Global Smaller Companies Trust PLC · LSE:GSCT
Global Smaller Companies Trust — CT Global Managed Portfolio Trust — Shareholder Meeting (October 2025)
34 slides from Global Smaller Companies Trust's shareholder meeting presentation, Oct 1, 2025
Slide 1: CT Global Managed Portfolio Trust
CTEA7527968.1- CT Global Managed Portfolio Trust Paul Green & Adam Norris Co-Fund Managers 1st October 2025
Slide 2: Investment Risks
Investment Risks The value of investments and any income from them can go down as well as up 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 Investment Trust rather than its underlying assets. The v
Slide 3: CT Global Managed Portfolio Trust managers
CT Global Managed Portfolio Trust managers Paul Green Adam Norris, CFA Investment Manager Investment Manager Experience: 29 years Experience: 10 years paul.green@columbiathreadneedle.com adam.norris@columbiathreadneedle.com ◼ Long-established portfolio management team and process ◼ Each with 10+ yea
Slide 4: Global expertise
Global expertise Paul Green Adam Norris Portfolio Management CT Global Managed Portfolio Anthony Willis Paul Niven Asset Manager David Weiss Catherine Sathi 25 Investment professionals: Allocation Research Average experience 18 years 14 Research professionals: Average experience 19 years Source: Col
Slide 5: Annual Results Year end 31st May 2025
Annual Results Year end 31st May 2025
Slide 6: CT Global Managed Portfolio Trust – Performance
CT Global Managed Portfolio Trust – Performance To 31st May 2025 1-Yr 3-Yrs 5-Yrs 10-Yrs Performance against Benchmark % % % % Income Portfolio NAV 4.2 3.3 31.2 52.2 Growth Portfolio NAV 2.5 8.8 27.6 72.7 FTSE All Share Index 9.4 26.8 69.0 80.7 FTSE All-Share Closed End 4.4 12.0 37.7 101.2 Investmen
Slide 7: Table of Returns
Table of Returns Year to 31st May Income NAV Growth NAV FTSE All-Share 2009* -22.4% -29.9% -23.2% 2010 23.9% 24.2% 22.9% 2011 24.4% 24.0% 20.4% 2012 -6.6% -12.6% -8.0% 2013 34.2% 32.8% 30.1% 2014 6.0% 9.3% 8.9% 2015 10.0% 12.8% 7.5% 2016 -4.8% -4.5% -6.3% 2017 24.5% 26.4% 24.5% 2018 3.0% 11.0% 6.5%
Slide 8: Positive Contributors
Positive Contributors Asia & Emerging UK Europe Markets Source: Columbia Threadneedle Investments, Microsoft 31.08.2025 8
Slide 9: Negative Contributors
Negative Contributors Biotechnology Private Equity Renewable Energy Source: Columbia Threadneedle Investments, Microsoft 31.08.2025 9
Slide 10: Company attributes
COLUMBIA THREADNEEDLE INVESTMENTS Company attributes
Slide 11: CT Global Managed Portfolio Trust Key attributes
CT Global Managed Portfolio Trust Key attributes Aim to be a long-term savings vehicle for private individuals ◼ Use the capital structure of an investment company to customise returns for shareholders ◼ Conventional Investment Company structure with two separate portfolios – Growth and Income ◼ Cle
Slide 12: Why consider Investment Companies?
Why consider Investment Companies? Purist approach Discount Access to private Opportunities investments Gearing Independent Engagement board £ 12
Slide 13: Investment Trust Process
Investment Trust Process What we will cover… Building Investment How we CT Global blocks Trust use Managed selection analytics? Portfolio How to position Trust the portfolios How we compare and why? investment trusts across geographies and asset classes? 13
Slide 14: Building Blocks
Building Blocks ◼ Strategic Asset Allocation Where to invest on a medium-term view Medium Strategic Asset Term Allocation Positioning ◼ Investment Trust Selection Best in class investment trusts Investment Risk Holdings Trust Selection Management ◼ Tactical Asset Allocation Shorter term opportunitie
Slide 15: Investment Trust selection
Investment Trust selection Asset Class Investment Manager Corporate Governance Structure 15
Slide 16: Data & Analytics
Data & Analytics Diversification by style and region Reduction in overlapping exposures Source: Style Analytics, Columbia Threadneedle Investments 16
Slide 17: Investment Process recap
Investment Process recap → Focus on the appropriate asset classes and geographies → Best-in-class investment trusts → Analytics and engagement Higher conviction, globally diversified 17
Slide 18: Outlook and Positioning
COLUMBIA THREADNEEDLE INVESTMENTS Outlook and Positioning
Slide 19: Average Sector Discount
Average Sector Discount Source: Winterflood Securities, Refinitiv, 31.08.2025 19
