CT Global Managed
Portfolio Trust PLC
Annual Report and Financial Statements
For the year ended: 31 May 2026
Annual Report and Financial Statements 2026 | 1
Overview
Contents
Overview
About Us 2
Strategic Report
Chairman’s Statement 3
Growth Shares – 2026 Highlights 7
Growth Shares – Investment Portfolio 8
Income Shares – 2026 Highlights 10
Income Shares – Investment Portfolio 11
Investment Managers’ Review 13
Purpose, Strategy and Business Model 17
Responsible Investment 19
Key Performance Indicators 21
Promoting the Success of the Company 22
Principal Risks and Uncertainties and Viability Statement 24
Policy Summary 27
Governance Report
Board of Directors 30
Report of the Directors 31
Corporate Governance Statement 38
Report of the Audit Committee 41
Report of the Management Engagement Committee 45
Report of the Marketing Committee 46
Report of the Nomination Committee 47
Directors’ Remuneration Report 48
Statement of Directors’ Responsibilities 51
Independent Auditor’s Report 52
Financial Report
Financial Statements 58
Notes to the Financial Statements 63
AIFM Directive Disclosures 84
Notice of Meeting
Notice of Annual General Meeting 85
Other Information
Capital Structure 90
Shareholder Information 91
How to Invest 93
Historic Record 94
Alternative Performance Measures (‘APMs’) 95
Glossary of Terms 98
Corporate Information 100
Financial Calendar
First interim dividend paid October 2026
Annual General Meeting 23 October 2026
Deadlines for submitting conversion instructions:
– for Columbia Threadneedle Investments savings plan investors
– for non-Columbia Threadneedle Investments savings plan investors
23 October 2026
30 October 2026
Share conversion facility date 12 November 2026
Second interim dividend paid January 2027
Announcement of interim results for six months to 30 November 2026 January 2027
Third interim dividend paid April 2027
Fourth interim dividend paid July 2027
Announcement of annual results for year ended 31 May 2027 July 2027
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Forward-looking statements
This document may contain forward-looking statements with respect to the financial condition, results of operations and business of the Company. Such statements
involve risk and uncertainty because they relate to future events and circumstances that could cause actual results to differ materially from those expressed or
implied by forward-looking statements. The forward-looking statements are based on the Directors’ current views and on information known to them at the date of
this document. Nothing should be construed as a profit forecast.
2 | CT Global Managed Portfolio Trust PLC
Overview
About Us
CT Global Managed Portfolio Trust PLC (the ‘Company’) is an investment company launched in 2008. It is a
‘fund of funds’, offering investors a choice of two professionally managed Portfolios invested principally in
other listed investment companies. Its shares are traded on the main market of the London Stock Exchange.
Our Purpose
In a world with ever more choice, the purpose of CT Global Managed Portfolio is to offer a solution for people
who may not have the confidence, expertise or time to research, choose and manage their own investments.
One investment decision gives you an instantly diversified Portfolio with a broad spread of geographies,
sectors, investment styles and investment managers. This approach aims to mitigate the impact of short-term
volatility in any one area and seeks to deliver more stable long-term performance.
Your Fund for Life
CT Global Managed Portfolio is designed to provide you with an investment solution for your lifetime. It does
this by offering a choice of two share classes with different investment aims and separate Portfolios.
You can choose the share class that best matches what you want from your investment over time:
– CT Global Managed Portfolio Growth shares (CMPG) have the sole aim of growing your capital.
– CT Global Managed Portfolio Income shares (CMPI) have the primary aim of providing you with a growing
regular income and a secondary aim of some growth in your capital.
There is an annual opportunity to switch your shareholding (in full or part) between the share classes without
incurring any capital gains tax liability
(1)
or paying any stamp duty. This gives you flexibility if your needs change
over time.
Both the Growth shares and Income shares can be held in accounts such as an ISA, pension (SIPP) and
general investment account. They are available at all major investment platforms and through Columbia
Threadneedle Investments Savings Plans.
(1)
Under current law, conversions will not be treated as disposals for UK capital gains tax purposes. Tax rules may change.
Visit our website at ctglobalmanagedportfolio.co.uk
The Company is registered in Scotland with company registration number SC338196
Legal Entity Identifier: 213800ZA6TW45NM9YY31
Annual Report and Financial Statements 2026 | 3
Strategic Report
Dear Shareholder
Thank you for your ongoing investment in CT Global Managed
Portfolio. Together with our Manager, Columbia Threadneedle
Investment Business Limited, we continually focus on
outcomes for shareholders and seek to make improvements
when appropriate.
As part of this commitment, we have undertaken a number of
important initiatives:
• To make performance easier for shareholders to
understand, we are replacing our single benchmark with
three complementary comparators providing a more
relevant view of investment performance.
• To help protect Income shareholders’ purchasing power, we
will aim to increase dividends by at least the rate of inflation
as measured by the UK Consumer Price Index (‘CPI’) over
rolling three-year periods (based on financial years).
• To better align with Income shareholders’ day-to-day
finances, we intend to pay dividends monthly rather than
quarterly, starting from the next financial year.
• To enhance shareholders’ total return potential, the
Investment Managers intend to make fuller use of the
existing features of the Company’s investment policy,
including using the borrowing facility in both Portfolios.
We believe these developments will benefit shareholders and
support CT Global Managed Portfolio’s long-term success. You
can find more information on each of these initiatives, along
with other updates, within this Chairman’s Statement.
Performance Reporting
Since launch in 2008, the Company has used the FTSE
All-Share Index as the benchmark for the outcomes of both
share classes. We have reviewed whether this remains the
most useful way for shareholders to assess performance.
Because most companies in the FTSE All-Share Index are
not investment companies, the Index does not closely reflect
what the Company is allowed to invest in. For that reason, for
financial years beginning on or after 1 June 2026, the Board
believes it will be more helpful to show performance for both
share classes against three comparators instead:
• the FTSE All-Share Closed End Investments Index – this
is more closely aligned with the Company’s investment
policy because it is made up only of UK-listed investment
companies;
• the FTSE All-Share Index – many UK retail investors may see
this as a broad alternative for their money; and
• CPI – this will help shareholders see whether their
investment is keeping ahead of the rising cost of living.
Whilst the Company’s benchmark for the year under review was
the FTSE All-Share Index, we have also included, in this Annual
Report and Financial Statements, the corresponding returns
from the other two comparators for information purposes.
Strategic Report
This Strategic Report, which includes pages 3 to 29 and incorporates the Chairman’s Statement, has
been prepared in accordance with the Companies Act 2006.
“ We have listened carefully to what matters most to shareholders and, as a result,
have undertaken a number of initiatives. Whether through clearer performance
reporting, protecting income against inflation, providing a more convenient dividend
payment schedule or making fuller use of existing features of the Company’s
investment policy, each initiative is designed to improve the experience and
outcomes for our shareholders.”
David Warnock, Chairman
Chairman’s Statement
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
4 | CT Global Managed Portfolio Trust PLC
Strategic Report
Performance
For the Company’s financial year ended 31 May 2026, the net
asset value (‘NAV’) total return
(1)
(capital performance plus the
reinvestment of any dividends paid) was +25.1% for the Growth
shares and +23.3% for the Income shares, both of which
outperformed the +21.6% total return for the FTSE All-Share
Index. For the same period, the FTSE All-Share Closed End
Investments Index delivered a total return of +27.6% and CPI
rose by +2.8%.
Both the Growth and Income Portfolios’ performance proved
resilient during a period of further volatility in financial markets,
resulting from heightened geopolitical uncertainty that
culminated in the US-Iran conflict. That conflict, and the ensuing
closure of the Strait of Hormuz, resulted in a sharp increase in
commodity prices, and a brief selloff in equity markets, from
which the recovery was swift, albeit to an extent concentrated
in the US and Asia and focussed on companies related to the
Artificial Intelligence theme.
Investment company sector performance, on the whole, was
improved versus recent years, as underlying NAV performance
was strong and discounts tightened. Market leadership
amongst the World’s stock markets broadened beyond
US-listed mega capitalisation technology companies, into
areas such as Asia and Emerging Markets. Alternative asset
returns remained under pressure from a higher interest rate
environment and Private Equity continued to suffer from a weak
‘exit’ environment.
From 1 June 2025, the beginning of the Company’s 2026
financial year, the investment Portfolios have been managed
by Adam Norris and Paul Green, supported by the Manager’s
broader EMEA Multi-Asset Solutions team (of which they
are members). In their first year, the Investment Managers
repositioned the Portfolios between regions and sectors and it
is pleasing to see the strong NAV total return of both Portfolios.
The Investment Managers’ Review, which includes an overview
of their investment activity, is set out on pages 13 to 16.
The Company’s compound annual NAV total returns
(2)
over
the 10 years to 31 May 2026 were +8.5% for the Growth
shares and +7.0% for the Income shares, as compared to the
compound annual total returns of +8.9% for the FTSE All-Share
Index, +10.2% for the FTSE All-Share Closed End Investments
Index and a compound annual increase in CPI of +3.6% over
the same period. This year’s strong returns have helped reduce
the negative impact of the relatively difficult four financial
years from 2022 to 2025. As explained in their Review, the
Investment Managers are positive on equity markets and
selective alternative assets. Discounts have begun to narrow
within alternatives, and the Investment Managers see strong
NAV growth potential from specific alternative assets, which
may help to close discounts further.
Revenue and Dividends to Income Shareholders
For the financial year ended 31 May 2026, four interim dividends
have now been paid totalling 7.85p per Income share, which
represents an increase of 3.3% from the prior financial year
(2025: 7.60p per Income share). This increase compares to the
change in CPI over the year of 2.8%. The fourth interim dividend
was paid after the year end on 10 July 2026.
This is the 15th consecutive year of dividend increase and the
yield on the Income shares was 6.0% on the year end Income
share price, compared with 3.1% for the FTSE All-Share Index
and 2.6% for the FTSE All-Share Closed End Investments Index.
In the absence of unforeseen circumstances, it is the Board’s
intention, in accordance with the Company’s stated dividend
policy, to pay four quarterly interim dividends, each of at least
2.00p per Income share, so that the aggregate dividends for
the financial year ending 31 May 2027 will be at least 8.00p
per Income share.
After allowing for the payment of the fourth interim dividend, the
Company has a revenue reserve of £2.9 million, equivalent to
approximately 59% of the current annual dividend cost (at 8.00p
per Income share). In addition, the £29.6 million distributable
reserve (the 2022 special reserve, which was created following
the cancellation of the share premium account) is attributable to
the Income shares. These reserves can be drawn on to support
the payment of dividends to Income shareholders. The Board
believes this use of reserves affords the Investment Managers
more flexibility with portfolio construction, ensuring that total
returns for Income shareholders are not detrimentally impacted
by the dividend target.
Changes to Dividend Aim and Payment Frequency
The Board is well aware that increases in dividends are
important to Income shareholders and in particular how
increases compare with inflation. It has become the Board’s
aim to seek to increase dividends by at least as much as
inflation (as measured by CPI) over rolling three-year periods
(based on financial years). This will likely mean that, in years
when inflation is low, dividend increases may exceed it, but,
when inflation is high, dividend increases may lag, effectively
providing Income shareholders with a smoother income profile
over the rolling three-year periods. The Board first adopted this
dividend aim for the three years which ended 31 May 2026.
Over that period, dividends increased by 9.0% and CPI by
8.4% equivalent to compound annual increases of 2.9% and
2.7% respectively.
The Board also intends to change the frequency of Income
shareholders’ dividends from quarterly to monthly, with effect
from the next financial year which commences on 1 June
2027. Changing within the financial year could cause confusion
and so this is best implemented from the beginning of a new
financial year. The Board believes many Income shareholders
(1)
Total return – see Alternative Performance Measures on pages 95 to 97.
(2)
Compound annual NAV total return – see Alternative Performance Measures on pages 95 to 97.
Annual Report and Financial Statements 2026 | 5
Strategic Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
will receive other forms of income, like salary and/or pensions,
on a monthly basis and indeed their budgeting is likely to be
on a monthly basis too. We therefore believe moving from
quarterly to monthly payments will prove helpful and popular
with our existing Income shareholders and has the potential to
attract new investors.
In practical terms, this change to the payment profile will not
mean the full year’s dividends will be any different from what
they would have been. Income shareholders will receive on
a monthly basis roughly one-third of what they would have
received in their quarterly dividends in each of the three-month
periods, and their overall cash flow should be accelerated.
For example, the dividend usually paid in respect of the first
financial quarter is typically paid in October, whereas the
monthly dividends in respect of this first quarter are expected
to be paid in August, September and October, and so on for the
subsequent dividends. More information about this change will
be shared nearer the intended start date.
Investment Policy
We, alongside the Investment Managers, have reviewed the
features of the Company’s investment policy and, while we do
not see any that need changing at the moment, there are two
existing features that are worth mentioning that may be used
going forward.
The Company’s investment policy requires it to invest ‘principally’
in listed closed-end investment companies. By including
the word ‘principally’ it has always been the case that other
types of investment funds could be used in a relatively small
way while still adhering to the policy. This latitude has not
been used to date but, as the listed closed-end investment
companies universe has reduced in number, it is more likely
that the Investment Managers may wish to use other types of
funds where they can provide attractive exposure that is not
otherwise available to the Company from listed closed-end
investment companies.
The Company’s investment policy also permits the use of
derivatives within parameters set by the Financial Conduct
Authority and prescribed as efficient portfolio management.
Again, whilst this has always been available to the Company,
derivatives have not been used to date. Going forward it is
more likely that ‘index futures’ may be used to gain or reduce
exposures more quickly and more cheaply than by buying
or selling investments. Typically these would be short-term
expedients and modest in scale.
The Board will of course be monitoring closely any use of these
features and discussing any use with the Investment Managers.
Borrowing
The Company has an unsecured revolving credit facility (‘RCF’)
with The Royal Bank of Scotland International Limited (‘RBSI’)
for £10 million, which can be used in either Portfolio. At the
year-end, £7 million of the RCF had been drawn down in the
Income Portfolio (2025: £7 million in the Income Portfolio),
which represented 8.0% of its gross assets (2025: 10.3%).
No borrowings were drawn down in the Growth Portfolio
(2025: nil), although we expect that, going forward, the Growth
Portfolio may also make use of the borrowing facility. With that
in mind, the Board has requested RBSI consider an increase in
the size of the RCF.
The Board is responsible for the Company’s gearing strategy
and sets parameters within which the Investment Managers
operate. Borrowings are not normally expected to exceed 20%
of the total assets of the relevant Portfolio; in practice they
have been more modest and used to seek to enhance total
return, including the net income in the Income Portfolio.
Management of Share Price Premium and Discount
to NAV
We are active in issuing shares to meet demand and buying
back shares when this is appropriate. In normal circumstances
we aim to ensure the discount to NAV at which the shares
trade is no more than 5% and, during the financial year ended
31 May 2026, the Growth shares and Income shares traded
at an average discount of -1.8% and an average premium of
+0.6% respectively.
During the financial year, 1,265,000 Growth shares were resold
out of treasury at an average premium to NAV of 1.5%, raising
gross proceeds of £3.9 million. In addition, and primarily in
the first half of the financial year, 1,678,000 Growth shares
were bought back into treasury at an average price of 275.51p
per Growth share, with a total cost of £4.6 million, and at an
average discount to NAV of -3.8%.
Also during the financial year, 7,125,000 new Income shares
were issued from the Company’s block listing facility and
200,000 Income shares were sold from treasury at an
average premium to NAV of 1.6%. In total these transactions
raised gross proceeds of £9.1 million in the Income Portfolio.
200,000 Income shares were bought back into treasury at an
average price of 118.375p per Income share, at a total cost of
£0.2 million and at an average discount to NAV of -3.6%.
The Board is seeking shareholders’ approval to renew the
powers to allot shares, buy back shares and sell shares from
treasury at the forthcoming Annual General Meeting (‘AGM’).
Specifically, the Board is once again seeking approval to allow
the Company to issue (or sell from treasury) up to 20% of each
share class without rights of pre-emption and, in this respect,
there are two resolutions proposed. Each resolution is for
up to 10% and, therefore, for an aggregate of up to 20% of
each of the Growth shares and Income shares. This approach
allows any shareholder who may not wish to give approval to
an aggregate limit higher than that recommended by corporate
governance guidelines the ability to approve the first resolution
for up to 10% and to also consider the second resolution
separately for a further 10%.
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
6 | CT Global Managed Portfolio Trust PLC
Strategic Report
The Board believes the ability to issue and buy back shares
helps to reduce the volatility in the premium or discount of
the share prices to the underlying NAVs and the 20% overall
share allotment authority and the 14.99% buy-back authority
with respect to both the Growth shares and Income shares are
therefore in the best interests of all shareholders.
Share Conversion Facility
Shareholders have the opportunity to convert their Growth
shares into Income shares or their Income shares into Growth
shares annually subject to minimum and maximum conversion
quantum thresholds which may be reduced or increased at the
discretion of the Board.
The ability to convert without incurring UK capital gains
tax or paying stamp duty should be an attractive facility for
shareholders who wish to do so, and the next conversion date
will be on 12 November 2026. Information is provided on pages
91 and 92 in the Annual Report and Financial Statements,
and full details will be provided on the Company’s website
(ctglobalmanagedportfolio.co.uk) from 3 September 2026.
Investment Management Fee
During the financial year, the Board and Manager agreed a
reduction in the investment management fee (the ‘Fee’) with
effect from 1 September 2025. The Fee has been reduced to
0.60% per annum of the net asset value of each Portfolio (rather
than 0.65% per annum of the total assets of each Portfolio) and
there is no longer any charge on any assets which are invested
in other investment vehicles managed by the Manager.
Board Changes
During the year, Simon Longfellow took up a full-time senior
marketing role and, as a result, was not able to continue his
role with the Company and stepped down as a non-executive
Director with effect from 31 December 2025. The Board was
very sorry to lose Simon who had been an excellent colleague
with great insights contributing particularly into our marketing
efforts and we wish him all the best for the future.
As a consequence, the Board undertook a recruitment process
to replace him and was pleased to appoint Roland Spencer as
a non-executive Director with effect from 19 February 2026.
We believe that Roland’s experience of marketing, the direct-
to-consumer market and retail investor engagement will add
considerable value to the Board. He chairs the Marketing
Committee already to great effect. Roland’s biographical details
are set out on page 30, and his election will be proposed
to shareholders for approval at the forthcoming AGM on
23 October 2026.
AGM
The Annual General Meeting will be held on 23 October
2026 at Columbia Threadneedle Investments, Cannon Place,
78 Cannon Street, London, EC4N 6AG at 11.30am. Adam
Norris and Paul Green will give a presentation and provide an
overview of their investment strategy together with their views
on the outlook.
Voting on all resolutions at the AGM will be held on a poll,
the results of which will be announced and posted on the
Company’s website (ctglobalmanagedportfolio.co.uk) following
the meeting. All shareholders are therefore encouraged to
make use of the proxy form or form of direction provided, in
order that they can lodge their votes.
Should shareholders have any questions or comments in
advance, these can be raised with the Company Secretary
(MPTCoSec@columbiathreadneedle.com). Following the AGM,
the Investment Managers’ presentation will be available on the
Company’s website.
Outlook
“Prediction is very difficult, especially if it’s about the future!” –
I have always appreciated this quote and, while it has always
been true, it feels particularly so now when a political leader
somewhere can make any prediction about the future look foolish
very quickly. This is not to absolve myself from some attempt to
talk about the prospects for your Company, though, on investment
matters, I could not do better than the Investment Managers have
in their Review in their last section entitled “The Future Belongs
to the Optimists”. I commend that to you as well as the rest of
the Review of their maiden year.
Your Company’s Portfolios are not positioned to protect from
Black Swan events (i.e. unpredictable events with severely
negative impacts) but rather to provide truly diversified equity
orientated exposures to geographies, sectors, investment
styles and investment managers. By diversified we mean that
investments should not all move in the same direction under
the influence of the same events and environments (i.e. the
Investment Managers try to avoid too much correlation amongst
the investments). Over time this should help achieve the aims of
both Portfolios.
As described in this Statement and elsewhere in this Annual
Report and Financial Statements, your Board and Manager have
undertaken several initiatives which we believe will improve
the experience and outcomes for our shareholders. These, and
an encouraging first year by our Investment Managers, give us
cause to be optimistic for CT Global Managed Portfolio’s future.
The future belongs to the optimists!
David Warnock
Chairman
1 September 2026
Annual Report and Financial Statements 2026 | 7
Strategic Report
Growth Shares – 2026 Highlights
Other Financial Highlights
Year ended
31 May
2026
Year ended
31 May
2025
Net asset value (NAV) total return per Growth share
(1)
25.1% 2.5%
Growth share price total return 25.6% 1.6%
Comparator indices
(2)
– FTSE All-Share Closed End Investments Index (total return) 27.6% 4.4%
– FTSE All-Share Index (total return) 21.6% 9.4%
– Consumer Price Index 2.8% 3.4%
Net assets £113.0m £91.4m
Market capitalisation £110.1m £88.7m
Average -discount
of the share price to NAV during the financial year
(1)
-1.8% -1.8%
Ongoing charges
(1)
– excluding ongoing charges of underlying funds
– including ongoing charges of underlying funds
1.03%
2.13%
1.11%
2.02%
(1)
Total return, compound annual share price total return, average discount to NAV during the financial year and ongoing charges – see Alternative Performance
Measures on pages 95 to 97.
(2)
Until 1 September 2026, the Company used the FTSE All-Share Index as a benchmark index. On 2 September 2026, the indices shown will be adopted as
comparator indices in place of the benchmark index and the FTSE All-Share Closed End Investments Index and Consumer Price Index returns have been included in
the table for information purposes.
Source: Columbia Threadneedle Investments and Refinitiv Eikon
Longer term performance is shown in the 15 Year Historic Record on page 94.
+25.6%
Share price total return
(1)
Share price total return per Growth share of +25.6% for the financial year
(2025: +1.6%).
+8.1%
compound p.a.
(1)
Long-term growth
Share price total return per Growth share of +117.4% in the 10 years to
31 May 2026, the equivalent of 8.1% compound per year.
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
8 | CT Global Managed Portfolio Trust PLC
At 31 May 2026
Investment Manager categorisation AIC sector
Valuation
£’000
% of
gross assets
(2)
of Growth
Portfolio
Invesco Global Equity Income Trust Global Global Equity Income 9,164 8.1
Polar Capital Technology Trust Global Technology Technology & Technology Innovation 8,696 7.7
JPMorgan Global Growth & Income Global Global Equity Income 8,081 7.1
Fidelity Emerging Markets Asia & Emerging Markets Global Emerging Markets 6,664 5.9
Invesco Asia Dragon Trust Asia & Emerging Markets Asia Pacific Equity Income 6,441 5.7
Fidelity Special Values UK UK All Companies 5,831 5.2
Schroder Asian Total Return Investment Company Asia & Emerging Markets Asia Pacific 5,753 5.1
Pershing Square Holding North America North America 5,242 4.6
Scottish Mortgage Investment Trust Global Global 5,165 4.6
Oakley Capital Investments Private Equity Private Equity 5,074 4.5
Ten largest investments 66,111 58.5
Allianz Technology Trust Global Technology Technology & Technology Innovation 4,396 3.9
JPMorgan American Investment Trust North America North America 4,324 3.8
The Schiehallion Fund Private Equity Growth Capital 3,253 2.9
Nippon Active Value Japan Japanese Smaller Companies 3,250 2.9
JPMorgan European Growth & Income Europe Europe 3,101 2.7
Odyssean Investment Trust UK UK Smaller Companies 2,657 2.4
Worldwide Healthcare Trust Global Healthcare Healthcare & Biotechnology 2,520 2.2
HgCapital Trust Private Equity Private Equity 2,119 1.9
JPMorgan UK Small Cap Growth & Income UK UK Smaller Companies 2,089 1.8
Aberforth Smaller Companies Trust UK UK Smaller Companies 2,049 1.8
Twenty largest investments 95,869 84.8
Growth Shares – Investment Portfolio
Strategic Report
Annual Report and Financial Statements 2026 | 9
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Strategic Report
Analysis of the Growth Portfolio’s investments
Breakdown by Manager categorisation
31 May
2026
%
31 May
2025
%
Global 19.8 12.1
Asia & Emerging Markets 18.1 3.4
UK 14.2 29.4
Private Equity 13.5 17.6
Global Technology 11.6 6.5
North America 8.5 4.1
Europe (ex UK) 4.5 8.2
Alternatives 2.9 9.3
Japan 2.9 1.7
Global Healthcare 2.2 3.9
Cash (net current assets) 1.8 3.8
100.0 100.0
Breakdown of equity exposure by geography
31 May
2026
%
31 May
2025
%
North America 37.4 25.7
Asia & Emerging Markets 20.8 7.4
UK 20.4 40.1
Europe (ex UK) 15.1 21.0
Japan 3.6 3.3
Cash 2.3 2.0
Other 0.4 0.5
100.0 100.0
Note: Geographic breakdown of the investments on a ‘look-through’ basis
excluding those categorised by the Manager as Alternatives and Bonds & Direct
Lending (total 31 May 2026: £3.2 million, 31 May 2025: £8.5 million).
Source: Columbia Threadneedle Investments and AIC
At 31 May 2026
Investment Manager categorisation AIC sector
Valuation
£’000
% of
gross assets
(2)
of Growth
Portfolio
Fidelity European Trust Europe Europe 1,982 1.8
Aurora UK Alpha UK UK All Companies 1,896 1.7
TR Property Investment Trust
(1)
Alternatives Property Securities 1,659 1.5
Strategic Equity Capital UK UK Smaller Companies 1,597 1.4
Pantheon Infrastructure Alternatives Infrastructure 1,578 1.4
Mobius Investment Trust Asia & Emerging Markets Global Emerging Markets 1,555 1.4
Literacy Capital Private Equity Private Equity 1,500 1.3
NB Private Equity Partners Private Equity Private Equity 1,418 1.2
Syncona Private Equity Healthcare & Biotechnology 1,008 0.9
ICG Enterprise Trust Private Equity Private Equity 919 0.8
Thirty (total) investments 110,981 98.2
Net current assets 2,046 1.8
Gross assets 113,027 100.0
(1)
Investment vehicle also managed by the Manager, Columbia Threadneedle Investments.
(2)
Gross assets are calculated by adding back borrowings to the Growth Portfolio’s net assets. As at 31 May 2026, the Growth Portfolio had net assets of
£113.03 million and no borrowings.
10 | CT Global Managed Portfolio Trust PLC
Other Financial Highlights
Year ended
31 May
2026
Year ended
31 May
2025
Net asset value (NAV) total return per Income share
(1)
23.3% 4.2%
Income share price total return 21.2% 3.8%
Comparator indices
(3)
– FTSE All-Share Closed End Investments Index (total return) 27.6% 4.4%
– FTSE All-Share Index (total return) 21.6% 9.4%
– Consumer Price Index 2.8% 3.4%
Net assets £79.6m £61.0m
Market capitalisation £79.7m £62.1m
Average +premium
of the share price to NAV during the financial year
(1)
+0.6% +0.8%
Ongoing charges
(1)
– excluding ongoing charges of underlying funds
– including ongoing charges of underlying funds
1.07%
2.09%
1.22%
2.17%
(1)
Three-year dividend increase, yield, total return, average premium to NAV during the financial year and ongoing charges – see Alternative Performance Measures on
pages 95 to 97.
(2)
The Board intends to change the frequency of dividend payments from quarterly to monthly, with effect from the financial year commencing on 1 June 2027.
(3)
Until 1 September 2026, the Company used the FTSE All-Share Index as a benchmark index. On 2 September 2026, the indices shown will be adopted as
comparator indices in place of the benchmark index and the FTSE All-Share Closed End Investments Index and Consumer Price Index returns have been included in
the table for information purposes.
Source: Columbia Threadneedle Investments and Refinitiv Eikon
Longer term performance is shown in the 15 Year Historic Record on page 94.
+3.3%
Dividend increase
Annual dividend of 7.85p per Income share (2025: 7.60p), an increase of 3.3%.
+9.0%
Three-year dividend increase
(1)
Over the last three financial years the total annual dividend has increased by
9.0%, as compared to CPI of 8.4%.
6.0%
Dividend yield
(1)
Dividend yield of 6.0% at 31 May 2026 (2025: 6.6%), based on total dividends
for the financial year of 7.85p (2025: 7.60p) per Income share. Dividends are
paid quarterly
(2)
.
+21.2%
Share price total return
(1)
Share price total return per Income share of +21.2% for the financial year
(2025: +3.8%).
Income Shares – 2026 Highlights
Strategic Report
Annual Report and Financial Statements 2026 | 11
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Strategic Report
At 31 May 2026
Investment Manager categorisation AIC sector
Valuation
£’000
% of
gross assets
(2)
of Income
Portfolio
JPMorgan Global Growth & Income Global Global Equity Income 5,615 6.5
Murray International Trust Global Global Equity Income 4,864 5.6
JPMorgan European Growth & Income Europe (ex UK) Europe 4,368 5.1
Invesco Global Equity Income Trust Global Global Equity Income 4,087 4.7
JPMorgan Emerging Markets Dividend Income
(previously JPMorgan Global Emerging Markets
Income Trust)
Asia & Emerging Markets Global Emerging Markets 4,010 4.6
Schroder Oriental Income Fund Asia & Emerging Markets Asia Pacific Equity Income 4,004 4.6
Neuberger Private Equity Partners
(previously NB Private Equity Partners)
Private Equity Private Equity 3,732 4.3
Invesco Asia Dragon Trust Asia & Emerging Markets Asia Pacific Equity Income 3,699 4.3
Aberdeen Asian Income Fund Asia & Emerging Markets Asia Pacific Equity Income 3,645 4.2
STS Global Income & Growth Trust Global Global Equity Income 3,256 3.8
Ten largest investments 41,280 47.7
The Law Debenture Corporation UK UK Equity Income 3,229 3.7
3i Infrastructure Alternatives Infrastructure 2,963 3.4
TwentyFour Income Fund Bonds & Direct Lending Debt – Structured Finance 2,766 3.2
Murray Income Trust UK UK Equity Income 2,761 3.2
Cordiant Digital Infrastructure Alternatives Infrastructure 2,588 3.0
Lowland Investment Company UK UK Equity Income 2,562 3.0
Temple Bar Investment Trust UK UK Equity Income 2,469 2.8
Edinburgh Investment Trust UK UK Equity Income 2,316 2.7
Invesco Bond Income Plus Bonds & Direct Lending Debt – Loans & Bonds 2,160 2.5
GCP Infrastructure Investments Alternatives Infrastructure 2,157 2.5
Twenty largest investments 67,251 77.7
Income Shares – Investment Portfolio
12 | CT Global Managed Portfolio Trust PLC
Strategic Report
Analysis of the Income Portfolio’s investments
Breakdown by Manager categorisations
31 May
2026
%
31 May
2025
%
Global 20.6 15.3
UK 19.5 40.2
Asia & Emerging Markets 17.7 7.3
Alternatives 16.5 10.5
Bonds & Direct Lending 8.0 6.4
Private Equity 5.7 7.8
Europe (ex UK) 5.0 3.3
Global Healthcare 2.5 4.4
Japan 2.5 2.7
Cash (net current assets) 2.0 2.1
100.0 100.0
Breakdown of equity exposure by geography
31 May
2026
%
31 May
2025
%
UK 29.1 46.5
Asia & Emerging Markets 27.4 12.1
North America 21.8 20.1
Europe (ex UK) 15.4 14.3
Japan 3.9 4.0
Cash 2.0 2.3
Other 0.4 0.7
100.0 100.0
Note: Geographic breakdown of the investments on a ‘look-through’ basis
excluding those categorised by the Manager as Alternatives and Bonds & Direct
Lending (total 31 May 2026: £21.1 million, 31 May 2025: £11.5 million).
Source: Columbia Threadneedle Investments and AIC
At 31 May 2026
Investment Manager categorisation AIC sector
Valuation
£’000
% of
gross assets
(2)
of Income
Portfolio
CC Japan Income & Growth Trust Japan Japan 2,142 2.5
Pantheon Infrastructure Alternatives Infrastructure 2,092 2.4
Biopharma Credit Bonds & Direct Lending Debt – Direct Lending 1,979 2.3
JPMorgan UK Small Cap Growth & Income UK UK Smaller Companies 1,933 2.2
International Biotechnology Trust Global Healthcare Healthcare & Biotechnology 1,714 2.0
Tritax Big Box REIT Alternatives Property – UK Logistics 1,651 1.9
Artemis UK Future Leaders UK UK Smaller Companies 1,629 1.9
TR Property Investment Trust
(1)
Alternatives Property Securities 1,571 1.8
Greencoat UK Wind Alternatives Renewable Energy Infrastructure 1,220 1.4
Partners Group Private Equity Private Equity Private Equity 1,190 1.4
Thirty largest investments 84,372 97.5
CT Healthcare Trust
(1)
(previously Bellevue Healthcare Trust)
Global Healthcare Healthcare & Biotechnology 468 0.5
Thirty-one (total) investments 84,840 98.0
Net current assets (adding back borrowing) 1,770 2.0
Gross assets 86,610 100.0
(1)
Investment vehicle also managed by the Manager, Columbia Threadneedle Investments.
(2)
Gross assets are calculated by adding back borrowings to the Income Portfolio’s net assets. As at 31 May 2026, the Income Portfolio had net assets of
£79.61 million and borrowings of £7.0 million.
Annual Report and Financial Statements 2026 | 13
Strategic Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
As comparators, the total return for the FTSE All-Share Index
was +21.6%, the FTSE All-Share Closed End Investments Index
+27.6% and the UK Consumer Price Index +2.8%.
We report on a busy year for the Company, with meaningful
levels of turnover as we adjusted the Portfolios to further
represent the ‘global’ remit of the Company, whilst allocating
to areas of the market which represent strong opportunities for
future returns.
A Year of Repositioning
Turnover was heightened for the Company, with the composition
of the Growth Portfolio changing by 51% by value, and the Income
Portfolio by 46%. Whilst the process of refining the Portfolios is an
ongoing and constant feature of active fund management, we have
made significant changes to the composition of the Portfolios
since we became the new Investment Managers at the beginning
of the Company’s financial year. The significant repositioning was
completed by the year end and, going forward, we will continue
to refine the Portfolios to represent our selected best-in-class
investment company managers and market opportunities.
We have repositioned the Portfolios to reflect our favoured
investment markets for total returns. The biggest beneficiaries
of this were investment companies focused on Asia and
Emerging Markets equities. Within the Growth Portfolio, the
allocation increased to 18.1%, up from 3.4%, and within the
Income Portfolio to 17.7%, from 7.3%. We outline our rationale
in ‘Emerging Value’.
In addition, we added to investment companies with a global
investment remit. Within the Growth Portfolio this increased to
19.8%, from 12.1%, and within the Income Portfolio to 20.6%,
from 15.3%.
To fund this increased global exposure, we have reduced the
allocation to UK-focused investment companies. Within the
Growth Portfolio this reduced to 14.2%, down from 29.4%, and
within the Income Portfolio it reduced to 19.5%, from 40.2%.
We outline our rationale in ‘The UK Needs a Korea Break’.
Within alternatives, we are enthusiastic about the specific
opportunities for capital and income growth. Whilst optically
our allocation in the Growth Portfolio fell from 9.3% to 2.9%,
this captures the sale of defensive multi-asset trusts, reflecting
our constructive view on equities. Within the Income Portfolio,
the allocation rose from 10.5% to 16.5%, an area we covered
within our review in the Half-Year Report.
Further to these changes in allocations, we have reduced the
number of underlying investment companies held in each
Portfolio. As a result, the top ten holdings reflect a higher
degree of conviction. In the Growth Portfolio, the number of
holdings was reduced to 30 from 39 and the top ten holdings
represented 58% of the portfolio at the year end, up from 36%.
In the Income Portfolio, the number of holdings was reduced
from 36 to 31, and the top ten holdings represented 48% of
the Portfolio at 31 May 2026, up from 37%. We would expect
the Income Portfolio to remain more diversified than the Growth
Portfolio, supporting predictable dividend streams to investors.
Lastly, the level of overlap between the Growth and Income
Portfolios has increased. This reflects our decision to invest
in our view of best-in-class investment company managers,
particularly those who utilise a total return approach to
investing. An example of this is our introduction of Invesco
Global Equity Income Trust, which is now the largest holding
in the Growth Portfolio and a top five holding in the Income
Portfolio. The company’s managers’, Stephen Anness and
Investment Managers’ Review
Adam Norris,
Investment Manager
Paul Green,
Investment Manager
“ We are pleased to report our first annual results for CT Global Managed Portfolio, as the new
Investment Managers since 1 June 2025. Overall, equity markets delivered strong positive returns
in the financial year ended 31 May 2026. To this end, the share price total returns for the Growth
shares was +25.6% and the Income shares was +21.2%. The NAV total returns of the Growth
shares was +25.1% and the Income shares was +23.3%.”
