Global Smaller Companies Trust PLC · LSE:GSCT
Global Smaller Companies Trust — CT Global Managed Portfolio Trust — Shareholder Meeting (September 2023)
31 slides from Global Smaller Companies Trust's shareholder meeting presentation, September 2023
Slide 1: CT Global Managed Portfolio Trust AGM Presentation
5966808 CT Global Managed Portfolio Trust AGM Presentation Peter Hewitt Director, Global Equities and Fund Manager September 2023
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: Key attributes
CT Global Managed Portfolio Trust Key attributes Aim to be a Long Term Savings Vehicle for private individuals and trusts Use the capital structure of an investment company to customise returns for shareholders Conventional Investment Company structure with two separate portfolios – Income and G
Slide 4: Income Transfer Example
Income Transfer Example Income Transfer Example Income Growth Total Income Pool Pool Growth Pool Pool Total Investments of Investments of Opening Income Pool 100 Growth Pool 100 Investments 200 Dividends received 4 Dividends received 1 Dividends received 5 Pool Transfers: Dividends on growth pool 1
Slide 5: 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 6: Income Portfolio – Discount from Launch
Income Portfolio – Discount from Launch As at 15 September 2023 Source: LSEG Datastream 6
Slide 7: Growth Portfolio – Discount from Launch
Growth Portfolio – Discount from Launch As at 15 September 2023 Source: LSEG Datastream 7
Slide 8: CT Global Managed Portfolio Trust
CT Global Managed Portfolio Trust At launch in April 2008, 95% Rollover £42m assets with 2,300 shareholders Active Share Repurchase and Issuance Programme kept rating close to net asset value CT Retail Plans, significant source of demand Since Feb 2015 Income Portfolio has issued shares to t
Slide 9: Why consider Investment Companies
Why consider Investment Companies Gearing Discounts Currency $ £ ¥ £ € Fees / costs Independent Performance of big board companies (FTSE100) relative to mid/small companies (FTSE250 / FTSE Small Cap) £ 9
Slide 10: Total Investment Trusts
Total Investment Trusts Relative to FTSE All Share -10 Years Source: LSEG Datastream as at 15th September 2023 10
Slide 11: Average Sector Discount
Average Sector Discount Investment Trust Sector Average Discount 10-year Investment Trust Sector Average Discount Since 2022 Source: Winterflood Securities as at 31 August 2023 11
Slide 12: Performance To 31st May 2023
CT Global Managed Portfolio Trust – Performance To 31st May 2023 Performance against Benchmark 1 Yr 5 Yrs 10Yrs Since Launch % % % 16 April 08 % Income Portfolio NAV -7.4 +11.8 +59.1 +143.3 Growth Portfolio NAV -5.9 +11.6 +84.4 +134.8 FTSE All Share Index +0.4 +15.2 +67.5 +128.0 Performance against
Slide 13: Table of Returns
Table of Returns Year to 31 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% 20
Slide 14: Income Yield Comparison and Dividend Record
CT Global MPT Income Yield Comparison and Dividend Record Dividend/Income Yield FTSE All Share Index (UK Equities) 3.77% FTSE All Stocks Index (UK Govt Bonds) 4.59% CT Global Managed Portfolio Trust Income Portfolio 6.48% 15 Year Dividend Record 2008-11 4.40p 2012 - 4.50p Q1FY2024 1.80p v 1.67p +7.8
Slide 15: Top Ten Holdings – Growth Portfolio
Top Ten Holdings – Growth Portfolio As at 18 Sept 2023 Name Portfolio Sector Yield % % HG Capital Trust 4.8 Private Equity 1.6 Fidelity Special Values 3.8 UK All Companies 2.9 Finsbury Growth & Income 3.8 UK Equity Income 3.0 Law Debenture 3.7 UK Equity Income 3.8 Worldwide Healthcare Trust 3.1 Biot
Slide 16: Recent Purchases – Growth Portfolio
Recent Purchases – Growth Portfolio As at 18 Sept 2023 Aberforth Smaller Companies Trust (UK Smaller Companies) Finsbury Growth & Income (Addition) (UK Equity Income) Lowland Investment Company (Addition) (UK Equity Income) Henderson Smaller Companies (Addition) (UK Smaller Companies) Hend
Slide 17: Recent Sales – Growth Portfolio
Recent Sales – Growth Portfolio As at 18 Sept 2023 Polar Capital Global Financials Trust (Financials) Mid Wynd International (Global) Urban Logistics REIT (Property) TR Property (Top Slice) (Property) 17
