Title: URL Source: https://is.gd/lr5Ygf Published Time: Tue, 10 Jun 2025 10:43:50 GMT Markdown Content: 1 > -10 -8 -6 -4 -2 024682015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Discount / Premium STS Global Income & Growth Trust Share Price AIC Global Equity Income Sector > Lipper Global - Equity Global Income Index > STS Global Income & Growth Trust Share Price -20 020 40 60 80 100 120 140 160 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 # 239.00p 238.29p -0.6% 2.6% *historic dividend yield £296m/£311m PRICES NAV (EX INC) PREMIUM/ DISCOUNT YIELD* TOTAL NET/ GROSS ASSETS The investment objective of the Trust is to achieve rising income and long-term capital growth through investment in a balanced portfolio constructed from global equities. The Trust produced a Net Asset Value total return of +3.0% during the month and a price total return of +4.2%, compared to a return of +3.4% for the Lipper Global – Equity Global Income Index. We spent several days this month in the US at a conference meeting companies. As ever one cannot fail to be impressed by the sheer scale, dynamism and competitive zeal of US corporates and the wider economy. Several current and potential investments for the strategy and the Troy investment universe were present and we came away with plenty to think about. In addition to the individual company presentations, a few themes stood out. First was the apparent disconnect between the uncertainty surrounding the current macro-economic backdrop and what companies were seeing at the micro level. While there was widespread angst relating to tariffs, the unpredictability of policymaking and the stress on the consumer, this had yet to show up in end demand. This paradox was summed up well by Steve Squeri, the highly regarded CEO of American Express, who said sentiment surveys were depressed while consumption remained robust – or as he put it, people were “complaining as they go spend”. Maybe this is a comment on modern life, but it does seem that one way or another this divergence will have to be bridged either by sentiment improving or spending slowing. Second was the extent to which companies are thinking hard about how to deploy AI in their business to make meaningful productivity improvements and cost savings. Ironically while AI is likely to be a highly disruptive force in the economy, it seems the companies that are best placed to be able to exploit the technology are the large incumbent businesses. This contrasts with the internet where often the opposite was the case. Third, it was notable how prominent a role was played by Private Equity and Private Credit companies. On our reckoning it was the single best represented sector by number of companies present and the most optimistic on the outlook for their industry. While we acknowledge that these companies have formidable competitive advantages and very profitable business models, our contrarian streak cannot help but be triggered by this occurrence. Perhaps we have seen “peak private” for this cycle. Finally, and remarkably, not one company mentioned the word “Trump”. SHARE PRICE DISCOUNT/PREMIUM TO NAV > Source: Lipper PERCENTAGE GROWTH 31/05/2015 - 31/05/2025 Total Return to 31 May 2025 Since Troy Appt* 31/05/20 5 years 31/05/22 3 years 31/05/24 1 year 30/11/24 6 months STS Global Income & Growth Trust Share Price +39.5% +51.9% +15.7% +17.1% +5.7% STS Global Income & Growth Trust NAV +37.2% +55.7% +17.3% +15.6% +4.4% Lipper Global – Equity Global Income Index +38.9% +51.3% +18.5% +5.6% -0.7% Discrete Annual Total Returns 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD STS Global Income & Growth Trust Share Price +0.8% -5.4% +35.8% +6.8% -7.9% +39.3% +3.1% +15.4% -0.4% -0.7% +9.7% +7.2% STS Global Income & Growth Trust NAV +4.1% +0.2% +28.5% +11.9% -8.2% +27.4% +3.7% +17.6% -2.1% +2.4% +9.2% +6.3% May Commentary All data as at 31 May 2025 www.stsplc.co.uk > *Troy appointed Investment Manager 12 November 2020 Past performance is not a guide to future performance. Source: Lipper Source: LSEG Workspace > Troy was appointed (12th Nov 2020) Troy was appointed (12th Nov 2020) Source: Troy Asset Management Limited, Lipper & Bloomberg. 2 ASSET ALLOCATION BY SECTOR ASSET ALLOCATION BY REGION Philip Morris 5.9% Paychex 5.8% British American Tobacco 5.7% CME Group 5.6% Reckitt Benckiser 4.4% Microsoft 4.2% Amadeus IT 4.2% Nintendo 4.0% Novartis 3.8% Admiral Group 3.7% Total Top 10 47.3% 21 Other Equity holdings 51.7% Cash 1.0% TOTAL 100.0% Source: Factset. Holdings subject to change. TOP 10 HOLDINGS TRUST INFORMATION Structure London Listed Investment Trust Board Chairman John Evans Senior Independent Director Sarah Harvey Non-Executive Director Alexandra Innes Non-Executive Director Gillian Elcock Non-Executive Director Bridget Guerin Non-Executive Director Brigid Sutcliffe Investment Manager Troy Asset Management Limited 33 Davies Street London W1K 4BP Tel: 020 7499 