongside for periods greater than 12 months are annualised. The FTSE All-World Index figures are included for reference purposes only. Dividends 2025 2024 2023 2022 2021 Total 10.3p 10.0p 5.0p 5.0p 5.0p Dividends are shown in this table once announced. Sector Analysis (%) Regional Analysis (%) Cash FX Analysis (%) Cash & Other Fixed Interest Materials Consumer Discretionary Information Technology Energy Communication Services Industrials Health Care Consumer Staples Financials 37.6 36.2 2.9 1.1 0.0 12.3 3.1 1.1 1.9 4.8 3.2 3.9 5.0 13.7 5.5 4.4 9.8 6.3 9.2 22.2 14.7 1.1 Cash & Other Fixed Interest Asia Pacific ex Japan UK Japan Americas Europe ex UK 22.1 25.1 12.8 11.6 12.5 7.2 12.3 0.0 3.1 1.1 37.6 36.2 6.5 11.9 2026 2025 > US Dollar British Pound Swiss Franc 9.6 26.0 2.1 # Global Opportunities Trust 30 APRIL 2026 Risk Warnings The Company is listed on the London Stock Exchange. As a result, the value of the shares and any income derived from them can fall as well as rise, and investors may not get back the full value of their investment. As the Company invests in overseas securities, fluctuations in exchange rates may also cause the value of the shares (and any income from them) to fall as well as rise. The Company can borrow money to make further investments. This is known as ‘gearing’. The effect of gearing can enhance returns in a rising market, but if the value of the investments falls, any borrowing will increase the amount of the loss. The Company can buy back and cancel its own shares. The risks from borrowing referred to above, are increased when a Company buys back and cancels its shares. The Company’s portfolio is likely to be more concentrated than that of other companies and the share price and NAV are therefore likely to be more volatile than other more diversified portfolios. The Company charges 70% of management fees and finance costs related to borrowings to capital and 30% to income. With the exception of costs that are incidental to the acquisition or disposal of investments, which are charged to capital, all other expenses are charged to income. Where income is low, expenses may exceed the total income received and capital value would be reduced. Stocks held in the fund may decrease in price or may not increase in price as anticipated if they continue to be undervalued by the stock market or if the factors that the Board or Portfolio Manager believe will cause the stock price to increase do not occur. The investment style may perform better or worse than equity funds that follow other approaches. The Company may also invest a substantial portion of its assets in debt instruments, cash or cash equivalents. Fixed Income Securities may be affected by changes in expectations of inflation, changes in interest rates and the credit rating of the issuer. Holding cash balances can protect against losses in falling equity markets, but if equity markets rise, the Company may not experience the same level of returns as equity markets. Dividends are not guaranteed. Enquiries Contact: Juniper Partners Limited T: +44 (0) 131 378 0500 E: cosec@junipartners.com W: globalopportunitiestrust.com 28 Walker Street Edinburgh EH3 7HR Global Opportunities Trust plc (the Company), is an Alternative Investment Fund for the purposes of the Alternative Investment Fund Managers Directive. The Company has appointed Juniper Partners Limited to act as its Alternative Investment Fund Manager. This factsheet does not constitute, a recommendation, offer, invitation or Solicitation to deal in securities. This factsheet contains information and opinions which may change without notice. Any information on investments does not constitute independent research and is therefore not subject to the protections afforded to independent research. The Directors of the Company and employees of the Portfolio Manager may have dealt or have positions in the securities mentioned. Further details of the risks associated with investment in the Company, information about how charges are applied and a Key Investor Document can be obtained by contacting the number or email address alongside.