Global Smaller Companies Trust PLC · LSE:GSCT
Global Smaller Companies Trust — The Global Smaller Companies Trust — Shareholder Meeting (August 2025)
27 slides from Global Smaller Companies Trust's shareholder meeting presentation, August 2025
Slide 1: The Global Smaller Companies Trust PLC AGM Presentation
Adtrax - CTEA-8198631.1 The Global Smaller Companies Trust PLC AGM Presentation August 2025 Nish Patel Lead Fund Manager
Slide 2: Important information
Important information The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. The value of your investment is dependent on the supply and demand for the shares of the
Slide 3: Agenda
Agenda Market environment Results for 2024/2025 Changes made over the financial year 2024/2025 Long term performance record Portfolio activity and positioning Outlook 3
Slide 4: Market environment over 2024/2025 financial year
Market environment over 2024/2025 financial year A year of political change. Many incumbent parties were unseated. Trade tensions escalated. Conflict continued. Healthy labour markets, high asset prices and fiscal spending supported economic growth. Inflation moderated, allowing central bank
Slide 5: Financial highlights
Financial highlights 12 months to 30 April 2025 NAV (debt at market value) -4.8% Benchmark -0.8% Share price -5.6% Dividend per share +6.8% Discount to NAV over the last 10 years Source: Columbia Threadneedle Investments as at 30-Apr-25, returns are total returns in sterling terms. NAV: Net Asset Va
Slide 6: Financial highlights 12 months to 30 April 2025
Financial highlights 12 months to 30 April 2025 Geographical performance (% total return sterling adjusted) Portfolio Benchmark North America UK Europe Japan ROW* 15.0% 11.0% 10.0% 6.0% 6.6% 4.0% 5.0% 0.0% -1.8% -5.0% -4.0% -3.1% -4.8% -10.0% -7.2% -9.8% -15.0% -13.4% Past performance should not be
Slide 7: Attribution for 12 months to 30 April 2025
Attribution for 12 months to 30 April 2025 Portfolio Bottom Portfolio Total Total Top contributors average Total effect contributors to average Total effect return % return % to performance weight % performance weight % Wheaton Precious 3.7 51.7 2.0 Kosmos Energy 1.1 -74.5 -1.2 Brown & Brown 3.8 27.
Slide 8: Changes made over the financial year 2024/2025
Changes made over the financial year 2024/2025 Measures taken to improve future investment performance versus the Benchmark: Strengthening of the investment team Insourcing of remaining third party Japan fund Reduction in number of holdings from 213 to 196 Refinement in approach to selling
Slide 9: Strong absolute/relative performance over 25 years
Strong absolute/relative performance over 25 years Cumulative Index return GSCT 718% MSCI AC 603% World SC Deutsche Numis UK SC 522% ex inv cos MSCI World 461% FTSE 100 218% Past performance should not be seen as an indication of future performance. Source: Columbia Threadneedle Investments and Bloo
Slide 10: Investment strategy: Recent new purchases/adds
Investment strategy Recent new purchases/adds Compounders Quality Cyclicals Long Cycle All intellectual property rights in the brands and logos set out in this slide are reserved by respective owners. Source: Columbia Threadneedle Investments. For the purposes of illustration only and should not be
Slide 11: Investment activity: Recent sales/reductions
Investment activity Recent sales/reductions Issues with business quality or management Investment thesis broken Shares reach a full valuation/Switch to a better alternative Takeovers All intellectual property rights in the brands and logos set out in this slide are reserved by respective owners. Sou
Slide 12: Where the portfolio was invested
Where the portfolio was invested As at 30th April 2025 Geographic analysis (absolute) Sector analysis Japan Consumer Energy Telecommunications 11.9% 2.1% 0.0% Utilities Europe Staples 10.1% North 3.8% 0.2% America Basic Materials Rest of 3.7% 43.5% Industrials World Health Care 29.8% 14.9% 5.4% UK 1
Slide 13: Higher quality portfolio trading at a lower than market valuation
Higher quality portfolio trading at a lower than market valuation Portfolio* Benchmark* Price/Sales Ratio NTM 1.5x 1.6x Price/Earnings Ratio NTM 16.3x 17.6x Dividend Yield 2.1% 1.8% Gross Margin 34.2% 32.1% Operating Margin 13.1% 10.1% Return on Equity 12.0% 7.7% Net Debt / EBITDA 0.9x 1.2x Source:
Slide 14: Outlook
Outlook Market environment to remain volatile. Uncertainty over the impact of tariffs on economic growth and inflation. Government deficits an underlying issue that is yet to be addressed. Deregulation, fiscal spending programs, corporate reform and a lower dollar and interest rates could al
Slide 15: Smaller companies, why now?
