Title: 242363016.pdf URL Source: https://documentscdn.financialexpress.net/Literature/ADA7925E06344CCA168761A294BCC948/242363016.pdf Number of Pages: 3 Markdown Content: # The Global Smaller Companies Trust PLC ## As at 30 April 2026 inv.trusts@columbiathreadneedle.com | 0345 600 3030 | globalsmallercompanies.co.uk Page 1 of 3 Fund manager Nish Patel Manager Commentary Smaller companies soared in April as markets bounced on news of a ceasefire in the Middle East. Whilst gains were broad based, the best performance came from outside the US. Semiconductor stocks surged and the technology sector strongly outperformed as a result . Telecommunications and industrials also delivered good performance. Consumer staple s, energy and healthcare lagged. The announced ceasefire largely held through the month, with no resumption of full -scale conflict, but negotiations dragged on and the Strait of Hormuz remained closed to shipping. Inflation rose a little but not enough to prompt central banks to take action. Economic data in North America and the Emerging Markets was better than expected, whilst data in Europe deteriorated. The trust’s net asset value (NAV) and share price outperformed the benchmark in April. The discount t o NAV narrowed in the month. In North America, our portfolio outperformed the local index (MSCI North America Small Cap). Positive contributors included M axLinear, the manufacturer of digital connectivity products, which reported very strong growth from it s datacentre business and stabilisation in its broadband division. Avnet, a global electronic components distributor, saw an improvement in demand and its guidance for future profits was above expectations. Advanced Energy Industries, which manufactures po wer control solutions, rose with the wider semiconductor sector. On the negative side, Ensign Group, an operator of healthcare facilities, fell on concerns that more stringent reviews by managed ca re organisations might dampen admissions. Wheaton Precious Metals fell with the gold price. Genpact, the IT consultancy, dropped with the wider IT services sector. The UK portfolio underperformed its benchmark (Deutsche Numis Small Companies Excluding Investment Companies Index). Positive contributors included XP Power, a producer of power related components and systems, it reported strong orders. GlobalData, the data -analytics company, was supported by share repurchases. Molten Ventures, a technology focused venture capital group, reported strong rea lisations and NAV growth. On the negative side, housebuilder Crest Nicholson issued a profit warning on the expectation of lower sales volu mes and higher costs. SSP Group, which operates travel -related catering concessions, was downgraded by a broker because of uncertai nty in the Middle East. A weak auto sector continued to weigh on shares of Trifast, which manufactures industrial fasteners. The European portfolio outperformed its benchmark (MSCI Europe Ex -United Kingdom Small Cap Index). Nexans, a global electrical cabl e and optical fibre business, announced an attractive acquisition in North America. Suess Microtec, a producer of equipment for the semiconductor industry, showed an improvement in order growth in its recent results. Similarly, semiconductor equipment prod ucer ASM International, reported an acceleration in demand from its customers, particularly for products related to agentic AI. Detractors included Bilfinger, the industrial facility services provider, which saw its shares slip on concerns over the potenti al impact of adverse weather and political tensions on the company’s earnings and outlook. Danish bank Ringkjoebing Landbobank, dropped along with the wider banking sector as concerns over the e conomy mounted. Healthcare products retailer Galenica, saw its shares underperform as sell -side analyst earnings forecasts were trimmed in the month. The Japanese portfolio underperformed its benchmark (MSCI Japan Small Cap Index). Positive contributors included Amada Holdin gs, a manufacturer of metal processing mach inery, which was helped by rising machine tool orders. Niterra, the spark -plug manufacturer, outperformed as it continued its expansion into semiconductor -related ceramic products. Kinden, an integrated electrical and facility engineering company, announce d good results and a significant share repurchase. On the negative side, real estate group Open House underperformed on conce rns over the impact of higher raw material prices on profit margins. Higher costs impeded earnings at Kokuyo, the stationery comp an y. Nippon Television underperformed on concerns over a potential slowdown in the domestic advertising market. In totality, the Rest of World fund holdings underperformed the MSCI AC Asia ex Japan Small Cap index. This was driven by the underperformance of the Scottish Oriental Smaller Companies Investment Trust, the Utilico Emerging Markets