4030 Fax: 020 7491 2445 email: info@taml.co.uk Co-Manager James Harries Co-Manager Tomasz Boniek Benchmark Lipper Global Equity Global Income Index Capital Structure Shares with voting rights 119,815,415 Shares held in treasury 55,372,770 Net Assets £296m Gross Assets £311m Ongoing Charges (estimated)* Ordinary shares: 0.77% (31.03.2025) Management Fee 0.55% on first £250m 0.50% above £250m Allocation of Expense Capital 65% and Interest Revenue 35% Mandate Established 2005 Year End 31 March Premium (Discount) -0.6% Gearing 4% Currency £ Sterling Historic Dividend Yield (trailing 12 months) 2.55% 25 Interim 1.59p 25 Interim 1.59p 25 Interim 1.59p 24 Final 1.53p Dividend Payments January, April, July, October Market Makers: JPMORGAN, NUMIS, WINTERFLOOD, INVESTEC, PANMURE, PEEL HUNT Bloomberg/Epic/ Reuters Code STS Sedol B09G3N2 AIFM Juniper Partners Limited Pricing Share price is listed daily in the FT Auditor Ernst & Young LLP Source: Factset. Asset Allocation subject to change Source: Factset. Asset Allocation subject to change Consumer Staples 34% Industrials 22% Consumer Discretionary 11% Financials 9% Information Technology 9% Health Care 8% Communication Services 4% Real Estate 2% Cash 1% North America 44% United Kingdom 30% Europe ex UK 19% Japan 4% Asia/Pacific ex Japan 2% Cash 1% Cash 2% FUND MANAGER AWARDS 3 IMPORTANT INFORMATION * The merger with Troy Income & Growth Trust plc completed in March 2024 and the full impact of this will be reflected in the OCF calculated as at 31 March 2025. It is estimated that the ongoing charges ratio for STS will reduce to approximately 0.77% for the year to 31 March 2025, including the associated management fee adjustment, compared with 0.96% before the acquisition and fee adjustment. Please refer to Troy’s Glossary of Investment terms here . Performance data relating to the NAV is calculated net of fees with income reinvested unless stated otherwise. Past performance is not a guide to future performance. Overseas investments may be affected by movements in currency exchange rates. The value of an investment and any income from it may fall as well as rise and investors may get back less than they invested. The historic yield reflects distributions declared over the past twelve months as a percentage of the Trust’s price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. Tax legislation and the levels of relief from taxation can change at any time. The yield is not guaranteed and will fluctuate. There is no guarantee that the objective of the investments will be met. Investment trusts may borrow money in order to make further investments. This is known as “”gearing””. The effect of gearing can enhance returns to shareholders in rising markets but will have the opposite effect on returns in falling markets. Shares in an Investment Trust are listed on the London Stock Exchange and their price is affected by supply and demand. This means that the share price may be different from the NAV. Information on the risks of an investment in the fund can be found in the Prospectus. Neither the views nor the information contained within this document constitute investment advice or an offer to invest or to provide discretionary investment management services and should not be used as the basis of any investment decision. Any decision to invest should be based on information contained within the Investor disclosure document the relevant key information document and the latest report and accounts. The investment policy and process of the Trust(s) may not be suitable for all investors. If you are in doubt about whether the Trust(s) is/are suitable for you, please contact a professional adviser. References to specific securities are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities. Although Troy Asset Management Limited considers the information included in this document to be reliable, no warranty is given as to its accuracy or completeness. The opinions expressed are expressed at the date of this document and, whilst the opinions stated are honestly held, they are not guarantees and should not be relied upon and may be subject to change without notice. Third party data is provided without warranty or liability and may belong to a third party. Ratings from independent rating agencies should not be taken as a recommendation. Please note that the STS Global Income and Growth Trust is registered for distribution to the public in the UK and to Professional investors only in Ireland. Issued by Troy Asset Management Limited (registered in England & Wales No. 3930846). Registered office: 33 Davies Street, London W1K 4BP . Authorised and regulated by the Financial Conduct Authority (FRN: 195764) and registered with the U.S. Securities and Exchange Commission (“”SEC””) as an Investment Adviser (CRD: 319174). Registration with the SEC does not imply a certain level of skill or training. © Troy Asset Management Limited 2025