14 | CT Global Managed Portfolio Trust PLC
Strategic Report
Joe Dowling, focus on company cash flow to drive not just
dividends but capital growth for investors. Although the
portfolio holdings produce a small yield premium to the wider
market, the managers’ opportunity set is not confined to high
yielding stocks, as the investment company structure affords
the flexibility to use reserves to top up dividends available to
investors – a strategy we believe is suitable for both Portfolios.
We set out below, the performance drivers through the 2026
financial year and the investment themes which are expected
to influence Portfolio performance going forward.
The Great Equity Transfer
Investors heavily invested in software, data and asset light
businesses faced a challenging year. Fears of agentic artificial
intelligence (‘AI’) eating into software and data-related company
profitability triggered a bruising de-rating (paying lower price
multiples for company profit streams) amongst industry
leaders, erasing trillions of pounds in market capitalisation.
However, it is private capital markets that are willing to
write bigger cheques to fund certain capital-hungry growth
businesses, allowing them to remain private for much longer.
The Growth Portfolio benefitted from this through its holdings in
The Schiehallion Fund and Scottish Mortgage Investment Trust
– both managed by Baillie Gifford, both providing meaningful
exposure to these enormous yet-still-private companies.
Two of the trusts’ largest holdings (SpaceX and Anthropic)
added over $2 trillion to their aggregate valuations, whilst still
operating as private companies, over the past two years alone,
a phenomenon which is having a transformative effect on both
public and private markets.
Post period-end, SpaceX offered shares to the public for the first
time via an IPO (initial public offering) at a market capitalisation
on a par with the top ten S&P 500 companies (albeit not included
in the main reference index for a further twelve months), or for
context, larger than the top ten FTSE 100 companies combined.
Anthropic’s pathway to IPO is underway and is expected to
command a market capitalisation north of $1 trillion.
Emerging Value
Not only has a shift occurred between public to private
markets, but, perhaps for the first time in a decade, many
of the public market winners are also found away from the
US market.
Many ‘hardware’ companies related to AI supply chains, such
as companies manufacturing semiconductor and memory
chips, have seen their profits explode higher, with a number
being domiciled in Emerging Markets.
As a result, despite the MSCI Emerging Markets Index returning
+55% over one year to 31 May 2026, the index trades on a
cheaper price-to-earnings multiple today. Said differently, the
performance of Emerging Markets has been entirely driven by
increasing corporate profitability.
When we reflect upon previous periods of such strong
investment returns, this is often attributed to investors re-rating
stocks (paying higher price multiples for company profit
streams) – not yet the case in Emerging Markets.
We have therefore continued to add to our Asian and Emerging
Market investment company holdings, as covered in ‘A Year of
Repositioning’. New holdings within the Growth Portfolio include
Fidelity Emerging Markets and Invesco Asia Dragon Trust; Invesco
Asia Dragon Trust was also added to the Income Portfolio.
The UK Needs a Korea Break
One of the more eye-catching statistics we’ve read in
recent months was how the UK’s aggregate stock market
capitalisation had fallen below that of South Korea’s, and then
quickly followed by falling below that of Taiwan. As discussed
in ‘Emerging Value’, many mission critical companies in the
AI supply chains can be found in the Far East. In fact, the
Technology sector weighting within the MSCI Emerging Markets
Index is now larger than within the S&P 500.
No such critical component businesses are domiciled in the
UK market, which still comprised 30% in Financials (banks
and insurers) versus just 2.4% in Technology at the financial
year end. In fact, when we adjust for the sector composition,
we do not see the UK market as being particularly cheap and
much more in-line with other major markets, such as Europe
and Japan.
Throughout the year we reduced our holdings in UK-focused
investment companies. Whilst no full sales were made from the
Growth Portfolio in the second half of the year (six full sales
were made in the first half-year), within the Income Portfolio,
we exited Montanaro UK Smaller Companies Investment Trust,
The Mercantile Investment Trust, The City of London Investment
Trust and The Merchants Trust (in addition to three full sales
detailed in the Half-Year Report).
Within the Income Portfolio, we added to our position in Murray
Income Trust, after the change of manager to the established
Artemis UK Income team, which enjoys one of the best and
longest track records in the open-ended IA Equity Income
Sector and commend the board on its selection.
Within our remaining UK equity exposure, we have repositioned
the holdings to be increasingly focused on small and mid-sized
companies, an area which we believe stands to benefit the
most if investor flows return to the UK market. Indeed, absent
returning flows, our preference is for investment company
managers who utilise a highly engaged approach to unlock
value. That is, working with (or even replacing) management
teams and boards of directors to drive value through either
M&A or business model adaption. We include Odyssean
Investment Trust, Strategic Equity Capital and Aberforth Smaller
Companies in this cohort.
Annual Report and Financial Statements 2026 | 15
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Strategic Report
Double Up
Rarely outside of post-recession recoveries do we look back
over twelve months and see funds or trusts which have doubled
in value. To that end, we give special mentions to Polar Capital
Technology Trust, The Schiehallion Fund and Fidelity Emerging
Markets (not owned for the full financial year), all of which
provided triple-digit returns.
These returns are in no small part due to the flexibility the
investment company structure provides portfolio managers.
The Schiehallion Fund (covered in ‘The Great Equity Transfer’)
invests mostly in private companies which are unsuitable for an
open-ended fund.
Fidelity Emerging Markets, with its +103% share price total
return, almost doubled its MSCI Emerging Markets benchmark
return. When we decompose those returns, we find that more
than half of its outperformance can be attributed to gearing,
investing in smaller but less liquid companies and shorting
specific companies or markets – impressive use of the
investment company structure and we applaud the managers,
Chris Tennant and Nick Price, for exceptional outperformance.
Paying Down for Quality
Investors have been told for the past fifteen years that ‘paying
up’ for quality is a successful investment strategy. Why buy
value/turnaround businesses when quality businesses can
continue to compound without issues?
This seems to have changed in the current interest rate
environment.
We suspect the ten years to 2022 may well be seen
as the exception rather than rule for sustained quality
outperformance. Indeed, some of the weakest performing
investment companies across the sector over the past year
were found to have a quality-focused investment approach.
However, we still believe high quality and predictable companies
should provide a role in investor portfolios, particularly in
periods of market stress, when investors flock to companies
considered durable and defensive.
Over the year, we acquired a new position for the Growth
Portfolio in JPMorgan Global Growth & Income (as well as
significantly adding to the Income Portfolio holding) and within
the Income Portfolio we began a new position in STS Global
Income & Growth Trust. Our preference is for a global, rather
than regional, approach to quality companies, giving wider
investment remits to identify truly durable businesses.
Within the Growth Portfolio, we sold Finsbury Growth & Income
Trust, European Opportunities Trust and The Monks Investment
Trust and, within the Income Portfolio, we sold Scottish
American Investment Company, as well as the aforementioned
The City of London Investment Trust and Montanaro UK Smaller
Companies Investment Trust.
A Kick to the Privates
Enormous value creation is occurring in particular private equity
companies (see ‘The Great Equity Transfer’), a phenomenon
supported by ever deeper private capital pockets. However
private equity success is now increasingly bifurcated between
those accessing these companies, and those who do not,
or cannot.
Within private equity ‘buyout’ (where businesses are owned
and operated predominantly by one private equity sponsor),
companies will be managed over a number of years, typically
five, and be readied for a sale. It is this ‘exit’ where the
greatest uplift to valuations often occurs. With exits taking
longer to achieve, this has had a dampening effect on private
equity returns.
Compounding the woes, private equity dealmakers have
long had a significant preference for ‘asset light’ companies
– businesses which can scale quickly without significant
injections of capital. Think software, data and service-based
companies. With the onset of AI, these business models have
faced a threat like never before. Why pay a software provider
when AI can build, code and customise it for you?
Within the Growth Portfolio, HgCapital Trust (ticker: HGT) was
in the eye-of-the private equity and software storm through the
financial year. We had modestly increased the position into
relative underperformance during the first half of the financial
year, but meaningfully reduced the holding in December and
January, as we witnessed the software-related issues in public
markets, with HGT mostly unscathed at that point. Whilst the
trust’s share price bounced towards the end of the period, the
trust returned -26.3% for the financial year.
Additionally, Literacy Capital (ticker: BOOK), a UK micro-cap
buyout investment company managed by father-son
combination Paul and Richard Pinder, returned -28.4% for the
year. After an excellent few years of performance, the trust’s
NAV fell 5.9% as some of the larger holdings gave back some
of their previous gains. However, BOOK’s share price discount
to NAV widened from a 15% to a 34% discount, exacerbating
the negative returns to shareholders. Whilst such performance
is unwelcome, Paul and Richard Pinder own a combined 39%
of BOOK shares in issue and are thus heavily aligned with
investor outcomes.
Within the Income Portfolio, we topped up our holding in NB
Private Equity Partners in the first half of the financial year, as,
in our view, the portfolio is ripe with mature businesses readied
for exit. With exits taking longer to materialise, returns for the
year were a positive, but pedestrian +6.1%.
16 | CT Global Managed Portfolio Trust PLC
Strategic Report
What Didn’t Work
Whilst we are pleased with investor outcomes in the first year
of managing your Company’s Portfolios, and indeed have strong
conviction in their repositioned states, it would be remiss
not to further reflect upon positioning which didn’t work for
shareholder returns.
In our meetings with investment company managers, we
endeavour to get under the bonnet of their investment process
and decision-making.
Within Private Equity, we believe this approach is more
powerful and revealing for companies which are investing in
their own funds or direct holdings, otherwise known as ‘Direct
Private Equity’.
It leads us away from more ‘Diversified Private Equity’
companies, such as Pantheon International (a full sale during
the financial year) and HarbourVest Global Private Equity (not
owned). These two, despite their diversified approach in a
sideways market, returned +37.5% and +42.6% respectively, as
their discounts to NAV closed significantly. An opportunity cost
and an opportunity missed.
Moreover, sometimes investment companies can represent
very little of the market we are targeting. Over the financial year,
Aurora UK Alpha Trust (ticker: ARR) fell -1.4% versus a FTSE
All-Share total return +21.6%. Whilst such underperformance
is undoubtedly disappointing, ARR bears little resemblance to
the wider UK market with an active share of close to 95% (that
is, the trust owns a portfolio which is 95% different from the
FTSE All-Share composition).
The uniqueness of ARR does not end there. The manager,
Phoenix Asset Management, led by Gary Channon, is not
paid an ongoing management fee from the trust, with the
manager solely earning a performance fee, only paid if the trust
outperforms the index. And even then, the performance fee is
paid in ARR shares, strengthening the alignment of interest
with shareholders, encouraging long termism rather than
chasing short-term performance. We remain patient.
The Future Belongs to the Optimists
Our positive outlook at the start of the financial year, based on
a strengthening economic backdrop and improving corporate
earnings, has, at times, been tested by heightened geopolitical
risks. However, the strength of corporate earnings has driven
many equity market indices to new record highs, much in
relation to AI and data centre supply chains.
We remain alive to any further conflict escalations in the Middle
East, recognising the importance that energy pricing and energy
security has on the ability for AI related profitability to continue
to flourish.
Economic growth continues to remain robust in the face of,
once again, heightened inflation expectations. This may have
consequences for the path of interest rates as central banks
decide how aggressively they need to respond to another wave
of inflation.
Overall, our views remain constructive. We expect economic
growth to stay positive, while earnings momentum appears
strong and increasingly broad-based across sectors and
regions. Narrow market leadership remains a risk, particularly
given the extent to which the AI theme has driven gains in a
relatively small group of companies, but the underlying profit
picture is healthier than this suggests.
Against that backdrop, we continue to see the most compelling
return opportunities in equities, both public and private,
with selective allocations to alternatives, bonds and direct
lending investment companies. From a regional perspective,
we continue to favour Asia and Emerging Markets, having
reallocated away from the UK throughout the financial year.
In summary, while geopolitical uncertainty may bring further
market volatility, resilient growth and solid corporate
fundamentals should remain the dominant forces shaping
markets going forward.
We remain excited for the prospects for both the Growth and
Income Portfolios, which we believe are invested in best-
in-class managers, who utilise the structural advantages
of investment companies and continue to drive strong
shareholder returns over the longer term.
We look forward to further updating investors at the AGM in
October and over the current financial year.
Adam Norris and Paul Green
Investment Managers
Columbia Threadneedle Investment Business Limited
1 September 2026
Annual Report and Financial Statements 2026 | 17
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Strategic Report
Purpose and Strategy
In a world with ever more choice, the purpose of CT Global
Managed Portfolio is to offer a solution for people who may not
have the confidence, expertise or time to research, choose and
manage their own investments.
With one investment decision, investors can access an instantly
diversified Portfolio spread across different regions, sectors,
investment styles and investment managers. This approach aims
to mitigate the impact of short-term volatility in any one area and
seeks to deliver more stable long-term performance.
Investors have a choice of two classes of shares, with different
investment aims over time and separate Portfolios:
• CT Global Managed Portfolio Growth shares have the sole aim
of growing investors’ capital; and
• CT Global Managed Portfolio Income shares have the primary
aim of providing investors with a growing regular income and a
secondary aim of some growth in their capital.
The ability to switch between the share classes annually, without
incurring any capital gains tax liability
(1)
or paying any stamp duty,
offers flexibility for those investors whose needs change over time.
(1) Under current law, conversions will not be treated as disposals for UK capital
gains tax purposes. Tax rules may change.
Business Model
CT Global Managed Portfolio is a listed closed-end investment
company and carries on business as an investment trust. As an
investment company with no employees, the Directors believe
that the best way of meeting their duty to promote the success
of the Company and achieving its investment objective for the
benefit of stakeholders is to work closely with its appointed
Manager. The Board has contractually delegated the management
of the investment Portfolios, and other services, to Columbia
Threadneedle Investment Business Limited (the ‘Manager’) which
is owned by Columbia Threadneedle Investments, the global
investment management business of Ameriprise Financial, Inc.,
a company incorporated in the United States. Within policies
set and overseen by the Directors, the Manager has been given
overall responsibility for the management of the Company's
assets, gearing, stock selection and risk management.
As a listed closed-end investment company, the Company is
not constrained by asset sales to meet redemptions. It also
has a revenue reserve and other distributable reserves which
can be drawn on to support the Company’s dividend policy.
The Company’s capital structure provides the flexibility to take a
longer term view and to remain invested while taking advantage
of volatile market conditions. Having the ability to borrow to
invest is also a significant advantage over a number of other
investment fund structures. These features combine to form a
resilient and adaptable business model.
The Company's Board of non-executive Directors is responsible for
the overall stewardship and governance of the Company and how it
promotes the success of the Company is set out on pages 22 and
23. The Board’s biographical details can be found on page 30. The
Company has no executive Directors or employees.
The Board remains responsible for decisions over corporate
strategy, corporate governance, risk and control assessment,
setting policies as detailed on pages 27 to 29, setting limits
on gearing and monitoring investment performance.
Alignment of Values and Culture
In addition to strong investment performance from our Manager,
we expect it to adhere to the very highest standards of
responsible investment, transparency, corporate governance and
business ethics and that its values and culture align with our
own. The Manager is a founding signatory to the United Nations-
supported Principles for Responsible Investment under which
signatories contribute to the development of a more sustainable
global financial system. As a signatory the Manager aims to
incorporate the consideration of financially material environmental,
social and governance (‘ESG’) factors into its investment
processes. The Manager has a culture of diversity, collaboration
and inclusion, anchored by shared values, in keeping with the
Board’s own expectations and beliefs.
In alignment with this culture and our shared values, we aim
to pursue our strategy and objective through the consistent
application of the very highest standards of transparency,
corporate governance and business ethics.
Responsible Investment
The direct impact of the Company’s activities on the community or
environment is minimal as it has no employees, premises, physical
assets or operations, either as a producer or a provider of goods
and services, and it does not have customers in the traditional
sense. Consequently, it does not directly generate any greenhouse
gas or other emissions or pollution. The Manager has processes in
place to identify material ESG risks in investment portfolios, and it
considers financially material ESG factors when assessing investee
companies and other securities held in investment portfolios.
For more information, please see the Manager’s responsible
investment approach as explained on pages 19 and 20.
The Manager
A summary of the investment management agreement is
contained in notes 4 and 5 to the financial statements.
The Manager also acts as the Alternative Investment Fund
Manager (‘AIFM’) under the Alternative Investment Fund
Purpose, Strategy and Business Model
18 | CT Global Managed Portfolio Trust PLC
Strategic Report
Managers Directive (‘AIFMD’) and provides ancillary functions
such as administration, marketing, accounting and company
secretarial services to the Company.
Since 1 June 2025, Adam Norris and Paul Green have been the
Company’s investment managers (the ‘Investment Managers’),
on behalf of the Manager. They are supported by the Manager’s
broader EMEA Multi-Asset Solutions team (of which they are
members).
Manager Evaluation
Investment performance and responsible ownership are
fundamental to delivering the investment objective for shareholders
and therefore an important responsibility of the independent
non-executive Board of Directors is the robust annual evaluation
of the Manager. This evaluation is an essential element of strong
governance and mitigation of risk. The process for the evaluation of
our Manager’s performance and its capabilities and resources for
the period under review, which was conducted by the Management
Engagement Committee, and the basis on which the decision to
continue the appointment was made, is set out on page 45.
Investment Strategy and Policy
The Company’s investment policy is set out on page 27.
Any material change in the Company’s investment policy will
require the approval of shareholders at a general meeting.
Our Approach
The Company’s investments are managed in two separate
Portfolios, the Growth Portfolio and the Income Portfolio, which are
attributable to the Growth shares and Income shares respectively.
The Company invests principally in listed closed-end investment
companies and the majority of its holdings comprise equity
investments. Whilst there may be some overlap in the holdings
in the two Portfolios, the holdings in each Portfolio are selected
based on the investments which are deemed most appropriate
to achieve the aims of the relevant share class. A full list of the
investments in each Portfolio, together with analyses of their
breakdown by geography, manager categorisation and sector,
can be found on pages 8, 9, 11 and 12.
Whilst there are no limits on either Portfolio’s exposures to
geographies, sectors, investment styles or investment managers,
investment risks in each Portfolio are spread through holding a
broad range of investment companies.
Principal Risks and Uncertainties
Investment opportunities do not come without risks. The
Company’s principal risks and uncertainties that could threaten
its objective, strategy and performance, and how the Board
manages such risks, are set out in detail on pages 24 and 25.
The performance of the Manager is monitored at each Board
meeting on a number of levels. At each Board meeting it reports
on the Company’s investment Portfolios, investment performance,
recent Portfolio activity, market outlook, revenue forecasts, internal
controls, any errors, marketing, shareholders and regulatory
updates. The Board also considers compliance with the investment
policy, investment restrictions and borrowing covenants.
In addition to managing the two Portfolios, functions such as
administration, marketing, accounting and company secretarial
are carried out by the Manager. The Directors also review these
services, and those provided by other suppliers, such as JPMorgan
Europe Limited, the Depositary, and JPMorgan Chase Bank, the
Custodian, in their duties of safeguarding the Company's assets.
Review of Performance and Outlook
The key policies applied in running the Company are set out
on pages 27 to 29 and the Company’s performance in meeting
its objectives is measured against key performance indicators
(‘KPIs’) as set out on page 21.
The Chairman’s Statement on pages 3 to 6 and Investment
Managers’ Review on pages 13 to 16, both of which form part
of this Strategic Report, provide a review of the Company’s
returns, the investment Portfolios and market conditions during
the year and the outlook for the current year.
Stakeholder Communication and Marketing
The Company fosters good working relationships with its key
stakeholders, such as the Manager, shareholders, bankers and
other key service providers. The Board works closely with the
Manager to ensure optimal delivery of the Company’s investment
proposition through all available channels and, together, we remain
focused on promoting the success of the Company. The Manager
offers a range of savings plans for retail investors which are a
convenient and flexible way to invest in the Company, details of
which can be found in the How to Invest section on page 93.
The Board also has a Marketing Committee to aid in promoting
the Company and its report is set out on page 46.
The Company welcomes the views of all shareholders and places
great importance on communication with them. In addition to the
annual and half-year reports that are available for shareholders,
monthly fact sheets and additional information is included on the
Company's website at ctglobalmanagedportfolio.co.uk.
Whenever the Manager holds meetings with the Company’s
shareholders, these are reported on to the Board. The
Chairman and other Directors are available to meet
shareholders if required. In addition, meetings are held
regularly with current and prospective shareholders and
analysts covering the investment company sector.
The Annual General Meeting of the Company provides a forum,
both formal and informal, for all shareholders to meet and
discuss issues with the Directors and Manager.
Through the Manager, we also make sure the investors through
its savings plans are able to vote at the AGM in addition to
those who hold their shares on the main shareholder register.
Details of the proxy voting results on each resolution are
published on the Company‘s website.
Annual Report and Financial Statements 2026 | 19
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Strategic Report
Our Approach
We believe that good financial outcomes are more likely
to be achieved if the Manager fully understands the risks
and opportunities that relate to the markets in which the
Company invests.
The Manager believes the consideration of financially material
ESG factors can provide an important perspective to its
investment research. Companies demonstrating a resilient
business model, organisational stability and the ability to
evolve are best placed to deliver long-term value, support
economic growth and serve broader prosperity. Financially
material ESG factors are therefore integrated into the
Manager’s investment process.
There are two strands to the Board’s approach to responsible
investment:
• the Company’s own responsibilities on matters such as
governance; and
• ESG integration, engagement and proxy voting made on its
behalf by its Manager.
The Company’s compliance with The AIC Corporate Governance
Code is detailed in the Corporate Governance Statement on
pages 38 to 40. In addition, the Policy Summary statement on
pages 27 to 29 includes the Company’s policies towards Board
diversity and tenure, integrity and business ethics, UK financial
sanctions and prevention of the facilitation of tax evasion.
The Manager, as an active owner, engages in dialogue with the
issuers it invests in on behalf of its clients. This dialogue is an
integral part of its approach to research and investment, as a
steward of client capital. However, as a company which invests
in other investment companies, the Company is mindful that
it has a limited ability to exert influence over the underlying
investments held in those entities.
The Manager is a signatory of the UK Stewardship Code and
its statement of compliance can be found on its website at
columbiathreadneedle.com.
Stewardship
The Manager engages with issuers on ESG factors that
could have a material impact on their businesses and, where
necessary, encourages improvement in management practices
that it believes could help drive financial returns for clients.
The Manager’s stewardship activities are supported by a
Stewardship Policy, which describes the Manager’s approach
to corporate governance, proxy voting and engagement, as well
as respective addendums on how to manage potential conflicts
of interest. This policy supports the Manager’s engagement
and voting activities on behalf of its clients and is available on
its website.
The Manager’s Corporate Governance Guidelines, part
of its Stewardship Policy, set out its expectations of the
management of investee companies in terms of good corporate
governance. This includes the affirmation of responsibility for
reviewing internal policies and maintaining a code of conduct
reflecting corporate values and promotion of responsible
business practices. Codes of conduct should address
business-critical compliance issues including anti-corruption
practices. The Manager is a founding signatory to the United
Nations-supported Principles for Responsible Investment
under which signatories contribute to the development of a
more sustainable global financial system. As a signatory, the
Manager aims to incorporate the consideration of financially
material ESG factors into its investment processes.
The Manager, as part of its ongoing due diligence, assesses
governance of the boards of the respective investment
companies and also their investment managers. Where
appropriate, the Manager engages with the boards or fund
managers of the investment companies held in the Income
Portfolio and Growth Portfolio. Examples include engaging with
boards of investment companies on areas such as capital
allocation, remuneration policies, how directors oversee
manager practices and wider industry trends.
The Company does not have ESG or sustainable characteristics. However, as part of its overall
risk management process, the Manager integrates the consideration of financially material
environmental, social and governance (‘ESG’) factors into its research and investment process and
encourages stronger ESG practices to be adopted by issuers through its engagement and voting
activities. We believe investing responsibly is fundamental to long-term wealth creation.
Responsible Investment
20 | CT Global Managed Portfolio Trust PLC
Strategic Report
One specific engagement example involved providing input which
led to a material reshaping of the remuneration structure for
a manager incentive scheme. This was in order to better align
the performance fee with shareholder outcomes and incentivise
cash returns from underlying private portfolio holdings, as well
as placing an overall cap on rewards for the manager.
Climate Change
The Manager recognises the importance of managing financially
material climate-related risks and opportunities effectively
in its investment and stewardship processes. We expect the
managers of the investment companies in the Portfolios to
incorporate considerations around financially material climate
change risks and opportunities into their investment and
stewardship processes.
It is important to consider not only the potential investment
downsides, but also the opportunities that the energy transition
will bring. Examples are the Income Portfolio’s investments in
Greencoat UK Wind and GCP Infrastructure Investments, both
of which give focused exposure to climate change solutions.
Unlike listed trading companies, as an investment company, the
Company is not required to report against the recommendations
of the Task Force on Climate-related Financial Disclosures.
Voting on Portfolio Investments
As noted previously, the Manager’s Corporate Governance
Guidelines set out expectations of the boards of investee
companies in terms of good corporate governance. The Board
expects to be informed by the Manager of any sensitive voting
issues involving the Company’s investments. In the absence of
explicit instructions from the Board, the Manager is empowered
to exercise discretion in the use of the Company’s voting rights
and reports to the Board on its voting record. The Manager will
vote on all investee company resolutions.
During the financial year, the Manager voted at 91 meetings
of investee companies held by the Company. The Manager did
not support one resolution which was recommended during
the period. The single vote against was related to a director
re-election, where their re-election would have taken the
director to a twelve year term, as opposed to the UK Corporate
Governance Code nine-year recommended limit. With respect
to all items voted, the Manager supported over 99.78% of all
resolutions.
Annual Report and Financial Statements 2026 | 21
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Strategic Report
Total Return
(1)
Performance to 31 May 2026
1 year % 3 years % 5 years % 10 years %
Growth share price 25.6% 44.0% 17.0% 117.4%
This measures the share price total returns (which
assume dividends paid by the Company have been
reinvested) relative to the Company’s three comparator
indices. The three comparator indices will be adopted
on 2 September 2026. Prior to that date, the Company
used the FTSE All-Share Index as a benchmark index.
Income share price 21.2% 32.3% 23.9% 98.1%
Comparator indices
– FTSE All-Share Closed End Investments Index 27.6% 49.5% 32.0% 163.3%
– FTSE All-Share Index 21.6% 53.6% 67.0% 134.6%
– Consumer Price Index 2.8% 8.4% 28.5% 41.8%
Dividend Level of the Income Shares
Financial year ended 31 May 2026 2025 2024
Annual dividend 7.85p 7.60p 7.40p
This shows the dividend yield of the Income shares (based
on the annual dividend) at the financial year end. It also
shows the increases in the annual dividend and CPI
over the three years to the financial year-end (the aim of
providing dividend growth at least equal to the increase
in CPI over rolling periods of three financial years was first
adopted for the period which ended 31 May 2026).
Dividend yield
(1)
6.0% 6.6% 6.2%
Three-year increase in dividend
(1)
9.0% 14.3% 19.4%
Three-year increase in CPI 8.4% 14.6% 20.9%
Average +Premium/-Discount to NAV
(1)
During the financial year ended 31 May 2026 2025 2024
Growth shares -1.8% -1.8% -2.5%
This is the average difference between the share price
and the NAV per share during the financial year.
Income shares +0.6% +0.8% -0.2%
Ongoing Charges
(1)
As at 31 May 2026 2025 2024
Growth shares 1.03% 1.11% 1.11%
This shows whether the Company is being run efficiently.
It measures the running costs as a percentage of
average net assets during the financial year.
Income shares 1.07% 1.22% 1.20%
(1)
See Alternative Performance Measures on pages 95 to 97. Ongoing charges above do not include the ongoing charges of underlying funds as these are not controlled
by the Board and are not a running cost of the Company.
Source: Columbia Threadneedle Investments and Refinitiv Eikon
The Board recognises that, for holders of both share classes, longer-term share price performance is very
important. The overriding priority is to add value for shareholders through the performance of the net asset
value and discount/premium management, these being the main drivers of share price performance, and
competitive ongoing charges. In addition, the Board recognises that an attractive level of income is also very
important for Income shareholders and, in this regard, the aim is to provide dividend growth at least equal
to the rising cost of living (as measured by CPI) over rolling three-year periods (based on financial years).
The Board uses a number of performance measures to assess the
Company’s success in meeting its objectives. The key performance
indicators (also referred to as Alternative Performance Measures)
are set out below. For the reasons explained in the Chairman’s
Statement on page 3, three comparator indices, in place of the
previous single benchmark index (the FTSE All-Share Index), for
gauging NAV and share price total return performance have been
adopted by the Board for the financial year commencing 1 June
2026 and subsequent financial years. In addition, the Board has
adopted the aim of increasing dividends by at least as much
as inflation (as measured by CPI) over rolling three-year periods
(based on financial years), with the first such period having ended
on 31 May 2026.
Additional commentary on the performance of the Company
during the year ended 31 May 2026 is provided in the
Chairman’s Statement and Investment Managers’ Review on
pages 3 to 6 and 13 to 16 respectively.
Key Performance Indicators
22 | CT Global Managed Portfolio Trust PLC
Strategic Report
Section 172 Statement
Under Section 172 of the Companies Act 2006, the Directors
have a duty to act in the way they consider, in good faith, would
be most likely to promote the success of the Company for the
benefit of its members as a whole and, in doing so, have regard
(amongst other matters) to:
• the likely consequences of any decision in the long term;
• the interests of the Company’s shareholders;
• the need to foster the Company’s business relationships
with suppliers, customers and others;
• the impact of the Company’s operations on the community
and environment;
• the desirability of the Company maintaining a reputation for
high standards of business conduct; and
• the need to act fairly as between members of the Company.
As explained on page 17, the Company is an externally
managed investment company and has no employees,
customers or premises.
The Board believes that the optimum basis for meeting its duty
to promote the success of the Company is by appointing and
managing third parties with the requisite performance records,
resources, infrastructure, experience and control environments
to deliver the services required to achieve the investment
objective and successfully operate the Company. By developing
strong and constructive working relationships with these
parties, the Board seeks to ensure high standards of business
conduct are adhered to at all times and service levels are
enhanced whenever possible. This, combined with the careful
management of costs, is for the benefit of all shareholders who
are also key stakeholders.
As set out on page 17, the Board’s principal working
relationship is with the Manager, which is responsible for
the management of the Company’s assets in line with the
investment objective and policy set by the Board. The Manager
also provides ancillary functions such as administration,
marketing, accounting and company secretarial services to the
Company and acts as the AIFM.
The Board works closely with the Manager and oversees the
various matters which have been delegated to it, and ensures
the Company’s daily operations run smoothly for the benefit of
all stakeholders. The Investment Managers’ Review is set out
on pages 13 to 16.
The Manager has processes in place to identify material ESG
risks in investment portfolios, and it considers financially
material ESG factors when assessing investee companies and
other securities held in investment portfolios. It’s Responsible
Investment approach is set out on pages 19 and 20.
Information on the annual evaluation of the Manager, to ensure
its continued appointment remains in the best interests of
shareholders, is set out on page 45.
In addition to the Company’s shareholders, Manager and
bankers, other key stakeholders include its service providers
such as the Custodian, Depositary, Broker and Registrar. The
Board receives regular reports from the Company’s key service
providers on an ongoing basis and evaluates them to ensure
expectations on service delivery are met.
The Board places great importance on communication with
shareholders and further information is set out on page 18.
The Company’s stakeholders are always considered when the
Board makes decisions and examples include:
• Investment Manager succession
From 1 June 2025, the beginning of the Company’s 2026
financial year, the Portfolios have been managed by
Adam Norris and Paul Green, supported by the Manager’s
broader EMEA Multi-Asset Solutions team (of which they
are members). Your new Investment Managers have
had a busy year conducting meetings with both existing
and new investment company portfolio managers. They
have implemented a new, medium-term strategic asset
allocation framework which will help guide the allocation
of capital in both Portfolios. Over the past year, they have
implemented changes, both at the asset allocation level
and the individual stock level, increasing the aggregate
exposure in the top ten investments within the Portfolios
to better reflect their assessment of best ideas. This has
led to more concentrated Portfolios, where the Investment
Managers believe returns from their best ideas can have
a more meaningful impact to the returns of the Company
for shareholders. These changes are referenced within the
Investment Managers’ Review.
Promoting the Success of the Company
Annual Report and Financial Statements 2026 | 23
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Strategic Report
• Board changes
With effect from 31 December 2025, Simon Longfellow
retired as a non-executive director as he had taken up a
full-time senior marketing role and was not able to continue
his role with the Company. Simon was also chair of the
Marketing Committee. As a consequence, during the
year, the Nomination Committee undertook a recruitment
process to appoint a new non-executive director and Roland
Spencer was appointed with effect from 19 February 2026
and now chairs the Marketing Committee. His biography is
included on page 30 and the process which was followed
is set out on page 47. The objective of the recruitment
process was to ensure the highest level of skills, knowledge
and experience of the Board, thereby acting in the best
interests of stakeholders.
• Dividends
The Board recognises that providing an attractive level
of income with the potential for growth is important
to the Company’s Income shareholders. Following the
payment of the fourth interim dividend on 10 July 2026,
dividends with respect to the financial year ended 31 May
2026 total 7.85p per Income share. This represents an
increase of 3.3% compared to the prior year and a yield
of 6.0% at 31 May 2026 as compared to the yield on the
FTSE All-Share Index of 3.1% at that date. This has been
achieved while adding £124,000 to the revenue reserve.
• Investment management fee
During the financial year, the Board and Manager agreed
a reduction in the investment management fee (the ‘Fee’)
with effect from 1 September 2025. The Fee was reduced
to 0.60% per annum of the net asset value of each Portfolio
of the Company (rather than 0.65% per annum of the total
assets of each Portfolio) and there is now no charge on
any assets which are invested in other investment vehicles
managed by the Manager. It is the Board’s intention to
use much of this saving to enhance the marketing and
promotion of the Company in the belief that the scale
benefits that may accrue to shareholders will, in time, more
than cover the additional investment. Basing the Fee on
net asset value rather than total assets better aligns the
interests of the Manager and shareholders, in essence by
not charging on any borrowings, and, while there are merits
in the alignment of interests achieved between the Manager
and shareholders by a Fee based on market capitalisation,
the Company’s share issuance and buy-back policy ensures
this alignment is effectively achieved.
• Retail investor survey and review of the Company
The vast majority of the Company’s investors are retail,
most of whom hold their shares through Columbia
Threadneedle Investments Savings Plans. During the year,
the Board undertook an exercise to ascertain the views
of retail investors through an extensive survey targeted
at those investors who hold the Company through the
Columbia Threadneedle Investments Savings Plans. For
further information on the investor survey, see the Report of
the Marketing Committee on page 46.
Informed by the feedback from the retail investor survey,
the Board, with the assistance of the Manager, undertook a
thorough review of all aspects of the Company. The Board
concluded that the Company’s purpose, capital structure
and investment strategy remained relevant to investors
but identified areas for improvement or refinement. These
included the selection of comparators used to gauge the
Company’s investment performance, additional guidance
regarding the dividend policy and potential use of aspects
of the Company’s investment policy to improve performance,
details of which are included in the Chairman’s Statement.
• Share issuance and buy-backs
The Board believes that the ability to issue and buy back
shares is in the interests of all shareholders as it helps
to reduce the volatility in the premium or discount of the
Company’s share prices relative to their respective NAVs.
During the financial year the Company issued 7,125,000
new Income shares and sold 200,000 Income shares from
treasury at an average premium to NAV of 1.6%. In addition
1,265,000 Growth shares were resold out of treasury at an
average premium to NAV of 1.5%. This helps to enhance the
NAV for ongoing shareholders and to grow the size of the
Company and allows operating costs to be spread over a
wider shareholder base for the benefit of all shareholders.
During the year 200,000 Income shares and 1,678,000
Growth shares were bought back at an average discount
to NAV of -3.6% and -3.8% respectively, thereby providing a
small accretion to the NAV per share. As referenced above,
the Income shares were subsequently resold and the Growth
shares are held in treasury and are available to be resold at
a price not less than NAV in future.
