Half-year Results to 30 June 2025

Global Opportunities Trust plc

Legal Entity Identifier: 2138005T5CT5ITZ7ZX58

Half-Yearly Results for the six months to 30 June 2025 (unaudited)

Financial Highlights

* Alternative Performance Measure. For definitions please refer to the Glossary of Terms and Alternative Performance Measures on pages 22 to 24 of the Interim Report.

CHAIR’S STATEMENT

I am pleased to present the Company’s interim report for the six months to 30 June 2025.

Investment Performance

For the six months to 30 June 2025, the Company generated positive returns. Net Asset Value (‘NAV’) Total Return increased by 4.0% whilst Share Price Total Return increased by 12.2%, with dividends assumed to be reinvested. In comparison, the FTSE All-World Index rose a fairly anaemic 1.0% on a total return basis. The Bloomberg Global Aggregate Bond Index in GBP terms declined by approximately 2%, reflecting the strength of sterling. We would continue to remind shareholders, however, that the Company has no stated benchmark against which it seeks to outperform. Its objective is to achieve real long-term total return through investing globally in undervalued assets.

As at 30 June 2025 the Company had Net Assets of £110.7m (31 December 2024: £109.3m), the NAV per ordinary share was 378.9p (31 December 2024: 374.0p) and the middle market price per share on the London Stock Exchange was 310.0p (31 December 2024: 286.0p), representing a discount of 18.2% to NAV.

Share Capital and Discount

The Company’s discount reduced from its year-end position of 23.5% to 18.2% and averaged 22.7% during the period. The average discount of the ‘Flexible Investment’ sector of the Association of Investment Companies (‘AIC’) (of which the Company is a member) was 21.7% as at 30 June 2025. The narrowing of the Company’s discount is a focus of the Board and the Company has begun a detailed marketing programme to highlight the potential appeal of the Company to a wider shareholder base. No share buybacks were undertaken during the period.

2025 Annual General Meeting

I chaired my fourth Annual General Meeting of the Company which was held on 15 May 2025 (‘the AGM’). On behalf of the Board, I would like to thank all those shareholders for their engagement, either in person or by way of proxy, and I was pleased to note that all resolutions were formally passed by the requisite majority at the AGM.

Portfolio Information

Shareholders can keep up to date on the performance of the portfolio through the Company’s website at www.globalopportunitiestrust.com where you will find information on the Company, a monthly factsheet and research articles by our Executive Director, Dr Nairn. There is also an option to sign-up to receive the latest publications directly via email.

Outlook

In many ways it has been a tumultuous period, with the stance of the new US administration appearing to change on a regular basis. This has been most noticeable on trade tariffs which have been used as the primary tool by President Trump to try and achieve his political and economic goals. Markets have remained relatively sanguine through the period, given the potential for severe economic distress. There are no obvious signs of resolution to the ongoing conflicts in Gaza or Ukraine, despite the various initiatives.

The key point for markets is that it takes time for economic impacts to work their way through the system and it is only now where evidence may begin to emerge. To the extent that it is negative we have seen the likely response. Either the messenger will be blamed, or the Federal Reserve will serve as the scapegoat. In the meantime, there have been no meaningful attempts to address the debt overhang facing the world’s developed economies. As before, this leaves us with a continued risk averse approach. Where opportunities have arisen, the Company has sought to exploit them but our principal focus at this time is attempting to make sure that we can continue to provide positive real returns, but retain the downside protection we feel is necessary.

Keep in Touch

As always, the Board welcomes communication from shareholders and I can be contacted through the Company Secretary at [email protected].

Cahal Dowds

Chair

20 August 2025

EXECUTIVE DIRECTOR’S REPORT

Global equity markets remained focused on AI as the core area of interest. Although the shares largely paused for breath, such has been the movement that the US market now accounts for 72% of the world’s equity market capitalisation with the top 10 technology companies alone exceeding over 25%. Attention has turned to the build out of AI infrastructure with the Stargate project targeting expenditure of $500bn on data centres. The expenditure in AI and AI-related fields accounts for much of US current capital expenditure. As a result, there appears a two tier economy with one characterised by capital inflows, growing valuations and inflating salaries. The other appeared reasonably robust, but recent data revision have begun to undermine that view. The White House has reacted by shooting the messenger, claiming recent data revisions are either not accurate or politically inspired. At the same time, the attacks on the Federal Reserve Chairman continue. Undermining the core financial institutions and government bodies is not designed to inspire the confidence of international investors already concerned at the ongoing tariff dramas and reversals. Hitherto, equity markets have been willing to shrug off the twists of policy and the increasingly bellicose rhetoric. If the US economy begins to deteriorate, one can expect the political attacks to increase but for market tolerance to move in the opposite direction.