Slide 20: Macro Outlook
Macro Outlook Tariffs Growth UK plc Source: Columbia Threadneedle Investments, Microsoft 30.08.2025 20
Slide 21: Investment Themes
Investment Themes ◼ US earnings growth remains robust ◼ JP Morgan Global Growth and Income PLC / Polar Capital Technology PLC ◼ Emerging Markets poised for performance ◼ JPMorgan Global Emerging Markets Income Trust PLC / Fidelity Emerging Markets Ltd ◼ Show me the money (Private Equity exits) ◼ NB
Slide 22: CT Global Managed Portfolio Trust – Income Top Ten Holdings
CT Global Managed Portfolio Trust – Income Top Ten Holdings Portfolio Name Sector % Law Debenture PLC 5.2 UK Income JPMorgan Global Growth & Income PLC 5.0 Global Income NB Private Equity Partners Ltd 3.9 Private Equity Murray International PLC 3.8 Global Income Temple Bar Investment Trust 3.6 UK In
Slide 23: Cordiant Digital Infrastructure Ltd (CORD)
Cordiant Digital Infrastructure Ltd (CORD) ◼ Listed Investment Trust offering exposure to digital infrastructure. ◼ The trust owns established towers and network companies with stable cash flows. ◼ Grow value in complementary areas: ◼ Broadcasting ◼ Cloud ◼ Data centres ◼ Key individual Steve Marsha
Slide 24: Pantheon Infrastructure PLC (PINT)
Pantheon Infrastructure PLC (PINT) ◼ Exposure to Private Equity infrastructure companies ◼ Digital infrastructure is at the heart of the modern economy ◼ Wide range of exposures from data centres to logistics ◼ Co-Investment = no performance fee ◼ Sale of first asset ‘Calpine’ at 2.3x return (since
Slide 25: Recent notable transactions – Income
Recent notable transactions – Income ADDITIONS ADDITIONS REDUCTIONS Cordiant Digital Infrastructure (new) UK Equity trusts (trims) - Infrastructure Pantheon Infrastructure PLC (new) APAX Global Alpha (sold) - Infrastructure - Private Equity TwentyFour Income Fund (new) - Credit GCP Infrastructure Lt
Slide 26: CT Global Managed Portfolio Trust – Growth Top Ten Holdings
CT Global Managed Portfolio Trust – Growth Top Ten Holdings Portfolio Name Sector % Oakley Capital Investments Ltd 5.8 Private Equity Fidelity Special Values PLC 5.3 UK Equities Polar Capital Technology PLC 5.1 Technology HGCapital Trust PLC 5.0 Private Equity Law Debenture PLC 4.0 UK Income Allianz
Slide 27: Fidelity Special Values (FSV)
Fidelity Special Values (FSV) ◼ UK Equity investment trust managed by Alex Wright ◼ First invested with Alex in 2012 (OEIC structure) ◼ Highly repeatable process focusing on unloved companies through a period of change ◼ Strong on Investment Company scorecard ◼ Investment Manager (process) ◼ Capital
Slide 28: Oakley Capital Investments (OCI)
Oakley Capital Investments (OCI) ◼ Listed Investment Trust offering exposure Oakley Capital private equity funds ◼ Oakley Capital partner and invest with European entrepreneurs ◼ Strong track record yet shares trade at c. 25% discount ◼ Recently announced sale of holding at 300% premium to Net Asset
Slide 29: Recent notable transactions – Growth
Recent notable transactions – Growth ADDITIONS SALES Oakley Capital Investments Lowland Investment Company (sold) - Infrastructure - UK Income Pantheon Infrastructure PLC (new) Finsbury Growth & Income (sold) - Infrastructure - UK Income JPMorgan Global Growth & Income (new) - Global Income JPM Sour
Slide 30: CT Global Managed Portfolio Trust Summary
CT Global Managed Portfolio Trust Summary ◼ London listed investment trust which employs a global investment strategy using investment companies ◼ Key features unchanged ◼ Objectives ◼ CGT friendly switch available between Growth and Income shares CT Global ◼ Transfer of Income / Capital Managed ◼ T
Slide 31: Q&A
A COLUMBIA wv THREADNEEDLE INVESTMENTS. Q&A
Slide 32: Conversion Facility
Conversion Facility ◼ Annually each October investors can switch between Growth and Income Portfolios at Net Asset Value ◼ Minimum and Maximum levels ◼ Costs kept to a minimum for the investor ◼ Facility proving increasingly popular ◼ Under current law, conversions are not treated as disposals for C
Slide 33: 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 34: Disclaimer
Disclaimer © 2025 Columbia Threadneedle Investments. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. IMPORTANT INFORMATION: Your capital is at risk. This financial promotion is issued for marketing and information purposes only by Colum
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