• Increasing awareness of the Company
We believe the Company is particularly well suited to the
retail segment of the market as it provides investors with
access to two diversified Portfolios spread across different
geographies, sectors, investment styles and investment
managers and the choice of Growth shares and Income
shares with the flexibility to convert Growth shares into
Income shares (and vice versa) annually in a cost-effective
and tax-efficient manner. The Board has a Marketing
Committee and its objective is to increase investors’
awareness of the Company and its key attributes through
appropriate initiatives. During the year, the Committee
worked closely with the Manager in order to develop a
marketing strategy and undertook a number of activities to
raise the Company’s profile, while seeking to retain existing
shareholders and attract new investors.
24 | CT Global Managed Portfolio Trust PLC
Strategic Report
As an investment company investing primarily in listed
securities, most of the Company’s principal risks and
uncertainties that could threaten the achievement of its
objectives and strategy, and its future performance, liquidity
and solvency, are market-related.
A summary of the Company’s risk management and internal
control arrangements is included within the Report of the
Audit Committee on pages 42 and 43. By means of the
procedures set out in that summary, the Board has established
an ongoing process for identifying, evaluating and managing
the significant risks faced by the Company. The Board also
considers emerging risks which might affect the Company
and related updates from the Manager on such risks are also
considered. During the year, significant risks included the
outlook for inflation, ongoing macroeconomic and geopolitical
concerns and the impact on financial markets of US trade
tariffs and the US/Iran conflict. Any emerging risks that are
identified and considered to be of significance are included
on the Company's risk register with any mitigations. These
significant risks, emerging risks and other risks are regularly
reviewed throughout the year by the Audit Committee and the
Board. The Audit Committee and the Board have also regularly
reviewed the effectiveness of the Company’s risk management
and internal control systems for the period.
The principal risks and uncertainties faced by the Company,
and the Board’s mitigation approach, are described below.
Notes 18 to 23 to the financial statements provide detailed
explanations of the risks associated with the Company’s
financial instruments and their management.
Principal Risks and Uncertainties Mitigation
Market risk
The Company’s assets consist mainly of listed
closed-end investment companies and its
principal risks are therefore market-related and
include market risk (comprising currency risk,
interest rate risk and other price risk), liquidity
risk and credit risk.
Climate change may also have an impact on
investee companies in the coming years.
Uncertainty in markets, with events such as
the US/Iran conflict and the impact on financial
markets of US trade tariffs, together with
macroeconomic and geopolitical concerns, have
led to volatility in the Company’s NAV.
No change in overall risk during the
year, but, given macroeconomic and
geopolitical concerns, this risk
remains heightened
The Board regularly considers the composition and diversification of each
Portfolio and considers individual stock performance together with purchases
and sales of investments. Investments and markets are discussed with the
Manager on a regular basis.
Engagement on financially material environmental, social and governance
matters is undertaken by the Manager and its approach is explained on
pages 19 and 20.
The Board has, in particular, considered the impact of market volatility,
macroeconomic and geopolitical concerns and inflation and they are discussed
in the Chairman’s Statement and Investment Managers’ Review. As a closed-
end investment company, the Company is not constrained by asset sales to
meet redemptions so can remain invested through volatile market conditions
and is well suited to investors seeking longer-term returns.
An explanation of market risk and the way in which it is managed is contained
in notes 18 to 23 to the financial statements.
Principal Risks and Uncertainties
and Viability Statement
Annual Report and Financial Statements 2026 | 25
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Strategic Report
Principal Risks and Uncertainties Mitigation
Investment performance risk
Incorrect strategy, asset allocation, stock
selection (in the context of the market,
economic or geopolitical backdrop) and the
use of gearing could all lead to poor returns for
shareholders.
No change in overall risk during the
year, but, given macroeconomic and
geopolitical concerns, this risk
remains heightened
The investment strategy and performance against peers and relevant indices
are considered by the Board at each meeting and reviewed with the Manager.
The Board is responsible for setting the gearing range within which the
Manager may operate and gearing is discussed at every meeting and related
covenant limits are closely monitored. The Manager’s Investment Risk team
provide oversight on investment risk management.
The Portfolios are diversified and principally comprise listed closed-end
investment companies and their compositions are reviewed regularly by the
Board.
Underlying dividends from investee companies are also closely monitored and
the revenue reserve and the 2022 special reserve attributable to the Income
Portfolio can be drawn on to support the payment of dividends to Income
shareholders.
If required, the Board can hold additional meetings at short notice to discuss
any significant matters.
Third party service delivery and cyber risk
Failure of the Manager as the Company’s main
service provider or disruption to its business,
or that of any other outsourced or third party
service provider, could lead to an inability to
provide accurate reporting and monitoring or
a misappropriation of assets, leading to a
potential breach of the Company’s investment
mandate or loss of shareholders’ confidence.
The risk includes failure or disruption as a
consequence of external events such as the
COVID-19 pandemic.
External cyber attacks could cause such failure
or could lead to the loss or sabotage of data.
No change in overall risk during
the year
The Board meets regularly with the management of the Manager and its
Operational Risk team to review internal control and risk reports, which
includes oversight of the Manager’s own third party service providers. During
the year, the Audit Committee also met with a representative of the Manager’s
internal audit function to discuss the outcome of its recent projects and
planned activities. The Manager’s appointment is reviewed annually and
the contract can be terminated with six months’ notice. The Manager has a
business continuity plan in place to ensure that it is able to respond quickly
and effectively to an unplanned event that could affect the continuity of its
business.
The Manager has outsourced certain administrative functions (such as
fund accounting services) to State Street Bank and Trust Company (‘State
Street’) and supervision of such third party service providers, including the
administrator of the Manager’s savings plans, has been maintained by the
Manager. This includes the review of IT security and heightened cyber threats.
The Manager also closely monitors the performance of its technology platform
to ensure it is functioning within acceptable service levels. Periodically, the Audit
Committee receives a presentation from the Manager’s Information Security
team on its information and cyber security programme.
The Board receives quarterly reports from the Depositary confirming safe custody
of the Company’s assets and cash and holdings are reconciled to the Custodian’s
records. The Custodian’s internal controls reports are also reviewed by the Manager
and key points reported to the Audit Committee. The Board also receives periodic
updates from the Custodian on its own cyber security controls.
The Depositary is specifically liable for loss of any of the Company’s assets
that constitute financial instruments under the AIFM Directive.
26 | CT Global Managed Portfolio Trust PLC
Strategic Report
Viability Assessment and Statement
In accordance with the UK Corporate Governance Code, the
Board is required to assess the future prospects for the
Company and considered that a number of characteristics of
the Company’s business model and strategy were relevant to
this assessment:
• The Company’s investment objective and policy, which
are subject to regular Board monitoring, means that the
Company is invested in two actively managed, diversified
Portfolios comprising principally holdings in listed closed-
end investment companies and the level of borrowing is
restricted.
• The Company’s investments are principally in listed
securities which are traded in the UK on the London Stock
Exchange’s Main Market or other regulated exchanges and
which are expected to be readily realisable.
• The Company is a listed closed-end investment company
whose shares are not subject to redemptions by
shareholders.
• Subject to shareholder continuation votes, the next of which
will be at the AGM in 2028 and five yearly thereafter, the
Company’s business model and strategy is not time-limited.
Also relevant were a number of aspects of the Company’s
operational arrangements:
• The Company retains title to all assets held by the
Custodian under the terms of a formal agreement with the
Custodian and Depositary.
• The borrowing facility, which remains available until
February 2027, is subject to a formal agreement, including
financial covenants with which the Company complied in full
during the year.
• Revenue and expenditure forecasts are reviewed by the
Directors at each Board meeting.
• The operational robustness of key service providers and
the effectiveness of alternative working arrangements.
• Alternative service providers can be engaged at relatively
short notice if necessary.
The Directors also considered:
• The level of ongoing charges incurred by the Company
which are modest and predictable and, excluding the
ongoing charges of underlying funds, total 1.03% and
1.07% of average net assets (at 31 May 2026) for the
Growth shares and Income shares respectively.
• Future revenue and expenditure projections.
• The Company’s ability to meet liquidity requirements
given its investment Portfolios consist principally of listed
investment companies which can be realised if required.
• The ability to undertake share buy-backs if required and
the Board’s aim, in normal market conditions, of using
buy-backs to maintain the discount to NAV at which the
Company’s shares trade at not more than 5%.
• Whether the Company’s investment objective and policy
continue to be relevant to investors.
• Directors are non-executive and the Company has no
employees and consequently the Company does not have
potential redundancy or other employment-related liabilities
or responsibilities.
• The uncertainty in markets and macroeconomic and
geopolitical concerns and the prospects for the Company’s
investment Portfolios.
These matters were assessed over a five year period to
September 2031, and the Board will continue to assess
viability over rolling five year periods. A rolling five year period
represents the horizon over which the Directors believe
they can form a reasonable expectation of the Company’s
prospects, although they do have due regard to viability over
the longer term.
In considering the viability of the Company, the Directors carried
out a robust assessment of the principal risks and uncertainties
which could threaten the Company’s objective and strategy,
future performance and solvency. The assessment also included
a number of stress tests and scenarios which considered the
impact of inflation and the impact of market volatility and a
significant fall in equity markets on the Company’s investment
Portfolios over a five year period. These risks, their mitigations
and the processes for monitoring them are set out on pages 24
and 25 in Principal Risks and Uncertainties, on pages 41 to 44
in the Report of the Audit Committee and in notes 18 to 23 to
the financial statements.
The results demonstrated the impact on the Company’s net
assets and its expenses and its ability to meet its liabilities over
that period and adhere to its financial covenants.
Based on their assessment, and in the context of the Company’s
business model, strategy and operational arrangements
set out above, the Directors have a reasonable expectation
that the Company will be able to continue in operation and
meet its liabilities as they fall due over the five year period to
September 2031.
Annual Report and Financial Statements 2026 | 27
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Strategic Report
Investment Objective and Policy
The Company’s investment objective is to meet, over time, the
aims of each of its share classes:
• the Growth shares have the sole aim of growing capital; and
• the Income shares have the primary aim of providing a
growing regular income and a secondary aim of some
capital growth.
The Company’s investments are managed in two separate
actively managed Portfolios, the Growth Portfolio and the
Income Portfolio, which are attributable to the Growth shares
and Income shares respectively. Whilst there may be some
overlap in the holdings in the two Portfolios, the holdings in
each Portfolio are selected based on the investments which are
deemed most appropriate to achieve the aims of the relevant
share class.
Each Portfolio invests principally in closed-end investment
companies, wherever incorporated, which are listed on the
Official List of the Financial Conduct Authority (a Regulated
Exchange). Each Portfolio may also invest in other closed-end
investment companies, wherever incorporated, whose shares
are traded on the Alternative Investment Market (‘AIM’) or
another Regulated Exchange up to a maximum of 25% of the
total assets of the relevant Portfolio.
Each Portfolio has the flexibility to invest, to a limited extent,
in investment funds that are not listed closed-end investment
companies provided their shares or other securities may
be bought and sold or redeemed on a daily basis. Any such
investment is expected to be made only where it can provide
attractive exposure that is not otherwise available from listed
closed-end investment companies.
There are no minimum or maximum levels set for underlying
exposures to geographies, sectors, investment styles or
investment managers. However, each Portfolio invests in at
least 25 investment companies and provides exposure to a
broad spread of geographies, sectors, investment styles and
investment managers.
There are no defined limits on the type of securities that
may be invested in and, accordingly, up to 100% of the total
assets of each Portfolio may be invested in a particular type
of security. However, the majority of each Portfolio’s holdings
will typically comprise equity investments in listed investment
companies.
In accordance with the UK Listing Rules of the Financial
Conduct Authority, the Company will not invest more than 10%
in aggregate of its total assets in other UK listed closed-end
investment companies that themselves may invest more
than 15% of their total assets in other UK listed closed-end
investment companies.
No investment in either Portfolio may exceed 15% of the
relevant Portfolio’s total assets at the time of the latest
purchase.
Each Portfolio may invest in other investment companies or
funds managed by the Manager or another member of the
Columbia Threadneedle Investments Group, provided that such
investments shall not exceed 20% of the total assets of the
Portfolio at the time of investment.
The Company may use derivatives, principally for the purpose
of efficient portfolio management, including protecting the
Portfolios against market falls.
The Company may use gearing in either Portfolio. Borrowings
are not normally expected to exceed 20% of the total assets
of the relevant Portfolio. Under the Company’s Articles of
Association, the maximum borrowing limit is 50% of the total
assets of the relevant Portfolio.
Gearing Policy
As explained under Investment Objective and Policy, the
Company has the flexibility to borrow money with the aim of
generating a return greater than the cost of that borrowing.
The Board receives recommendations on gearing levels from
the Manager and it is responsible for setting the gearing range
within which the Manager may operate.
The Company has a £10 million unsecured revolving credit
facility, which is available until 10 February 2027 with The
Royal Bank of Scotland International Limited. At 31 May 2026,
£7 million of the revolving credit facility was drawn down in
the Income Portfolio. The facility is described in more detail in
note 12 to the financial statements.
Policy Summary
28 | CT Global Managed Portfolio Trust PLC
Strategic Report
Dividend Policy
Dividends are only paid on the Income shares, the primary aim
of which is to provide a growing regular income.
The Company aims to increase dividends by at least as much
as inflation (as measured by CPI) over rolling three-year periods
(based on financial years). This will likely mean that, in years
when inflation is low, dividend increases may exceed it, but,
when inflation is high, dividend increases may lag, effectively
providing Income shareholders with a smoother income profile
over the rolling three-year periods.
One of the key features of an investment trust is its ability to pay
dividends out of capital. The Directors can use this feature, when
appropriate, to supplement the Company’s income to pay growing
dividends to Income shareholders. This feature also provides the
Investment Managers with some flexibility to select their best
ideas for the Income Portfolio to meet the Income shares primary
aim of a growing regular income and secondary aim of some
capital growth without being constrained by a specific Income
Portfolio yield target.
Dividends are currently paid as interim dividends, quarterly in
October, January, April and July.
As explained in more detail in the Chairman’s Statement, the
Board intends to change the frequency of dividend payments
from quarterly to monthly with effect from the next financial year,
which commences on 1 June 2027. The monthly dividends will
all be paid as interim dividends, with the first monthly dividend
in respect of a financial year being paid in August and the twelfth
monthly dividend being paid in the following July.
Share Issuance and Buy-back Policy
Share issuance and buy-backs help reduce the volatility of the
share price premium or discount to net asset value per share and
enhance the net asset value per share for continuing shareholders.
In normal circumstances, the Board aims to maintain the
discount to NAV at which the Company’s shares trade at not
more than 5%. Shares will not be bought back at a premium to
net asset value. Shares which are bought back by the Company
may be cancelled or may be held in treasury. Shares held in
treasury may be resold at a price not less than the net asset
value. For further details see pages 36 and 37.
UK Financial Sanctions and Prevention of the
Facilitation of Tax Evasion
The Board is fully committed to complying with all legislation,
regulation and relevant guidelines including those relating
to the UK financial sanctions regime in the context of the
Company’s business and also the UK’s Criminal Finances Act
2017, designed to prevent tax evasion and the facilitation of
tax evasion in the jurisdictions in which the Company operates.
Professional advice is sought as and when deemed necessary.
Taxation
The policy towards taxation is one of full commitment to
complying with applicable legislation and statutory guidelines.
The Company has received approval from HMRC as an investment
trust under Section 1158 of the Corporation Tax Act 2010
(‘Section 1158’) and has since continued to comply with the
eligibility conditions such that it does not suffer UK corporation tax
on capital gains. The Manager ensures that the Company submits
correct taxation returns annually to HMRC, settles promptly any
taxation due and claims back, where possible, taxes suffered in
excess of taxation treaty rates on non-UK dividend receipts.
Board Diversity and Tenure
The Board is composed solely of non-executive Directors and
its approach to the appointment of non-executive Directors is
based on its belief in the benefits of having a diverse range of
experience, skills, length of service and backgrounds.
The Board is conscious of the diversity targets set out in
the UK Listing Rules and the Board complies with The AIC
Corporate Governance Code in appointing appropriately diverse,
independent non-executive Directors who set the operational
and ethical standards of the Company. The Board will always
appoint the best qualified person for the role and will not
discriminate on the grounds of gender, race, ethnicity, religion,
sexual orientation, age, physical ability and educational,
professional or socio-economic background. As each of the
Audit Committee, Management Engagement Committee,
Marketing Committee and Nomination Committee comprise
all of the Directors, the diversity policy applied to the Board
applies equally to each of the Company’s committees.
In accordance with UK Listing Rule 6.6.6R (9), (10) and (11),
the Board is required to disclose on a ‘comply or explain’
basis whether it has met the following targets: (i) at least 40%
of the Board should be women; (ii) at least one of the senior
Board positions should be held by a woman; and (iii) at least
one member of the Board should be from a minority ethnic
background. The Board has provided the information set out in
the following tables in relation to diversity, the data for which
has been obtained through the completion of questionnaires by
the individual Directors. As is shown, the Company has met the
targets in relation to the gender and the ethnic background of
the Board.
Annual Report and Financial Statements 2026 | 29
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Board Gender as at 31 May 2026
(1)
Number of
Board
members
Percentage of
the Board
Number of
senior positions
on the Board
(3)
Men 2 50% 1
Women 2 50%
(2)
1
Not specified/
prefer not to say
– – –
(1)
The Company has opted not to disclose against the number of Directors in
executive management as this is not applicable for an investment company
which does not have the roles of CEO or CFO.
(2)
This meets the UK Listing Rules target of 40%.
(3)
The senior positions on the Board consist of the Chairman and the Senior
Independent Director. The position of the Senior Independent Director is held
by a woman and the Company therefore meets the target of at least one of the
senior Board positions being held by a woman. The position of the Chairman
of the Audit Committee is also held by a woman; however, this is not currently
defined as a senior position under the UK Listing Rules.
Board Ethnic Background as at 31 May 2026
(1)
Number of
Board
members
Percentage of
the Board
Number of
senior positions
on the Board
(3)
White British or other
White (including
minority-white groups)
3 75% 2
Mixed/Multiple Ethnic
Groups
1
(2)
25% –
Asian/Asian British – – –
Black/African/
Caribbean/
Black British
– – –
Other Ethnic Group – – –
Not specified/
prefer not to say
– – –
(1)
The Company has opted not to disclose against the number of Directors in
executive management as this is not applicable for an investment company
which does not have the roles of CEO or CFO.
(2)
This meets the UK Listing Rules target of 1.
(3)
The senior positions on the Board consist of the Chairman and the Senior
Independent Director.
The Board is committed to maintaining the highest levels
of corporate governance in terms of independence and
would normally expect the Directors to serve for a nine-year
term, although this may be adjusted for reasons of flexibility
and continuity.
Integrity and Business Ethics
The Board applies a strict anti-bribery and anti-corruption policy
insofar as it applies to any directors or employees of the Manager
or any other organisation with which the Company conducts
business. The Board also ensures that adequate procedures
are in place and followed in respect of third party appointments,
acceptance of gifts, hospitality and similar matters.
The Strategic Report, contained on pages 3 to 29, has been
approved by the Board of Directors.
By order of the Board
For Columbia Threadneedle Investment Business Limited
Company Secretary
6th Floor
Quartermile 4
7a Nightingale Way
Edinburgh EH3 9EG
1 September 2026
Strategic Report
30 | CT Global Managed Portfolio Trust PLC
Governance Report
David Warnock
Chairman of the Board and Management
Engagement Committee
Appointed on 1 January 2019 and as
Chairman on 30 September 2021.
Experience and contribution: David co-founded
the investment firm Aberforth Partners
and was a partner for 19 years until his
retirement in 2008. Before Aberforth, he was
with Ivory & Sime plc and 3i Group plc. He
brings extensive investment management,
private equity and listed company experience
to the Board and has been involved in all
aspects of investment trusts, either as a
manager or as a non-executive director, for
over 40 years.
Other appointments: David is currently the
senior independent non-executive director of
ICG Enterprise Trust plc.
Shauna Bevan
Chairman of the Nomination Committee
Appointed on 9 June 2022 and as Chairman of
the Nomination Committee on 10 July 2025.
Experience and contribution: Shauna is Head
of Investment Advisory at RiverPeak Wealth
Limited where she is responsible for fund
research and portfolio construction. She
has over 25 years of investment experience
having previously worked for Charles Stanley
and Merrill Lynch and is a Chartered Member
of the Chartered Institute for Securities
and Investment.
Other appointments: Shauna is currently a non-
executive director of Alliance Witan PLC.
Susan (Sue) Inglis
Senior Independent Director and
Chairman of the Audit Committee
Appointed on 9 July 2018 and as Chairman
of the Audit Committee on 24 September
2020 and as Senior Independent Director on
29 September 2022.
Experience and contribution: Sue has
more than 30 years of experience as an
adviser to asset management groups and
investment companies. She is a qualified
lawyer and was a partner and head of
funds and financial services at Shepherd &
Wedderburn. In 1999, she co-founded Intelli
Corporate Finance and, from 2009 until
retiring from executive employment in 2018,
held senior positions in Canaccord Genuity’s
financial institutions and investment
companies teams and Cantor Fitzgerald’s
investment companies team.
Other appointments: Sue is currently the senior
independent non-executive director of Baillie
Gifford US Growth Trust plc and Seraphim
Space Investment Trust plc and a non-executive
director and the Chairman of Invesco Global
Equity Income Trust PLC.
Roland Spencer
Chairman of the Marketing Committee
Appointed on 19 February 2026 and as
Chairman of the Marketing Committee on
19 February 2026.
Experience and contribution: Roland has
25 years’ experience in the financial sector,
including 18 years in the UK direct to
consumer investments and platform market.
His most recent role was Head of New
Business at AJ Bell where he previously held
a number of senior positions covering AJ Bell
Media, corporate development, marketing
and product proposition between 2012 to
2025. A recognised industry expert, Roland
is a regular speaker at events on retail
investor engagement.
Other appointments: None.
Board of Directors
All of the Directors are non-executive. All of the Directors are considered by the Board to be independent. All of the Directors are
members of the Audit Committee, Management Engagement Committee, Marketing Committee and Nomination Committee.
No Director holds a directorship elsewhere in common with other members of the Board.
Annual Report and Financial Statements 2026 | 31
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Governance Report
Statement Regarding Annual Report and Financial
Statements
The Directors consider that, following a detailed review and
advice from the Audit Committee, the Annual Report and
Financial Statements for the year ended 31 May 2026, taken as
a whole, is fair, balanced and understandable and provides the
information necessary for shareholders to assess the Company’s
position and performance, business model and strategy. The
Audit Committee reviewed the draft Annual Report and Financial
Statements for the purpose of this assessment and, in reaching
this conclusion, the Directors have assumed that the reader
of the Annual Report and Financial Statements would have a
reasonable level of knowledge of the investment industry in
general and investment companies in particular. The outlook for
the Company can be found on pages 6 and 16. Principal risks
and uncertainties can be found on pages 24 and 25 with further
information in notes 18 to 23 to the financial statements.
There are no instances where the Company is required to make
disclosures in respect of UK Listing Rule 6.6.1R.
Results and Dividends
The results for the year are set out in the financial statements
on pages 58 to 83. The return attributable to shareholders was
£36,567,000, of which £14,198,000 was attributable to the
Income Portfolio and £22,369,000 to the Growth Portfolio.
The Company has paid quarterly interim dividends in the year
ended 31 May 2026 as follows:
Interim Dividend Payments
Payment date Rate per Income share
Fourth interim for 2025 11 July 2025 2.05p
First interim for 2026 10 October 2025 1.90p
Second interim for 2026 16 January 2026 1.90p
Third interim for 2026 17 April 2026 1.90p
A fourth interim dividend of 2.15p per Income share was paid
after the year-end, on 10 July 2026, to Income shareholders on
the register at close of business on 12 June 2026. The total
dividend for the financial year ended 31 May 2026 of 7.85p per
Income share represents an increase of 3.3% over the 7.60p
per Income share paid in respect of the previous financial year
ended 31 May 2025.
As set out in the Company‘s dividend policy on page 28,
payments are currently made quarterly as interim dividends
and the Board intends, with effect from the financial year
commencing 1 June 2027, that the frequency of dividend
payments will change from quarterly to monthly. The Company
does not currently pay a final dividend that would require formal
shareholder approval at the AGM. This enables the fourth
interim dividend payment and, in due course, the twelfth interim
dividend to be made in July and earlier than would be possible
if that dividend was classed as a final dividend and subject to
shareholder approval at the AGM. As an alternative, the Board
proposes to seek formal shareholder approval at the Annual
General Meeting (‘AGM’) to continue to pay all dividends as
interim dividends (Resolution 10).
Principal Activity and Status
The Company is registered in Scotland as a public limited
company in terms of the Companies Act 2006 (Company
Number: SC338196). The Company is an investment company
within the terms of Section 833 of the Companies Act 2006.
The Company carries on business as an investment trust
and has been approved as such by HM Revenue & Customs
(‘HMRC’), subject to it continuing to meet the relevant eligibility
conditions and ongoing requirements. As a result, it is not
liable for corporation tax on capital gains. The Company intends
to continue to conduct its affairs so as to enable it to comply
with the requirements.
The Company is required to comply with company law, the rules
of the Financial Conduct Authority and other legislation and
regulations, including financial reporting standards, and its
Articles of Association.
The Company is a member of the Association of Investment
Companies (the ‘AIC’).
The Directors submit the Annual Report and Financial Statements of the Company for the year ended
31 May 2026. The Directors‘ biographies, Corporate Governance Statement, the Report of the Audit
Committee, the Report of the Management Engagement Committee, the Report of the Marketing
Committee, the Report of the Nomination Committee and the Directors‘ Remuneration Report form
part of this Report of the Directors.
Report of the Directors
32 | CT Global Managed Portfolio Trust PLC
Governance Report
Accounting and Going Concern
Shareholders will be asked to approve the adoption of the audited
financial statements at the AGM (Resolution 1).
The financial statements start on page 58 and the unqualified
Independent Auditor’s Report on the financial statements is
on pages 52 to 57. The significant accounting policies of the
Company are set out in note 1 to the financial statements.
In assessing the going concern basis of accounting, the
Directors have had regard to the guidance issued by the
Financial Reporting Council and have undertaken a rigorous
review of the Company’s ability to continue as a going concern.
As an investment company investing primarily in listed securities,
most of the Company’s principal risks and uncertainties are
market-related. An explanation of these risks and how they
are managed is set out on pages 24 and 25. The Board has,
in particular, considered the outlook for inflation and ongoing
macroeconomic and geopolitical concerns which have impacted
the value of investments, but does not believe the Company's
ability to continue as a going concern is affected.
The Company’s investment objective and policy, which
is described on page 27 and is subject to regular Board
monitoring processes, is designed to ensure that the Company
is invested principally in listed securities. The value of these
investments exceeds the Company's liabilities by a significant
margin. The Company retains title to all assets held by its
Custodian and has an agreement relating to its borrowing
facility with which it complied during the year. Cash is only held
with banks approved and regularly reviewed by the Manager.
As part of the going concern review, the Directors noted that
a £10 million revolving credit facility is committed to the
Company until 10 February 2027 and loan covenants are
reviewed by the Board on a regular basis. Further details are
set out in note 12 to the financial statements. It is expected
that a new borrowing facility could be entered into when the
current arrangement expires, but, if not, or should the Board
decide not to renew this, any outstanding borrowing would
be repaid through the use of cash and, if required, from the
proceeds of the sale of the Company’s investments.
Notes 18 to 23 to the financial statements set out the
financial risk profile of the Company and indicate the effect
on the assets and liabilities of falls (and rises) in the value of
securities and market rates of interest.
The Company does not have a fixed life. However, the
Company’s Articles of Association require the Board to
next put a resolution to shareholders at the 2028 Annual
General Meeting (and five-yearly thereafter) to continue
the Company. The continuation vote will be proposed as
an ordinary resolution. The last such resolution was put to
shareholders and passed at the Annual General Meeting held
on 28 September 2023. 99.9% of votes were in favour of the
resolution and 0.1% were against.
The Directors believe, having assessed the principal risks and
other matters, in light of the controls and review processes
noted and bearing in mind the nature of the Company’s
business and assets and revenue and expenditure projections,
that the Company has adequate resources to continue in
operational existence for a period of at least twelve months
from the date of approval of the financial statements. For this
reason, they continue to adopt the going concern basis in
preparing the financial statements.
The Company’s longer term viability is considered in the
Viability Assessment and Statement section on page 26.
Statement of Disclosure of Information to Auditor
As far as the Directors are aware, there is no relevant audit
information of which the Company’s Auditor is unaware, and
each Director has taken all the steps that he or she ought
to have taken as a Director in order to make themself aware
of any relevant audit information and to establish that the
Company’s Auditor is aware of that information.
Re-appointment of Auditor
BDO LLP (‘BDO’) was re-appointed as the Companys’ Auditor
at the Annual General Meeting on 1 October 2025 and it has
expressed its willingness to continue in office as the Company’s
Auditor. A resolution proposing its re-appointment and a
resolution authorising the Directors to determine its remuneration
will be submitted at the AGM (Resolutions 8 and 9).
Further information in relation to the re-appointment can be
found on page 43.
Capital Structure and Voting Rights
The Company’s capital structure is explained in the Capital
Structure section on page 90 of this Annual Report and details
of the share capital, including changes during the year, are set
out in note 13 to the financial statements. Details of voting
rights are also set out in the notes to the notice of Annual
General Meeting.
At 31 May 2026 there were 60,877,194 Income shares and
38,756,710 Growth shares listed, of which no Income shares
and 4,773,000 Growth shares were held in treasury, and the
total issued share capital of the Company (excluding treasury
shares) was represented 64.2% by 60,877,194 Income shares
and 35.8% by 33,983,710 Growth shares.
There are:
• no significant restrictions concerning the transfer of securities
in the Company (other than certain restrictions imposed by
laws and regulations such as insider trading laws);
Annual Report and Financial Statements 2026 | 33
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Governance Report
• no agreements known to the Company concerning
restrictions on the transfer of securities in the Company or
on voting rights; and
• no special rights with regard to control attached to
securities.
Pursuant to the Company’s loan facility agreement, repayment
may be required in the event of a change in control of the
Company. There are no other significant agreements which the
Company is a party to that might be affected by a change of
control of the Company following a takeover bid.
Substantial Interests in Share Capital
As at 31 May 2026 and since that date the Company had
received no notifications of significant voting rights (under the
FCA’s Disclosure Guidance and Transparency Rules) in respect
of the Company’s share capital.
Manager’s Savings Plans
Since the launch of the Company, the majority of the Income
shares and Growth shares have been held through the
Manager’s savings plans. At 31 May 2026, approximately
64.1% of the Income shares and 84.6% of the Growth shares
are held in this manner. The voting arrangements for these
shares is explained on page 90.
Share Conversion
During the year the Company’s annual share conversion facility
proceeded for those shareholders who had elected to do so.
The net result of those conversions, which took effect on
6 November 2025, was a decrease of 38,324 Income shares
in issue and an increase of 15,549 Growth shares in issue.
Directors' Remuneration Report
At the Annual General Meeting held on 28 September 2023,
shareholders approved the Directors' Remuneration Policy.
It is a requirement that shareholder approval is sought at least
every three years and therefore shareholders will be asked to
approve the Directors’ Remuneration Policy at the forthcoming
Annual General Meeting (Resolution 2). There have been no
material changes to the Remuneration Policy since approved
by shareholders at the Annual General Meeting held on
28 September 2023. It is intended that this policy will continue
for the three year period ending at the AGM in 2029.
The Directors’ Remuneration Report, which can be found on
page 48 to 50, provides detailed information on the remuneration
arrangements for the Directors of the Company, including the
Directors’ Remuneration Policy. Shareholders will be asked to
approve the Directors’ Remuneration Report for the year ended
31 May 2026 (Resolution 3) at the AGM on 23 October 2026.
Remuneration is set at a level commensurate with the skills
and experience necessary for the effective stewardship of
the Company and the expected contribution of the Board as
a whole.
Director Election and Re-elections
Biographical details of the Directors, all of whom are non-
executive, can be found on page 30 and are incorporated into
this report by reference.
With the exception of Simon Longfellow who retired on
31 December 2025 and Roland Spencer who was appointed on
19 February 2026 all of the Directors held office throughout the
year under review. In accordance with the Company’s Articles of
Association, any Director appointed by the Board shall hold office
only until the next general meeting and shall then be eligble
for election. Accordingly, Roland Spencer will retire at the AGM,
being the first such meeting following his appointment, and being
eligible offers himself for election (Resolution 6).
As explained in the Corporate Governance Statement
on page 39, the Board has agreed that all Directors will
retire annually. Accordingly, Shauna Bevan, Sue Inglis and
David Warnock will retire at the AGM and, being eligible, offer
themselves for re-election. (Resolutions 4, 5 and 7).
The skills and experience each Director brings to the Board
for the long-term sustainable success of the Company are set
out below.
• Resolution 4 relates to the re-election of Shauna Bevan
who was appointed on 9 June 2022 and has in-depth
investment experience and industry knowledge.
• Resolution 5 relates to the re-election of Sue Inglis who was
appointed on 9 July 2018. She has extensive and in-depth
knowledge and experience in the investment companies
sector having been a senior corporate financier and, prior to
that, a senior lawyer specialising in investment companies
and also from her other non-executive director roles.
• Resolution 6 relates to the election of Roland Spencer
who was appointed on 19 February 2026 and has in depth
knowledge and experience of the UK direct-to-consumer
investments and platform market.
• Resolution 7 relates to the re-election of David Warnock
who was appointed on 1 January 2019 and has in-depth
knowledge, expertise and experience in investment
management and with investment companies.
The Directors believe that the Board has an appropriate balance
of skills, experience, independence and knowledge of the
Company to enable it to provide effective strategic leadership
and proper governance of the Company. The Chairman and the
Board confirms that, following formal performance evaluations,
the performance of each of the Directors continues to be
effective and demonstrates commitment to the role and, having
considered the Directors’ other time commitments and Board
positions, are satisfied that each Director has the capacity to
be fully engaged with the Company's business. In addition, the
Board believes that each Director is independent in character
34 | CT Global Managed Portfolio Trust PLC
Governance Report
and judgement, that they perform their duties at all times in
an independent manner and that there are no relationships or
circumstances which are likely to affect the judgement of any
Director. The Board believes that continuity and experience add
significantly to the strength of the Board. Additional information
on diversity and tenure is set out on pages 28, 29 and 47.The
Chairman and the Board therefore believe that it is in the
interests of shareholders that each of those Directors seeking
election and re-election are elected/re-elected.
There are no service contracts in existence between the
Company and any Directors but each of the Directors has
been issued with, and accepted, the terms of a letter of
appointment that sets out the main terms of their appointment.
Amongst other things, the letter includes confirmation that the
Director has a sufficient understanding of the Company and
the sector in which it operates, and sufficient time available
to discharge their duties effectively taking into account their
other commitments. These letters are available for inspection
upon request at the Company’s registered office during normal
business hours and will be available for inspection at the
Annual General Meeting.
Directors’ Interests and Letters of Indemnity
There were no contracts of significance to which the Company
was a party and in which a Director is, or was, materially
interested during the year.
The Company has entered into letters of indemnity in favour of
each of the Directors and these were in force throughout the year
ended 31 May 2026. These letters give each Director the benefit
of an indemnity to the extent permitted by the Companies Act
2006 against liabilities incurred by each of them in the execution
of their duties and the exercise of their powers. A copy of each
letter of indemnity is available for inspection at the Company’s
registered office during normal business hours and will be
available for inspection at the Annual General Meeting. The
Company also maintains Directors‘ and officers‘ liability insurance.
Conflicts of Interest
Under the Companies Act 2006 a Director must avoid a
situation where they have, or could have, a direct or indirect
interest that conflicts, or possibly may conflict, with the
Company’s interests. The requirement is very broad and could
apply, for example, if a Director becomes a director of another
company or a trustee of another organisation. The Companies
Act 2006 allows directors of public companies to authorise
conflicts and potential conflicts, where appropriate, where the
Articles of Association contain a provision to this effect. The
Company’s Articles of Association give the Directors authority
to approve such situations.
The Board therefore has procedures in place for the authorisation
and review of potential conflicts relating to the Directors.
The Company maintains a register of Directors’ conflicts
of interest which have been disclosed and approved by the
other Directors. Other than authorisation of Directors’ other
directorships, no authorisations have been sought. This
register is kept up-to-date and the Directors are required to
disclose to the Company Secretary any changes to conflicts or
any potential new conflicts.
Safe Custody of Assets
The Company’s investments are held in safe custody by
JPMorgan Chase Bank (the ‘Custodian’). Operational matters
with the Custodian are carried out on the Company’s behalf
by the Manager in accordance with the provisions of the
investment management agreement. The Custodian is paid a
variable fee dependent on the number of trades and the value
and location of the securities held.