Smaller companies, why now? Cyclically low relative valuations should lead to outperformance Source: Columbia Threadneedle Investments as at 31-Jul-2025. Source: Wellington Management, JP Morgan 15
Slide 16: Summary
Summary Challenging period of investment performance in 2024/2025. Measures taken to improve future performance. Strong long-term returns from the Company. Portfolio well positioned given an uncertain market backdrop. Asset class likely to come back into favour. Past performance should not
Slide 17: Appendix
COLUMBIA THREADNEEDLE INVESTMENTS Appendix
Slide 18: North American portfolio
North American portfolio Key stock/sector positions as at 30th April 2025 Top 10 absolute holdings Sector allocation (relative to Benchmark* %) Portfolio weight %% Materials 9.5 Wheaton Precious Metals Corp 4.9 Industrials 3.5 Brown & Brown 4.0 Real Estate 1.1 Eagle Materials 3.9 Health Care -0.4 En
Slide 19: UK portfolio
UK portfolio Key stock/sector positions as at 30th April 2025 Top 10 absolute holdings Sector allocation (relative to Benchmark* %) Portfolio weight % Industrials 9.9 Paragon Banking Group 3.3 Consumer Discretionary 5.7 Workspace Group 2.7 Technology 4.0 Moonpig Group 2.6 Health Care -0.9 Auction Te
Slide 20: European portfolio
European portfolio Key stock/sector positions as at 30th April 2025 Top 10 absolute holdings Sector allocation (relative to Benchmark* %) Portfolio weight % Industrials 9.5 Ringkjoebing Landbobank 5.0 Financials 6.4 RENK Group 4.9 Communication Services 3.4 CTS Eventim 4.8 Materials 2.8 Elis 4.7 Con
Slide 21: Japanese portfolio
Japanese portfolio Key stock/sector positions as at 30th April 2025 Top 10 absolute holdings Sector allocation (relative to Benchmark* %) Portfolio weight % Communication Services 5.7 Nomura Real Estate Holdings 5.6 Information Technology 5.1 Nippon Television Holdings 5.6 Industrials 4.2 NGK Spark
Slide 22: Collectives for Rest of World
Collectives for Rest of World As at 30th April 2025 Holdings Portfolio weight %* The Scottish Oriental Smaller Companies Trust 4.5% Schroder ISF Global Emerging Smaller Companies Fund 3.9% Pinebridge Asia ex Japan Small Cap Fund 3.7% Utilico Emerging Markets Trust 2.8% TOTAL 14.9% Source: Columbia T
Slide 23: Smaller companies historically do well coming out of a recession
Smaller companies historically do well coming out of a recession Past performance should not be seen as an indication of future performance. Source: Columbia Threadneedle Investments as at 05-Aug-2024. Source: Morningstar, US market data 23
Slide 24: Why Columbia Threadneedle Investments?
Why Columbia Threadneedle Investments? North American Portfolio UK Portfolio European Portfolio Japanese Portfolio ~50 stocks ~65 stocks ~40 stocks ~30 stocks Maximum market cap at initiation Maximum market cap at initiation Maximum market cap at initiation Maximum market cap at initiation of ~$17.2
Slide 25: Glossary
Glossary Price/Sales Ratio: The ratio describes how much someone must pay to buy one share of a company relative to how much that share generates in revenue for the company. Price/Earnings Ratio: A way to measure how expensive a company's shares are Dividend Yield: A financial ratio that tells
Slide 26: Disclaimer
Disclaimer IMPORTANT INFORMATION. FOR PROFESSIONAL INVESTORS ONLY. For marketing purposes. Your capital is at risk. This financial promotion is issued for marketing and information purposes only by Columbia Threadneedle Investments in the UK. The material relates to an investment trust and its Ordin
Slide 27: Contact Us
Contact Us Columbia Threadneedle Investments 78 Cannon Street London EC4N 6AG Tel: +44 (0) 20 7628 8000 Calls may be recorded www.columbiathreadneedle.co.uk 29
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