Global Smaller Companies Trust PLC · LSE:GSCT
Global Smaller Companies Trust — The Global Smaller Companies Trust — Shareholder Meeting (September 2026)
34 slides from Global Smaller Companies Trust's shareholder meeting presentation, September 2026
Slide 1: The Global Smaller Companies Trust PLC AGM Presentation
Adtrax - CTEA9107278.1 The Global Smaller Companies Trust PLC AGM Presentation September 2026 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
Market environment Agenda ◼ ◼ Financial results for 2025/2026 ◼ Portfolio activity ◼ Outlook ◼ Evolution of the Company since 2024 3
Slide 4: Objective and investment philosophy
Objective of The Global Smaller Companies Trust To invest in smaller companies worldwide in order to secure a high total return. Investment philosophy A long term, conservative approach to investing in good quality, growing businesses when they become available at an attractive valuation. 4
Slide 5: Market environment over 2025/2026 financial year
Market environment over 2025/2026 financial year ◼ Resilient global economy — despite higher inflation, weaker employment and tariffs; ‘K Shape’ to the economy persisted. ◼ Geopolitics continued to be an influence — tariffs, military confrontations, fraying alliances and fiscal stimulus all featured
Slide 6: Quality companies fell out of favour
Quality companies fell out of favour Annualised Excess Quintile Returns (%) by factor MSCI ACWI Small Cap, 30th Apr 2025 - 30th Apr 2026 Momentum Profitability Volatility Past performance should not be seen as an indication of future performance. Source: Columbia Threadneedle as at 30-Apr-26. 6
Slide 7: Financial results
Financial results 12 months to 30th April 2026 NAV (debt at market value) +21.0% Share price +28.8% Benchmark +31.3% Dividend per share +5.0% Strong returns, a little behind Discount to NAV over the last 10 years the benchmark Source: Columbia Threadneedle Investments as at 30-Apr-26, returns are to
Slide 8: Long term performance track record against peers
Long term performance track record against open and closed ended peers Annualised returns (total returns, net of fees, GBP) 1 year 3 years 5 years 10 years Peer Group Quartile Ranking 2nd 3rd 2nd 2nd Past performance should not be seen as an indication of future performance. Source: Morningstar, ope
Slide 9: Attribution for 12 months to 30 April 2026
Attribution for 12 months to 30 April 2026 Portfolio Bottom Portfolio Total Total Top contributors average Total effect contributors to average Total effect return % return % to performance weight % performance weight % MaxLinear 1.4 608.2 4.5 Brown & Brown 2.9 -45.2 -2.6 Advanced Energy 1.9 295.0 1
Slide 10: Speculate and chase low quality rally or stay disciplined
To speculate and chase the low quality rally or to stay disciplined and look for opportunities within high quality businesses? Percentage gain required to compensate for percentage loss Source: topforeignstocks.com, as at 30-Apr-2026. 10
Slide 11: Portfolio activity: recent new purchases
Portfolio activity Recent new purchases/additions 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
Slide 12: Portfolio activity: recent sales
Portfolio 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. Sour
Slide 13: New financial year
New financial year GSCT NAV vs Benchmark for Financial Year to Date 2.00% 1.39% 1.00% 0.75% 0.24% 0.00% -1.00% -1.03% -2.00% -3.00% -4.00% -3.77% -5.00% May-26 Jun-26 Jul-26 Aug-26 Sep-26* Source: Columbia Threadneedle Investments as at 11-Sep-26, returns are total returns in sterling terms. NAV: Ne
Slide 14: Outlook
For Professional investors only Outlook ◼ Global economy supported by AI investment, fiscal stimulus, high asset prices and healthy earnings — persistence of each factor is uncertain. ◼ Key debates: AI return on investment, inflation and monetary policy, geopolitical risks and credit market pressure
Slide 15: Evolution of the Trust: 25 year performance
Evolution of The Global Smaller Companies Trust Strong absolute/relative performance over 25 years Cumulative Index return GSCT 994% MSCI AC 872% World SC MSCI World 684% Deutsche Numis UK SC 595% ex inv cos FTSE 100 325% Past performance should not be seen as an indication of future performance. So
Slide 16: Long history of dividend growth
Evolution of The Global Smaller Companies Trust Long history of dividend growth GSCT Dividend per Share 3.5 3 Dividend per Share (p) 2.5 2 9.9% Compounded Annual 1.5 Growth Rate 1 0.5 0 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Slide 17: Changes made from April 2024 to April 2026
Evolution of The Global Smaller Companies Trust Changes made from April 2024 to April 2026 Before After Japanese equities managed by Japanese equities managed by 3rd party funds internal team at Columbia Threadneedle Investments initiated without identifiable Near-term catalysts to realise value sou
Slide 18: Changes made from May 2026
Evolution of The Global Smaller Companies Trust Changes made from May 2026 Before After Hybrid benchmark with 20% Single global benchmark Benchmark UK weighting (MSCI ACWI Small Cap Net) Change and portfolio 186 holdings ~130 holdings realignment ‘Fund of funds’ model Single, high conviction portfol
Slide 19: Why Columbia Threadneedle Investments?