There are many reasons why this is likely, the most important being the lags that exist in the economic system. The impact of the tariff-induced uncertainty together with the actual rises will soon begin to feed through in prices and volumes. Whilst it is highly likely that some interest rate cuts will follow, it is also likely that these will be limited reflecting the merging inflationary pressures. With markets at historically high valuations and accompanying political stress, it does not make for an appetising cocktail. This does not mean no investment opportunities will emerge, particularly given the current narrowness of markets and the focus on technology. In the first six months, for example, the Company did invest in a number of small/mid cap European companies with attractive long-term valuations whilst still retaining its overall defensive posture. These include out of favour industrials such as Kalmar and Danieli. At the same time, a number of UK holdings including Tesco and Imperial Tobacco performed well and were sold as a consequence.

We expect this to continue, an overall defensive posture but with selected new investments. Against this backdrop, the growth in the NAV has been encouraging reflecting the objective of the Company to provide real returns through different environments, including those where opportunities are limited and there is a focus on obtaining the right risk profile. The Company retains ample liquidity, which will be deployed as opportunities present themselves.

Dr Sandy Nairn

Executive Director

20 August 2025

PORTFOLIO OF INVESTMENTS

as at 30 June 2025 (unaudited)

1 Sub-Fund of Gateway UCITS Funds PLC

2 Luxembourg Special Limited Partnership

DISTRIBUTION OF INVESTMENTS

as at 30 June 2025 (% net assets)

The figures detailed in the sector distribution list represent the Company’s exposure to those sectors.

The figures detailed in the geographical distribution list represent the Company’s exposure to these countries or regional areas through its investments and cash.

The geographical distribution is based on each investment’s principal stock exchange listing or domicile, except in instances where this would not give a proper indication of where its activities predominate.

\* The geographical distribution of cash and other net assets as at 30 June 2025 is based on currencies held in the following regions/countries:

DIRECTORS’ STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES

The important events that have occurred during the period under review and the key factors influencing the Financial Statements are set out in the Chair’s Statement and Executive Director’s Report on pages 3 to 5 of the Interim Report. The principal factors that could impact the remaining six months of the financial year are also detailed in the Chair’s Statement and Executive Director’s Report.

Principal Risks and Uncertainties

The Board has considered the principal and emerging risks facing the Company. The Board has concluded that there are no significant additional risks facing the Company other than those detailed below and in the Annual Report and Financial Statements for the year ended 31 December 2024.

The Board considers that the following risks remain the principal risks associated with investing in the Company: geopolitical risk, investment and strategy risk, key person risk, financial and economic risk, discount volatility risk, regulatory risk and operational risk. Other risks associated with investing in the Company include, but are not limited to, credit risk, interest rate risk and gearing risk. These risks, and the way in which they are managed, are described in more detail under the heading “Principal Risks” within the Strategic Report in the Company’s Annual Report and Financial Statements for the year ended 31 December 2024.

The risks identified by the Board as detailed above are not exhaustive and various other risks may apply to an investment in the Company. Potential investors may wish to obtain independent financial advice as to the suitability of investing in the Company.

Going Concern

As detailed in Note 1 to the Financial Statements on page 14 the Half-Yearly Report has been prepared on a going concern basis. The Directors consider that this is the appropriate basis as they have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its financial commitments as they fall due for a period of at least 12 months from the date of approval of the unaudited financial statements.

DIRECTORS’ STATEMENT OF RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS

The Directors confirm that to the best of their knowledge:

(a) Disclosure Guidance and Transparency Rule 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed set of Financial Statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

(b) Disclosure Guidance and Transparency Rule 4.2.8R, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so.

This Half-Yearly Report has not been audited or reviewed by the Company’s auditor.

This Half-Yearly Report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by:

Cahal Dowds

Chair

20 August 2025

INCOME STATEMENT

for the six months to 30 June 2025 (unaudited)

All revenue and capital items in the above statement derive from continuing operations.

The total column of this statement is the profit and loss account of the Company.

The revenue and capital columns are prepared in accordance with guidance issued by the Association of Investment Companies (“AIC”).

A separate Statement of Comprehensive Income has not been prepared as all gains and losses are included in the Income Statement.

BALANCE SHEET

as at 30 June 2025 (unaudited)

* Investments at fair value through profit or loss includes liquidity fund investments of £25,307,000 (2024: £22,287,000).

STATEMENT OF CHANGES IN EQUITY

for the six months to 30 June 2025 (unaudited)

STATEMENT OF CASH FLOW

For the six months to 30 June 2025 (unaudited)

* Receipts from the sale of, and payments to acquire, investment securities have been classified as components of cash flows from operating activities because they form part of the Company’s dealing operations. Amounts include liquidity fund investment subscriptions and redemptions.

NOTES TO THE FINANCIAL STATEMENTS

for the six months to 30 June 2025

Basis of accounting

The Company applies Financial Reporting Standard (“FRS”) 102: “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Statement of Recommended Practice as issued by the AIC. The Company has prepared the Financial Statements for the six months to 30 June 2025 in accordance with FRS 104: “Interim Financial Reporting”.