Investment Trust and the Templeton Asian Smaller Companies fund. This was partially offset by the outperformance of the Schroders Global Emerging Mark ets Smaller Compani es fund. Key risks Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Where investments are made in emerging markets, or smaller companies, their potential volatility may increase the risk to the value of, and the income from the investment. If markets fall, gearing can magnify the negative impact on performance. Key facts as at 30.04.2026 Trust aims: To secure a high total return by investing in smaller companies worldwide. Trust highlights: One of the largest specialist global smaller companies investment trusts. Greater inherent growth potential in smaller companies. Strong dedicated small company investment team. The dividend has risen in each of the last 5 5 years. Benchmark: 20% Numis UK Smaller Companies (ex investment companies)Index / 80% MSCI All Country World ex UK Small Cap Index net Fund type: Investment Trust Launch date: 1889 Total assets: £871 million Share price: 188.00p NAV (debt at market value): 198.87p Discount/premium( -/+): -5.47% Dividend payment dates: Aug, Jan Net dividend yield*: 1.60% Net gearing/Net cash**: 2.35% Management fee rate***: 0.55% Ongoing charges***: 0.62% Year end: 30 April Sector: AIC sector Global Smaller Companies Currency: Sterling Website: globalsmallercompanies.co.uk *** Ongoing charges is calculated excluding the cost suffered within underlying investment funds. Please refer to the latest annual report. Morningstar rating †The Global Smaller Companies Trust PLC inv.trusts@columbiathreadneedle.com | 0345 600 3030 | globalsmallercompanies.co.uk Page 2 of 3 Fund performance as at 30.04.26 Cumulative performance as at 30.04.26 (%) 1 Month YTD 1 Year 3 Years 5 Years NAV 7.05 5.57 20.90 25.52 21.56 Share price 7.18 6.21 28.80 36.99 20.35 Benchmark 6.43 7.94 31.18 44.83 37.49 Discrete annual performance as at 30.04.26 (%) 2026/25 2025/24 2024/23 2023/22 2022/21 NAV 20.90 -4.75 8.99 -2.93 -0.23 Share price 28.80 -5.62 12.69 -6.18 -6.36 Benchmark 31.18 -0.83 11.33 -1.97 -3.17 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 income reinvested in sterling. The discrete annual performance table refers to 12 month periods, ending at the date shown. > 0 > 10 > 20 > 30 > 40 > 50 > 1 Month YTD 1 Year 3 Years 5 Years > % NAV Share Price Benchmark Top ten equity holdings (excluding collective funds) Holdings Sector % of net assets Wheaton Precious Metals Basic Materials 2.2 MaxLinear Technology 2.2 Kirby Industrials 2.0 The Ensign Group Healthcare 1.7 Curtiss Wright Industrials 1.6 Martin Marietta Materials Industrials 1.4 Advanced Energy Industries Technology 1.4 Brixmor Property Group Real Estate 1.4 Avnet Technology 1.3 Encompass Health Healthcare 1.3 Collective fund holdings Holdings Sector % of net assets Schroder ISF Global Emerging Markets Smaller Companies Fund Collective investments 5.3 Templeton Asian Smaller Companies Fund Collective investments 3.9 The Scottish Oriental Smaller Companies Trust Collective investments 3.7 Utilico Emerging Markets Trust Collective investments 3.3 Trust codes Stock exchange code: GSCT Sedol: BKLXD97 Legal Entity Identifier: 2138008RRULYQP8VP386 The Global Smaller Companies Trust PLC # To find out more visit columbiathreadneedle.com All information is sourced from Columbia Threadneedle Investments, unless otherwise stated. Percentages in the top ten holdings table based on gross assets. †The yield is calculated on an historic basis using the actual dividends paid during the company’s last financial year and th e closing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by s hareholders’ 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. Please refer to the latest annual report as to how the fee is structured. The share price may either be below (at a discount) or above (at a premium) the NAV. Discounts and premiums vary continuously. Performance information excludes any product charges which can be found in the Key Investor Document (“KID”) for the relevant product. © 202 6 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. The Global Smaller Companies Trust PLC is an investment trust and its Ordinary 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. The mention of any specific shares or bonds should not be taken as a recommendation to deal. 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. > † © 2026 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 | globalsmallercompanies.co.uk Page 3 of 3 Geographical breakdown (%) Net Dividend distributions pence per share 2021 2022 2023 2024 2025 2026 January 0.55 0.57 0.63 0.68 0.70 0.70 August 1.20 1.27 1.67 2.13 2.30 Total 1.75 1.84 2.30 2.81 3.00 0.70 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. ◼ North America 43.6% ◼ UK 15.3% ◼ Rest of World 16.2% ◼ Japan 11.6% ◼ Continental Europe 9.7% ◼ Cash & Fixed Interest 3.6%