Depositary
JPMorgan Europe Limited (the ‘Depositary’) acts as the
Company’s depositary in accordance with the AIFMD.
The Depositary’s responsibilities, which are set out in an
Investor Disclosure Document on the Company’s website
(ctglobalmanagedportfolio.co.uk), include, but are not limited
to, cash monitoring, segregation and safe keeping of the
Company’s financial instruments and monitoring the Company’s
compliance with investment and leverage limit requirements.
The Depositary receives for its services a fee of 0.01% per
annum on the value of the Company’s net assets, payable
monthly in arrears.
Although the Depositary has delegated the safekeeping of all
assets held within the Company’s investment Portfolios to the
Custodian, in the event of loss of those assets that constitute
financial instruments under the AIFMD, the Depositary will
be obliged to return to the Company financial instruments
of an identical type, or the corresponding amount of money,
unless it can demonstrate that the loss has arisen as a
result of an external event beyond its reasonable control, the
consequences of which would have been unavoidable despite
all reasonable efforts to the contrary.
Management and Administration
The Manager provides management, administration, marketing,
accounting and company secretarial services to the Company.
A summary of the investment management agreement between
the Company and the Manager in respect of the services
provided is given in notes 4 and 5 to the financial statements.
The Manager is the Company’s AIFM, for which it does not
receive any additional remuneration.
Since the end of the year, the Management Engagement
Committee has reviewed the appropriateness of the Manager’s
appointment. In carrying out its review the Committee
considered the past investment performance of the Company
Annual Report and Financial Statements 2026 | 35
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Governance Report
and the ability of the Manager to produce satisfactory
investment performance in the future. It also considered the
length of the notice period of the investment management
agreement and the fees payable to the Manager, together
with the standard of other services provided, which include
administration, marketing, accounting and company secretarial
services. Following this review, which included a comparison
against the terms of appointment of investment managers
for similar investment companies, it is the Directors’ opinion
that the continuing appointment of the Manager on the
terms agreed is in the interests of shareholders as a whole.
Other Companies Act Disclosures
• The rules for appointment and replacement of Directors are
contained in the Articles of Association of the Company. In
respect of periodic retirement, the Articles of Association
provide that each Director is required to retire at the third
Annual General Meeting after the Annual General Meeting
at which last elected or re-elected. As mentioned earlier
in this Report, the Board has agreed that all Directors will
retire annually.
• Amendment of the Articles of Association and powers to
issue and buy-back shares require shareholder authority.
• There are no agreements between the Company and the
Directors providing for compensation for loss of office that
occurs because of a takeover bid.
Future Developments of the Company
The future success of the Company in pursuit of its investment
objective is dependent primarily on the performance of its
investments and the outlook for the Company is set out in
the Chairman’s Statement on page 6 and the Investment
Managers’ Review on page 16.
Responsible Investment
The Company’s approach to Responsible Investment, including
voting on Portfolio investments, is set out on pages 19 and 20.
The Company seeks to conduct its affairs responsibly
and financially material environmental factors are, where
appropriate, taken into consideration with regard to investment
decisions taken on behalf of the Company. However, the
Company does not have ESG or sustainable objectives.
Greenhouse Gas Emissions & Taskforce for Climate-
Related Financial Disclosures (‘TCFD’)
All of the Company’s activities are outsourced to third parties,
it has no employees and all of its Directors are non-executive.
Accordingly, it does not have any physical assets, property,
employees or operations of its own and does not generate any
greenhouse gas or other emissions.
As the Company did not consume more than 40,000kWh
of energy during the year, it is exempt from reporting under
Streamlined Energy and Carbon Reporting regulations.
Under UK Listing Rule 11.4.22(R), the Company, as a listed
closed-end investment company, is exempt from complying with
the TCFD.
Modern Slavery Act 2015
As an investment company with no employees or customers
and which does not provide goods or services in the normal
course of business, the Company considers that it does not
fall within the scope of the Modern Slavery Act 2015 and it is
not, therefore, obliged to make a human trafficking statement.
The Company's own supply chain, which consists predominantly
of professional advisers and service providers in the financial
services industry, is considered to be low risk in relation to this
matter. A statement by the Manager under the Act has been
published on its website at columbiathreadneedle.co.uk.
Financial Instruments
The Company’s financial instruments comprise its investment
Portfolios, cash balances, bank borrowings and debtors and
creditors that arise directly from its operations such as sales and
purchases awaiting settlement and accrued income. The financial
risk management objectives and policies arising from its financial
instruments and the exposure of the Company to risk are
disclosed in notes 18 to 23 to the financial statements.
Annual General Meeting
The Annual General Meeting will be held at Columbia
Threadneedle Investments, Cannon Place, 78 Cannon Street,
London, EC4N 6AG, on Friday 23 October 2026 at 11.30am.
The notice of Annual General Meeting is set out on pages 85
to 89. Adam Norris and Paul Green, the Investment Managers,
will give a presentation at the AGM and there will also be an
opportunity to ask questions. If you are unable to attend the
AGM, you may submit any questions you may have with regard to
the resolutions to be proposed at the AGM or the performance
of the Company in advance of the meeting to the following
email address: MPTCoSec@columbiathreadneedle.com. The
Investment Managers’ presentation will be available to view
on the Company’s website, ctglobalmanagedportfolio.co.uk,
following the meeting.
The AGM is scheduled to be held in person and voting on all
resolutions will be conducted by way of a poll. Shareholders are
encouraged to exercise their votes either through the Registrar’s
online portal or by completing and returning their Form of Proxy or
Form of Direction. The results of the poll will be announced via a
regulatory announcement and posted on the Company’s website
at ctglobalmanagedportfolio.co.uk after the meeting. Any changes
to the AGM arrangements will be announced via a regulatory
announcement and will be included on the Company’s website.
36 | CT Global Managed Portfolio Trust PLC
Governance Report
Shareholders who hold their shares through investment
platforms should register their votes via their platform. If
their platform is one of those which does not offer the facility
to vote via its website or app, they will need to contact the
platform directly by phone or its messaging system giving their
instructions to vote.
Resolutions 11 to 15 are explained as follows.
Directors’ Authority to Allot Shares and Sell Shares
from Treasury (Resolutions 11, 12 and 13)
Since the Annual General Meeting of the Company held on
1 October 2025, and in accordance with the authorities
granted, the Board has exercised its powers by issuing
7,100,000 new Income shares with an aggregate nominal
value of £327,531.35 (representing 13.0% of the Company’s
total issued Income share capital as at 1 October 2025) on
a non pre-emptive basis at a premium to the net asset value
per Income share for a total consideration of £8,943,000. No
new Growth shares have been issued since the 2025 Annual
General Meeting.
The Board also sold 200,000 Income shares from treasury
with an aggregate nominal value of £9,226.24 (representing
0.4% of the Company’s total issued Income share capital as
at 1 October 2025) for a total consideration of £244,000 and
sold 1,265,000 Growth shares from treasury with an aggregate
nominal value of £58,355.94 (representing 3.8% of the
Company’s total issued Growth share capital as at 1 October
2025) for a total consideration of £3,854,000.
The Directors believe that the Company’s continuing ability
to issue shares or sell shares from treasury at a premium to
net asset value will increase liquidity and reduce volatility by
preventing the build-up of excessive demand for shares.
The sale of shares from treasury is to be at a price not less
than the net asset value per share of the Income shares (in the
case of a sale of Income shares) or Growth shares (in the case
of a sale of Growth shares).
The Directors are seeking authority to allot, or resell from
treasury, Income shares and Growth shares.
Resolution 11 (authority to allot shares) will, if passed,
authorise the Directors to allot new Income shares up to an
aggregate nominal amount of £567,874.78 (which equates to
12,310,000 Income shares) and allot new Growth shares up to
an aggregate nominal amount of £311,477.71 (which equates
to 6,752,000 Growth shares), being approximately 20.0% of
the Company’s total issued Income shares and approximately
20.0% of the Company’s total issued Growth shares
respectively (excluding treasury shares) as at 28 August 2026,
being the latest practicable date before the publication of the
Notice of Annual General Meeting.
Resolution 12 (power to disapply pre-emption rights) will,
if passed, authorise the Directors to allot new Income
shares, or resell Income shares held in treasury, up to an
aggregate nominal amount of £283,937.39 (which equates
to 6,155,000 Income shares) and allot new Growth shares,
or resell Growth shares held in treasury, up to an aggregate
nominal amount of £155,738.85 (which equates to 3,376,000
Growth shares), being approximately 10.0% of the Company’s
total issued Income shares and approximately 10.0% of the
Company’s total issued Growth shares respectively (excluding
treasury shares), as at 28 August 2026, for cash without
first offering such shares to existing shareholders pro rata
to their existing holdings. For completeness, this equates to
approximately 10.0% of the Company’s total issued Income
shares and approximately 8.7% of the Company’s total issued
Growth shares respectively (including treasury shares), as at
28 August 2026.
Resolution 13 (additional power to disapply pre-emption rights)
will, if passed, and in addition to Resolution 12, authorise the
Directors to allot further new Income shares, or resell Income
shares held in treasury, up to an aggregate nominal amount of
£283,937.39 (which equates to 6,155,000 Income shares)
and allot new Growth shares, or resell Growth shares held in
treasury, up to an aggregate nominal amount of £155,738.85
(which equates to 3,376,000 Growth shares) being
approximately 10.0% of the Company‘s total issued Income
shares and approximately 10.0% of the Company’s total issued
Growth shares respectively (excluding treasury shares), as at
28 August 2026, for cash without first offering such shares
to existing shareholders pro rata to their existing holdings.
For completeness, this equates to approximately 10.0% of
the Company’s total issued Income shares and approximately
8.7% of the Company’s total issued Growth shares respectively
(including treasury shares), as at 28 August 2026.
These authorities will continue until the earlier of 23 January
2028 (being 15 months from the date of the Annual General
Meeting in 2026) and the conclusion of the Annual General
Meeting in 2027. The Directors will only allot new shares
pursuant to these authorities if they believe it is advantageous
to the Company’s shareholders to do so and will not result in
a dilution of net asset value per share.
Directors’ Authority to Buy Back Shares (Resolution 14)
At the last Annual General Meeting held on 1 October 2025
shareholders gave the Company authority to make market
purchases of up to 8,149,300 Income shares and 4,978,600
Growth shares (being 14.99% of each of the issued Income shares
and Growth shares, in each case excluding treasury shares).
Annual Report and Financial Statements 2026 | 37
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Governance Report
During the year ended 31 May 2026 the Company purchased
through the market for treasury 200,000 Income shares with
an aggregate nominal value of £9,226.24, representing 0.4%
of the Income shares in issue (excluding treasury shares) at
the previous year end for a total consideration of £238,000 in
accordance with the Company’s discount management policy.
During the year ended 31 May 2026, the Company purchased
through the market for treasury 1,678,000 Growth shares with
an aggregate nominal value of 77,408.11, representing 4.9%
of the Growth shares in issue (excluding treasury shares) at the
previous year end for a total consideration of £4,648,000 in
accordance with the Company’s discount management policy.
Subsequent to the year end, 50,000 Income shares with an
aggregate nominal value of £2,306.56 have been purchased
through the market for treasury between 1 June 2026 and
28 August 2026 representing 0.1% of the Income shares in
issue (excluding treasury shares) as at 28 August 2026.
Subsequent to the year end, 220,000 Growth shares with an
aggregate nominal value of £10,148.86 have been purchased
through the market for treasury between 1 June 2026 and
28 August 2026 representing 0.7% of the Growth shares in
issue (excluding treasury shares) as at 28 August 2026.
The current authority of the Company to make market purchases
of up to 14.99% of each of the issued Income shares and
Growth shares (in each case, excluding shares held in
treasury) expires at the end of the Annual General Meeting and
Resolution 14, as set out in the notice of the Annual General
Meeting, seeks renewal of that authority. The renewed authority
to make market purchases will be in respect of a maximum
of 14.99% of each of the issued Income shares and issued
Growth shares (in each case, excluding treasury shares) of the
Company on the date of the passing of the resolution. The price
paid for shares (excluding expenses) will not be less than the
nominal value of £0.046131176 per share nor more than the
higher of (a) 5% above the average of the middle market price
of those shares for the five business days before the shares
are purchased and (b) the higher of the last independent trade
and the highest current independent bid on the London Stock
Exchange. This power will only be exercised if, in the opinion of
the Directors, a purchase will result in an increase in net asset
value per share of the relevant class and is in the interests of
the shareholders. Any shares purchased under this authority
will either be held in treasury or cancelled at the determination
of the Directors. This authority will expire on the earlier of
23 January 2028 and the conclusion of the next Annual General
Meeting of the Company in 2027.
There is no limit on the number of shares that a company can
hold in treasury at any one time and the Board has not set
a limit on the number of shares that can be held in treasury
by the Company.
There were a total of 95,315,904 Income shares and
Growth shares in issue (excluding treasury shares) as at
28 August 2026, of which 61,552,194 (64.6%) are Income
shares and 33,763,710 (35.4%) are Growth shares. At that date,
the Company held 50,000 Income shares and 4,993,000 Growth
shares (representing 0.1% of the total Income share capital and
14.8% of the total Growth share capital respectively, excluding
treasury shares) in treasury.
Approval of the Proposed Purchase Contract
(Resolution 15)
Resolution 15 gives the Company authority to buy its deferred
shares, arising on the conversion of any of the Growth shares
or Income shares into the other class of shares, by way of
an off-market purchase in accordance with Sections 693 and
694 of the Companies Act 2006. The deferred shares will
be purchased for nil consideration as they have no economic
value in order to keep the balance sheet straight forward. The
exact number of deferred shares which will arise as a result of
any conversions is not yet known and therefore the Purchase
Contract constitutes a contract under Section 694(3) of the
Companies Act 2006. By law the Company will only be able
to purchase these shares off-market if the Purchase Contract
is approved by special resolution at a general meeting of
the Company.
Recommendation
The Board considers that the passing of the resolutions to
be proposed at the Annual General Meeting is in the best
interests of the Company and its shareholders as a whole and
it unanimously recommends that shareholders vote in favour of
those resolutions. Information on shareholder voting rights is set
out in the notes to the notice of the Annual General Meeting on
pages 85 to 89.
By order of the Board
For Columbia Threadneedle Investment Business Limited
Company Secretary
Quartermile 4
7a Nightingale Way
Edinburgh EH3 9EG
1 September 2026
38 | CT Global Managed Portfolio Trust PLC
Governance Report
The biographical details of the Directors responsible for the
governance of the Company are set out on page 30. Committee
membership is also included and the respective terms of
reference and biographies are also available on the Company’s
website at ctglobalmanagedportfolio.co.uk.
In maintaining the confidence and trust of the Company’s
shareholders, the Board sets out to adhere to the highest
standards of corporate governance, business and ethics
transparency and it remains committed to doing so. As the
Board believes that good governance creates value, it expects
the investment companies in which the Company invests to
apply similar standards.
Governance Overview
Throughout the financial year, an Audit Committee, Management
Engagement Committee, Marketing Committee and Nomination
Committee were in place. The role and responsibilities of
these committees are set out in their respective reports, which
follow, and their terms of reference are also available on the
Company’s website. Each of the committees comprises all of
the Directors. The Board considers that, given its size, it would
be unnecessarily burdensome to establish separate committees
which did not include the entire Board and believes that this
enables all Directors to be kept fully informed of any issues
that arise.
As set out in the Strategic Report the Board has appointed
the Manager to manage the investment Portfolios as well as
to carry out the day to day management and administrative
functions. Reporting from the Manager is set out on pages 13
to 16 and in the Report of the Audit Committee in respect of
internal controls on pages 41 to 44. The Board’s evaluation of
the Manager can be found on page 45.
The Board has direct access to company secretarial advice and
services of the Manager which, through the Company Secretary,
is responsible for ensuring that Board and committee
procedures are followed and applicable laws, regulations and
best practice requirements are complied with. The proceedings
at all Board and Committee meetings are fully recorded through
a process that allows any Director's concerns to be recorded by
the Company Secretary in the minutes.
Compliance with The AIC Corporate Governance Code
(the ‘AIC Code’)
The Board has considered and supports the principles and
provisions of the AIC Code published in 2024. The AIC Code
addresses the principles and provisions set out in the UK
Corporate Governance Code published in 2024 (the ‘UK Code’)
as well as setting out additional provisions on issues that are
of specific relevance to investment companies.
The Board considers that reporting against the principles and
provisions of the AIC Code, which has been endorsed by the
Financial Reporting Council, provides more relevant information
to shareholders. By reporting against the AIC Code, the
Company meets its obligations in relation to the UK Code (and
associated disclosure requirements under paragraph 6.6.6
of the UK Listing Rules) and as such does not need to report
further on issues contained in the UK Code which are not
relevant to it as an externally managed investment company.
The Board believes that the Company has complied with the
Principles and Provisions of the AIC Code during the year under
review and up to the date of this report (noting Provision 34 is
only applicable for the Company’s financial years commencing
on or after 1 June 2026) and, except as regards the provisions
of the UK Code set out below, has thereby complied with the
relevant provisions of the UK Code:
• the role of the chief executive;
• executive directors’ and senior management remuneration;
• the need for an internal audit function;
• membership of the Audit Committee by the Chairman of the
Board; and
• the workforce.
For the reasons set out in the AIC Code, the Board considers
these provisions as not being relevant to the position of the
Company, being an externally managed investment company.
In particular, all of the Company’s daily management and
administrative functions have been delegated to the Manager.
As a result, the Company has no executive Directors,
employees or internal operations. As explained in the Report
of the Audit Committee, given his continued independence,
the Chairman of the Board is also a member of the Audit
Committee, as permitted by the AIC Code. Therefore, with the
exception of the need for an internal audit function, which is
addressed on page 43, we have not reported further in respect
of these provisions.
None of the Directors standing for re-election at the
forthcoming AGM has served in excess of nine years. The
tenure policy relating to the Directors, which includes the
Chairman, is set out on pages 28 and 29.
Corporate Governance Statement
Annual Report and Financial Statements 2026 | 39
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Governance Report
The AIC Code is available on the AIC website at theaic.co.uk.
It includes an explanation of how the AIC Code adapts the
Principles and Provisions set out in the UK Code to make them
relevant for investment companies. The UK Code is available
on frc.org.uk.
Company Purpose
The Company’s purpose, values and culture and the basis on
which it aims to generate value over the longer term is set
out within the Purpose, Strategy and Business Model section
on pages 17 and 18. How the Board seeks to promote the
success of the Company is set out on pages 22 and 23.
Board Leadership
The Board consists solely of non-executive Directors and David
Warnock is the Chairman. The Board is responsible for the
effective stewardship of the Company’s affairs and has in place
a schedule of matters that it has reserved for its decision,
which is reviewed periodically.
The Board currently meets at least four times a year and at
each meeting the Board reviews the Company’s investment
performance and considers financial analyses and other
reports of an operational nature. The Board monitors
compliance with the Company’s objectives and is responsible
for setting investment and gearing limits within which the
Manager has discretion to act, and thus supervises the
management of the investment Portfolios which is contractually
delegated to the Manager.
An investment management agreement between the Company
and its Manager, Columbia Threadneedle Investment Business
Limited, sets out the matters over which the Manager has
authority and the limits beyond which Board approval must be
sought. All other matters, including strategy, investment and
dividend policies, gearing and corporate governance procedures,
are reserved for the approval of the Board of Directors.
Division of Board Responsibilities
As an externally managed investment company, all the
Directors are non-executive and there are no employees. David
Warnock, as Chairman, is responsible for the leadership and
management of the Board and promotes a culture of openness,
challenge and debate. The Chairman sets the agenda for all
Board meetings under a regular programme of matters in
conjunction with the Company Secretary. There is a strong
working relationship with the Manager and the Investment
Managers and related personnel attended the meetings
throughout the year and reported to the Board. Discussions are
held in a constructive and supportive manner, with appropriate
challenge and strategic guidance and advice from the Board
whenever necessary, consistent with the culture and values.
Sue Inglis is the Senior Independent Director and she acts
as an experienced sounding board for the Chairman or as
an intermediary for shareholders. She also leads the annual
evaluation of the Chairman.
In order to enable them to discharge their responsibilities, all
Directors have full and timely access to relevant information.
Directors may, at the expense of the Company, seek
independent professional advice on any matter that concerns
them in the furtherance of their duties. No such advice was
taken during the year under review. The Company maintains
appropriate Directors’ and officers’ liability insurance.
Under the Articles of Association of the Company, the number
of Directors on the Board may be no less than two and no
more than seven. Directors may be appointed by the Company
by ordinary resolution or by the Board. Any Director appointed
by the Board would hold office only until the next general
meeting and then be eligible for election by shareholders. The
Board has agreed that all Directors will retire annually and, if
appropriate, seek re-election.
Full details of the duties of Directors are provided at the time of
appointment. New Directors receive an induction from the Manager
on joining the Board, and all Directors are encouraged to attend
relevant training courses and seminars and receive regular updates
on the industry and changes to laws, regulations and best practice
requirements from the Company Secretary and other parties,
including the AIC. All of the Directors consider that they have
sufficient time to discharge their duties.
All Directors are considered by the Board to be independent
of the Company’s Manager and the Board believes that each
Director is independent in character and judgement and that
they perform their duties at all times in an independent manner
and that there are no relationships or circumstances which are
likely to affect the judgement of any Director.
Directors’ Attendance During the Year Ended 31 May 2026
Board of
Directors
Audit
Committee
Management
Engagement
Committee
Nomination
Committee
Marketing
Committee
No. of meetings 4 3 1 4 3
D Warnock 4 3 1 4 3
S Bevan 4 3 1 4 3
S P Inglis 4 3 1 4 3
S M Longfellow
(1)
2 1 1 3 2
R G Spencer
(2)
1 1 – – 1
(1)
Retired on 31 December 2025.
(2)
Appointed on 19 February 2026.
The Board also met on a number of other occasions during
the year to deal with non-routine matters or matters requiring
to be dealt with between scheduled Board meetings (such
as the interim dividends, the annual share conversion facility
and approving a block listing application). The Board meets
regularly in private sessions, without any representation from
the Manager.
40 | CT Global Managed Portfolio Trust PLC
Governance Report
Composition and Succession
The composition of the Board and committees together
with the experience of the members is set out on page 30.
The Company’s diversity and tenure policies are set out on
pages 28 and 29.
With effect from 31 December 2025, Simon Longfellow retired
as a non-executive director as he had taken up a full-time senior
marketing role and was not able to continue his role with the
Company. Simon was also chair of the Marketing Committee.
As a consequence, during the year, the Nomination Committee
undertook a recruitment process to appoint a new non-executive
director and Roland Spencer was appointed with effect from 19
February 2026. The process followed is set out in the Report of
the Nomination Committee on page 47.
Board Evaluation and Effectiveness
During the year the performance of the Board and committees,
including the performance of each individual Director and
the Chairman, was evaluated through a formal assessment
process, led principally by Shauna Bevan, the Chair of the
Nomination Committee. The evaluation of the Chairman was
led by Sue Inglis (the Senior Independent Director). This
process involved consideration of completed questionnaires
tailored to suit the nature of the Company and discussion of
the points arising amongst the Directors.
Following this process, it was concluded that the performance
of each Director and the Chairman continues to be effective
and each remains committed to the Company and that the
Board oversees the management of the Company effectively
and has the requisite skills and expertise to safeguard
shareholders’ interests.
The conclusion from the assessment process was also that
the Audit Committee, Management Engagement Committee,
Marketing Committee and Nomination Committee were
operating effectively, with the right balance of membership,
experience and skills.
Audit, Risk and Internal Control
The Board has a well established and effective Audit Committee,
the report of which is set out on pages 41 to 44. There is an
explanation of the procedures under which risk is managed
and how the Board oversees the internal control framework
and determines the nature and extent of the principal risks
the Company is willing to take in order to achieve its long-
term strategic objectives. Details of the principal risks and
uncertainties are set out on pages 24 and 25 and further
information on the Company’s risk management and internal
control framework can be found on pages 42 to 43.
The report of the Audit Committee explains how the
independence and effectiveness of the external Auditor is
assessed and how the Board satisfies itself on the integrity
of financial statements. The report also covers the process
under which the Board satisfied itself that the Annual Report
and Financial Statements, taken as a whole, presents a fair,
balanced and understandable assessment of the Company’s
position and prospects. The rationale for the Company not
having established its own internal audit function is also
explained in the report.
Relations with Shareholders and Other Stakeholders
Communication with the Company’s key stakeholders, who are
its shareholders, the Manager, bankers and other key service
providers, is set out on page 18.
Remuneration
Information on the remuneration arrangements for the non-
executive Directors of the Company can be found in the
Remuneration Report on pages 48 to 50 and in note 5 to the
financial statements.
The remuneration policy is explained on page 48 and that,
as non-executive Directors, their fees are set at a level
commensurate with the skills and experience necessary for
the effective stewardship of the Company and the contribution
towards the delivery of the investment objective. While there
are no executive Directors and no employees, shareholders
should expect that the fees paid to the Manager are aligned
with the Company’s purpose and values and the successful
delivery of its long-term strategy.
Share Capital and Companies Act 2006 Disclosures
Details of the Company’s share capital structure are set out on
pages 32 and 33 and other Companies Act 2006 disclosures
are included on page 35.
By order of the Board
For Columbia Threadneedle Investment Business Limited
Company Secretary
Quartermile 4
7a Nightingale Way
Edinburgh EH3 9EG
1 September 2026
Annual Report and Financial Statements 2026 | 41
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Governance Report
Composition of the Committee
The Board recognises the requirement for the Audit Committee
as a whole to have competence relevant to the sector in which
the Company operates and at least one member with recent
and relevant experience.
The Audit Committee is chaired by Sue Inglis who has recent
and relevant financial experience. The Audit Committee
operates within clearly defined terms of reference and
comprises the full Board. These Directors have a combination
of financial, investment and business experience and
specifically with respect to the investment company sector
and accordingly have sufficient experience to discharge the
Committee’s responsibilities. Given the relevant financial and
investment experience of the Chairman of the Board and his
continued independence and valued contribution, the Audit
Committee considers it appropriate that he is a member.
Details of the members can be found on page 30 and the
Committee's terms of reference are available at the website
ctglobalmanagedportfolio.co.uk.
Role of the Committee
The duties of the Audit Committee include ensuring the
integrity of the financial reporting and financial statements
of the Company, reviewing the annual and half-year financial
statements, the risk management and internal controls
framework and the terms of appointment and remuneration of
the Auditor, including its independence and objectivity. It also
provides a forum through which the Auditor reports to the
Board and meets at least twice a year including at least two
meetings with the Auditor.
The Audit Committee met on three occasions during the year and
the attendance of each of the members is set out on page 39.
In the due course of its duties, the Committee had direct access
to the Auditor and senior members of the Manager’s Fund
Management, Investment Trust and Operational Risk teams.
Amongst other things, the Audit Committee considered and
reviewed the following matters and reported thereon to the Board:
• the annual and half-year results announcements, and
annual and half-year reports and financial statements;
• the accounting policies of the Company and the allocation
of management expenses and interest costs between
capital and revenue;
• the principal and emerging risks and uncertainties faced by
the Company and the effectiveness of the Company’s risk
management and internal control framework;
• consideration of the assumptions underlying the Board’s
statements on going concern and viability;
• the effectiveness of the external audit process and any
related non-audit services and the independence and
objectivity of the Auditor, its re-appointment, remuneration
and terms of engagement;
• the policy on the engagement of the Auditor to supply non-
audit services and approval of any such services;
• the implications of proposed new accounting standards
and regulatory and relevant corporate governance changes,
including Board obligations and reporting requirements
resulting from the updated Provision 34 of the AIC Code
(which relates to the Company’s risk management and
internal control framework) that is effective for financial
years beginning on or after 1 January 2026;
• the need for the Company to have its own internal audit
function;
• the ISAE/AAF Report from the Manager and similar controls
reports from the Custodian and other significant third party
service providers;
• whether the Annual Report and Financial Statements are
fair, balanced and understandable; and
• the operational arrangements and performance of the
Manager and other third party service providers in terms of
business continuity.
During the preparation of both the half-year report for the six
month period ended 30 November 2025 and the Annual Report
and Financial Statements for the year ended 31 May 2026 the
Committee has considered the outlook for inflation, market
volatility and macroeconomic and geopolitical concerns upon
the risks, operations and accounting basis of the Company.
As noted within Principal Risks and Uncertainties and Viability
Statement on pages 24 to 26 the Directors have reviewed the
risk register of the Company and agreed that the overall risk
from some of its principal risks remain heightened.
The Board retains ultimate responsibility for all aspects relating
to external financial statements and other significant published
financial information as noted in the Statement of Directors‘
Responsibilities on page 51.
Report of the Audit Committee
42 | CT Global Managed Portfolio Trust PLC
Governance Report
On broader control policy issues, the Committee has
considered and is satisfied with the Code of Conduct and the
Anti-Bribery and Anti-Corruption Policy to which the Manager’s
employees are subject. The Board is responsible for ensuring
appropriate procedures and processes are in place to enable
issues of concern to be raised. The Committee has also
considered the Manager’s Whistleblowing Policy, under which
its directors and staff may, in confidence, raise concerns about
possible improprieties in financial reporting or other matters.
Risk Management
The Board has established an ongoing process designed
to meet the particular needs of the Company in managing
the risks to which it is exposed, consistent with the related
guidance issued by the Financial Reporting Council.
The risk management and internal control framework is
designed to manage, rather than eliminate, risk and, by
its nature, can only provide reasonable, but not absolute,
assurance against material misstatement, loss or fraud.
The Manager’s Operational Risk team provides regular control
reports to the Audit Committee and the Board covering risk and
compliance and any significant issues of direct relevance to the
Company are required to be reported to the Audit Committee
and Board without delay. During the year, the Audit Committee
also met with a representative of the Manager’s internal audit
function to discuss the outcome of its recent projects and
planned activities within Columbia Threadneedle Investments.
For the management of risk, a key risk summary is produced
to help identify the risks to which the Company is exposed,
the controls in place and the actions being taken to mitigate
them. The Audit Committee and Board has a robust process
for considering the resulting risk and control assessment
and reviews the significance of the risks and reasons for
any changes.
The Company’s principal risks and uncertainties and
their mitigations are set out on pages 24 and 25 with
additional information provided in notes 18 to 23 to the
financial statements. The integration of these risks into the
consideration of the Viability Assessment and Statement on
page 26 was also fully considered and the Audit Committee
concluded that the Board‘s Statement was soundly based.
The period of five years was also agreed as appropriate for the
reasons given in the Statement.
Internal Controls
The Board has overall responsibility for the Company’s risk
management and internal control framework, reviewing their
effectiveness and ensuring that risk management and internal
control processes are embedded in the daily operations, which
are managed by the Manager.
The Audit Committee has reviewed and reported to the Board
on these controls which aim to ensure that the assets of
the Company are safeguarded, proper accounting records
are maintained and the financial information used within the
business and for publication is reliable.
Control of the risks identified, including financial, operational,
compliance and overall risk management, is exercised by
the Audit Committee and the Board through regular reports
provided by the Manager. The reports cover investment
performance, attribution, compliance with agreed and regulatory
investment restrictions, financial analyses, revenue estimates,
performance of the third party administrator of the Manager’s
savings plans and other relevant issues.
At each Board meeting, the Board monitors the investment
performance of the Company in comparison to its objective
and relevant equity market indices. The Board also reviews the
Company’s activities since the last Board meeting to ensure
that the Manager adheres to the agreed investment policy and
approved investment guidelines and, if appropriate, approves
changes to such policy and guidelines.
Further to the review by the Audit Committee, the Board
has assessed the effectiveness of the Company’s internal
controls framework. The assessment included a review of the
Manager’s risk management infrastructure and the Report
on Internal Controls in accordance with ISAE 3402 and AAF
(01/20) for the year to 30 September 2025 (the ‘ISAE/AAF
Report’). The Audit Committee also received confirmation from
the Manager that, subsequent to this date, there had been no
material changes to the control environment. Containing a report
and an unqualified opinion from the independent service auditor
PricewaterhouseCoopers LLP (engaged by the Manager), the ISAE/
AAF Report sets out the Manager’s control environment and client
control considerations. The effectiveness of these controls is
monitored by the Manager’s Audit and Risk Committee which, for
the period to 30 September 2025, received regular internal audit
reports. Procedures are also in place to capture and evaluate any
failings and weaknesses within the Manager’s control environment
and those extending to any outsourced service provider to ensure
that action would be taken to remedy any significant issues
identified and which, to the extent relevant to the Company,
would be reported to the Audit Committee and Board. Any errors
or breaches relating to the Company are reported at each Audit
Committee and Board meeting by the Manager. No failings or
weaknesses that were material to the overall control environment
or financial statements in respect of the Company were identified
in the year under review nor to the date of this report.
The Audit Committee also reviewed appropriate reports on the
internal controls of other significant service providers, such as
the Custodian and Registrar, and was satisfied that there were
no material exceptions.
Annual Report and Financial Statements 2026 | 43
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Governance Report
The review procedures were in place throughout the financial
year and up to the date of approval of the financial statements,
and the Board is satisfied with their effectiveness.
Through the reviews and reporting arrangements set out above
and by direct enquiry of the Manager and other relevant parties,
the Audit Committee and the Board have satisfied themselves
that there were no material control failures or exceptions
affecting the Company's operations during the financial year or
to the date of this report.
The Audit Committee has reviewed the need for an internal audit
function. Based on review, observation and enquiry, the Audit
Committee and the Board have concluded that the systems
and procedures employed by the Manager provide sufficient
assurance that a sound system of internal control, which
safeguard the Company’s assets and ensure proper accounting
records are maintained and that the financial information used
within the business and for publication is reliable. In addition,
the Company’s financial statements are audited by an external
Auditor. An internal audit function, specific to the Company, is
therefore considered unnecessary but this decision will be kept
under review.
External Audit Process and Significant Matters
Considered by the Audit Committee
In carrying out its responsibilities, the Audit Committee has
considered the planning arrangements, scope, materiality
levels and conclusion of the year ended 31 May 2026 external
audit of the financial statements. The significant matters
considered by the Audit Committee are discussed in the table
on the following page.
The Audit Committee met in July 2026 to discuss the draft
Annual Report and Financial Statements, with representatives
of BDO and the Manager in attendance and BDO presented
its year-end report to the Audit Committee. At the conclusion
of the audit BDO did not highlight any issues to the Audit
Committee which would cause it to qualify its audit report.
BDO issued an unqualified audit report which is included on
pages 52 to 57.
Non-audit Services
The Committee regards the continued independence of the
Auditor to be a matter of the highest priority. The Company’s
policy with regard to the provision of non-audit services by the
external Auditor ensures that no engagement will be permitted if:
• the provision of the services would contravene any
regulation or ethical standard;
• the Auditor is not considered to be an expert provider of the
non-audit services;
• the provision of such services by the Auditor creates a
conflict of interest for either the Board or the Manager; or
• the services are considered to be likely to inhibit the
Auditor’s independence or objectivity as Auditor.
In particular, the Committee has a policy that the accumulated
costs of all non-audit services sought from the Auditor in any
one year should not exceed 30% of the likely audit fees for
that year and not exceed 70% of the average audit fee for the
previous three years.
In relation to the provision of non-audit services by the Auditor
it has been agreed that all non-audit work to be carried out
by the Auditor must be approved in advance by the Audit
Committee. The Auditor received no fees for non-audit services
for the year (2025: £nil).
Auditor Assessment, Independence and Appointment
The Audit Committee reviews the re-appointment of the Auditor
every year and has been satisfied with the effectiveness of
BDO‘s performance on the audit just completed.
As part of the review of Auditor independence and
effectiveness, BDO has confirmed that it is independent
of the Company and has complied with relevant auditing
standards. In evaluating BDO, the Audit Committee has taken
into consideration the standing, skills and experience of the
firm and the audit team. The Audit Committee, from direct
observation and enquiry of the Manager, is satisfied that
BDO provides effective independent challenge in carrying out
its responsibilities. BDO’s fee for the audit, excluding VAT, was
£57,700 (2025: £55,500).
Following professional guidelines, the senior statutory auditor
rotates at least every five years. Chris Meyrick, the current
senior statutory auditor, was engaged for the first time during
the year ended 31 May 2023, which was BDO's first year as
Auditor. Accordingly, the year ended 31 May 2026 represents
Chris Meyrick’s fourth year as the senior statutory auditor
and BDO’s fourth year as Auditor. The Audit Committee
also considered the evaluation of BDO‘s audit performance
through the Audit Quality Review performed by the Financial
Reporting Council (the ‘FRC’). The FRC concluded that its
inspection results continue to be lower than for the other
largest firms. However, following discussions with BDO, the
Audit Committee was satisfied that BDO was committed to
addressing the issues identified by the FRC with urgency and
transparency and that those issues were not directly relevant to
the process for auditing the Company’s financial statements.