The accounting policies are set out in the Company’s Annual Report and Financial Statements for the year ended 31 December 2024 and remain unchanged. 70% of management fees and finance costs relating to borrowings are charged to capital, with 30% of these costs charged to revenue, as detailed in the Income Statement on page 10 of the Interim Report.

Going concern

The financial statements have been prepared on a going concern basis and on the basis that approval as an investment trust company will continue to be met.

The Directors have made an assessment of the Company’s ability to continue as a going concern and are satisfied that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date when these financial statements were approved.

The Directors have noted that the Company, holding a portfolio consisting principally of liquid listed investments and cash balances, is able to meet the obligations of the Company as they fall due, any future funding requirements and finance future additional investments. The Company is a closed end fund, where assets are not required to be liquidated to meet day-to-day redemptions.

The Directors have reviewed stress tests assessing the impact of changes and scenario analysis to assist them in determination of going concern. In making this assessment, the Directors have considered plausible downside scenarios that have been financially modelled. These tests apply to any set of circumstances in which asset value and income are significantly impaired. The conclusion was that in a plausible downside scenario, the Company could continue to meet its liabilities. Whilst the economic future is uncertain, and the Directors believe that it is possible the Company could experience further reductions in income and/or market value, the opinion of the Directors is that this is unlikely to be to a level which would threaten the Company’s ability to continue as a going concern.

The Company and its key service providers have put in place contingency plans to minimise disruption. Furthermore, the Directors are not aware of any material uncertainties that may cast significant doubt on the Company’s ability to continue as a going concern, having taken into account the liquidity of the Company’s investment portfolio and the Company’s financial position in respect of its cash flows, borrowing facilities and investment commitments. Therefore, the financial statements have been prepared on the going concern basis.

Comparative information

The financial information for the six months to 30 June 2025 and for the six months to 30 June 2024 have not been audited or reviewed by the Company’s Auditor pursuant to the Auditing Practices Board guidance on such reviews. The financial information contained in this report does not constitute statutory accounts as defined in the Companies Act 2006.

The latest published audited financial statements which have been delivered to the Registrar of Companies are the Annual Report and Financial Statements for the year ended 31 December 2024; the report of the Independent Auditor thereon was unqualified and did not contain a statement under Section 498 of the Companies Act 2006. Information shown for the year ended 31 December 2024 is extracted from that Annual Report and Financial Statements.

Segmental reporting

The Directors are of the opinion that the Company is engaged in a single segment of business, being investment business. The Company primarily invests in listed companies.

Return per share

The returns per share for the six months to 30 June 2025 are based on 29,222,180 shares (six months to 30 June 2024: 29,222,180 shares), being the weighted average number of shares, excluding shares held in treasury, in circulation during the period.

Analysis of investment portfolio movements

Analysis of capital gains and losses

The fair value hierarchy for investments held at fair value at the period end is as follows:

The NAV is based on net assets at 30 June 2025 of £110,736,000 (31 December 2024: £109,295,000) and on 29,222,180 shares (31 December 2024: 29,222,180 shares), being the number of shares, excluding shares held in treasury, in circulation at the period end.

During the six months to 30 June 2025, no shares were repurchased or issued from Treasury by the Company.

As at 30 June 2025 there were 64,509,642 shares in issue of which 35,287,462 shares were held in treasury, resulting in there being 29,222,180 shares in circulation.

Dr Sandy Nairn is the Executive Director of the Company and is a substantial shareholder.

The Company has invested in Volunteer Park Capital Fund SCSp (“VPC”). The Alternative Investment Fund Manager of VPC is Goodhart Partners LLP (“Goodhart”). Goodhart Partners S.a.r.l. is the general partner to VPC and is 100% owned by Goodhart.

The Company has invested in AVI Japanese Special Situations Fund (“AVI JSS”). The sub-investment manager of AVI JSS is Asset Value Investors Ltd. (“AVI”). AVI is an affiliate of Goodhart which maintains a minority interest in AVI of less than 25%.

Goodhart was appointed to provide sub-investment management services to the Company with effect from 31 May 2023.

Dr Nairn is the sole controller of a company which holds a significant shareholding of more than 25% but not more than 50% in Goodhart and may be a beneficiary of the management fees and carried interest payable to Goodhart related companies. Given Dr Nairn’s interests in Goodhart, it was agreed with him, in March 2023, that his salary would be reduced (such reduction equalling the entire salary, if necessary) by his share (through his minority interest in Goodhart) of amounts credited in the same period in respect of (i) any carried interest on co-investments made by the Company alongside Goodhart and (ii) any partnership profit allocations attributable to Goodhart’s net profits on fees earned with respect to the investments noted above.

There were no events subsequent to the half-year end and up to 20 August 2025, the date of this report.

The Half-Yearly Report will shortly be available to view on the Company's website at

www.globalopportunitiestrust.com where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

A copy of the Half-Yearly Report will shortly be submitted to the Financial Conduct Authority’s National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

For further information please contact:

Juniper Partners Limited

Company Secretary

e-mail: [email protected]

[END]