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# The Global Smaller Companies Trust PLC 

## As at 31 May 2025 

inv.trusts@columbiathreadneedle.com | 0345 600 3030 | globalsmallercompanies.co.uk Page 1 of 3

Fund manager 

Nish Patel 

Manager Commentary 

Smaller companies surged in May as the US administration backtracked on some of its previous rhetoric on trade. Asia ex -Japan and the UK 

delivered particularly strong returns in the month. The leading sectors were technology, industrials and consumer discr etionary. The laggards 

were healthcare, consumer staples and telecoms. This reflected increased risk appetite among market participants. Policy unce rtainty remained 

high, and concerns lingered about the sustainability of economic growth and the future dire ction of inflation both in the US and in other regions. 

Despite this, macroeconomic data was better than expectations in most geographies with the exception of Japan. 

Government bond yields rose in the month, particularly for longer -dated maturities as co ncerns grew about the sustainability of government 

budget deficits. Ratings agency Moody’s downgraded the debt of the US. The recent trend of a weakening US dollar continued in the month, 

despite the pick -up in government bond yields. The gold price contin ued its recent ascent but showed signs of fatigue. 

The Company’s net asset value (NAV) climbed 5.5% in May. The discount widened a little in the period. The movement in the Com pany’s NAV 

was slightly ahead of the benchmark, while the share price return was marginally behind. 

In North America, our portfolio slightly underperformed the local index. Despite concerns over tariffs, specialty apparel ret ailer Boot Barn Holdings 

reported strong same -store sales growth and better -than -expected earnings. Diversified industrial Curtiss Wright delivered solid earnings from its 

defence electronics and naval and power businesses. Frontdoor, a provider of home warranty plans, executed well amidst a chal lenging housing 

market, with strong retention and impressive sales from its non -warranty b usiness lines. On the negative side, construction materials company 

Eagle Materials suffered from lower volumes because of adverse weather and also experienced higher maintenance costs. Boxboar d packaging 

company Graphic Packaging faced lower demand from a consumer base that is becoming more price sensitive. Business process outsourcer 

Genpact released good results but reduced its guidance as economic uncertainty is slowing decision making at the company’s cl ients. 

The UK portfolio outperformed its benchmar k in May. IT services business FD Technologies received a takeover bid from private -equity firm TA 

Associates. Shares of casino and gaming operator Rank Group climbed after the UK Government published the first of its casino statutory 

instruments. Defence firm Chemring Group benefited from increased defence spending commitments by governments, prompting analysts to raise 

their earnings forecasts for the company. However, not all companies fared well - Auction Technology Group struggled with a lower -than -exp ected 

take rate in its arts and antiques business. Flexible office -space provider Workspace Group reported lower occupancy and reduced its profit 

expectations. Unfavourable weather in the current trading period led to a reduction in earnings guidance by bo wling alley operator Hollywood 

Bowl. 

The European portfolio strongly outperformed its benchmark during the month. RENK Group, an Austrian manufacturer of drive sy stems for 

military vehicles, reported robust orders and consequently earnings forecasts for th e company rose. Bank of Ireland also delivered good results, 

along with the wider European banking sector. Kardex, a producer of materials -handling systems, received a broker upgrade. Glass -bottle 

manufacturer Vidrala suffered from a selloff in the sector because of lower volumes. Despite reporting good results, construction materials 

specialist Buzzi Unicem adopted a cautious stance and maintained its earnings guidance for the year, disappointing some inves tors. 

Pharmaceuticals producer Siegfried Holding w as downgraded by a broker. 

Returns in Japan were behind the MSCI Japan Small Cap index in the month. Positive contributors included Mitsubishi Logistics and gaming 

technology producer Sankyo, both of which reiterated their commitment to share repurchases. Diversified industrial IHI revealed ambitious plans 

to grow its presence in the promising area of satellite technology. Higher labour and technology costs dampened the outlook f or confectionary 

producer Morinaga. Apparel retailer PAL Group came under techn ical selling pressure as a large shareholder reduced its stake in the business. 