On the basis of this assessment, the Audit Committee has
recommended the re-appointment of BDO to the Board.
44 | CT Global Managed Portfolio Trust PLC
Governance Report
Significant Matters Considered by the Audit Committee in Relation to the Financial Statements
Matter Action
Investment portfolio valuation
The Company’s Portfolios are invested
predominantly in listed securities. Errors in the
Portfolio valuations could have a material impact
on the Company’s net asset value per share.
The Board reviews the full Portfolio valuations at each Board meeting and
receives quarterly monitoring and control reports from the Manager and
Depositary. The Audit Committee reviewed the Manager’s annual ISAE/AAF
Report, as referred to on page 42, which is reported on by an independent
service auditor and sets out the processes and controls around the pricing
of equity securities and holdings reconciliations. The Manager has provided
further assurance that controls have operated satisfactorily since that
date. The Audit Committee also reviewed internal controls reports from
State Street, which provides certain administrative functions to the Manager,
such as fund accounting services.
Misappropriation of assets
Misappropriation of the Company’s investments
or cash balances could have a material impact
on its net asset value per share.
The Audit Committee reviewed the Manager’s ISAE/AAF Report, as
previously referred to, which details the controls around the reconciliation
of the Manager’s records and also reviewed internal controls reports from
State Street. The Audit Committee also reviewed the Custodian’s semi-
annual internal controls report, which is reported on by an independent
service auditor. Quarterly monitoring reports are also received from the
Depository.
The Audit Committee read and discussed this Annual Report and Financial Statements and concluded that it is fair, balanced and
understandable and provides the information necessary for shareholders to assess the Company’s position and performance,
business model and strategy.
Committee Evaluation
The activities of the Committee were considered as part of the Board appraisal process completed in accordance with standard
governance arrangements as summarised on page 40. The conclusion from the process was that the Committee was operating
effectively, with the right balance of experience and skills.
Sue P Inglis
Chairman of the Audit Committee
1 September 2026
Annual Report and Financial Statements 2026 | 45
Governance Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Composition of the Committee
The Committee comprises the full Board and is chaired by
David Warnock. The Committee’s terms of reference can be
found on the website at ctglobalmanagedportfolio.co.uk.
Role of the Committee
The Committee meets at least annually and its role is to review
the terms and conditions of the Manager’s appointment and
the services it and other key service providers provide and the
fees charged.
The Committee met on one occasion during the year.
Manager Evaluation Process and Re-appointment
The Manager’s performance is considered by the Board at
every meeting, with a formal evaluation by the Committee each
year. For the purposes of its ongoing monitoring, the Board
receives reports from the Manager on investment activity,
attribution, gearing, risk and performance. This allows the
Board to assess the management of the investment Portfolios
against the Company’s investment objective on an ongoing
basis together with performance against the Company’s key
performance indicators.
With effect from 1 June 2025, the Company’s Portfolios have
been managed by Adam Norris and Paul Green, supported by the
Manager’s broader EMEA Multi-Asset Solutions team (of which
they are members).
Since the end of the year, the Committee has reviewed the
appropriateness of the Manager’s appointment. In carrying
out its review the Committee considered the past investment
performance of the Company and the skills, experience
and depth of the Manager’s team involved in managing the
Company’s assets and its ability to produce satisfactory
investment performance in the future.
The annual evaluation included a presentation from the
Investment Managers and the Manager’s Head of Investment
Trusts. This included reporting on the investment performance
over the last year and its ability to successfully deliver the
investment strategy for shareholders.
The Committee also considered the length of the notice period
of the investment management agreement and fees payable
to the Manager, together with the standard of other services
provided which include administration, marketing, accounting
and company secretarial services.
Following this review, it was the Committee’s view that the
continuing appointment of the Manager on the terms agreed
was in the interests of shareholders as a whole. The Board
ratified this recommendation.
Other Key Service Providers
Since the end of the year, the Committee has also reviewed the
performance, service and fees of the Company’s key third party
service providers.
Committee Evaluation
The activities of the Committee were considered as part
of the Board appraisal process completed in accordance
with standard governance arrangements as summarised
on page 40. The conclusion from the process was that the
Committee was operating effectively, with the right balance of
experience and skills.
David Warnock
Chairman of the Management Engagement Committee
1 September 2026
Report of the Management
Engagement Committee
46 | CT Global Managed Portfolio Trust PLC
Governance Report
Composition of the Committee
The Committee comprises the full Board and until his
retirement on 31 December 2025 was chaired by Simon
Longfellow. From this date, the Committee was chaired by David
Warnock and then subsequently from 19 February 2026 by
Roland Spencer. The Committee’s terms of reference can be
found on the website at ctglobalmanagedportfolio.co.uk.
Role of the Committee
The primary role of the Marketing Committee is to determine
the best way to reach potential investors and the broad
messages which should be used to attract them, to ensure
a consistent approach to marketing the Company, to make
recommendations to the Board in terms of marketing activities
and to review marketing papers and proposals submitted by the
Manager prior to the Board agreeing any actions.
The Committee met on three occasions during the year and
considered matters such as:
• marketing activity proposals from the Manager;
• marketing reports from the Manager;
• the retail investor survey referred to below;
• approval of the annual marketing budget and planned
activities; and
• the Company’s website.
Retail Investor Survey
The vast majority of the Company’s investors are retail, most
of whom hold their shares through Columbia Threadneedle
Investments Savings Plans.
During the year under review, the Marketing Committee, with
the assistance of the Manager, undertook an extensive survey
targeted at those investors who hold the Company through the
Columbia Threadneedle Investments Savings Plans. The survey
sought information on investor demographics and broader
investment activity, as well as feedback on the Company,
including the reasons for investing in it and its investment
strategy, performance, benchmark index, share conversion
facility and investor communications. The Committee assessed
the data and feedback received from the survey and this
helped inform the Board’s review of the Company (see ‘Retail
investor survey and review of the Company’ on page 23 for
further information).
Committee Evaluation
The activities of the Committee were considered as part
of the Board appraisal process completed in accordance
with standard governance arrangements as summarised
on page 40. The conclusion from the process was that the
Committee was operating effectively, with the right balance of
experience and skills.
Roland Spencer
Chairman of the Marketing Committee
1 September 2026
Report of the Marketing Committee
Annual Report and Financial Statements 2026 | 47
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Governance Report
Composition of the Committee
The Committee comprises the full Board and until 10 July 2025
was chaired by David Warnock. From this date, Shauna Bevan
became the chair. The Committee’s terms of reference can be
found on the website at ctglobalmanagedportfolio.co.uk.
Role of the Committee
The primary role of the Nomination Committee is to review and
make recommendations with regard to Board structure, size and
composition. It takes into account the ongoing requirements of
the Company and the need to have a balance of skills, experience,
diversity (which may include gender, race, ethnicity, religion, sexual
orientation, age, physical ability and educational, professional and
socio-economic background), independence and knowledge of the
Company within the Board and ensuring succession planning is
carefully managed.
The Committee met on four occasions during the financial year
and considered and reviewed matters such as:
• the size of the Board and its composition, particularly in
terms of succession planning and the experience and skills
of individual Directors and diversity of the Board as a whole;
• tenure;
• the recruitment of an additional Director, including
determining the selection criteria and the recruitment
process;
• the outcome from the annual Board evaluation process;
• the appointment or re-appointment of those Directors
standing for election or re-election at the Annual General
Meeting; and
• future retirement of Directors.
Diversity and Tenure
The Company’s Board diversity and tenure policies are shown
on pages 28 and 29 and recruitment searches are open to a
diverse range of candidates. Other than the diversity targets
set out in the UK Listing Rules, the Directors have not set any
measurable objectives in relation to diversity of the Board and
will always appoint the best qualified person for the role.
The Board believes that a Director’s tenure does not necessarily
reduce their contribution or ability to act independently and that
continuity and experience can add significantly to the strength
of investment company Boards where the characteristics and
relationships tend to differ from those of other companies.
However, the Board is committed to maintaining the highest
levels of corporate governance in terms of independence and
would expect that Directors would normally serve for not more
than nine years, but this may be adjusted for reasons of flexibility
and continuity.
Appointments and Succession Planning
Appointments of all new non-executive Directors are made on a
formal basis, using professional search consultants as appropriate,
with the Nomination Committee agreeing the selection criteria and
the method of recruitment, selection and appointment.
As explained on page 6, with effect from 31 December 2025,
Simon Longfellow retired as a non-executive director of the
Company. As a consequence, the Nomination Committee
then undertook a recruitment process, to appoint a new non-
executive Director. The emphasis was on ensuring the highest
level of skills, knowledge and experience of the Board and
consideration was given to the skills and experience of the
Board and the remaining tenure of each Director. This assisted
in identifying the desired attributes of the new Director to
ensure that the Board continued to comprise individuals with
appropriate and complementary skills and experience and
continuity. An external search agency, Trust Associates (which
has no connection to the Company or the Directors), was
engaged to assist with the process. The services provided
by Trust Associates were for the sole purpose of recruiting a
new non-executive Director and there were no other business
relationships in place with that company. The Committee
defined the criteria that were required and the selection
process took into consideration the applications received
and interviews with the short-listed candidates. Following
the recruitment process it was agreed to appoint Roland
Spencer as a non-executive Director of the Company with effect
from 19 February 2026. The composition of the Board and
future succession continue to be reviewed and monitored at
least annually.
Committee Evaluation
The activities of the Committee were considered as part
of the Board appraisal process completed in accordance
with standard governance arrangements as summarised
on page 40. The conclusion from the process was that the
Committee was operating effectively, with the right balance of
experience and skills.
Shauna Bevan
Chairman of the Nomination Committee
1 September 2026
Report of the Nomination Committee
48 | CT Global Managed Portfolio Trust PLC
Governance Report
Full details of the Company’s policy with regards to Directors’
fees, and fees paid during the year ended 31 May 2026, are
shown below. This shows all major decisions on Directors’
remuneration, and any substantial changes made during the
year relating to Directors’ remuneration, including the context in
which any changes occurred.
Under company law, the Auditor is required to audit certain
disclosures provided. Where disclosures have been audited
they are indicated as such. The Auditor’s opinion is included in
its report on pages 52 to 57.
The Board consists solely of independent non-executive
Directors. The Company has no executive Directors or
employees. The Board is responsible for determining the level
of Directors’ fees and will consider these at least annually.
A comprehensive review of comparative Directors’ fees is
considered in advance of each review.
Directors’ Remuneration Policy
The Company’s policy is that the remuneration of Directors
should be set at a level commensurate with the skills and
experience necessary for the effective stewardship of the Company
and the expected contribution of the Board as a whole, their
responsibilities, duties and time commitment required and be
fair and comparable to that of other conventional investment
companies that are similar in size. The policy also provides
for the Company‘s reimbursement of all reasonable travel and
associated expenses incurred by the Directors in attending Board
and Committee meetings, including those treated as a benefit in
kind subject to tax and national insurance. The Company is mindful
of, and takes into account, the register of Directors’ conflicts of
interest when making decisions as to Directors’ remuneration.
It is a requirement that shareholder approval of the policy
is sought at least every three years and this policy will be
put to shareholders for approval at the forthcoming AGM
(Resolution 2) and it is intended that the policy will continue
for the three year period ending at the AGM in 2029.
The fees for the Directors, who are all non-executive, are
determined within the limits set out in the Company’s Articles
of Association. The present limit is £175,000 per annum in
aggregate and may not be changed without seeking shareholder
approval at a general meeting. Shareholders last approved an
increase in the limit from £150,000 to £175,000 at the Annual
General Meeting held on 1 October 2025. Directors are not
eligible for bonuses, pension benefits, share options, long-term
incentive schemes or other benefits.
Terms of Appointment
The Directors are engaged under letters of appointment and
do not have service contracts. Each Director has a letter of
appointment setting out the terms and conditions of their
appointment and such letters are available for inspection at the
Company’s registered office during business hours.
The dates on which each Director was appointed to the Board
are set out under their biographies on page 30. The terms
of appointment provide that a Director shall retire and be
subject to election at the first Annual General Meeting after
their appointment. Directors are thereafter obliged to retire
periodically and, if they wish, to offer themselves for election,
by shareholders at the third Annual General Meeting after the
Annual General Meeting at which last elected. However, in
accordance with the recommendations of the UK Code and
the AIC Code, the Board has agreed that all Directors will retire
annually and, if appropriate, seek re-election. With the exception
of Roland Spencer, who was appointed on 19 February 2026, all
the Directors were last re-elected at the AGM held on 1 October
2025 and will stand for election or re-election at the AGM to
be held on 23 October 2026. Simon Longfellow retired on
31 December 2025. There is no notice period and no provision
for compensation upon termination of appointment.
Voting at Annual General Meeting on Directors’
Remuneration Policy
It is a requirement that shareholder approval of the Directors’
Remuneration Policy is sought at least every three years and
this policy was last approved by shareholders at the AGM on
28 September 2023. 93.2% of votes were in favour of the
resolution and 6.8% were against.
Annual Statement
As Chairman of the Board, I confirm that effective 1 June 2025 the
amounts paid to Directors increased by £1,000 per annum for the
Chairman, by £900 per annum for the Audit Committee Chairman
and also the Marketing Committee Chairman and by £800 per
annum for the other Director. In addition, from 10 July 2025 the
Chair of the Nomination Committee was paid an additional £2,000
per annum.
Future Policy Table
Following a review of the level of Directors’ fees for the year
to 31 May 2027, to ensure they remained comparable with
similar investment companies and reflected the increased
time commitment required, the Board concluded that effective
1 June 2026 the amounts paid to Directors would increase
by approximately 5% and therefore by £1,750 per annum for
the Chairman, by £1,500 per annum for the Audit Committee
Chairman and also the Marketing Committee Chairman and
by £1,350 per annum for the other Director. In addition, the
amount paid to the Chair of the Nomination Committee would
increase by £100 per annum, which when added to their basic
fee, totals to an increase of £1,450 per annum.
Directors’ Remuneration Report
Annual Report and Financial Statements 2026 | 49
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Governance Report
Based on this, Directors’ fees for the financial year to 31 May 2027 will be as follows:
Director
31 May
2027
£
31 May
2026
(1)
£
31 May
2025
(1)
£
Chairman 36,950 35,200 34,200
Audit Committee Chairman and Marketing Committee Chairman 32,000 30,500 29,600
Director
(2)
28,250 26,900 26,100
(1)
Actual Directors’ remuneration for the years ended 31 May 2026 and 31 May 2025 respectively.
(2)
For the year to 31 May 2027, the Chair of the Nomination Committee will be paid an additional £2,100 per annum (2026: from 10 July 2025, £2,000 per annum).
Annual Report on Directors’ Remuneration
Directors’ Emoluments for the Year (Audited)
The Directors who served during the financial year received the following amounts for services as non-executive Directors for the
years ended 31 May 2026 and 31 May 2025 and can expect to receive the fees indicated for the year to 31 May 2027 as well as
reimbursement for expenses necessarily incurred. No other forms of remuneration were paid during the year.
Fees for services to the Company (audited)
Fees
(audited)
Taxable benefits
(1)
(audited)
Total
(audited)
Anticipated
fees
(2)
Director
31 May
2026
£
31 May
2025
£ % change
31 May
2026
£
31 May
2025
£ % change
31 May
2026
£
31 May
2025
£ % change
31 May
2027
£
D Warnock (Chairman) 35,200 34,200 +2.9 447 – n/a 35,647 34,200 +4.2 36,950
S L Bevan 28,690 26,100 +9.9 1,171 1,110 +5.5 29,861 27,210 +9.7 30,350
S P Inglis 30,500 29,600 +3.0 476 – n/a 30,976 29,600 +4.6 32,000
S M Longfellow 17,764 29,600 -40.0 1,404 2,026 -30.7 19,168 31,626 -39.4 n/a
R G Spencer 8,537 n/a n/a 269 n/a n/a 8,806 n/a n/a 32,000
Total 120,691 119,500 +1.0 3,767 3,136 +20.1 124,458 122,636 +1.5 131,300
(1)
Comprises amounts reimbursed for expenses incurred in carrying out business for the Company, which have been grossed up to include PAYE and NI contributions.
(2)
Fees expected to be payable to the Directors during the year ended 31 May 2027. Taxable benefits are also anticipated but are not currently quantifiable.
Annual Percentage Change
The table below sets out the annual percentage change in fees
for each Director who served in the financial year under review.
Director
2026
%
2025
%
2024
%
2023
%
2022
%
D Warnock
(1)
+2.9 +3.0 +5.1 +14.2 +23.6
S L Bevan
(2)
+9.9 +3.4 +7.6 n/a n/a
S P Inglis +3.0 +3.1 +5.1 +5.2 +6.0
S M Longfellow
(3)
-40.0 +3.1 +6.8 +33.3 n/a
R G Spencer
(4)
n/a n/a n/a n/a n/a
(1)
Appointed as Chairman on 30 September 2021.
(2)
Appointed as a non-executive Director on 9 June 2022 and as Chair of the
Nomination Committee on 10 July 2025.
(3)
Appointed as a non-executive Director on 14 July 2021, Chair of the Marketing
Committee on 19 July 2022 and retired on 31 December 2025.
(4)
Appointed as a non-executive Director and Chairman of the Marketing
Committee on 19 February 2026.
Relative Importance of Spend on Pay
The table below shows the actual expenditure during the year in
relation to Directors’ remuneration (excluding taxable benefits),
other expenses and shareholder distributions:
31 May
2026
£
31 May
2025
£
Change
%
Aggregate Directors’ remuneration 120,691 119,500 +1.0
Management and other expenses 1,666,309 1,646,500 +1.2
Quarterly dividends paid to
shareholders (relating to the year)
(1)
4,575,000 4,016,000 +13.9
Aggregate cost of shares
repurchased
(2)
4,886,000 3,277,000 +49.1
(1)
While the annual dividend increased by 3.3% from 7.60p to 7.85p per Income
share, the cost of the dividend increased by 13.9% due to the issuance of new
Income shares during the year ended 31 May 2026.
(2)
Shares are repurchased in accordance with the Company’s buy-back policy,
as set out on page 28, and enhance the net asset value per share of the
continuing shares of the relevant share class.
50 | CT Global Managed Portfolio Trust PLC
Governance Report
Directors’ Shareholdings (Audited)
There is no requirement under the Company’s Articles of
Association for the Directors to hold shares in the Company.
The Directors who held office at the year-end and their interests
in the shares of the Company at 31 May 2026 (all of which
were beneficially held) were as follows:
31 May 2026 31 May 2025
Director
Income
Shares
Growth
Shares
Income
Shares
Growth
Shares
D Warnock
(Chairman)
80,000 33,000 30,000 20,000
S L Bevan 6,000 10,000 4,000 8,000
S P Inglis 3,000 12,000 3,000 12,000
R G Spencer
(1)
– 10,000 n/a n/a
(1)
Appointed on 19 February 2026.
There have been no changes in the Directors’ interests
in the shares of the Company between 31 May 2026 and
1 September 2026.
Company Performance
The graph below compares, for the ten financial years ended
31 May 2026, the total return (assuming all dividends are
reinvested) to Income shareholders and Growth shareholders
compared to the total return on the FTSE All-Share Index.
This index was chosen for comparison purposes as it was
the benchmark index for both the Income Portfolio and the
Growth Portfolio. An explanation of the performance of the
Company is given in the Chairman’s Statement and Investment
Managers’ Review.
Share Price Total Return and the FTSE All-Share Index
Total Return (Rebased to 100 at 31 May 2016)
Source: Refinitiv Eikon
Voting at Annual General Meeting on Annual
Remuneration Report
At the Company’s last Annual General Meeting, held on
1 October 2025, shareholders approved the Directors’
Remuneration Report in respect of the year ended 31 May
2025. 94.0% of votes were in favour of the resolution and
6.0% were against.
An ordinary resolution for the approval of this Report on
Directors’ Remuneration will be put to shareholders at the
forthcoming Annual General Meeting (Resolution 3).
On behalf of the Board
David Warnock
Chairman
1 September 2026
Index
Income share price total return
FTSE All-Share Index total return
Growth share price total return
May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25 May-26
80
100
120
140
160
180
200
220
240
Annual Report and Financial Statements 2026 | 51
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Governance Report
Statement of Directors’ Responsibilities in Respect of
the Annual Report and Financial Statements
The Directors are responsible for preparing the Annual Report
and Financial Statements in accordance with applicable law
and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law they are
required to prepare the financial statements in accordance with
UK accounting standards, including FRS 102 ‘The Financial
Reporting Standard applicable in the UK and Republic of Ireland’.
Under company law the Directors must not approve the
financial statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Company and
of its profit or loss for that period. In preparing these financial
statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and estimates that are reasonable and
prudent;
• state whether applicable UK accounting standards have
been followed, subject to any material departures disclosed
and explained in the financial statements;
• assess the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going
concern; and
• use the going concern basis of accounting unless they
either intend to liquidate the Company or to cease
operations, or have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any
time the financial position of the Company and enable them to
ensure that its financial statements comply with the Companies
Act 2006. They are responsible for such internal control as they
determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether
due to fraud or error, and have general responsibility for taking
such steps as are reasonably open to them to safeguard the
assets of the Company and to prevent and detect fraud and
other irregularities.
Under applicable law and regulations, the Directors are also
responsible for preparing a Strategic Report, Report of the
Directors, Directors’ Remuneration Report and Corporate
Governance Statement that comply with that law and
those regulations.
The Directors are responsible for the maintenance and
integrity of the corporate and financial information included on
the Company’s website. Legislation in the UK governing the
preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
Responsibility Statement of the Directors in Respect of
the Annual Report and Financial Statements
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair
view of the assets, liabilities, financial position and profit or
loss of the Company;
• the Strategic Report and the Report of the Directors include
a fair review of the development and performance of the
business and the position of the Company, together with a
description of the principal risks and uncertainties that the
Company faces; and
• we consider the Annual Report and Financial Statements,
taken as a whole, is fair, balanced and understandable and
provides the information necessary for shareholders to
assess the Company’s position and performance, business
model and strategy.
On behalf of the Board
David Warnock
Chairman
1 September 2026
Statement of Directors’ Responsibilities
52 | CT Global Managed Portfolio Trust PLC
Independent Auditor’s Report
to the members of CT Global Managed Portfolio Trust PLC
Report on the audit of the financial statements
Opinion
In our opinion the financial statements:
• give a true and fair view of the state of the Company’s affairs as at 31 May 2026 and of its return and cash flows for the year
then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of CT Global Managed Portfolio Trust PLC (the ‘Company’) for the year ended 31 May
2026 which comprise the Income Statement, Balance Sheet, Cash Flow Statement, Statement of Changes in Equity and Notes
to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting
Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted
Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Independence
We remain independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled
our other ethical responsibilities in accordance with these requirements. The non-audit services prohibited by the FRC’s Ethical
Standard were not provided to the Company and we remain independent of the Company in conducting our audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Company’s ability to
continue to adopt the going concern basis of accounting included:
• evaluating the appropriateness of the Directors’ method of assessing going concern in light of economic and market conditions
by reviewing the information used by the Directors in completing their assessment;
• assessing the appropriateness of the Directors’ assumptions and judgements made in their base case and stress
tested forecasts including consideration of the available cash and liquid assets relative to forecast expenditure and other
commitments;
• challenging the Directors’ assumptions and judgements made in their forecasts by assessing them for reasonableness. In
particular, we considered the liquidity of the investment portfolios and available cash relative to the forecast expenditure and
other commitments; and
• reviewing the disclosures in the financial statements relating to going concern to assess whether they are consistent with the
Company’s circumstances.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of
at least twelve months from when the financial statements are authorised for issue. However, because not all future events or
conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.
Auditor’s Report
Annual Report and Financial Statements 2026 | 53
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Auditor’s Report
In relation to the Company’s reporting on how it has applied the UK Corporate Governance Code, we have nothing material to add
or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it
appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of
this report.
Overview
Key audit matters
Valuation and ownership of quoted investments
2026
2025
Materiality
Company financial statements as a whole
£0.80m (2025:£0.60m) and £1.13m (2025;£0.91m) based on 1% (2025: 1%) of net assets for
Income shares portfolio and Growth shares portfolio respectively.
An overview of the scope of our audit
Our audit was scoped by obtaining an understanding of the Company and its environment, the applicable financial reporting
framework and the system of internal control. We identified and assessed the risks of material misstatement of the financial
statements. We then applied professional judgement to focus our audit procedures on the areas that posed the greatest risk of
material misstatement to the financial statements. We continually assessed risks throughout our audit, revising the risks where
necessary, with the aim of reducing the risk of material misstatement to an acceptable level, to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due
to fraud) that we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources
in the audit, and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter How the scope of our audit addressed the key audit matter
Valuation and
ownership of
quoted investments
Note 10 of Notes
to Accounts
The investment portfolios at the year-end
comprised of quoted equity investments held
at fair value through profit or loss.
We considered the valuation and ownership
of investments to be a significant audit area
as investments represent the most significant
balance in the financial statements and
underpins the principal activity of the entity.
There is a risk that the bid price used as a
proxy for fair vaue of investments held at the
reporting date is inappropriate. Given the
nature of the portfolios are such that they
comprise of listed level one investments, we
do not consider the use of bid price to be
subject to significant estimation uncertainty.
There is also a risk that errors made in the
recording of investment holdings result in the
incorrect reflection of investments owned by
the Company.
For these reasons and the materiality to the
financial statements as a whole, they are
considered to be a key area of our overall
audit strategy and allocation of our resources
and hence a key audit matter.
We responded to this matter by testing the valuation and
ownership of the portfolios of investments. We performed
the following procedures:
• confirmed the year-end bid price was used by agreeing it
to externally quoted prices;
• assessed if there were contra indicators, such as
liquidity considerations, to suggest bid price is not the
most appropriate indication of fair value by considering
the realisation period for individual holdings;
• recalculated the valuation by multiplying the number
of shares held per the statement obtained from the
custodian by the valuation per share; and
• obtained direct confirmation of the number of shares
held per equity investment from the custodian regarding
all investments held at the balance sheet date.
Key observations:
Based on our procedures performed we did not identify
any matters to suggest the valuation or ownership of the
quoted equity investments was not appropriate.
54 | CT Global Managed Portfolio Trust PLC
Auditor’s Report
Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. We
consider materiality to be the magnitude by which misstatements, including omissions, could influence the economic decisions of
reasonable users that are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality
level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these levels will not
necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular
circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole and performance materiality
as follows:
Company financial statements
2026
£
2025
£
Income shares Growth shares Income shares Growth shares
Materiality 0.8m 1.13m 0.60m 0.91m
Basis for determining materiality 1 % of Net assets
Rationale for the benchmark applied As an investment trust, the net asset value is the key measure of performance for
users of the financial statements.
Performance materiality Income shares Growth shares Income shares Growth shares
0.60m 0.85m
0.45m
0.68m
Basis for determining performance
materiality
75% of materiality
Rationale for the percentage applied for
performance materiality
The level of performance materiality applied was set after having considered
a number of factors including the expected total value of known and likely
misstatements and the level of transactions in the year.
Specific materiality
We also determined that, for return on ordinary activities before tax, a misstatement of less than materiality for the financial
statements as a whole, specific materiality, could influence the economic decisions of users as it is a measure of the Company’s
performance of income generated from its investments after expenses. As a result, we determined materiality for these items to
be £0.23m (2025:£0.19m), based on 5% (2025: 5%) of return on ordinary activities before tax. We further applied a performance
materiality level of 75% (2025: 75%) of specific materiality to ensure that the risk of errors exceeding specific materiality was
appropriately mitigated.
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit differences in excess of £39k (2025:£30k)
and £56k (2025: £45k) for the Income shares and Growth shares porfolios respectively. We also agreed to report differences
below these thresholds that, in our view, warranted reporting on qualitative grounds.
Other information
The directors are responsible for the other information. The other information comprises the information included in the Annual
Report & Financial Statements other than the financial statements and our Auditor’s report thereon. Our opinion on the financial
statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not
express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course
of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements
themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact.
We have nothing to report in this regard.
Annual Report and Financial Statements 2026 | 55
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Auditor’s Report
Corporate governance statement
The UK Listing Rules sourcebook requires us to review the Directors’ statement in relation to going concern, longer-term viability
and that part of the Corporate Governance Statement relating to the Company’s compliance with the provisions of the UK
Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit.
Going concern and
longer-term viability
• Directors’ statement with regards to the appropriateness of adopting the going concern basis of
accounting and any material uncertainties identified set out on page 32;
• Directors’ explanation as to their assessment of the Company’s prospects, the period this
assessment covers and why the period is appropriate set out on page 26; and
• Directors’ statement on whether they have a reasonable expectation that the Company will be able
to continue in operation and meet its liabilities set out on page 32.
Other Code provisions • Directors’ statement on fair, balanced and understandable set out on page 31;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks
set out on page 24;
• section of the annual report that describes the review of effectiveness of risk management and
internal control systems set out on page 42; and
• section describing the work of the Audit Committee set out on page 41.
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are required by the
Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below.
Strategic report and
Directors’ report
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the Directors’ report for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the Directors’ report have been prepared in accordance with applicable
legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in
the course of the audit, we have not identified material misstatements in the strategic report or the
Directors’ report.
Directors’
remuneration
In our opinion, the part of the Directors’ remuneration report to be audited has been properly prepared
in accordance with the Companies Act 2006.
Matters on which we
are required to report
by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or
• the financial statements and the part of the Directors’ remuneration report to be audited are not in
agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of the
financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
56 | CT Global Managed Portfolio Trust PLC
Auditor’s Report
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial
statements.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with Governance of the
Company and management.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
• our understanding of the Company and the industry in which it operates;
• discussion with the Investment Manager and those charged with governance; and
• obtaining and understanding of the Company’s policies and procedures regarding compliance with laws and regulations
we considered the significant laws and regulations to be Companies Act 2006, the FCA’s UK Listing and Disclosure Guidance
and Transparency Rules, the principles of the AIC Corporate Governance Code, industry practice represented by the AIC SORP, the
applicable accounting framework, and qualification as an investment trust under UK tax legislation as any non-compliance of this
would lead to the Company losing various deductions and exemptions from corporation tax.
Our procedures in respect of the above included:
• agreement of the financial statements disclosures to underlying supporting documentation;
• enquiries of the investment manager, administrator and those charged with governance relating to the existence of any non-
compliance with laws and regulations;
• reviewing minutes of meetings of those charged with governance throughout the period for instances of non-compliance with
laws and regulations; and
• reviewing the calculation in relation to investment trust compliance to check that the Company was meeting its requirements to
retain its investment trust status.
Fraud
We assessed the susceptibility of the financial statements to material misstatement including fraud.
Our risk assessment procedures included:
• enquiry with the Investment Manager, administrator and those charged with governance regarding any known or suspected
instances of fraud;
• Obtaining an understanding of the Company’s policies and procedures relating to:
• Detecting and responding to the risks of fraud; and
• Internal controls established to mitigate risks related to fraud.
• review of minutes of meetings of those charged with governance for any known or suspected instances of fraud; and
• discussion amongst the engagement team as to how and where fraud might occur in the financial statements.
Annual Report and Financial Statements 2026 | 57
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Auditor’s Report
Based on our risk assessment, we considered the areas most susceptible to be management override of controls and the
appropriateness of the allocation of special dividends to revenue or capital.
Our procedures in respect of the above included:
• performed a review of estimates and judgements applied by management in the financial statements to assess their
appropriateness and the existence of any systematic bias;
• considered the opportunity and incentive to manipulate accounting entries and target tested relevant adjustments made in the
period end financial reporting process;
• reviewed for significant transactions outside the normal course of business;
• performed a review of unadjusted audit differences, for indications of bias or deliberate misstatement; and
• performed a review of dividend receipts to identify any which may be indicative of being capital distributions and reviewed
management’s assessment of special dividends.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, who
were al deemed to have the appropriate competence and capabilities, and remained alert to any indications of fraud or non-
compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the
risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations
in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and
transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our Auditor’s report.
Other matters which we are required to address
We were appointed by the Board of Directors on 2 February 2023 to audit the financial statements for the year ended 31 May
2023. Our total uninterrupted period of engagement is four years, covering the years ended 31 May 2023 to 31 May 2026.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act
2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to
state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s members as a body for our audit work, for this report, or for
the opinions we have formed.
In due course, as required by the Financial Conduct Authority Disclosure Guidance and Transparency Rule 4.1.15R – 4.1.18R,
these financial statements will form part of the Electronic Format Annual Financial Report filed on the National Storage Mechanism
of the FCA in accordance with DTR 4.1.15R – DTR 4.1.18R. This auditor’s report provides no assurance over whether the
Electronic Format Annual Financial Report has been prepared in compliance with DTR 4.1.15R – DTR 4.1.18R.
Chris Meyrick (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
Edinburgh, UK
1 September 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
58 | CT Global Managed Portfolio Trust PLC
Financial Report
Notes
Revenue
Year ended
31 May
2026
£’000
Capital
Year ended
31 May
2026
£’000
Total
Year ended
31 May
2026
£’000
Revenue
Year ended
31 May
2025
£’000
Capital
Year ended
31 May
2025
£’000
Total
Year ended
31 May
2025
£’000
10 Gains on investments – 32,861 32,861 – 1,600 1,600
Foreign exchange losses – (5) (5) – (4) (4)
3 Income 5,875 – 5,875 5,075 – 5,075
4 Investment management fee (303) (762) (1,065) (290) (732) (1,022)
5 Other expenses (722) – (722) (744) – (744)
Return on ordinary activities before finance costs and tax 4,850 32,094 36,944 4,041 864 4,905
6 Finance costs (151) (226) (377) (128) (194) (322)
Return on ordinary activities before tax 4,699 31,868 36,567 3,913 670 4,583
7 Tax on ordinary activities – – – – – –
Return attributable to shareholders 4,699 31,868 36,567 3,913 670 4,583
9 Return per Income share – basic and diluted 8.25p 16.68p 24.93p 7.44p (2.93p) 4.51p
9 Return per Growth share – basic and diluted – 66.89p 66.89p – 6.33p 6.33p
The total column of this statement is the Profit and Loss Account of the Company. The supplementary revenue and capital columns
are prepared under guidance published by The Association of Investment Companies.
Segmental analysis, illustrating the two separate Portfolios of assets, the Income Portfolio and the Growth Portfolio, is shown in
note 2 to the financial statements.
All revenue and capital items in the Income Statement derive from continuing operations.
Return attributable to shareholders represents the profit for the year and also total comprehensive income.
The accompanying notes on pages 63 to 83 are an integral part of these financial statements.
Income Statement
For the year ended 31 May
Annual Report and Financial Statements 2026 | 59
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Financial Report
Notes
Income
shares
31 May
2026
£’000
Growth
shares
31 May
2026
£’000
Total
31 May
2026
£’000
Income
shares
31 May
2025
£’000
Growth
shares
31 May
2025
£’000
Total
31 May
2025
£’000
Fixed assets
10 Investments at fair value 84,840 110,981 195,821 66,576 87,956 154,532
84,840 110,981 195,821 66,576 87,956 154,532
Current assets
11 Debtors 392 256 648 286 146 432
Cash at bank and on deposit 1,790 2,350 4,140 1,332 3,592 4,924
2,182 2,606 4,788 1,618 3,738 5,356
Creditors
12 Amounts falling due within one year (7,412) (560) (7,972) (7,219) (289) (7,508)
Net current (liabilities)/assets (5,230) 2,046 (3,184) (5,601) 3,449 (2,152)
Net assets 79,610 113,027 192,637 60,975 91,405 152,380
Capital and reserves
13 Called-up share capital 2,808 1,788 4,596 2,481 1,787 4,268
14 Share premium 13,721 1,213 14,934 5,197 476 5,673
14 Capital redemption reserve 2,700 2,258 4,958 2,699 2,258 4,957
14 2022 special reserve 29,588 29,581 59,169 29,588 29,581 59,169
14 2008 special reserve 19,634 4,637 24,271 19,681 6,122 25,803
14 Capital reserves 6,959 73,550 80,509 (2,540) 51,181 48,641
14 Revenue reserve 4,200 – 4,200 3,869 – 3,869
15 Shareholders’ funds 79,610 113,027 192,637 60,975 91,405 152,380
15 Net asset value per share (pence) 130.77p 332.59p 113.36p 265.86p
Company Number: SC338196
Approved by the Board and authorised for issue on 1 September 2026 and signed on its behalf by:
David Warnock, Director.
