Title: 230420828.pdf URL Source: https://documentscdn.financialexpress.net/Literature/8EC03CBAB9C7077D8F8E4D7A71C55C99/230420828.pdf Number of Pages: 3 Markdown Content: # CT UK High Income Trust PLC B Shares # B Shares As at 30 June 2025 inv.trusts@columbiathreadneedle.com | 0345 600 3030 | ctukhighincome.co.uk Page 1 of 3 Fund manager David Moss Manager Commentary Markets were relatively calm in June, at least after the turmoil of April and May, with the FTSE All -Share rising just under half of one percent in the month. News flow around tariffs continued but, bar the odd negative headline or announcement, this had l ittle impact on equities. Perhaps more surprisingly, geo -politics also had little impact, despite the surprise event of the Israeli attack on Iran and the subsequent bombing of Iranian nuclear facilities by the United States. While the oil price did react initially, given the very limited response from Iran and subsequent ceasing (for the time being) of hostilities, this reversed very quickly and markets continu ed to be relatively becalmed. The Trust was behind the market in June, with the net asset value ( NAV) falling slightly relative to our benchmark that was slightly up. The biggest negative impact came in the construction sector, with both building materials company Breedon and brick company I bstock warning of a softer near -term outlook. Ibstock was the biggest single detractor as the company pushed out the anticipated recovery in profitability. In both cases we see issues as temporary, and we added to our positions. Not ow ning Diageo and Unilever was positive for performance, as investors once again que stioned their near -term prospects and the longer -term growth potential. Collectively our holdings in the UK life insurers Legal & General, Phoenix and M&G all had a positive impact on performance, although there wa s limited additional news after Dai -Ichi’s announced investment in M&G in May. As well as adding to Ibstock and Breedon , we topped up positions in Smurfit Westrock after a period of very weak performance and purchased a new position in UK infrastructure business Kier. This business has a chequered history and investors long memorie s, meaning that the stock trades at a very attractive valuation in absolute terms and relative to peers, despite a radically -improved business with strong positions in areas where there is a strong commitment to huge investment, such as water. The dividend is currentl y fairly low, but we expect to see strong growth over the next few years. This acquisition was funded by selling the position in legal finance company Burford. We have realised significant value in the last few years after the stock firstly recovered from the short -sellers attack and t hen benefited as the legal judgement on the forced -nationalisation of an Argentinian oil company went in their favour. There remains significant potential from this case win, but the time for Burford to actually receive any proceeds is indeterminate with t he Argentine government continuing to obfuscate in any way possible. With limited near -term dividend potential and risks of higher taxes on litigation -finance in the US, we felt it was time to sell what was a small position and move on. Key risks Sto ck market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. A fund investing in a specific country carries a greater risk than a fund diversified acr oss a range of countries. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. Key facts as at 30.06.2025 Trust aims: To provide an attractive return to shareholders each year in the form of dividends and/or capital returns, together with prospects for capital growth. In pursuit of this objective, the Company invests predominantly in UK equities and equity -related securit ies of companies across the market capitalisation spectrum. Benchmark: FTSE All -Share Index Fund type: Investment Trust Launch date: 1 March 2007 Total assets: £134.8 million Share price: 101.50p NAV: 103.35p Discount/premium( -/+): -1.79% Capital repayment dates: Feb, May, Aug, Nov Net yield †: 5.70% Net gearing: 8.05% Management fee rate**: 0.60% Ongoing charges**: 1.04% Year end: 31 March Sector: UK Equity Income Currency: Sterling Website: ctukhighincome.co.uk **Please refer to the latest annual report for the calculation of ongoing charges and how the management fee is structured. Morningstar rating †CT UK High Income Trust PLC B Shares inv.trusts@columbiathreadneedle.com | 0345 600 3030 | ctukhighincome.co.uk Page 2 of 3 Fund performance as at 30.06.25 Cumulative performance as at 30.06.25 (%) 1 Month YTD 1 Year 3 Years 5 Years NAV -0.20 10.04 13.96 38.71 56.37 Share price 1.00 13.97 26.13 42.65 69.32 Benchmark 0.48 9.09 11.16 35.50 67.27 Discrete annual performance as at 30.06.25 (%) 2025/24 2024/23 2023/22 2022/21 2021/20 NAV 13.96 15.87 5.05 -8.24 22.85 Share price 26.13 5.38 7.32 -7.54 28.38 Benchmark 11.16 12.98 7.89 1.64 21.45 Past performance is not a guide to future performance. Source: Lipper and Columbia Threadneedle