Why Columbia Threadneedle Investments? Nish Patel Lead Portfolio Manager 18 years in the industry / 18 years with Columbia Threadneedle North American stocks UK stocks European stocks Japanese stocks ~60 stocks ~15 stocks ~15 stocks ~30 stocks Maximum market cap at initiation of Maximum market cap a
Slide 20: Where the portfolio is invested
Where the portfolio is invested As at 31 August 2026 Geographic analysis (absolute) Sector analysis Japan 12.5% Energy Telecommunications Europe Consumer 0.0% 3.8% Utilities 9.5% Staples 2.8% North 1.2% America Basic Materials Industrials Rest of 48.1% 4.8% 24.1% World 20.3% Health Care 7.0% UK 9.6%
Slide 21: Higher quality portfolio trading at a lower than market valuation
Higher quality portfolio trading at a lower than market valuation Portfolio* Benchmark* Number of holdings 127 5,703 Gross Margin 32.5% 27.6% Operating Margin 14.4% 10.7% Return on Equity 11.1% 9.0% Net Debt / EBITDA 0.9x 1.0x Price/Sales Ratio NTM 2.1x 2.2x Price/Earnings Ratio NTM 17.7x 19.1x EV/E
Slide 22: Discount management and gearing
Evolution of The Global Smaller Companies Trust Before After Share repurchases with limited impact on More active and disciplined approach to discount buyback Little awareness of GSCT Expanded marketing and PR programme. Discount Further enhancements planned for this Management financial year, inclu
Slide 23: Investment Case
Investment Case ◼ Through careful, bottom-up stock selection, GSCT is a direct way of benefitting from a recovery in the global smaller companies asset class ◼ Genuine diversification from large cap indices that are heavily concentrated in US technology ◼ Additional returns from quality value coming
Slide 24: Appendix
COLUMBIA THREADNEEDLE INVESTMENTS Appendix
Slide 25: Financial highlights 12 months to April 2026
Financial highlights 12 months to 30 April 2026 Geographical performance (% total return sterling adjusted) Portfolio Benchmark North America UK Europe Japan ROW* 45% 38.6% 40% 35.9% 35% 29.2% 29.1% 30% 27.1% 25% 21.5% 20.0%20.5% 22.1% 20% 15.0% 15% 8.9% 10% 5% 0% Past performance should not be seen
Slide 26: Long term performance track record against benchmark
Long term performance track record against benchmark Annualised returns % p.a. (total returns, net of fees, GBP) 1 year 3 years 5 years 10 years 15 years GSCT 21.0% 7.9% 4.0% 8.5% 9.5% Share Price 28.8% 11.1% 3.8% 8.4% 9.4% Benchmark 31.3% 13.2% 6.6% 10.2% 9.8% Discrete performance %, 12 month rolli
Slide 27: Smaller companies, why now? Low relative valuations
Smaller companies, why now? Cyclically low relative valuations should lead to outperformance Source: Columbia Threadneedle Investments, 31-Dec-2025. Source: Wellington Management, JP Morgan 27
Slide 28: Smaller companies starting to outperform
Smaller companies, why now? Smaller companies starting to outperform, still a long way to go Source: Columbia Threadneedle Investments, 30-Jun-26. Source: JP Morgan 28
Slide 29: Smaller companies more attractively valued
Smaller companies, why now? Smaller companies are more attractively valued than larger companies Source: Columbia Threadneedle Investments, 30-Jun-26. Source: JP Morgan 29
Slide 30: Exposure different to US large cap technology
Smaller companies, why now? Equity market exposure that is different to US large cap technology Correlations of the ‘Magnificent 7’ and GSCT Magnificent MSCI ACWI MSCI ACWI MSCI EAFE MSCI EAFE US 10 yr S&P 500 GSCT Gold 7 Large Cap Small Cap Large Cap Small Cap yield Magnificent 100.0% 89.2% 84.3% 5
Slide 31: Inflation helps value and small caps
Smaller companies, why now? Inflation helps the relative performance of value and small caps Source: Stifel, 31-Dec-25. Historical trends are not guaranteed to continue and future outcomes may differ. 31
Slide 32: Inflation helps value and small caps: sector weights
Smaller companies, why now? Inflation helps the relative performance of value and small caps Small Cap Large Cap Industrials 19.9% 9.0% Financials 14.7% 17.9% Consumer Discretionary 11.4% 10.5% Information Technology 12.4% 29.9% Health Care 10.3% 9.0% Materials 8.9% 2.9% In a world with Real Estate
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 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
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