The accompanying notes on pages 63 to 83 are an integral part of these financial statements.
Balance Sheet
As at 31 May
60 | CT Global Managed Portfolio Trust PLC
Financial Report
Notes
Income
shares
Year ended
31 May
2026
£’000
Growth
shares
Year ended
31 May
2026
£’000
Total
Year ended
31 May
2026
£’000
Income
shares
Year ended
31 May
2025
£’000
Growth
shares
Year ended
31 May
2025
£’000
Total
Year ended
31 May
2025
£’000
16 Net cash outflow from operations before dividends and interest (740) (1,026) (1,766) (732) (1,054) (1,786)
Dividends received 3,717 1,826 5,543 3,365 1,610 4,975
Interest received 64 92 156 57 113 170
Interest paid (365) – (365) (334) – (334)
Net cash inflow from operating activities 2,676 892 3,568 2,356 669 3,025
Investing activities
Purchases of investments (38,823) (55,391) (94,214) (5,938) (6,359) (12,297)
Sales of investments 32,234 53,897 86,131 5,374 11,848 17,222
Net cash flows from investing activities (6,589) (1,494) (8,083) (564) 5,489 4,925
Net cash flows before financing activities (3,913) (602) (4,515) 1,792 6,158 7,950
Financing activities
8 Equity dividends paid (4,368) – (4,368) (3,947) – (3,947)
Proceeds from issuance of new shares 8,780 – 8,780 2,064 – 2,064
Share conversion – Income to Growth (305) 305 – (210) 210 –
Share conversion – Growth to Income 258 (258) – 433 (433) –
Shares purchased to be held in treasury (238) (4,648) (4,886) (58) (3,219) (3,277)
Sale of shares from treasury 244 3,854 4,098 58 400 458
Fixed rate term loan repaid – – – (5,000) – (5,000)
Revolving credit facility drawdown – – – 5,000 – 5,000
Net cash flows from financing activities 4,371 (747) 3,624 (1,660) (3,042) (4,702)
17 Net movement in cash and cash equivalents 458 (1,349) (891) 132 3,116 3,248
17 Cash and cash equivalents at the beginning of the year 1,332 3,592 4,924 1,200 476 1,676
17 Cash and cash equivalents at the end of the year 1,790 2,243 4,033 1,332 3,592 4,924
Represented by:
Cash/(overdraft) at bank 210 (107) 103 192 52 244
Short-term deposits 1,580 2,350 3,930 1,140 3,540 4,680
1,790 2,243 4,033 1,332 3,592 4,924
The accompanying notes on pages 63 to 83 are an integral part of these financial statements.
Cash Flow Statement
For the year ended 31 May
Annual Report and Financial Statements 2026 | 61
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Financial Report
Income shares
Notes
Share
capital
£’000
Share
premium
£’000
Capital
redemption
reserve
£’000
2022
special
reserve
£’000
2008
special
reserve
£’000
Capital
reserves
£’000
Revenue
reserve
£’000
Total
shareholders’
funds
£’000
As at 31 May 2025 2,481 5,197 2,699 29,588 19,681 (2,540) 3,869 60,975
13
Increase in share capital in issue, net of share
issuance expenses 329 8,517 – – – – – 8,846
13 Shares purchased for treasury – – – – (238) – – (238)
13 Sale of shares from treasury – – – – 244 – – 244
Profit on sale of treasury shares – 7 – – (7) – – –
13 Share conversion (1) – – – (46) – – (47)
13 Cancellation of deferred shares (1) – 1 – – – – –
Transfer of net income from Growth to Income Portfolio – – – – – – 1,486 1,486
Transfer of capital from Income to Growth Portfolio – – – – – (1,486) – (1,486)
8 Dividends paid – – – – – – (4,368) (4,368)
Return attributable to Income shareholders – – – – – 10,985 3,213 14,198
As at 31 May 2026 2,808 13,721 2,700 29,588 19,634 6,959 4,200 79,610
Growth shares
Share
capital
£’000
Share
premium
£’000
Capital
redemption
reserve
£’000
2022
special
reserve
£’000
2008
special
reserve
£’000
Capital
reserves
£’000
Revenue
reserve
£’000
Total
shareholders’
funds
£’000
As at 31 May 2025 1,787 476 2,258 29,581 6,122 51,181 – 91,405
13
Increase in share capital in issue, net of share
issuance expenses – – – – – – – –
13 Shares purchased for treasury – – – – (4,648) – – (4,648)
13 Sale of shares from treasury – – – – 3,854 – – 3,854
Profit on sale of treasury shares – 737 – – (737) – – –
13 Share conversion 1 – – – 46 – – 47
13 Cancellation of deferred shares – – – – – – – –
Transfer of net income from Growth to Income Portfolio – – – – – – (1,486) (1,486)
Transfer of capital from Income to Growth Portfolio – – – – – 1,486 – 1,486
Return attributable to Growth shareholders – – – – – 20,883 1,486 22,369
As at 31 May 2026 1,788 1,213 2,258 29,581 4,637 73,550 – 113,027
Total
Share
capital
£’000
Share
premium
£’000
Capital
redemption
reserve
£’000
2022
special
reserve
£’000
2008
special
reserve
£’000
Capital
reserves
£’000
Revenue
reserve
£’000
Total
shareholders’
funds
£’000
As at 31 May 2025 4,268 5,673 4,957 59,169 25,803 48,641 3,869 152,380
Increase in share capital in issue, net of share
issuance expenses 329 8,517 – – – – – 8,846
Shares purchased for treasury – – – – (4,886) – – (4,886)
Sale of shares from treasury – – – – 4,098 – – 4,098
Profit on sale of treasury shares – 744 – – (744) – – –
Share conversion – – – – – – – –
Cancellation of deferred shares (1) – 1 – – – – –
8 Dividends paid – – – – – – (4,368) (4,368)
Return attributable to shareholders – – – – – 31,868 4,699 36,567
As at 31 May 2026 4,596 14,934 4,958 59,169 24,271 80,509 4,200 192,637
The accompanying notes on pages 63 to 83 are an integral part of these financial statements.
Statement of Changes in Equity
For the year ended 31 May
62 | CT Global Managed Portfolio Trust PLC
Financial Report
Income shares
Notes
Share
capital
£’000
Share
premium
£’000
Capital
redemption
reserve
£’000
2022
special
reserve
£’000
2008
special
reserve
£’000
Capital
reserves
£’000
Revenue
reserve
£’000
Total
shareholders’
funds
£’000
As at 31 May 2024 3,134 3,223 1,950 29,588 19,464 (998) 3,903 60,264
13
Increase in share capital in issue, net of share
issuance expenses 90 1,974 – – – – – 2,064
13 Shares purchased for treasury – – – – (58) – – (58)
13 Sale of shares from treasury – – – – 58 – – 58
Share conversion 6 – – – 217 – – 223
Cancellation of deferred shares (749) – 749 – – – – –
Transfer of net income from Growth to Income Portfolio – – – – – – 1,109 1,109
Transfer of capital from Income to Growth Portfolio – – – – – (1,109) – (1,109)
8 Dividends paid – – – – – – (3,947) (3,947)
Return attributable to Income shareholders – – – – – (433) 2,804 2,371
As at 31 May 2025 2,481 5,197 2,699 29,588 19,681 (2,540) 3,869 60,975
Growth shares
Share
capital
£’000
Share
premium
£’000
Capital
redemption
reserve
£’000
2022
special
reserve
£’000
2008
special
reserve
£’000
Capital
reserves
£’000
Revenue
reserve
£’000
Total
shareholders’
funds
£’000
As at 31 May 2024 2,353 428 1,698 29,581 9,206 48,969 – 92,235
Increase in share capital in issue, net of share
issuance expenses – – – – – – – –
13 Shares purchased for treasury – – – – (3,219) – – (3,219)
13 Sale of shares from treasury – – – – 400 – – 400
Profit on sale of treasury shares – 48 – – (48) – – –
Share conversion (6) – – – (217) – – (223)
Cancellation of deferred shares (560) – 560 – – – – –
Transfer of net income from Growth to Income Portfolio – – – – – – (1,109) (1,109)
Transfer of capital from Income to Growth Portfolio – – – – – 1,109 – 1,109
Return attributable to Growth shareholders – – – – – 1,103 1,109 2,212
As at 31 May 2025 1,787 476 2,258 29,581 6,122 51,181 – 91,405
Total
Share
capital
£’000
Share
premium
£’000
Capital
redemption
reserve
£’000
2022
special
reserve
£’000
2008
special
reserve
£’000
Capital
reserves
£’000
Revenue
reserve
£’000
Total
shareholders’
funds
£’000
As at 31 May 2024 5,487 3,651 3,648 59,169 28,670 47,971 3,903 152,499
Increase in share capital in issue, net of share
issuance expenses 90 1,974 – – – – – 2,064
Shares purchased for treasury – – – – (3,277) – – (3,277)
Sale of shares from treasury – – – – 458 – – 458
Profit on sale of treasury shares – 48 – – (48) – – –
Share conversion – – – – – – – –
Cancellation of deferred shares (1,309) – 1,309 – – – – –
8 Dividends paid – – – – – – (3,947) (3,947)
Return attributable to shareholders – – – – – 670 3,913 4,583
As at 31 May 2025 4,268 5,673 4,957 59,169 25,803 48,641 3,869 152,380
The accompanying notes on pages 63 to 83 are an integral part of these financial statements.
Statement of Changes in Equity – continued
For the year ended 31 May
Annual Report and Financial Statements 2026 | 63
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Financial Report
1. Accounting Policies
A summary of the principal accounting policies adopted is set out below.
(a) Basis of accounting and going concern
These financial statements have been prepared on a going concern basis in accordance with the Disclosure Guidance
and Transparency Rules of the Financial Conduct Authority, Financial Reporting Standards (FRS 102) and the Statement of
Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ issued by The
Association of Investment Companies (AIC). The audited financial statements for the Company comprise the Income Statement
and the total columns of the Balance Sheet, the Cash Flow Statement and the Statement of Changes in Equity and the Company
totals shown in the notes to the financial statements. The analysis showing the two separate Portfolios of assets attributable
to the Income shares and Growth shares is disclosed to assist shareholders’ understanding, but is additional to that required.
The Company’s capital structure is explained in the Capital Structure section on page 90.
There have been no significant changes to the Company’s accounting policies during the year ended 31 May 2026.
The preparation of the Company’s financial statements on occasion requires management to make judgements, estimates
and assumptions that affect the reported amounts in the primary financial statements and accompanying disclosures. These
assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in the current or future periods, depending on the circumstance. Management do not believe that any significant
accounting judgements or estimates have been applied to this set of financial statements that have a significant risk of causing a
material adjustment to the carrying amount of assets and liabilities within the next financial year.
The Company’s assets consist mainly of equity shares in closed-end investment companies which are traded on a UK or other Regulated
Stock Exchange and in most circumstances, including in the current market environment, are expected to be readily realisable.
The Company has a £10 million unsecured revolving credit facility, which is available until 10 February 2027. The Board has set limits
for borrowing and regularly reviews the Company’s gearing levels and its compliance with bank covenants. The Board has considered
the Company’s principal risks and uncertainties and other matters, and has considered a number of stress tests and scenarios
which considered the impact of severe stock market volatility on shareholders’ funds and demonstrated that if required the
Company had the ability to raise sufficient funds so as to remain within its debt covenants and meet its liabilities.
As such, and in light of the controls and review processes in place and the operational robustness of key service providers, and
bearing in mind the nature of the Company’s business and assets and revenue and expenditure projections, the Directors believe
that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the
date of approval of the financial statements. For this reason, the Board continues to adopt the going concern basis in preparing
the financial statements.
Presentation of the Income Statement
In order to reflect better the activities of an investment company and in accordance with the SORP , supplementary information
which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income
Statement. The net revenue return is the measure the Directors believe to be appropriate in assessing the Company’s compliance
with certain requirements set out in Chapter 4, Part 24 of the Corporation Tax Act 2010.
The notes and financial statements are presented in pounds sterling (functional and reporting currency) and are rounded to the
nearest thousand except where otherwise indicated.
Notes to the Financial Statements
64 | CT Global Managed Portfolio Trust PLC
Financial Report
1. Accounting Policies (Continued)
(b) Valuation of investments
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.
The Company’s business is investing in financial assets with a view to profiting from their total return in the form of income and
capital growth. The Portfolios of financial assets are managed and their performance evaluated on a fair value basis, in accordance
with the documented investment strategy, and information about the Portfolios is provided on that basis to the Company's Board
of Directors. Accordingly, upon initial recognition the Company designates the investments ‘at fair value through profit or loss’.
Fair value is taken to be the investment cost at the trade date excluding expenses incidental to purchase which are written off to
capital at the time of acquisition. All purchases and sales of investments are recognised on the trade date, ie, the date that the
Company commits to purchase or sell an investment.
Listed and quoted investments are subsequently valued at their fair value which is represented by the bid price at the close of
business on the relevant date on the exchange on which the investment is quoted.
As investments have been categorised as ‘financial assets at fair value through profit or loss’, gains and losses arising from
changes in fair value or on disposal are included in the Income Statement as a capital item.
(c) Income
Dividends are recognised as income on the date that the related investments are marked ex-dividend.
Dividends receivable on equity shares where no ex-dividend date is quoted are brought into account when the Company’s right to
receive payment is established. Dividends from overseas companies are shown gross of any withholding tax.
Where the Company has elected to receive its dividends in the form of additional shares rather than cash, the amount of the cash
dividend foregone is recognised as revenue.
Special dividends are recognised in the revenue account unless they are of a capital nature, following which they will be recognised
in the capital account.
Interest income from fixed interest securities is accrued on a time apportioned basis, by reference to the principal outstanding and
at the effective interest rate applicable.
Other investment income and deposit interest are included on an accruals basis.
(d) Expenses
All expenses and finance costs are accounted for on an accruals basis. Expenses are charged to the Income Statement as
a revenue item except for management fees and finance costs, which are incurred in connection with the maintenance or
enhancement of the value of the Company’s investment Portfolios and taking account of the expected long-term returns and are
allocated as follows:
• 40% to revenue and 60% to capital in the Income Portfolio; and
• 20% to revenue and 80% to capital in the Growth Portfolio.
Expenses charged to the Company common to both Portfolios are allocated to the Portfolios in the same proportion as their net
assets at the quarter end immediately preceding the date on which the cost is to be accounted for.
Expenses charged to the Company in relation to a specific Portfolio are charged directly to that Portfolio, with the other Portfolio
remaining unaffected.
Annual Report and Financial Statements 2026 | 65
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Financial Report
1. Accounting Policies (Continued)
(e) Taxation
The tax expense represents the sum of the tax currently payable, overseas tax suffered and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the
Income Statement because it excludes items of income or expense that are taxable or deductible in other periods and it further
excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the Balance Sheet date.
Tax is computed for each Portfolio separately; however, the Company is the taxable entity. A Portfolio which generates taxable
revenues in excess of tax deductible expenses may benefit from the excess of tax deductible expenses in the other Portfolio. In
return, by way of compensation, there would be a transfer from the Portfolio with taxable profits to the Portfolio with taxable losses.
(f) Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where
transactions or events that result in an obligation to pay more, or right to pay less, tax in future have occurred at the Balance Sheet date.
This is subject to deferred tax assets only being recognised if it is considered more likely than not there will be suitable profits from which
the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company’s
taxable profits and its results as stated in the financial statements which are capable of reversal in one or more subsequent periods.
Investment trusts which have approval under Chapter 4, Part 24 of the Corporation Tax Act 2010 are not liable for taxation on
capital gains.
(g) Receivables
Receivables are stated at their nominal value, reduced by appropriate allowances for any estimated irrecoverable amounts.
(h) Payables
Payables are stated at their nominal value.
(i) Borrowings
Interest-bearing loans and overdrafts are recorded at the proceeds received. Finance costs, including interest, are accrued using
the effective interest rate method. See note 1(d) for the allocation of finance costs.
(j) Foreign currencies
The Company is required to identify its functional currency, being the currency of the primary economic environment in which the
Company operates. The Board, having regard to the currency of the Company’s share capital and the predominant currency in
which its shareholders operate, has determined that sterling is the functional currency. Sterling is also the currency in which the
financial statements are presented.
Transactions denominated in foreign currencies are recorded in the functional currency at actual exchange rates as at the date of
the transaction. Monetary assets, liabilities and equity investments held at fair value and denominated in foreign currencies at the
year-end are reported at the rates of exchange prevailing at the year-end. Any gain or loss arising from a change in exchange rates
subsequent to the date of the transaction is included as an exchange gain or loss in either the capital or revenue column of the
Income Statement depending on whether the gain or loss is of a capital or revenue nature respectively.
Rates of exchange at 31 May 2026 2025
US Dollar 1.35 1.35
Euro 1.16 1.19
(k) Reserves
(i)
Share premium –
the surplus of net proceeds received from the issuance of new shares is credited to this account and the
related issue costs are deducted from this account. Gains arising on the resale of shares from treasury are credited to this
reserve. The reserve is non-distributable. The initial balance of this account which arose as a result of the shares issued at
launch was subsequently cancelled by the Court of Session to create the 2008 special reserve. The balance of the share
premium account which had subsequently arisen was cancelled by the Court of Session to create the 2022 special reserve.
(ii)
Capital redemption reserve
– the nominal value of any of the shares bought back for cancellation is added to this reserve.
This reserve is non-distributable.
66 | CT Global Managed Portfolio Trust PLC
Financial Report
1. Accounting Policies (Continued)
(iii)
2022 special reserve
– created on 26 May 2022 from the Court cancellation of the share premium account which had arisen
since it was last cancelled on 23 June 2008. The portion of the 2022 special reserve attributable to the Income shares may
be used to fund or supplement dividends to the Income shareholders and fund buy-backs of Income shares and the portion of
the 2022 special reserve attributable to the Growth shares may be used to fund buy-backs of Growth shares.
(iv)
2008 special reserve
– created from the Court cancellation of the share premium account in 2008 which had arisen from
premiums paid on the Income shares and Growth shares at launch and is available to be used as distributable profits (except
by way of dividend). The cost of any shares bought back and the value of shares submitted for conversion are reflected through
this reserve. The cost of any shares resold from treasury is added back to this reserve.
(v) Capital reserves
Capital reserve – investments sold
– gains and losses on realisation of investments and losses on transactions in own shares
are dealt with in this reserve together with the proportion of management fees, finance costs and taxation allocated to capital.
This reserve also includes dividends received of a capital nature.
Capital reserve – investments held
– increases and decreases in the valuation of investments held are accounted for in this reserve.
The Company’s Articles of Association allow distributions to be made to the holders of the Income shares out of the capital
profits attributable to the Income Portfolio.
(vi)
Revenue reserv
e – the net profit/(loss) arising in the revenue column of the Income Statement is added to or deducted from
this reserve. This is available for paying dividends on the Income shares.
(l) Transfer of capital and revenue
All net revenue of the Company attributable to the Growth Portfolio is, immediately following recognition in accordance with
the Company’s accounting policies, reallocated, applied and transferred to, and treated as revenue attributable to, the Income
Portfolio. Contemporaneously with any such reallocation, application and transfer of any revenue to the Income Portfolio, such
assets comprising part of the Income Portfolio as have a value equal to the net revenue so reallocated, applied and transferred
shall be reallocated, applied, transferred and treated as capital attributable to the Growth Portfolio.
2. Segmental Analysis
The Company carries on business as an investment trust and manages two separate Portfolios of assets: the Income Portfolio
and the Growth Portfolio.
The Company’s Income Statement, on page 58, can be analysed as follows. This has been disclosed to assist shareholders’
understanding, but this analysis is additional to that required.
Year ended 31 May 2026
Income Portfolio Growth Portfolio Total
Notes
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Gains on investments 10 – 11,481 11,481 – 21,380 21,380 – 32,861 32,861
Foreign exchange losses – (2) (2) – (3) (3) – (5) (5)
Income 3 3,840 – 3,840 2,035 – 2,035 5,875 – 5,875
Investment management fee 4
(180) (268) (448) (123) (494) (617) (303) (762) (1,065)
Other expenses 5 (296) – (296) (426) – (426) (722) – (722)
Return on ordinary activities before
finance costs and tax
3,364 11,211 14,575 1,486 20,883 22,369 4,850 32,094 36,944
Finance costs 6 (151) (226) (377) – – – (151) (226) (377)
Return on ordinary activities
before tax 3,213 10,985 14,198 1,486 20,883 22,369 4,699 31,868 36,567
Tax on ordinary activities 7 – – – – – – – – –
Return
(1)
9 3,213 10,985 14,198 1,486 20,883 22,369 4,699 31,868 36,567
(1)
Any net revenue return attributable to the Growth Portfolio is transferred to the Income Portfolio and a corresponding transfer of an identical amount of capital is made
from the Income Portfolio to the Growth Portfolio and accordingly the whole return in the Growth Portfolio is capital. Refer to the Statement of Changes in Equity.
Annual Report and Financial Statements 2026 | 67
Financial Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Financial Report
2. Segmental Analysis (Continued)
Year ended 31 May 2025
Income Portfolio Growth Portfolio Total
Notes
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Gains on investments 10 – 22 22 – 1,578 1,578 – 1,600 1,600
Foreign exchange losses – (4) (4) – – – – (4) (4)
Income 3 3,404 – 3,404 1,671 – 1,671 5,075 – 5,075
Investment management fee 4
(171) (257) (428) (119) (475) (594) (290) (732) (1,022)
Other expenses 5 (301) – (301) (443) – (443) (744) – (744)
Return on ordinary activities before
finance costs and tax
2,932 (239) 2,693 1,109 1,103 2,212 4,041 864 4,905
Finance costs 6 (128) (194) (322) – – – (128) (194) (322)
Return on ordinary activities
before tax 2,804 (433) 2,371 1,109 1,103 2,212 3,913 670 4,583
Tax on ordinary activities 7 – – – – – – – – –
Return
(1)
9 2,804 (433) 2,371 1,109 1,103 2,212 3,913 670 4,583
(1)
Any net revenue return attributable to the Growth Portfolio is transferred to the Income Portfolio and a corresponding transfer of an identical amount of capital is made
from the Income Portfolio to the Growth Portfolio and accordingly the whole return in the Growth Portfolio is capital. Refer to the Statement of Changes in Equity.
3. Income
2026 2025
Income
Portfolio
£’000
Growth
Portfolio
£’000
Total
£’000
Income
Portfolio
£’000
Growth
Portfolio
£’000
Total
£’000
Income from investments
(1)
UK dividend income 2,358 1,760 4,118 2,196 1,512 3,708
Overseas dividends 1,396 183 1,579 1,063 46 1,109
Property income distributions 22 – 22 88 – 88
3,776 1,943 5,719 3,347 1,558 4,905
Other income
(2)
Deposit interest 64 92 156 57 113 170
Total income 3,840 2,035 5,875 3,404 1,671 5,075
Total income comprises:
Dividends 3,776 1,943 5,719 3,347 1,558 4,905
Other income 64 92 156 57 113 170
3,840 2,035 5,875 3,404 1,671 5,075
(1)
All investments have been designated as ‘at fair value through profit or loss’ on initial recognition, therefore all investment income arises on investments at fair value
through profit or loss.
(2)
Other income on financial assets not designated as ‘at fair value through profit or loss’.
68 | CT Global Managed Portfolio Trust PLC
Financial Report
4. Investment Management Fee
Year ended 31 May 2026
Income Portfolio Growth Portfolio Total
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Investment management fee 180 268 448 123 494 617 303 762 1,065
Year ended 31 May 2025
Income Portfolio Growth Portfolio Total
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Investment management fee 171 257 428 119 475 594 290 732 1,022
The Company’s Manager is Columbia Threadneedle Investment Business Limited.
With effect from 1 September 2025 Columbia Threadneedle Investment Business Limited receives an investment management fee
at the rate of 0.60% per annum of the net asset value of each Portfolio payable quarterly in arrears. There will be no charge on any
assets which are invested in other investment vehicles managed by the Manager. Prior to 1 September 2025 Columbia Threadneedle
Investment Business Limited received an investment management fee at the rate of 0.65% per annum of the total assets of each
Portfolio payable quarterly in arrears, subject to being reduced to 0.325% per annum on any assets which were invested in other
investment vehicles managed by the Manager.
For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 60% to
capital and 40% to revenue in the Income Portfolio. In respect of the Growth Portfolio, the management fee has been charged 80%
to capital and 20% to revenue.
Details of outstanding management fees at 31 May 2026 are included in note 12.
5. Other Expenses
2026 2025
Income
Portfolio
£’000
Growth
Portfolio
£’000
Total
£’000
Income
Portfolio
£’000
Growth
Portfolio
£’000
Total
£’000
Auditor's remuneration for:
– statutory audit
(1)
29 40 69 27 40 67
Directors’ fees 50 71 121 48 72 120
Secretarial fees 45 64 109 42 64 106
Marketing 29 41 70 63 95 158
Printing and postage 32 47 79 28 42 70
Registrars’ fees 26 33 59 22 22 44
Custody and depositary fees 14 20 34 10 15 25
Other expenses including listing fees and legal fees 71 110 181 61 93 154
296 426 722 301 443 744
All expenses are stated gross of irrecoverable VAT, where applicable.
(1)
Auditor’s remuneration for audit services, exclusive of VAT, amounts to £57,700 (2025: £55,500).
The Manager, Columbia Threadneedle Investment Business Limited, receives a secretarial and administrative fee of £109,163 per
annum (2025: £105,614), subject to annual changes in line with the Consumer Price Index, of which £27,000 (2025: £27,000)
was payable to the Manager at the year-end.
The emoluments of the Chairman, the highest paid Director, were at the rate of £35,200 (2025: £34,200) per annum. Full details
are provided in the Directors’ Remuneration Report.
Annual Report and Financial Statements 2026 | 69
Financial Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
6. Finance Costs
Year ended 31 May 2026
Income Portfolio Growth Portfolio Total
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Interest on bank borrowings 151 226 377 – – – 151 226 377
Year ended 31 May 2025
Income Portfolio Growth Portfolio Total
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Interest on bank borrowings 128 194 322 – – – 128 194 322
Where borrowings have been utilised, interest payable has been allocated 60% to capital and 40% to revenue in the Income
Portfolio and 80% to capital and 20% to revenue in the Growth Portfolio.
7. (a) Tax on Ordinary Activities
Year ended 31 May 2026
Income Portfolio Growth Portfolio Total
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Current tax charge for the year
being taxation on ordinary activities – – – – – – – – –
Year ended 31 May 2025
Income Portfolio Growth Portfolio Total
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Current tax charge for the year
being taxation on ordinary activities – – – – – – – – –
7. (b) Reconciliation of Tax Charge
The tax charge for the year is lower (2025: lower) than the standard rate of corporation tax in the UK of 25% (2025: 25%).
2026 2025
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Gain on ordinary activities before tax: 14,198 22,369 36,567 2,371 2,212 4,583
Corporation tax at standard rate of 25% (2025: 25%) 3,550 5,592 9,142 593 553 1,146
Effects of:
Gains on investments not taxable (2,870) (5,344) (8,214) (5) (394) (399)
Non-taxable UK dividend income (488) (440) (928) (520) (378) (898)
Non-taxable overseas dividend income (326) (46) (372) (250) (12) (262)
Expenses not utilised 134 238 372 182 231 413
Tax charge (note 7(a)) – – – – – –
70 | CT Global Managed Portfolio Trust PLC
Financial Report
7. (b) Reconciliation of Tax Charge (Continued)
As at 31 May 2026, the Company had unutilised expenses of £20,076,000 (2025: £18,768,000). The deferred tax asset of
£5,019,000 (2025: £4,692,000) in respect of unutilised expenses at 31 May 2026 has not been recognised as it is unlikely that
the Company will generate future taxable profits from which the carried forward tax losses could be deducted. The unrecognised
deferred tax asset as at 31 May 2026 has been computed using a rate of 25%.
8. Dividends
Dividends on Income shares Register date Payment date
2026
Income
shares
Total
£’000
2025
Income
shares
Total
£’000
Amounts recognised as distributions during the year:
For the year ended 31 May 2025
– fourth interim of 2.05p per Income share (2024: 2.00p) 13 June 2025 11 July 2025 1,105 1,036
For the year ended 31 May 2026
– first interim dividend of 1.90p per Income share (2025: 1.85p) 12 September 2025 10 October 2025 1,036 959
– second interim dividend of 1.90p per Income share (2025: 1.85p) 12 December 2025 16 January 2026 1,087 968
– third interim dividend of 1.90p per Income share (2025: 1.85p) 13 March 2026 17 April 2026 1,140 984
4,368 3,947
Amounts relating to the year but not paid at the year end:
– fourth interim of 2.15p per Income share (2025: 2.05p) 12 June 2026 10 July 2026 1,312 1,105
The Growth shares do not carry an entitlement to receive dividends.
The dividends paid in respect of the financial year ended 31 May 2026, which form the basis of the retention test under Chapter 4,
Part 24 of the Corporation Tax Act 2010, are as follows:
2026
£’000
2025
£’000
Revenue available for distribution by way of dividends for the year 4,699 3,913
First interim dividend of 1.90p per Income share in respect of the year ended 31 May 2026 (2025: 1.85p) (1,036) (959)
Second interim dividend of 1.90p per Income share in respect of the year ended 31 May 2026 (2025: 1.85p) (1,087) (968)
Third interim dividend of 1.90p per Income share in respect of the year ended 31 May 2026 (2025: 1.85p) (1,140) (984)
Fourth interim dividend of 2.15p per Income share in respect of the year ended 31 May 2026 (2025: 2.05p) (1,312) (1,105)
Transfer to/(from) revenue reserve 124 (103)
Annual Report and Financial Statements 2026 | 71
Financial Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
9. Return per Share – Basic and Diluted
The return per share (basic and diluted) is as follows:
Year ended 31 May 2026
Income shares Growth shares
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Return attributable to Portfolios 3,213 10,985 14,198 1,486 20,883 22,369
Transfer of net income from Growth Portfolio to Income Portfolio 1,486 – 1,486 (1,486) – (1,486)
Transfer of capital from Income Portfolio to Growth Portfolio – (1,486) (1,486) – 1,486 1,486
Return attributable to shareholders 4,699 9,499 14,198 – 22,369 22,369
Return per share 8.25p 16.68p 24.93p – 66.89p 66.89p
Weighted average number of shares in issue during the year
(excluding shares held in treasury) 56,937,208 33,439,719
Year ended 31 May 2025
Income shares Growth shares
Revenue
£’000
Capital
£’000
Total
£’000
Revenue
£’000
Capital
£’000
Total
£’000
Return attributable to Portfolios 2,804 (433) 2,371 1,109 1,103 2,212
Transfer of net income from Growth Portfolio to Income Portfolio 1,109 – 1,109 (1,109) – (1,109)
Transfer of capital from Income Portfolio to Growth Portfolio – (1,109) (1,109) – 1,109 1,109
Return attributable to shareholders 3,913 (1,542) 2,371 – 2,212 2,212
Return per share 7.44p (2.93p) 4.51p – 6.33p 6.33p
Weighted average number of shares in issue during the year
(excluding shares held in treasury) 52,569,505 34,946,339
72 | CT Global Managed Portfolio Trust PLC
Financial Report
10. Investments
All investments held in the Income Portfolio and Growth Portfolio have been classified as ‘at fair value through profit or loss’ and
all changes in fair value arise in respect of these investments only.
FRS 102 requires an analysis of investments valued at fair value based on the subjectivity and significance of information used to
measure their fair value. The level is determined by the lowest (that is the least reliable or independently observable) level of input
that is significant to the fair value measurement for the individual investment in its entirety as follows:
• Level 1 – quoted prices (unadjusted) in active markets for identical assets;
• Level 2 – investments whose value is evidenced by comparison with other observable current market transactions in the same
instrument or based on a valuation technique whose variables include only data from observable markets; and
• Level 3 – investments whose value is not based on observable market data.
In the year ended 31 May 2026, all of the Company’s investments were classified as Level 1. In the prior year ended 31 May
2025, all of the Company's investments were also classified as Level 1.
Year ended 31 May
Level 1
Income shares
Listed
in the UK
£’000
Quoted on
AIM/SFS
£’000
2026
Total
£’000
2025
Total
£’000
Opening book cost 56,586 – 56,586 55,196
Opening fair value adjustment 9,990 – 9,990 10,798
Opening valuation 66,576 – 66,576 65,994
Movement in the year:
Transfer from Quoted on AIM/SFS
(1)
to Listed in the UK
– cost 1,993 (1,993) – –
Purchases at cost 36,942 2,075 39,017 5,934
Sales proceeds (32,144) (90) (32,234) (5,374)
Gains on sales based on historical cost 3,935 8 3,943 830
Increase/(decrease) in fair value adjustment 7,538 – 7,538 (808)
Closing valuation at 31 May 84,840 – 84,840 66,576
Closing book cost 67,312 – 67,312 56,586
Closing fair value adjustment 17,528 – 17,528 9,990
Closing valuation at 31 May 84,840 – 84,840 66,576
During the year the Income Portfolio incurred transaction costs on purchases of £36,000 (2025: £4,000) and transaction costs
on sales of £18,000 (2025: £3,000).
There were no special dividends received during the year which were categorised as capital in nature (2025: £218,000).
(1)
Specialist Fund Segment
Annual Report and Financial Statements 2026 | 73
Financial Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
10. Investments (Continued)
Year ended 31 May
Level 1
Growth shares
Listed
in the UK
£’000
Quoted on
AIM/SFS
£’000
2026
Total
£’000
2025
Total
£’000
Opening book cost 51,802 5,323 57,125 58,529
Opening fair value adjustment 30,907 (76) 30,831 33,332
Opening valuation 82,709 5,247 87,956 91,861
Movement in the year:
Transfer from Quoted on AIM/SFS to Listed in the UK
– cost 3,679 (3,679) – –
Purchases at cost 54,846 696 55,542 6,365
Sales proceeds (53,897) – (53,897) (11,848)
Gains on sales based on historical cost 20,292 – 20,292 4,079
Increase/(decrease) in fair value adjustment 1,852 (764) 1,088 (2,501)
Closing valuation at 31 May 109,481 1,500 110,981 87,956
Closing book cost 76,722 2,340 79,062 57,125
Closing fair value adjustment 32,759 (840) 31,919 30,831
Closing valuation at 31 May 109,481 1,500 110,981 87,956
During the year the Growth Portfolio incurred transaction costs on purchases of £82,000 (2025: £4,000) and transaction costs on
sales of £30,000 (2025: £6,000).
2026 2025
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Equity shares – closing valuation at 31 May 84,840 110,981 195,821 66,576 87,956 154,532
84,840 110,981 195,821 66,576 87,956 154,532
2026 2025
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Gains on sales in the year 3,943 20,292 24,235 830 4,079 4,909
Movement in fair value of investments held 7,538 1,088 8,626 (808) (2,501) (3,309)
Gains on investments 11,481 21,380 32,861 22 1,578 1,600
11. Debtors
2026 2025
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Accrued income 300 233 533 241 116 357
Other debtors and prepayments 92 23 115 45 30 75
392 256 648 286 146 432
74 | CT Global Managed Portfolio Trust PLC
Financial Report
12. Creditors
Amounts falling due within one year
2026 2025
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Revolving credit facility 7,000 – 7,000 7,000 – 7,000
Management fee accrued 115 164 279 107 148 255
Secretarial fee accrued 11 16 27 11 16 27
Due to brokers 196 160 356 – 6 6
Overdraft balance – 107 107 – – –
Other accruals 90 113 203 101 119 220
7,412 560 7,972 7,219 289 7,508
At 31 May 2026 the Company had a £10 million unsecured revolving credit facility (‘RCF’) with The Royal Bank of Scotland
International Limited available to the Company until 10 February 2027. £7 million of the unsecured revolving credit facility was
drawn down by the Company as at 31 May 2026 for the period to 22 June 2026 (2025: £7 milllion). The interest rate on the
amounts drawn down are variable, based on SONIA plus a margin, and a non-utilisation fee is payable on undrawn amounts.
Under the covenants which relate to the borrowing facilities, the Company is required to ensure that at all times:
• gross borrowings of the Company do not exceed 20% of the adjusted asset value; and
• net tangible assets are not less than £50 million.
The Company met all covenant conditions during the year.