Slide 18: Top Ten Holdings – Income Portfolio
Top Ten Holdings – Income Portfolio As at 18 Sept 2023 Name Portfolio Sector Yield % % Law Debenture 4.9 UK Equity Income 3.8 NB Private Equity Partners 4.5 Private Equity 4.6 Murray International 3.9 Global Equity Income 4.6 JPMorgan Global Growth & income 3.8 Global Equity Income 3.7 Merchants Tru
Slide 19: Recent Purchases – Income Portfolio
Recent Purchases – Income Portfolio As at 18 Sept 2023 Mercantile Investment Trust (Addition) (UK All Companies) Lowland (Addition) (UK Equity Income) Invesco Perpetual UK Smaller Companies (Addition) (UK Smaller Companies) Merchants Trust (Addition) (UK Equity Income) Apax Global Alpha (A
Slide 20: Recent Sales – Income Portfolio
Recent Sales – Income Portfolio As at 18 Sept 2023 Supermarket Income REIT (Property) Assura REIT (Property) Civitas Social Housing REIT (Property) BB Biotech (Biotech & Healthcare) Downing Renewables Infrastructure (Renewables) 20
Slide 21: Prospects for 2023 and 2024
Prospects for 2023 and 2024 After being steadily reduced over past 6 months US corporate earnings estimates are starting to rise. 2024 estimates are for moderate growth. Recession? Valuations in most equity markets still above long term averages. US forward p/e 18.9x, Europe 13.1x, UK 10.2x long
Slide 22: Individual Stock Returns – Growth Portfolio
Individual Stock Returns – Growth Portfolio Name Purchase Date Total Returns % Allianz Technology Trust May 2009 +812 Polar Capital Technology Trust April 2008 +775 Scottish Mortgage May 2008 +400 Biotech Growth Trust Feb 2010 +325 Herald Investment Trust Mar 2011 +250 HG Capital Trust May 2016 +190
Slide 23: 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 Long term investment approach Unconstrained by benchmark, flexibility key Income Portfolio, equity based portfolio with 6.5% dividend yield. Decent p
Slide 24: Appendix
COLUMBIA THREADNEEDLE INVESTMENTS Appendix
Slide 25: Investment Trusts - Performance
Investment Trusts - Performance Sector tends to do better in relative terms in rising markets. Reverse also true Factors that influence performance Gearing Currency Discounts Performance of Big Companies (FTSE 100) relative to Mid/Small Companies (FTSE 250/Small Cap index)
Slide 26: Investment Philosophy and Process
Investment Philosophy and Process Seeks long term total returns, aim for quality and consistency Reliance on proprietary research Absolute return mentality, protect clients capital in difficult markets Look for performance of assets over time Discount whilst an important element in the dec
Slide 27: Investment Philosophy
Investment Philosophy Long term investment perspective Focus on listed Investment Companies Manager access Liquidity Regulation Absolute return mentality Cash/gearing decision Capital protection/growth Freedom to invest globally without reference to a benchmark Take advantage of
Slide 28: Investment Process?
Investment Process? Asset Allocation Portfolio will have a global/overseas bias Regular macro input from global strategy team Key drivers – ideas and stock selection Prospects for relevant market or sector company invests in Asset performance over long run, quality and consistency Identify
Slide 29: Top Ten Holdings Growth Portfolio As at 30 Nov. 2021
Top Ten Holdings Growth Portfolio As at 30 Nov. 2021 Name Portfolio Sector Yield % % Allianz Investment Trust 5.1 Technology & Media 0.0 Scottish Mortgage Investment Trust 4.7 Global 0.3 Monks Investment Trust 4.4 Global 0.2 HG Capital Trust 3.8 Private Equity 1.3 Chrysalis Investments 3.0 Private E
Slide 30: Top Ten Holdings Income Portfolio As at 30 Nov. 2021
Top Ten Holdings Income Portfolio As at 30 Nov. 2021 Name Portfolio Sector Yield % % NB Private Equity Partners 4.6 Private Equity 3.6 HBM Healthcare Investments 4.1 Biotechnology & Healthcare 3.3 Bellevue Healthcare Trust 3.9 Biotechnology & Healthcare 3.0 Law Debenture 3.7 UK Equity Income 3.6 JPM
Slide 31: Important information
Important information © 2023 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 U
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