Media company Toho suffered from concerns over tariffs on non -US films. 

In aggregate, the Rest of World fund holdings underperformed the MSCI Asia ex -Japan Small Cap index dur ing the month. The Utilico Emerging 

Markets investment trust outperformed the index. The Pinebridge Asia ex Japan Smaller Companies and Schroders Global Emerging Markets 

Smaller Companies funds as well as The Scottish Oriental Smaller Companies investment trust lagged the local benchmark. 

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 p erformance. 

Key facts as at 31.05.2025 

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 54 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: £824.9 million 

Share price: 156.40p 

NAV (debt at market value): 176.28p 

Discount/premium( -/+): -11.28% 

Dividend payment dates: Aug, Jan 

Net dividend yield*: 1.81% 

Net gearing/Net cash**: 4.80% 

Management fee rate***: 0.55% 

Ongoing charges***: 0.61% 

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 31.05.25 

Cumulative performance as at 31.05.25 (%) 

1 Month YTD 1 Year 3 Years 5 Years 

NAV 5.46 -2.65 -2.39 8.47 46.23 

Share price 5.25 -4.05 -2.38 9.07 45.14 

Benchmark 5.41 -3.21 1.61 14.56 58.44 

Discrete annual performance as at 31.05.25 (%) 

2025/24 2024/23 2023/22 2022/21 2021/20 

NAV -2.39 14.24 -2.73 -2.60 38.41 

Share price -2.38 17.93 -5.26 -7.08 43.21 

Benchmark 1.61 16.13 -2.92 -3.18 42.85 

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.     

> -10
> 0
> 10
> 20
> 30
> 40
> 50
> 60
> 70
> 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 2.1 

Curtiss Wright Industrials 1.9 

Kirby Industrials 1.7 

Brown & Brown Financials 1.7 

The Ensign Group Healthcare 1.6 

Encompass Health Healthcare 1.6 

WSP Global Industrials 1.5 

Boot Barn Holdings Consumer Discretionary 1.5 

Eagle Materials Industrials 1.4 

Martin Marietta Materials Industrials 1.4 

Collective fund holdings 

Holdings Sector % of net assets 

The Scottish Oriental Smaller Companies Trust Collective investments 4.2 

Schroder ISF Global Emerging Markets Smaller 

Companies Fund Collective investments 3.9 

Pinebridge Asia ex Japan Small Cap Fund Collective investments 3.7 

Utilico Emerging Markets Trust Collective investments 2.9 

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 holdin gs 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 the closing share price as at the end of the relevant mont h. * *Net 

gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net c ash 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. 

© 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 .

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, Can non Place, 78 Cannon Street, London EC4N 6A. Email: 

inv.trusts@columbiathreadneedle.com or electronically at www.columbiathreadneedle.com. Please read before taking any investme nt decision. 

The information provided in the marketing material does not consti tute, 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. 

Financial promotions are issued for marketing and infor mation 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 th e Financial Markets (AFM); and In Switzerland: Issued by 

Threadneedle Portfolio Services A.G, acting as representative office of Columbia Threadneedle Management Limited. In the Midd le 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 intende d to provide distributors with 

information about Group products and services and is not for further distribution. For Institutiona l 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 Profess ional Client or Market Counterparties a nd 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 i nformation 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 fo r any damages or losses 

arising from any use of this information. Past performance is no guarantee of future results. For more deta iled 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 

2020 2021 2022 2023 2024 2025 

January 0.55 0.55 0.57 0.63 0.68 0.70 

August 1.15 1.20 1.27 1.67 2.13 

Total 1.70 1.75 1.84 2.30 2.81 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 42.4% 

 UK 19.7% 

 Rest of World 14.8% 

 Japan 11.4% 

 Continental Europe 10.0% 

 Cash & Fixed Interest 1.7%