Annual Report and Financial Statements 2026 | 75
Financial Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
13. Share Capital
Allotted, issued and fully paid
Listed Held in treasury In issue
Number £’000 Number £’000 Number £’000
Income shares
Balance at 1 June 2025
(1)
53,790,518 2,481 – – 53,790,518 2,481
Issued 7,125,000 329 – – 7,125,000 329
Purchased for treasury – – (200,000) (9) (200,000) (9)
Resold from treasury – – 200,000 9 200,000 9
Share conversion:
– Income to Growth (248,593) (12) – – (248,593) (12)
– Growth to Income 210,269 10 – – 210,269 10
Balance at 31 May 2026
(1)
60,877,194 2,808 – – 60,877,194 2,808
Deferred shares – Income
Number £’000
Deferred shares – Income
Balance at 1 June 2025 – –
Issue of Deferred shares
(2)
248,593 1
Repurchase of Deferred shares
(2)
(248,593) (1)
Balance at 31 May 2026 – –
Total called-up share capital – 2,808
(1)
The nominal value of each Income share is £0.046131176.
(2)
The nominal value of each Deferred share is £0.00314649.
During the year, the Company issued 7,125,000 (2025: 1,870,000) Income shares from the block listing facility receiving net
proceeds of £8,846,000 (2025: £2,064,000).
During the year, the Company bought back 200,000 (2025: 50,000) Income shares through the market for treasury at a cost of
£238,000 (2025: £58,000). During the year, the Company resold 200,000 (2025: 50,000) Income shares from treasury receiving
net proceeds of £244,000 (2025: £58,000).
During the year, valid conversion notices were received to convert 248,593 Income shares (2025: 185,555 Income shares) (which
represented a value of £305,000 (2025: £210,000)). These were converted into 100,864 Growth shares (2025: 81,313 Growth
shares) in accordance with the Company’s Articles and by reference to the ratio of the relative underlying net asset values of the
Growth shares and Income shares on the conversion date.
The Company’s Articles allow for Deferred shares to be allotted as part of the share conversion to ensure that the conversion
does not result in a reduction of the aggregate par value of the Company’s issued share capital. The Deferred shares (and their
par value) issued as part of the share conversion during the year are set out above. The Deferred shares were subsequently
repurchased by the Company for nil consideration (as they have no economic value) and as authorised by shareholders at the
October 2025 AGM.
Since the year end, the Company has issued a further 725,000 Income shares from the block listing facility receiving net proceeds
of £958,000 and bought back 50,000 Income shares for treasury at a cost of £64,000.
76 | CT Global Managed Portfolio Trust PLC
Financial Report
13. Share Capital (Continued)
Listed Held in treasury In issue
Number £’000 Number £’000 Number £’000
Growth shares
Balance at 1 June 2025
(1)
38,741,161 1,787 (4,360,000) (201) 34,381,161 1,586
Issued – – – – – –
Purchased for treasury – – (1,678,000) (77) (1,678,000) (77)
Resold from treasury – – 1,265,000 58 1,265,000 58
Share conversion:
– Growth to Income (85,315) (4) – – (85,315) (4)
– Income to Growth 100,864 5 – – 100,864 5
Balance at 31 May 2026
(1)
38,756,710 1,788 (4,773,000) (220) 33,983,710 1,568
Deferred shares – Growth
Number £’000
Deferred shares – Growth
Balance at 1 June 2025 – –
Issue of Deferred shares
(2)
85,315 –
Repurchase of Deferred shares
(2)
(85,315) –
Balance at 31 May 2026 – –
Total called-up share capital – 1,788
(1)
The nominal value of each Growth share is £0.046131176.
(2)
The nominal value of each Deferred share is £0.00314649.
During the year, the Company bought back 1,678,000 (2025: 1,255,000) Growth shares through the market for treasury at a
cost of £4,648,000 (2025: £3,219,000). During the year, the Company resold 1,265,000 (2025: 150,000) Growth shares from
treasury receiving net proceeds of £3,854,000 (2025: £400,000).
During the year, valid conversion notices were received to convert 85,315 Growth shares (2025: 167,760 Growth shares) (which
represented a value of £258,000 (2025: £433,000)). These were converted into 210,269 Income shares (2025: 382,822
Income shares) in accordance with the Company’s Articles and by reference to the ratio of the relative underlying net asset values
of the Growth shares and Income shares on the conversion date.
The Company’s Articles allow for Deferred shares to be allotted as part of the share conversion to ensure that the conversion
does not result in a reduction of the aggregate par value of the Company’s issued share capital. The Deferred shares (and their
par value) issued as part of the share conversion during the year are set out above. The Deferred shares were subsequently
repurchased by the Company for nil consideration (as they have no economic value) and as authorised by shareholders at the
October 2025 AGM.
Since the year end, the Company has bought back a further 220,000 Growth shares for treasury at a cost of £714,000.
Shareholder entitlements
The Company has two classes of shares: Income shares and Growth shares.
The entitlements of the Income shares and the Growth shares are set out in the Capital Structure section on page 90.
Annual Report and Financial Statements 2026 | 77
Financial Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
14. Reserves
Income shares
Share
premium
£’000
Capital
redemption
reserve
£’000
2022
special
reserve
£’000
2008
special
reserve
£’000
Capital
reserve –
investments
sold
£’000
Capital
reserve –
investments
held
£’000
Revenue
reserve
£’000
At 1 June 2025 5,197 2,699 29,588 19,681 (12,530) 9,990 3,869
Gains on investments – – – – 3,943 7,538 –
Issuance of Income shares 8,517 – – – – – –
Shares purchased for treasury – – – (238) – – –
Shares sold from treasury – – – 244 – – –
Profit on sale of shares from treasury 7 – – (7) – – –
Share conversion – – – (46) – – –
Buy-back of Deferred shares for cancellation – 1 – – – – –
Management fees charged to capital – – – – (268) – –
Interest charged to capital – – – – (226) – –
Foreign exchange losses – – – – (2) – –
Transfer of net income from Growth Portfolio to Income Portfolio – – – – – – 1,486
Transfer of capital from Income Portfolio to Growth Portfolio – – – – (1,486) – –
Net revenue for the year – – – – – – 3,213
Dividends paid – – – – – – (4,368)
At 31 May 2026 13,721 2,700 29,588 19,634 (10,569) 17,528 4,200
Growth shares
Share
premium
£’000
Capital
redemption
reserve
£’000
2022
special
reserve
£’000
2008
special
reserve
£’000
Capital
reserve –
investments
sold
£’000
Capital
reserve –
investments
held
£’000
Revenue
reserve
£’000
At 1 June 2025 476 2,258 29,581 6,122 20,350 30,831 –
Gains on investments – – – – 20,292 1,088 –
Issuance of Growth shares – – – – – – –
Shares purchased for treasury – – – (4,648) – – –
Shares sold from treasury – – – 3,854 – – –
Profit on sale of shares from treasury 737 – – (737) – – –
Share conversion – – – 46 – – –
Buy-back of Deferred shares for cancellation – – – – – – –
Management fees charged to capital – – – – (494) – –
Foreign exchange losses – – – – (3) – –
Transfer of net income from Growth Portfolio to Income Portfolio – – – – – – (1,486)
Transfer of capital from Income Portfolio to Growth Portfolio – – – – 1,486 – –
Net revenue for the year – – – – – – 1,486
At 31 May 2026 1,213 2,258 29,581 4,637 41,631 31,919 –
Capital management
The Company’s capital is represented by the issued share capital, share premium, capital redemption reserve, 2022 special
reserve, 2008 special reserve, capital reserve – investments sold, capital reserve – investments held and revenue reserve. Details
of the movement through each reserve are shown on pages 75 to 77. The Company is not subject to any externally imposed
capital requirements. The nature of the reserves are explained in note 1(k) on pages 65 and 66.
The capital of the Company is managed in accordance with its investment policy, in pursuit of its investment objective, both of
which are detailed in the Strategic Report.
78 | CT Global Managed Portfolio Trust PLC
Financial Report
15. Net Asset Value Per Share
The net asset value per share and the net asset value attributable to the shares at the year-end are calculated as follows:
Year ended 31 May 2026
Net asset value per share Net asset value attributable
Income
shares
pence
Growth
shares
pence
Income
shares
£’000
Growth
shares
£’000
Basic and diluted 130.77p 332.59p 79,610 113,027
Year ended 31 May 2025
Net asset value per share Net asset value attributable
Income
shares
pence
Growth
shares
pence
Income
shares
£’000
Growth
shares
£’000
Basic and diluted 113.36p 265.86p 60,975 91,405
The net asset value per Income share is calculated on net assets of £79,610,000 (2025: £60,975,000), divided by 60,877,194
(2025: 53,790,518) Income shares, being the number of Income shares in issue at the year-end (excluding any shares held
in treasury).
The net asset value per Growth share is calculated on net assets of £113,027,000 (2025: £91,405,000), divided by 33,983,710
(2025: 34,381,161) Growth shares, being the number of Growth shares in issue at the year-end (excluding any shares held
in treasury).
16. Reconcilation of Return on Ordinary Activities Before Tax to Net Cash Flows from Operating Activities
2026 2025
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Return on ordinary activities before tax 14,198 22,369 36,567 2,371 2,212 4,583
Adjust for returns from non-operating activities:
Gains on investments (11,481) (21,380) (32,861) (22) (1,578) (1,600)
Foreign exchange losses 2 3 5 4 – 4
Return from operating activities 2,719 992 3,711 2,353 634 2,987
(Increase)/decrease in prepayments (2) 7 5 14 10 24
Increase/(decrease) in creditors 6 10 16 (17) (27) (44)
Dividend income (3,776) (1,943) (5,719) (3,347) (1,558) (4,905)
Interest income (64) (92) (156) (57) (113) (170)
Interest expense 377 – 377 322 – 322
Net cash outflow from operations before dividends and interest (740) (1,026) (1,766) (732) (1,054) (1,786)
Annual Report and Financial Statements 2026 | 79
Financial Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
17. Analysis of Changes in Net Debt
Income shares
As at
1 June
2025
£’000
Cash flows
£’000s
As at
31 May
2026
£’000
Cash and short term deposits 1,332 458 1,790
Borrowings
Revolving credit facility (7,000) – (7,000)
Total (5,668) 458 (5,210)
Growth shares
As at
1 June
2025
£’000
Cash flows
£’000s
As at
31 May
2026
£’000
Cash and short term deposits 3,592 (1,242) 2,350
Borrowings
Overdraft – (107) (107)
Total 3,592 (1,349) 2,243
Total
As at
1 June
2025
£’000
Cash flows
£’000s
As at
31 May
2026
£’000
Cash and short term deposits 4,924 (784) 4,140
Borrowings
Overdraft – (107) (107)
Revolving credit facility (7,000) – (7,000)
Total (2,076) (891) (2,967)
18. Financial Instruments
The Company’s financial instruments comprise its investment Portfolios, cash balances, bank borrowings and debtors and
creditors that arise directly from its operations. The Company, which is an investment trust, holds two Portfolios of financial assets
in pursuit of its investment objective.
Listed and quoted fixed asset investments held (see note 10) are valued at fair value.
The fair value of the financial assets and liabilities of the Company at 31 May 2026 and 31 May 2025 is not materially different
from their carrying value in the financial statements.
The main risks that the Company faces arising from its financial instruments are:
(i) market price risk, being the risk that the value of investment holdings will fluctuate as a result of changes in market prices
caused by factors other than interest rate or currency rate movements;
(ii) interest rate risk, being the risk that the future cash flows of a financial instrument will fluctuate because of changes in market
interest rates;
(iii) foreign currency risk, being the risk that the value of investment holdings, investment purchases, investment sales and income
will fluctuate because of movements in currency rates;
(iv) credit risk, being the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it
has entered into with the Company; and
(v) liquidity risk, being the risk that the Company may not be able to liquidate its investments quickly or otherwise raise funds to
meet financial commitments.
80 | CT Global Managed Portfolio Trust PLC
Financial Report
18. Financial Instruments (Continued)
The Company held the following categories of financial instruments as at 31 May:
2026 2025
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Financial assets
Financial assets measured at fair value through profit or loss:
Investment Portfolio – Level 1 (refer to note 10) 84,840 110,981 195,821 66,576 87,956 154,532
Financial assets measured at amortised cost:
Cash at bank and on deposit 1,790 2,350 4,140 1,332 3,592 4,924
Accrued income 300 233 533 241 116 357
Financial liabilities
Financial liabilities measured at amortised cost:
Other creditors and accruals 412 560 972 219 289 508
Revolving credit facility 7,000 – 7,000 7,000 – 7,000
19. Market Price Risk
The management of market price risk is part of the fund management process and is typical of equity and debt investment. The
Portfolios are managed with an awareness of the effects of adverse price movements through detailed and continuing analysis
with an objective of maximising overall returns to shareholders. Further information on the investment Portfolios is set out on
pages 8, 9, 11 and 12.
If the investment Portfolio valuation fell by 10% at 31 May 2026, the impact on the profit or loss and the net asset value would
have been negative £8.5 million (Income shares) (2025: negative £6.7 million (Income shares)) and negative £11.1 million (Growth
shares) (2025: negative £8.8 million (Growth shares)). If the investment Portfolio valuation rose by 10% at 31 May 2026, the effect
would have been equal and opposite (2025: equal and opposite). The calculations are based on the Portfolio valuations as at the
respective Balance Sheet dates, are not representative of the year as a whole and may not be reflective of future market conditions.
20. Interest Rate Risk
The exposure of the financial assets and liabilities to interest rate movements as at 31 May 2026 was:
2026 2025
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Exposure to floating rates:
Cash 1,790 2,350 4,140 1,332 3,592 4,924
Overdraft – (107) (107) – – –
Revolving credit facility (7,000) – (7,000) (7,000) – (7,000)
Net position (5,210) 2,243 (2,967) (5,668) 3,592 (2,076)
Exposures vary throughout the year as a consequence of changes in the composition of the net assets of the Company arising from
the investment and risk management processes. If interest rates rose by 0.5%, the impact on the profit and loss and the net asset
value would have been on the Income shares a decrease of £26,000 (2025: decrease of £28,000) and on the Growth shares an
increase of £11,000 (2025: increase of £18,000). If interest rates fell by 0.5%, the effect would have been equal and opposite. The
calculations are based on the financial assets and liabilities held and the interest rates ruling at each Balance Sheet date and are
not representative of the year as a whole.
Floating rate
When the Company retains cash balances the majority of the cash is held in variable rate bank accounts yielding rates of interest
linked to the UK base rate which was 3.75% at 31 May 2026 (2025: 4.25%). There are no other assets which are directly exposed to
floating interest rate risk.
Annual Report and Financial Statements 2026 | 81
Financial Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
20. Interest Rate Risk (Continued)
When the Company draws down amounts under its revolving credit facility, interest is payable based on SONIA (which can vary on a
daily basis) plus a margin.
Fixed rate
Movements in market interest rates will affect the market value of fixed interest investments. Refer to the market price risk note 19.
Neither the Income Portfolio nor the Growth Portfolio holds any fixed interest investments and accordingly no sensitivity analysis has
been presented.
Non-interest bearing investments
The Company’s non-interest bearing investments are its equity investments which had a value of £84,840,000 (2025: £66,576,000)
for the Income Portfolio and £110,981,000 (2025: £87,956,000) for the Growth Portfolio.
21. Foreign Currency Risk
The Company may invest in overseas securities which give rise to currency risks. At 31 May, direct foreign currency exposure was:
2026 2025
Income
shares
investments
£’000
Growth
shares
investments
£’000
Total
£’000
Income
shares
investments
£’000
Growth
shares
investments
£’000
Total
£’000
Euro 1,190 – 1,190 1,603 – 1,603
US Dollar 1,979 3,253 5,232 1,167 946 2,113
3,169 3,253 6,422 2,770 946 3,716
If the value of sterling had weakened against the Euro by 10%, the impact on the profit or loss and the net asset value would have
been an increase of £119,000 (Income shares) (2025: £160,000 (Income shares)). If the value of sterling had strengthened against
the Euro by 10%, the effect would have been equal and opposite. At 31 May 2026 the Growth Portfolio had no Euro-denominated
investments (2025: None).
If the value of sterling had weakened against the US Dollar by 10%, the impact on the profit or loss and the net asset value would
have been an increase of £198,000 (Income shares) (2025: £118,000 (Income shares)) and an increase of £325,000 (Growth
shares) (2025: £95,000 (Growth shares)). If the value of sterling had strengthened against the US Dollar by 10%, the effect would
have been equal and opposite.
As the remainder of the Company’s investments and all other assets and liabilities are denominated in sterling there is no other
direct foreign currency risk. However, although the Company’s performance is measured in sterling and the Company’s investments
(other than the above) are denominated in sterling, a proportion of their underlying assets are quoted in currencies other than
sterling. Therefore movements in the rates of exchange between sterling and other currencies may affect the market price of the
Company’s investments and therefore the market price risk (note 19) includes an element of currency exposure.
22. Credit Risk
Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has
entered into with the Company. The Manager has in place a monitoring procedure in respect of counterparty risk which is reviewed
on an ongoing basis. The carrying amounts of financial assets best represents the maximum credit risk exposure at the Balance
Sheet date.
At the reporting date, the Company’s financial assets exposed to credit risk amounted to the following:
2026 2025
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Income
shares
£’000
Growth
shares
£’000
Total
£’000
Cash at bank 210 (107) 103 192 52 244
Short term deposit 1,580 2,350 3,930 1,140 3,540 4,680
Accrued income 300 233 533 241 116 357
2,090 2,476 4,566 1,573 3,708 5,281
82 | CT Global Managed Portfolio Trust PLC
Financial Report
22. Credit Risk (Continued)
Credit risk arising on transactions with brokers relates to transactions awaiting settlement. Risk relating to unsettled transactions
is considered to be small due to the short settlement period involved and the acceptable credit quality of the brokers used.
The Manager monitors the quality of service provided by the brokers used to further mitigate this risk.
All the assets of the Company which are traded on a recognised exchange are held by JPMorgan Chase Bank, the Company’s
Custodian. Bankruptcy or insolvency of the Custodian may cause the Company’s rights with respect to securities held by the
Custodian to be delayed or limited. The Board monitors the Company’s risk by reviewing the Custodian’s internal control reports as
described in the Report of the Audit Committee.
The credit risk on liquid funds is controlled because the counterparties are banks with acceptable credit ratings, normally rated A
or higher, assigned by international credit rating agencies. Bankruptcy or insolvency of such financial institutions may cause the
Company’s ability to access cash placed on deposit to be delayed, limited or lost.
23. Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in realising assets or otherwise raising funds to meet financial
commitments. The risk of the Company not having sufficient liquidity at any time is not considered by the Board to be significant,
given that the Company’s listed and quoted securities are considered to be readily realisable.
The Company’s liquidity risk is managed on an ongoing basis by the Manager in accordance with policies and procedures in place
as described in the Report of the Directors. The Company’s overall liquidity risks are monitored on a quarterly basis by the Board.
The Company maintains sufficient investments in cash and readily realisable securities to pay accounts payable and accrued
expenses which are settled in accordance with suppliers stated terms. The Company has a £10 million unsecured revolving
credit facility which is available until 10 February 2027 with The Royal Bank of Scotland International Limited. As at 31 May
2026, £7 million of the unsecured revolving credit facility was drawn down (2025: £7 million). The interest rate on the unsecured
revolving credit facility is variable, and a non-utilisation fee is payable on undrawn amounts.
The contractual maturities of the financial liabilities at each Balance Sheet date, based on the earliest date on which payment can
be required, were as follows:
2026
One
month
or less
£’000s
More than
one month
but less than
one year
£’000s
More than
one year
£’000s
Total
£’000s
Income shares
Liabilities
Bank borrowing (revolving credit facility) 7,000 – – 7,000
Other creditors 412 – – 412
7,412 – – 7,412
Growth shares
Liabilities
Overdraft balance 107 – – 107
Other creditors 453 – – 453
560 – – 560
Total 7,972 – – 7,972
Annual Report and Financial Statements 2026 | 83
Financial Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
23. Liquidity Risk (Continued)
2025
One
month
or less
£’000s
More than
one month
but less than
one year
£’000s
More than
one year
£’000s
Total
£’000s
Income shares
Liabilities
Bank borrowing (revolving credit facility) 7,000 – – 7,000
Other creditors 219 – – 219
7,219 – – 7,219
Growth shares
Liabilities
Other creditors 289 – – 289
289 – – 289
Total 7,508 – – 7,508
24. Related Parties and Transactions with the Manager
The Board of Directors is considered a related party. Under the UK Listing Rules, the Manager is also defined as a related
party. However, the existence of an independent Board of Directors demonstrates that the Company is free to pursue its own
financial and operating policies and therefore, under the AIC SORP, the Manager is not considered to be a related party for
accounting purposes.
There are no transactions with the Board other than aggregated remuneration for services as Directors as disclosed in the
Directors’ Remuneration Report on pages 48 to 50 and as set out in note 5 to the financial statements. The beneficial interests
of the Directors in the Income shares and Growth shares are disclosed on page 50. There were no outstanding balances with the
Board at the year-end.
David Warnock is the senior independent non-executive director of ICG Enterprise Trust plc. The Growth Portfolio had a holding of
66,400 shares (2025: 190,000 shares) in this company valued at £919,000 at 31 May 2026 (2025: £2,394,000). Sue Inglis is
a non-executive director and Chairman of Invesco Global Equity Income Trust plc. The Growth Portfolio had a holding of 2,279,490
shares (2025: nil shares) in this company valued at £9,164,000 at 31 May 2026 (2025: n/a) and the Income Portfolio had a
holding of 1,016,632 shares (2025: nil shares) in this company valued at £4,087,000 at 31 May 2026 (2025: n/a). Simon
Longfellow was a non-executive director until his retirement on 31 December 2025 and was also a non-executive director of
Artemis UK Future Leaders plc. The Income Portfolio had a holding of 455,000 shares (2025: 405,000 shares) in this company
valued at £1,629,000 at 31 May 2026 (2025: £1,491,000).
Transactions between the Company and the Manager are detailed in notes 4 (investment management fee), 5 (secretarial fees)
and 12 (fees owed to the Manager at the Balance Sheet date).
25. Post-balance Sheet Events
Since 31 May 2026, there are no post Balance Sheet events which would require adjustment of or disclosure in the financial statements.
84 | CT Global Managed Portfolio Trust PLC
Financial Report
Alternative Investment Fund Managers (‘AIFM’) Directive
The Company is an ‘alternative investment fund’ (‘AIF’) for the purposes of the AIFM Directive and has appointed its Manager,
Columbia Threadneedle Investment Business Limited, to act as its Alternative Investment Fund Manager (‘AIFM’). The Manager is
authorised and regulated by the United Kingdom Financial Conduct Authority as a ‘full scope UK AIFM’.
The Company is required to make certain disclosures available to investors in accordance with the AIFM Directive. Those
disclosures that are required to be made pre-investment are included within the Investor Disclosure Document (‘IDD’) which can be
found on the Company’s website, ctglobalmanagedportfolio.co.uk.
In accordance with the AIFM Directive, information in relation to the Company’s leverage and the remuneration of the Company’s
AIFM, Columbia Threadneedle Investment Business Limited, is required to be made available to investors. Detailed regulatory
disclosures, including those on the AIFM’s remuneration policy and costs, are included in the IDD which is available on the
Company’s website at ctglobalmanagedportfolio.co.uk or from Columbia Threadneedle Investments on request.
The Company’s maximum and average actual leverage levels at 31 May 2026 are shown below:
Leverage exposure
Gross
method
Commitment
method
Maximum limit 200% 200%
Actual 102% 104%
For the purposes of the AIFM Directive, leverage is any method which increases the Company’s exposure, including the borrowing
of cash and the use of derivatives. It is expressed as a percentage of the Company’s exposure to its net asset value and is
calculated on both a gross and commitment method.
Under the gross method, exposure represents the sum of the Company’s positions after deduction of cash balances, without
taking account of any hedging or netting arrangements. Under the commitment method, exposure is calculated without the
deduction of cash balances and after certain hedging and netting positions are offset against each other.
The leverage limits are set by the AIFM and approved by the Board and are in line with the maximum leverage levels permitted in
the Company’s Articles of Association. The AIFM is also required to comply with the gearing parameters set by the Board in relation
to borrowings.
The Company and AIFM also wish to make the following disclosures to investors:
• the investment strategy, geographic and sector investment focus and principal stock exposures are included in the Strategic
Report. A list of the investment holdings in the Growth Portfolio and the Income Portfolio are included on pages 8 and 9 and
pages 11 and 12 respectively;
• none of the Company’s assets is subject to special arrangements arising from their illiquid nature;
• the Strategic Report and notes 18 to 23 to the financial statements on financial instruments set out the risk profile and risk
management systems in place. There have been no changes to the risk management systems in place in the year under review
and no breaches of any of the risk limits set, with no breach expected;
• there are no new arrangements for managing the liquidity of the Company or any material changes to the liquidity management
systems and procedures that it employs;
• all authorised AIFMs are required to comply with the AIFMD Remuneration Code in respect of the AIFM’s remuneration.
The relevant disclosures are within the IDD; and
• information in relation to the Company’s leverage is contained within the IDD.
Following completion of an assessment of the application of the proportionality principle to the FCA’s AIFMD Remuneration Code,
the AIFM has disapplied the pay-out process rules with respect to it and any of its delegates. This is because the AIFM considers
that it carries out non-complex activities and is operating on a small scale.
AIFMD Disclosures
Annual Report and Financial Statements 2026 | 85
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Notice of Meeting
Notice of Annual General Meeting
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you
should take, you are recommended to seek your own independent financial advice from your stockbroker, bank manager, solicitor,
accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000 (as amended by
the Financial Services Act 2012) if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser.
If you have sold or otherwise transferred all your shares in CT Global Managed Portfolio Trust PLC please forward this document,
together with any accompanying documents, immediately to the purchaser or transferee or to the stockbroker, bank or other agent
through whom the sale or transfer was effected for transmission to the purchaser or transferee. If you have sold or otherwise
transferred only part of your holding of shares, you should retain these documents.
Notice is hereby given that the eighteenth Annual General
Meeting of CT Global Managed Portfolio Trust PLC will be
held at Columbia Threadneedle Investments, Cannon Place,
78 Cannon Street, London EC4N 6AG on Friday 23 October
2026 at 11.30am for the following purposes: to consider
and, if thought fit, pass the following Resolutions, of which
Resolutions 1 to 11 will be proposed as Ordinary Resolutions
and Resolutions 12 to 15 as Special Resolutions:
Ordinary Resolutions
1. To receive and adopt the audited financial statements of
the Company for the financial year ended 31 May 2026
and the reports of the Directors and the Auditor on those
financial statements.
2. To approve the Directors’ Remuneration Policy, the full text
of which appears in the Directors’ Remuneration Report for
the financial year ended 31 May 2026 on page 48 of the
Annual Report and Financial Statements for the financial
year ended 31 May 2026.
3. To receive, adopt and approve the Directors’ Remuneration
Report for the financial year ended 31 May 2026 which
appears on pages 48 to 50 of the Annual Report and
Financial Statements for the financial year ended 31 May
2026 (other than the Directors’ Remuneration Policy which
appears on page 48 of the Annual Report and Financial
Statements).
4. That Shauna L Bevan, who retires annually, be re-elected as
a Director.
5. That Sue P Inglis, who retires annually, be re-elected as a
Director.
6. That Roland G Spencer, who was appointed as a Director on
19 February 2026, be elected as a Director.
7. That David Warnock, who retires annually, be re-elected as
a Director.
8. To re-appoint BDO LLP as Auditor of the Company to hold office
from the conclusion of the Annual General Meeting until the
conclusion of the next Annual General Meeting of the Company.
9. To authorise the Directors to determine the Auditor’s
remuneration.
10. That the Company’s dividend policy with regard to payment
of all dividends as interim dividends as set out in the
Annual Report and Financial Statements for the year ended
31 May 2026 be approved.
11. Authority to allot shares
That, in substitution for any existing authority, but without
prejudice to the exercise of any such authority prior to
the date of the passing of this resolution, the Directors
of the Company be and they are hereby generally and
unconditionally authorised in accordance with Section 551
of the Companies Act 2006 (the ‘Act’) to exercise all the
powers of the Company to allot shares in the Company
and to grant rights to subscribe for or to convert any
security into shares in the Company (‘Rights’) provided
that such authority shall be limited to the allotment of
shares and the grant of Rights in respect of shares with an
aggregate nominal value of up to £567,874.78 in respect
of Income shares (being approximately 20.0% of the total
nominal value of the issued Income share capital of the
Company (excluding treasury shares) as at 28 August
2026) and £311,477.71 in respect of Growth shares
(being approximately 20.0% of the total nominal value of
the issued Growth share capital of the Company (excluding
treasury shares) as at 28 August 2026), such authority to
expire at the conclusion of the next Annual General Meeting
of the Company after the passing of this resolution or on
the expiry of 15 months from the passing of this resolution,
whichever is the earlier, unless previously revoked, varied
or extended by the Company in a general meeting, save
that the Company may at any time prior to the expiry of this
authority make an offer or enter into an agreement which
would or might require shares in the Company to be allotted
or Rights to be granted after the expiry of such authority
and the Directors shall be entitled to allot shares in the
Company or grant Rights in pursuance of such an offer or
agreement as if such authority had not expired.
86 | CT Global Managed Portfolio Trust PLC
Notice of Meeting
Special Resolutions
12. Power to allot shares and sell treasury shares without rights
of pre-emption
That, subject to the passing of Resolution 11, and in
substitution for any existing power but without prejudice
to the exercise of any such power prior to the date of the
passing of this resolution, the Directors of the Company
be and they are hereby generally and unconditionally
empowered, pursuant to Sections 570 and 573 of the
Companies Act 2006 (the ‘Act’), to allot equity securities
(as defined in Section 560 of the Act) for cash pursuant to
the authority given by Resolution 11 and/or to sell Income
shares and/or Growth shares held by the Company as
treasury shares as if Section 561(1) of the Act did not apply
to any such allotment or sale, provided that this power:
(a) expires at the conclusion of the next Annual General
Meeting of the Company after the passing of this
resolution or on the expiry of 15 months from the
passing of this resolution, whichever is the earlier,
save that the Company may, before such expiry, make
an offer or agreement which would or might require
equity securities to be allotted or treasury shares to
be sold after such expiry and the Directors may allot
equity securities or sell treasury shares in pursuance
of any such offer or agreement as if the power
conferred hereby had not expired; and
(b) shall be limited to the allotment of equity securities
or sale of treasury shares up to an aggregate nominal
value of £283,937.39 in respect of Income shares
(being approximately 10.0% of the nominal value of
the issued Income share capital of the Company as
at 28 August 2026) and £155,738.85 in respect of
Growth shares (being approximately 10.0% of the
nominal value of the issued Growth share capital
(excluding treasury shares) of the Company as at
28 August 2026) at a price of not less than the net
asset value per share of the existing Income shares
(in the case of an allotment or sale of Income shares)
or Growth shares (in the case of an allotment or sale
of Growth shares).
This power applies in relation to the sale of Income shares
and/or Growth shares which is an allotment of equity
securities that immediately before the allotment are held
by the Company as treasury shares as if in the opening
paragraph of this resolution the words ‘subject to the
passing of Resolution 11’ and ‘pursuant to the authority
given by Resolution 11’ were omitted.
13. Additional power to allot shares and sell treasury shares
without rights of pre-emption
That, subject to the passing of Resolution 11, and in
addition to any power granted under Resolution 12 above,
the Directors of the Company be and they are hereby
generally and unconditionally empowered, pursuant to
Sections 570 and 573 of the Companies Act 2006 (the
‘Act’), to allot equity securities (as defined in Section
560 of the Act) for cash pursuant to the authority given
by Resolution 11 and/or sell Income shares and/or
Growth shares held by the Company as treasury shares
as if Section 561(1) of the Act did not apply to any such
allotment or sale, provided that this power:
(a) expires at the conclusion of the next Annual General
Meeting of the Company after the passing of this
resolution or on the expiry of 15 months from the
passing of this resolution, whichever is the earlier,
save that the Company may, before such expiry, make
an offer or agreement which would or might require
equity securities to be allotted or treasury shares to
be sold after such expiry and the Directors may allot
equity securities or sell treasury shares in pursuance
of any such offer or agreement as if the power
conferred hereby had not expired; and
(b) shall be limited to the allotment of equity securities
or sale of treasury shares up to an aggregate nominal
value of £283,937.39 in respect of Income shares
(being approximately 10.0% of the nominal value of
the issued Income share capital of the Company as
at 28 August 2026) and £155,738.85 in respect of
Growth shares (being approximately 10.0% of the
nominal value of the issued Growth share capital
(excluding treasury shares) of the Company as at
28 August 2026) at a price of not less than the net
asset value per share of the existing Income shares
(in the case of an allotment or sale of Income shares)
or Growth shares (in the case of an allotment or sale
of Growth shares).
This power applies in relation to the sale of Income shares
and/or Growth shares which is an allotment of equity
securities that immediately before the allotment are held
by the Company as treasury shares as if in the opening
paragraph of this resolution the words ‘subject to the
passing of Resolution 11’ and ‘pursuant to the authority
given by Resolution 11’ were omitted.
Annual Report and Financial Statements 2026 | 87
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Notice of Meeting
(1)
Following Resolution 14 becoming effective the maximum aggregate number of shares authorised to be purchased shall be 9,226,600 Income shares and
5,061,100 Growth shares (or, if less, 14.99% of the number of Income shares and 14.99% of the Growth shares in issue (excluding treasury shares) immediately
prior to the passing of this resolution).
14. Authority to buy back shares
That, in substitution for any existing authority but without
prejudice to the exercise of any such authority prior to the
date of the passing of this resolution, the Company be and
is hereby generally and unconditionally authorised, pursuant
to and in accordance with Section 701 of the Companies
Act 2006 (the ‘Act’), to make market purchases (within
the meaning of Section 693(4) of the Act) of fully paid
Income shares in the share capital of the Company and fully
paid Growth shares in the share capital of the Company
(‘Income shares and/or Growth shares’) (either for retention
as treasury shares for future reissue, resale or transfer or
cancellation), provided that:
(a) the maximum aggregate number of Income shares
and Growth shares hereby authorised to be purchased
is 14.99% of the issued Income shares and 14.99%
of the issued Growth shares respectively (excluding
Income shares and Growth shares held in treasury)
immediately prior to the passing of this resolution
(1)
;
(b) the minimum price (excluding expenses) which may
be paid for an Income share or Growth share is
£0.046131176;
(c) the maximum price (excluding expenses) which may
be paid for an Income share or Growth share shall not
be more than the higher of:
i. 5% above the average middle market price as
derived from the Daily Official List of the London
Stock Exchange of an Income share (in the case
of a purchase of an Income share) or Growth
share (in the case of a purchase of a Growth
share) over the five business days immediately
preceding the date of purchase; and
ii. the higher of the price of the last independent
trade of an Income share (in the case of a
purchase of an Income share) or a Growth share
(in the case of a purchase of a Growth share)
and the highest current independent bid for such
an Income share or Growth share on the London
Stock Exchange at the time the purchase is
carried out; and
(d) unless previously varied, revoked or renewed by
the Company in a general meeting, the authority
hereby conferred shall expire at the conclusion of
the Company’s next Annual General Meeting or on
23 January 2028, whichever is the earlier, save that
the Company may, prior to such expiry, enter into a
contract to purchase Income shares and/or Growth
shares under such authority which will or might be
completed or executed wholly or partly after the
expiration of such authority and may make a purchase
of Income shares and/or Growth shares pursuant to
any such contract.
15. Purchase Contract
That the proposed Purchase Contract (details of which are
contained in the Annual Report and Financial Statements
published by the Company on 1 September 2026) to enable
the Company to make off-market purchases of its own
Deferred shares pursuant to Sections 693 and 694 of the
Companies Act 2006 in the form produced at the meeting
and initialled by the Chairman be and is hereby approved
and the Company be and is hereby authorised to enter
into, execute and perform such contract, but so that the
approval and authority conferred by this resolution shall
expire on the day immediately preceding the date which is
18 months after the passing of this resolution or, if earlier,
at the conclusion of the next Annual General Meeting of
the Company.
By order of the Board
For Columbia Threadneedle Investment Business Limited
Company Secretary
Quartermile 4
7a Nightingale Way
Edinburgh EH3 9EG
1 September 2026
88 | CT Global Managed Portfolio Trust PLC
Notice of Meeting
Notes
1. A member entitled to attend, speak and vote at this meeting
may appoint one or more persons as their proxy to attend, speak
and vote on their behalf at the meeting. A proxy need not be a
member of the Company. If multiple proxies are appointed they
must not be appointed in respect of the same shares. To be
effective, the duly executed enclosed Form of Proxy, together with
any power of attorney or other authority under which it is signed
or a certified copy thereof, should be lodged at the address
shown on the Form of Proxy not later than 48 hours (excluding
non-working days) before the time of the meeting or, in the case
of an adjourned meeting, no later than 48 hours (excluding non-
working days) before the holding of that adjourned meeting (or in
the case of a poll taken subsequent to the date of the meeting or
adjourned meeting, no later than 24 hours (excluding non-working
days) before the time appointed for the taking of the poll). The
appointment of a proxy will not prevent a member from attending
the meeting and voting in person if they so wish. Any power of
attorney or any other authority under which the Form of Proxy is
signed (or a duly certified copy of such power or authority) must be
included with the Form of Proxy.