Investments. Basis: Percentage growth, total return, bid to bid price with net incom e reinvested in sterling. The discrete performance table refers to 12 month periods, ending at the date shown. Trust codes Stock exchange code Sedol CT UK High Income CHI B1N4G29 CT UK High Income B CHIB B1N4H59 Top 10 holdings (%) Portfolio Weight Benchmark Weight Difference Sector HSBC 6.82 6.29 0.53 Financials Shell 5.33 6.18 -0.85 Energy AstraZeneca 4.91 6.14 -1.23 Health Care Rolls Royce 3.88 3.32 0.56 Industrials Rio Tinto 3.68 1.78 1.90 Basic Materials GSK 3.26 2.27 0.99 Health Care Legal & General Group 3.13 0.59 2.54 Financials Imperial Brands 3.09 0.90 2.19 Consumer Staples BAE Systems 2.87 2.29 0.58 Industrials National Grid 2.75 2.10 0.65 Utilities > All figures are subject to rounding. Not all holdings are in the FTSE All -Share Index. > -10 > 0 > 10 > 20 > 30 > 40 > 50 > 60 > 70 > 80 > 1 Month YTD 1 Year 3 Years 5 Years > % NAV Share Price Benchmark CT UK High Income Trust PLC B Shares # To find out more visit columbiathreadneedle.com All information is sourced from Columbia Threadneedle Investments, unless otherwise stated. All percentages are based on gross assets, unless stated otherwise. †In the absence of unforeseen circumstances, the company currently intends that the aggregate distribution for the financial year to 31 March 2026 will be at least 5.79 pence per share. The yield is therefore calculated using a rate of 5.79 pence per share and the closing share price at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. **Ongoing charges as at 31 March 202 5. Please refer to the latest annual report as to how the management fee is structured. Ongoing charges are calculated in accordance with AIC recommendations. The share price may either be below (at a discount) or above (at a premium) the NAV. Discounts and premiums vary continuously. © 2025 Columbia Threadneedle Investments. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. This financial promotion is issued for marketing and information purposes only by Columbia Threadneedle Investments in the UK. CT UK High Income Trust PLC is an investment trust and its B Shares are traded on the main market of the London Stock Exchange. English language copies of the key information document (KID) can be obtained from Columbia Threadneedle Investments, Cannon Place, 78 Cannon Street, London EC4N 6A. Email: inv.trusts@columbiathreadneedle.com or electronically at www.columbiathreadneedle.com. Please read before taking any investment decision. The information provided in the marketing material does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell or otherwise transact in the fund. The manager has the right to terminate the arrangements made for marketing. FTSE International Limited (“FTSE”) © FTSE 2025. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Financial promotions are issued for marketing and information purposes; in the United Kingdom by Columbia Threadneedle Management Limited, which is authorised and regulated by the Financial Conduct Authority; in the EEA by Columbia Threadneedle Netherlands B.V., which is regulated by the Dutch Authority for the Financial Markets (AFM); and In Switzerland: Issued by Threadneedle Portfolio Services A.G, acting as representative office of Columbia Threadneedle Management Limited. In the Middle East: This document is distributed by Columbia Threadneedle Investments (ME) Limited, which is regulated by the Dubai Financial Services Authority (DFSA). For Distributors: This document is intended to provide distributors with information about Group products and services and is not for further distribution. For Institutional Clients: The information in this document is not intended as financial advice and is only intended for persons with appropriate investment knowledge and who meet the regulatory criteria to be classified as a Professional Client or Market Counterparties and no other Person should act upon it. > †© 2025 Morningstar. All Rights Reserved. Ratings are latest available at time of publication and may be lagged 1 month. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar Rating, including its methodology, please click here. inv.trusts@columbiathreadneedle.com | 0345 600 3030 | ctukhighincome.co.uk Page 3 of 3 Total summary % of investment portfolio FTSE 100 78.64 FTSE 250 16.81 Non -Index 3.78 Overseas 0.77 AIM 0.00 Glossary Bid price Investment trust shares are sold via the stock exchange at the bid price. This price is determined by supply and demand. Dividend Income paid to shareholders by the company they invest in. Net asset value A key measure of the value of a company or trust – the total value of assets less liabilities, divided by the number of shares. Net capital repayment pence per share (paid) / (declared) with respect to the financial year to 31 March 202 2 202 3 202 4 202 5 202 6 August 1.29 1.32 1.32 1.35 1.37 November 1.29 1.32 1.32 1.35 February 1.32 1.32 1.32 1.35 May 1.55 1.55 1.66 1.74 Total 5.45 5.51 5.62 5.79 1.37 All figures are subject to rounding.