2. A corporation, which is a shareholder, may appoint (an) individual(s)
to act as its representative(s) and to vote in person at the meeting
(see instructions given on the Form of Proxy). In accordance
with the provisions of the Companies Act 2006, each such
representative may exercise (on behalf of the corporation) the
same powers as the corporation could exercise if it were an
individual member of the Company, provided that they do not do so
in relation to the same shares.
3. CREST members who wish to appoint a proxy or proxies by utilising
the CREST electronic proxy appointment service may do so for
this meeting by following the procedures described in the CREST
Manual and by logging on to www.euroclear.com. CREST personal
members or other CREST sponsored members, and those CREST
members who have appointed (a) voting service provider(s), should
refer to their CREST sponsor or voting service provider(s), who will
be able to take the appropriate action on their behalf.
4. In order for a proxy appointment or instruction made by means
of CREST to be valid, the appropriate CREST message (a ‘CREST
Proxy Instruction’) must be properly authenticated in accordance
with Euroclear UK & International Limited’s (‘Euroclear’)
specifications and must contain the information required for such
instructions, as described in the CREST Manual. The message,
in order to be valid, must be transmitted so as to be received by
the Company’s agent (ID RA19) by the latest time for receipt of
proxy appointments specified in Note 1 above. For this purpose,
the time of receipt will be taken to be the time (as determined by
the timestamp applied to the message by the CREST Applications
Host) from which the Company’s agent is able to retrieve the
message by enquiry to CREST in the manner prescribed by CREST.
After this time, any change of instructions to proxies appointed
through CREST should be communicated to the appointee through
other means.
5. The Company may treat as invalid a CREST Proxy Instruction in the
circumstances set out in Regulation 35(5)(a) of the Uncertificated
Securities Regulations 2001.
6. If you are an institutional investor you may be able to appoint a proxy
electronically via the Proxymity platform, a process which has been
agreed by the Company and approved by the Registrar. For further
information regarding Proxymity, please go to www.proxymity.io. Your
proxy must be lodged by 11.30am on Wednesday 21 October 2026 in
order to be considered valid. Before you can appoint a proxy via this
process you will need to have agreed to Proxymity’s associated terms
and conditions. It is important that you read these carefully as you
will be bound by them and they will govern the electronic appointment
of your proxy.
7. Alternatively, shareholders can submit proxy instructions online
by visiting Equiniti’s online portfolio service, Shareview, by logging
on to their portfolio at www.shareview.co.uk using their usual
user ID and password. Once logged in simply click ‘view’ on the
‘My Investments’ page, click on the link to vote, then follow the
on screen instructions. Electronic proxy votes must be received
by Equiniti by no later than 48 hours (excluding non-working
days) before the time of the meeting or adjourned meeting.
If you have not yet registered for a Shareview Portfolio, go to
www.shareview.co.uk and enter the requested information. It is
important that you register for a Shareview Portfolio with enough
time to complete the registration and authentication process.
8. A person to whom this notice is sent who is a person nominated
under Section 146 of the Companies Act 2006 to enjoy information
rights (a ‘Nominated Person’) may, under an agreement between
them and the shareholder by whom they were nominated, have
a right to be appointed (or to have someone else appointed) as
a proxy for the Annual General Meeting. If a Nominated Person
has no such proxy appointment right or does not wish to exercise
it, they may, under any such agreement, have a right to give
instructions to the shareholder as to the exercise of voting rights.
The statements of the rights of members in relation to the
appointment of proxies in Notes 1 and 3 above do not apply to a
Nominated Person. The rights described in this Note can only be
exercised by registered members of the Company.
9. Pursuant to Regulation 41 of the Uncertificated Securities
Regulations 2001, the Company specifies that only those holders
of shares entered on the Register of Members of the Company
as at 6.30pm on Wednesday 21 October 2026, or, in the event
that the meeting is adjourned, on the Register of Members as
at 6.30pm on the day two business days prior to any adjourned
meeting, shall be entitled to attend or vote at the meeting in
respect of the number of shares registered in their names at that
time. Changes to the entries on the Register of Members after
6.30pm on Wednesday 21 October 2026 or, in the event that the
meeting is adjourned, in the Register of Members as at 6.30pm
on the day two business days prior to any adjourned meeting,
shall be disregarded in determining the rights of any person to
attend or vote at the meeting, notwithstanding any provisions in
any enactment, the Articles of Association of the Company or other
instrument to the contrary.
10. As at 28 August 2026 (being the last business day prior to the
publication of this notice) the Company’s issued share capital
consisted of 61,552,194 Income shares carrying one vote each
and 33,763,710 Growth shares carrying one vote each (in each
case, in respect of a general meeting of the Company, on a show
of hands only). The Company held 50,000 Income shares and
4,993,000 Growth shares in treasury which do not carry voting
rights. Therefore the total number of voting rights in the Company
as at 28 August 2026 on a show of hands was 95,315,904 votes.
In accordance with the Articles of Association, the voting rights
attributable to each class of shares on a poll is equal to the
number of shares of that class in issue multiplied by the Share
Voting Number (which is defined in the Articles of Association
as the net asset value of the relevant Portfolio divided by the
number of shares in that Portfolio, calculated at the Voting
Calculation Date).
Annual Report and Financial Statements 2026 | 89
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Notice of Meeting
Given a Voting Calculation Date of 28 August 2026, the Share
Voting Number for the Income shares is 1.34 and the Share Voting
Number for the Growth shares is 3.39.
For illustrative purposes only, on a poll, there would therefore be
82,479,940 votes attributable to the Income shares, 114,458,977
votes attributable to the Growth shares and the total voting rights in
the Company would be 196,938,917. In accordance with the Articles
of Association, the applicable Share Voting Numbers for the Income
shares and the Growth shares at the Annual General Meeting will be
displayed at the meeting venue.
The voting on all resolutions will be conducted by way of a poll.
On a poll each Income shareholder and each Growth shareholder
is entitled to a weighted vote determined in accordance with the
underlying NAV of the relevant shares as specified in the Articles
of Association. Any person holding 3% of the total voting rights in
the Company who appoints a person other than the Chairman as
their proxy will need to ensure that both they and such third party
complies with their respective disclosure obligations under the
Disclosure Guidance and Transparency Rules.
11. The proposed Purchase Contract referred to in Resolution 15 will
be available for inspection at the Annual General Meeting. The
proposed Purchase Contract will also be available at the Company’s
registered office from 15 days prior to the AGM.
12. No Director has a contract of service with the Company. The
Directors’ letters of appointment will be available for inspection
at the Company’s registered office during normal business
hours on any weekday (Saturdays, Sundays and public holidays
excepted) and from 15 minutes prior to, and during, the Annual
General Meeting.
13. Information regarding the Annual General Meeting, including
information required by Section 311A of the Companies Act 2006,
is available from ctglobalmanagedportfolio.co.uk.
14. Under Section 319A of the Companies Act 2006, the Company
must answer any question relating to the business being dealt with
at the meeting put by a member attending the meeting unless:
(a) answering the question would interfere unduly with the
preparation for the meeting or involve the disclosure of
confidential information;
(b) the answer has already been given on a website in the form of
an answer to a question; or
(c) it is undesirable in the interests of the Company or the good
order of the meeting that the question be answered.
15. The members of the Company may require the Company to publish,
on its website (without payment), a statement (which is also
passed to the Company’s Auditor) setting out any matter relating
to the audit of the Company’s accounts, including the Auditor's
Report and the conduct of the audit. The Company will be required
to do so once it has received such requests from either members
representing at least 5% of the total voting rights of the Company
or at least 100 members who have a relevant right to vote and
hold shares in the Company on which there has been paid up an
average sum per member of at least £100. Such requests must
be made in writing and must state your full name and address
and be sent to the Company at Quartermile 4, 7a Nightingale Way,
Edinburgh EH3 9EG.
16. You may not use any electronic address provided either in this
Notice of Annual General Meeting or any related documents
(including the Form of Proxy) to communicate with the Company for
any purposes other than those expressly stated.
17. Under Section 338 of the Companies Act 2006, a member or
members meeting the qualification criteria set out at Note 19
below, may, subject to certain conditions, require the Company to
circulate to members notice of a resolution which may properly
be moved and is intended to be moved at that meeting. The
conditions are that: (i) the resolution must not, if passed, be
ineffective (whether by reason of inconsistency with any enactment
or the Company’s constitution or otherwise); (ii) the resolution must
not be defamatory of any person, frivolous or vexatious; and (iii)
the request: (a) may be in hard copy form or in electronic form; (b)
must identify the resolution of which notice is to be given by either
setting out the resolution in full or, if supporting a resolution sent
by another member, clearly identifying the resolution which is being
supported; (c) must be authenticated by the person or persons
making it; and (d) must be received by the Company not later than
six weeks before the meeting to which the requests relate.
18. Under Section 338A of the Companies Act 2006, a member or
members meeting the qualification criteria set out at Note 19
below, may, subject to certain conditions, require the Company to
include in the business to be dealt with at the meeting a matter
(other than a proposed resolution) which may properly be included
in the business (a matter of business). The conditions are that:
(i) the matter of business must not be defamatory of any person,
frivolous or vexatious; and (ii) the request: (a) may be in hard copy
form or in electronic form; (b) must identify the matter of business
by either setting it out in full or, if supporting a statement sent by
another member, clearly identify the matter of business which is
being supported; (c) must be accompanied by a statement setting
out the grounds for the request; (d) must be authenticated by
the person or persons making it; and (e) must be received by the
Company not later than six weeks before the meeting to which the
requests relate.
19. In order to be able to exercise the members’ right to require (i)
circulation of a resolution to be proposed at the meeting (see Note
17) or (ii) a matter of business to be dealt with at the meeting (see
Note 18), the relevant request must be made by: (a) a member
or members having a right to vote at the meeting and holding
at least 5% of total voting rights of the Company; or (b) at least
100 members have a right to vote at the meeting and holding, on
average, at least £100 of paid up share capital.
90 | CT Global Managed Portfolio Trust PLC
Other Information
The Company has two classes of shares, Income shares
and Growth shares, each with distinct investment aims and
investment Portfolios. Both the Income shares and Growth
shares are traded on the London Stock Exchange. There is no
fixed ratio of Income shares to Growth shares and the relative
sizes of the Income and Growth Portfolios may vary over time.
Neither the Income shares nor the Growth shares represent
capital gearing for the other share class.
Dividends
Income shares are entitled to all dividends of the Company. The
Company currently pays four quarterly dividends per financial
year in October, January, April and July and, as explained in
the Chairman’s Statement, the Board intends that, with effect
from the financial year beginning 1 June 2027, the frequency of
dividend payments will change from quarterly to monthly. The
Growth shares do not carry an entitlement to receive dividends.
Any net income arising in the Growth Portfolio is transferred
to the Income Portfolio, and a corresponding transfer of an
identical amount made from the capital attributable to the
Income Portfolio to the Growth Portfolio.
Capital
The net asset value of the Income shares is based on the
Income Portfolio and the net asset value of the Growth shares
is based on the Growth Portfolio.
As a matter of law, the Company is a single entity and, while under
the Articles of Association the assets of the Income Portfolio are
separated for the benefit of the Income shareholders and the
assets of the Growth Portfolio are separated for the benefit of the
Growth shareholders, there is no distinction between the assets
of the Income Portfolio and the Growth Portfolio as far as creditors
of the Company are concerned.
On a return of assets, on a liquidation or otherwise, the surplus
assets of the Company comprised in either of the Income
Portfolio or the Growth Portfolio, after payment of all debts and
satisfaction of all the liabilities associated with that Portfolio
and any other relevant liabilities, shall be paid to the holders of
the shares of the particular Portfolio and distributed amongst
such holders rateably according to the amounts paid up on the
relevant shares held by them respectively.
If, in the course of liquidation of the Company, the assets
attributable to a particular Portfolio are insufficient to satisfy the
liabilities attributable to that Portfolio and that Portfolio’s pro
rata share of the Company’s general liabilities, the outstanding
liabilities shall be attributable to the other Portfolio.
Voting
At any general meeting of the Company, on a show of hands,
each Income shareholder and each Growth shareholder shall
have one vote and, upon a poll, a weighted vote determined in
accordance with the underlying NAV of the relevant share as
specified in the Articles.
At any class meeting of Income shareholders, on a show of
hands, each Income shareholder shall have one vote and, upon
a poll, one vote for each Income share held and at any class
meeting of Growth shareholders, on a show of hands, each
Growth shareholder shall have one vote and, upon a poll, one
vote for each Growth share held.
Any material change to the investment policy of the Company
will only be made with the prior class consent of shareholders
of the class to which the change relates (where the proposed
material change only relates to a particular class) and with the
prior approval of the shareholders of the Company.
Voting of Shares Held in the Savings Plans
Since the launch of the Company, the majority of the Income
shares and Growth shares have been held through the savings
plans which are administered by the Manager. The Manager
does not have discretion to exercise any voting rights in respect
of the shares held through the savings plans. The shares are
voted in accordance with the instructions of the underlying
planholders. The Manager has undertaken that, subject to any
regulatory restrictions, it would operate a proportional voting
system whereby, provided that the nominee company holding
the shares received instructions to vote in respect of more than
10% of the shares held in these savings plans, it would vote all
the shares in respect of which it had not received instructions
proportionately to those for which it had received instructions.
Any shares held by the underlying holder in excess of 0.25% of
the issued shares of the relevant class would not be counted
for the purposes of pro rating the voting of non-directed shares.
Any shares voted by an underlying planholder in excess of the
maximum limit would remain valid, but would not form part of
the proportional voting basis.
Conversion Between Income Shares and Growth Shares
Subject to certain minimum and maximum thresholds which may
be set at the discretion of the Board, shareholders have the right
to convert their Income shares into Growth shares and/or their
Growth shares into Income shares upon certain dates, the next of
which will be on 12 November 2026 and then annually or close to
annually thereafter. Under current law, such conversions will not be
treated as disposals for UK capital gains tax purposes.
Full details are provided in the Shareholder Information section
on pages 91 and 92.
Capital Structure At 31 May 2026
Annual Report and Financial Statements 2026 | 91
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Other Information
Conversion Facility
Subject to certain minimum and maximum thresholds which
may be set by the Board from time to time, shareholders
have the right to convert their Income shares into Growth
shares and/or their Growth shares into Income shares upon
certain dates, the next of which will be 12 November 2026
and then annually or close to annually thereafter (subject to
the Articles of Association of the Company). Under current
law, such conversions will not be treated as disposals for UK
capital gains tax purposes. Accordingly, no liability to taxation
in respect of capital gains will arise on conversion. Instead, the
new Growth shares or Income shares, whichever the case may
be, will be treated as having been acquired on the same date
and for the same attributable base cost as the Income shares
or Growth shares from which they were derived.
Conversion Process
Minimum level
The Board may, in its sole and absolute discretion, specify
a minimum number of converting shares which are to be
converted by a shareholder in the case of either the Income
shares or Growth shares.
The minimum amount for the 12 November 2026 Conversion
is 1,000 shares per shareholder or the whole shareholding,
whichever is lower.
The Board will specify a minimum net value of assets to be
transferred from a Portfolio on any Conversion Date, and
may change any such minimum from time to time. If, on any
Conversion Date, the value of the assets to be so transferred
is less than such specified minimum, then the Board may, in its
sole and absolute discretion, cancel any such conversion.
The minimum net value of assets in aggregate for the
12 November 2026 Conversion is £250,000. A significant
minimum has to be set in order to justify the costs of the
exercise.
Maximum level
The Board may set a maximum number of Growth shares or
Income shares which may be converted on any Conversion
Date and may change such maximum from time to time. If on
a Conversion Date, the number of Growth shares or Income
shares for which conversion notices have been delivered would
exceed the limit, the shares will be reduced pro rata.
The maximum amount for the 12 November 2026 Conversion
is 10% of the Income shares and 10% of the Growth shares
in issue.
Conversion ratio
Shares will be converted into the other share class by reference
to the ratio of the relative underlying NAVs of the Growth shares
and Income shares (as set out in more detail in the Company’s
Articles of Association). Only the Income shareholders are
entitled to receive dividends. The Company shall announce the
Conversion Ratio applicable on the Conversion Date or Deferred
Conversion Date and the number of resulting shares. The Board
has discretion to defer the Conversion Date, inter alia, in the
event that the level of conversions is above a certain materiality
threshold in order to facilitate realignment of the Company’s
Portfolios in order to effect the conversions in as effective a
manner as possible. The Deferred Conversion Date will under
normal circumstances not be more than one month later than the
originally stated Conversion Date.
Result
Within the Company announcement referenced above, the date
CREST accounts will be credited will be confirmed.
It is anticipated that, within nine working days of the
Conversion Date or the Deferred Conversion Date:
– the Company will send to each holder of converting shares
that are in certificated form a definitive certificate for the
appropriate number of shares arising on conversion and a
new certificate for any unconverted shares; and
– the Manager will send to each holder of converting shares
held in the Manager’s savings plans, confirmation of the
number of shares converted and the number of shares
arising on conversion.
No share certificates will be issued in respect of any Deferred
shares arising as a result of the conversion. These Deferred
shares have no economic value and will be transferred to a
nominee holder and bought back for nil consideration by the
Company and cancelled in accordance with the Company’s
Articles of Association.
Income shares arising on Conversion will carry the right to
receive all dividends declared by reference to a record date
falling after the Conversion Date or Deferred Conversion Date.
Income shares which are converted into Growth shares will
carry the right to receive all dividends declared by reference to
a record date falling prior to the Conversion Date or Deferred
Conversion Date but not on or thereafter.
Shareholder Information
92 | CT Global Managed Portfolio Trust PLC
Other Information
Market price of Income shares and Growth shares
The mid-market price for the Income shares and Growth shares
on the first dealing day in each of the last six months, and
28 August 2026, being the latest practicable date before the
approval of the Annual Report and Financial Statements, were:
Income
shares (p)
Growth
shares (p)
2 March 2026 129.5 314.0
1 April 2026 122.5 294.0
1 May 2026 126.0 302.0
1 June 2026 131.5 324.0
1 July 2026 132.0 323.0
3 August 2026 131.5 321.0
28 August 2026 131.0 327.0
This is not a recommendation to convert, or not to convert,
any of your shares. The conversion facility is not available to
overseas shareholders except where appropriate confirmation
has been provided to the Directors and the Directors are
satisfied that it would be lawful for the conversion facility to
apply under the relevant overseas laws and regulations.
Future conversions
It is intended that, following the next conversion on
12 November 2026, the conversion facility will be offered
annually or close to annually thereafter.
How do I convert?
If you hold your shares:
1. In a Columbia Threadneedle Investments savings plan,
please download a ‘PLAN CONVERSION INSTRUCTION’ Form
from the website at ctglobalmanagedportfolio.co.uk, which
will be available from 3 September 2026.
The ‘PLAN CONVERSION INSTRUCTION’ Form must be
received by 5pm on 23 October 2026 in respect of the
12 November 2026 Conversion Date.
2. In certificated form, please download a ‘CERTIFICATED
CONVERSION NOTICE’ Form from the website at
ctglobalmanagedportfolio.co.uk, which will be available from
3 September 2026.
The ‘CERTIFICATED CONVERSION NOTICE’ Form must be
received by 5pm on 30 October 2026 in respect of the
12 November 2026 Conversion Date.
Information on what to do if you have lost any or all of your
share certificates and how to obtain a letter of indemnity is
also included on the form.
3. In uncertificated form (that is in CREST) then please follow the
instructions on the website at ctglobalmanagedportfolio.co.uk,
which will be available from 3 September 2026.
4. Through an investment platform, such as Hargreaves
Lansdown, AJ Bell or Interactive Investor, then the platform
may contact you regarding the conversion process. In the
event that you wish to make a conversion, but have not been
contacted by your platform, you should contact them directly.
This is not a recommendation to convert, or not to convert, any
of your shares.
Share Prices and Daily Net Asset Value
The Company’s Income shares and Growth shares are traded
on the London Stock Exchange. The net asset value of the
Company’s shares are released to the market daily, on the working
day following the calculation date. They are available, with other
regulatory information, through the National Storage Mechanism
at data.fca.org.uk or can be obtained by contacting Columbia
Threadneedle’s Investor Services Team on 0345 600 3030.
Dividends
Dividends on Income shares are currently paid quarterly in
July, October, January and April each year. As explained in the
Chairman’s Statement, the Board intends that, with effect
from the financial year beginning 1 June 2027, the frequency
of dividend payments will change from quarterly to monthly.
Shareholders on the main register, who wish to have dividends
paid directly into a bank account, rather than by cheque to
their registered address, can complete a mandate form for
that purpose. Mandates may be obtained from the Company’s
Registrar, Equiniti Limited (see back cover page for contact
details), on request.
Change of Address
Communications with shareholders are mailed to the address
held on the share register. In the event of a change of address or
other amendment for main register holders this should be notified
to Equiniti Limited, under the signature of the registered holder.
The Company conducts its affairs so that its Income shares
and Growth shares can be recommended by IFAs to ordinary
retail investors in accordance with the Financial Conduct
Authority’s rules relating to non-mainstream investment
products and intends to continue to do so.
Data Protection
The Company is committed to protecting and respecting the
confidentiality, integrity and security of the personal data it
holds. For information on the processing of personal data,
please see the privacy policy on the Company’s website.
Profile of the Company’s ownership
% of Income shares held at 31 May 2026 % of Growth shares held at 31 May 2026
Columbia Threadneedle Investments savings plans 64.1% Columbia Threadneedle Investments savings plans 84.6%
Individuals, retail platforms and other shareholders 35.9% Individuals, retail platforms and other shareholders 15.4%
100.0% 100.0%
Annual Report and Financial Statements 2026 | 93
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
How to Invest
Other Information
Our adult products
Columbia Threadneedle offer three different products for those
over 18 to suit your needs. The minimum opening investment
amount for an adult product is £2,000 and you can then invest
from £25 a month or make additional one-off investments
from £100.
CT Individual Savings Account (ISA)
You can use your ISA allowance to make an annual tax efficient
investment of up to £20,000 for the current tax year. You can
also transfer any existing ISAs to us whilst maintaining the
taxbenefits.
CT Lifetime Individual Savings Account (LISA)
For those aged 18-39, a LISA could help towards purchasing
your first home or retirement in later life. Invest up to £4,000
for the current tax year and receive a 25% Government bonus
up to £1,000 per year.
CT General Investment Account (GIA)
This is a flexible way to invest in our range of Investment Trusts
with no maximum contributions.
Our child products
Columbia Threadneedle also offer three different products for
children. The minimum opening investment amount for these
is £1,000 and you can then invest from £25 a month or make
additional one-off investments from £100.
CT Junior Individual Savings Account (JISA)*
A tax efficient way to invest up to £9,000 per tax year for a
child. JISAs with other providers can be transferred to Columbia
Threadneedle.
CT Junior Investment Account (JIA)
This is a flexible way to save for a child in our range of
Investment Trusts. There are no maximum contributions, and
the plan can easily be set up under bare trust (where the child
is noted as the beneficial owner) or kept in your name if you
wish to retain control over the investment.
CT Child Trust Fund (CTF)*
If your child already has a CTF, you can invest up to £9,000 per
birthday year. CTFs with other providers can be transferred to
Columbia Threadneedle.
* The CTF and JISA accounts are opened by parents in the child’s name and they
have access to the money at age 18
Charges
Annual management charges and other charges apply
according to the type of Savings Plan, these can be found on
the relevant product Pre-sales Cost & Charges disclosure on
our website www.ctinvest.co.uk.
Annual account charge
ISA/LISA: £60+VAT
GIA: £40+VAT
JISA/JIA/CTF: £25+VAT
You can pay the annual charge from your account, or by Direct
Debit (in addition to any annual subscription limits).
Dealing charges
£12 per fund (reduced to £0 for deals placed through the online
Columbia Threadneedle Investor Portal) for ISA/GIA/LISA/
JIA and JISA. There are no dealing charges on a CTF. Dealing
charges apply when shares are bought or sold but not on the
reinvestment of dividends or the investment of monthly direct
debits. Government stamp duty of 0.5% also applies on the
purchase of shares (where applicable).
The value of investments can go down as well as up and you
may not get back your original investment. Tax benefits depend
on your individual circumstances and tax allowances and rules
may change. Please ensure you have read the full Terms and
Conditions, Privacy Policy and relevant Key Features documents
before investing. For regulatory purposes, please ensure you
have read the Pre-sales Cost & Charges disclosure related to the
product you are applying for, and the relevant Key Information
Documents (KIDs) for the investment trusts you want to invest in,
these can be found at www.ctinvest.co.uk/documents.
How to Invest
To open a new Columbia Threadneedle Savings Plan, apply online
at www.ctinvest.co.uk. Online applications are not available if you
are transferring an existing Savings Plan with another provider to
Columbia Threadneedle, or if you are applying for a new Savings
Plan in more than one name but paper applications are available
at www.ctinvest.co.uk/documents or by contacting Columbia
Threadneedle.
New Customers
Call: 0345 600 3030** (9.00am – 5.00pm, weekdays)
Email: invest@columbiathreadneedle.com
Existing Plan Holders
Call: 0345 600 3030** (9.00am – 5.00pm, weekdays)
Email: investor.enquiries@columbiathreadneedle.com
By post: Columbia Threadneedle Management Limited, PO Box
11114, Chelmsford, CM99 2DG
You can also invest through online dealing platforms
One of the most convenient ways to invest in CT Global Managed Portfolio Trust PLC is through one of the savings plans run
by Columbia Threadneedle Investments.
To find out more, visit www.ctinvest.co.uk
0345 600 3030 9.00am – 5.00pm, weekdays
**Calls may be recorded or monitored for training and quality purposes
Capital at risk.
The material relates to an investment trust and its Income shares and Growth shares are traded on the main market of the London Stock Exchange. The Investor Disclosure Document, Key Information Document (KID),
latest annual or half year reports and the applicable terms & conditions are available from Columbia Threadneedle Investments, Cannon Place, 78 Cannon Street, London EC4N 6AG, your financial advisor and/or on our
website www.columbiathreadneedle.com. Please read the Investor Disclosure Document before taking any investment decision. This material should not be considered as an offer, solicitation, advice or an investment
recommendation. This communication is valid at the date of publication and may be subject to change without notice. Information from external sources is considered reliable but there is no guarantee as to its accuracy
or completeness. In the UK: Issued by Columbia Threadneedle Management Limited, No. 517895, registered in England and Wales and authorised and regulated in the UK by the Financial Conduct Authority. Columbia
Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved. WF3233148 (01/26) UK. Expiration Date: 31/01/27
94 | CT Global Managed Portfolio Trust PLC
Other Information
Performance
As at 31 May
Growth shares Income shares Comparator indices
NAV total
return
Share price
total return
NAV total
return
Share price
total return
FTSE All-
Share Index
total return
FTSE All-Share
Closed End
Investments
Index total
return
Consumer
Price Index
2012 -12.6% -14.7% -6.6% -6.7% -8.0% -10.2% 2.8%
2013 32.8% 32.3% 34.2% 33.2% 30.1% 29.3% 2.7%
2014 9.3% 10.6% 6.0% 9.0% 8.9% 6.9% 1.5%
2015 12.8% 14.0% 10.0% 9.8% 7.5% 13.0% 0.1%
2016 -4.5% -3.9% -4.8% -7.6% -6.3% -2.5% 0.3%
2017 26.4% 26.8% 24.5% 28.8% 24.5% 29.9% 2.9%
2018 11.0% 10.6% 3.0% 2.7% 6.5% 8.1% 2.4%
2019 -0.5% -1.4% 2.5% 2.5% -3.2% 3.5% 2.0%
2020 1.5% 2.9% -7.3% -8.0% -11.2% 3.0% 0.5%
2021 32.5% 30.7% 29.0% 28.2% 23.1% 33.2% 2.1%
2022 -11.4% -11.9% -1.5% -4.4% 8.3% -7.7% 9.1%
2023 -5.8% -7.8% -7.4% -2.1% 0.4% -4.4% 8.7%
2024 12.7% 12.9% 7.0% 5.2% 15.4% 12.3% 2.0%
2025 2.5% 1.6% 4.2% 3.8% 9.4% 4.4% 3.4%
2026 25.1% 25.6% 23.3% 21.2% 21.6% 27.6% 2.8%
The table above shows three comparator indices for information purposes, which will be adopted on 2 September 2026. Prior to
that date, the Company used the FTSE All-Share Index as a benchmark index.
Other Key Statistics
As at 31 May
Growth shares Income shares
NAV
Share
price
Average
+premium/
-discount
(3)
to NAV
Ongoing
charges
(2)
NAV
Share
price
Average
+premium/
-discount
(3)
to NAV
Dividends
per share
Ongoing
charges
(2)
2012 93.97p 93.0p 0.9% 1.59% 91.86p 91.5p 0.8% 4.5p 1.44%
2013 124.78p 123.0p -2.7% 1.24% 117.68p 116.5p -2.1% 4.6p 1.24%
2014 136.41p 136.0p -0.6% 1.17% 119.85p 122.0p 0.2% 4.8p 1.16%
2015 153.92p 155.0p 0.6% 1.15% 126.37p 128.5p 1.6% 5.0p 1.16%
2016 147.02p 149.0p 1.2% 1.09% 114.98p 113.5p 0.9% 5.2p 1.09%
2017 185.78p 189.0p -0.4% 1.08% 136.93p 140.0p 0.1% 5.45p 1.12%
2018 206.23p 209.0p 1.1% 1.02% 135.29p 138.0p 1.6% 6.5p
(1)
1.07%
2019 205.17p 206.0p 0.7% 1.01% 131.81p 134.5p 0.9% 5.95p 1.08%
2020 208.35p 212.0p 0.0% 1.03% 115.71p 117.5p 1.2% 6.1p 1.10%
2021 276.01p 277.0p 0.1% 1.03% 142.22p 143.5p -0.1% 6.2p 1.08%
2022 244.41p 244.0p 1.0% 0.96% 133.67p 131.0p 1.0% 6.65p 1.04%
2023 230.12p 225.0p -0.4% 1.07% 116.41p 121.0p 0.7% 7.2p 1.17%
2024 259.29p 254.0p -2.5% 1.11% 116.51p 119.0p -0.2% 7.4p 1.20%
2025 265.86p 258.0p -1.8% 1.11% 113.36p 115.5p 0.8% 7.6p 1.22%
2026 332.59p 324.0p -1.8% 1.03% 130.77p 131.0p 0.6% 7.85p 1.07%
(1)
Including special dividend of 0.8p per share.
(2)
Excluding performance fee and ongoing charges of underlying funds. (The performance fee was removed in September 2022.)
(3)
Based on the average +premium/-discount for the financial year ended 31 May.
Source: Columbia Threadneedle Investments and Refinitiv Eikon.
15 Year Historic Record
Annual Report and Financial Statements 2026 | 95
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Other Information
The Company uses the following APMs. These are not statutory accounting measures and are not intended as a substitute for
statutory measures.
Total return – the return to shareholders calculated on a per share basis taking into account both any dividends paid in the year
and the increase or decrease in the share price or NAV in the year. The dividends are assumed to have been re-invested in the
form of shares or net assets, respectively, on the date on which the shares were quoted ex-dividend.
The effect of reinvesting these dividends on the respective ex-dividend dates and the share price total returns and NAV total
returns are shown below.
31 May 2026 31 May 2025
Growth
shares
Income
shares
Growth
shares
Income
shares
Share price per share at start of financial year 258.0p 115.5p 254.0p 119.0p
Share price per share at end of financial year 324.0p 131.0p 258.0p 115.5p
Change in the year 25.6% 13.4% 1.6% -2.9%
Impact of dividend reinvestment
(1)
n/a 7.8% n/a 6.7%
Share price total return for the year 25.6% 21.2% 1.6% 3.8%
(1)
During the year ended 31 May 2026 dividends totalling 7.75p went ex-dividend with respect to the Income shares. During the year ended 31 May 2025 the equivalent
figures was 7.55p.
31 May 2026 31 May 2025
Growth
shares
Income
shares
Growth
shares
Income
shares
NAV per share at start of financial year 265.86p 113.36p 259.29p 116.51p
NAV per share at end of financial year 332.59p 130.77p 265.86p 113.36p
Change in the year 25.1% 15.4% 2.5% -2.7%
Impact of dividend reinvestments
(1)
n/a 7.9% n/a 6.9%
NAV total return for the year 25.1% 23.3% 2.5% 4.2%
(1)
During the year ended 31 May 2026 dividends totalling 7.75p went ex-dividend with respect to the Income shares. During the year ended 31 May 2025 the equivalent
figures was 7.55p.
Compound annual total return – converts the total return over a period of more than one year to a constant annual rate of return
applied to the compounded value at the start of each year.
31 May 2026
Growth
shares
Income
shares
Indexed Share price total return at 31 May 2016 100.0 100.0
Indexed Share price total return at 31 May 2026 217.4 198.1
Period (years) 10.0 10.0
Compound annual total return 8.1% 7.1%
31 May 2026
Growth
shares
Income
shares
Indexed NAV total return at 31 May 2016 100.0 100.0
Indexed NAV total return at 31 May 2026 226.2 197.2
Period (years) 10.0 10.0
Compound annual total return 8.5% 7.0%
Alternative Performance Measures (‘APMs’)
96 | CT Global Managed Portfolio Trust PLC
Other Information
Discount/premium – the share price of an investment company is derived from buyers and sellers trading their shares on the stock
market. This price is not identical to the net asset value (‘NAV’) per share of the underlying assets less liabilities of the Company.
If the share price is lower than the NAV per share, the shares are trading at a discount. This usually indicates that there are more
sellers of shares than buyers. Shares trading at a price above NAV per share are trading at a premium, usually indicating there are
more buyers of shares than sellers.
31 May 2026 31 May 2025
Growth
shares
Income
shares
Growth
shares
Income
shares
Net asset value per share (a) 332.59p 130.77p 265.86p 113.36p
Share price (b) 324.00p 131.00p 258.00p 115.50p
+Premium/-discount (c=(b-a)/(a)) (c) -2.6% +0.2% -3.0% +1.9%
Average discount/premium to NAV during the financial year – this is the average difference between the share price and NAV per
share during the financial year.
Yield – the total annual dividend per Income share expressed as a percentage of the year-end share price.
31 May 2026 31 May 2025
Annual dividend (a) 7.85p 7.60p
Income share price (b) 131.0p 115.5p
Yield (c = a/b) (c) 6.0% 6.6%
Three-year dividend increase – the increase of the total annual dividend per Income share over the last three financial years.
31 May 2026
Annual dividend for the 2023 financial year 7.20p
Annual dividend for the 2026 financial year 7.85p
Three-year dividend increase 9.0%
The aim of increasing dividends by at least as much as inflation (as measured by CPI) over rolling three-year periods (based on
financial years) was first adopted for the three-year period which ended 31 May 2026.
Ongoing charges – all operating costs (attributable to the relevant share class of the Company), incurred and expected to be
incurred in the foreseeable future, whether charged to capital or revenue in the Company’s Income Statement, expressed as a
proportion of the average daily net assets (of the relevant share class of the Company) over the financial year. In accordance with
the AIC methodology, the costs of buying and selling investments are excluded in calculating ongoing charges, as are the cost of the
Company’s borrowings, taxation, non-recurring costs and the costs of buying back or issuing shares. The Company’s ongoing charges
calculated in accordance with this methodology are shown in column A in the following tables.
The AIC recommends that investment companies with a substantial proportion of their portfolio invested in other funds and
where the relevant information is readily available should consider incorporating a relevant proportion of ongoing charges of the
underlying funds into its own ongoing charges figure. These calculations are shown in column B in the following tables.
Ongoing charges calculations – Growth Portfolio
31 May 2026 31 May 2025
Column A
(1)
£’000
Column B
(2)
£’000
Column A
(1)
£’000
Column B
(2)
£’000
Investment management fee 617 617 594 594
Other expenses 426 426 443 443
Less non-recurring costs (22) (22) (15) (15)
Plus non-recurring credits 11 11 – –
Ongoing charges of underlying funds – 1,096 – 833
Total (a) 1,032 2,128 1,022 1,855
Average daily net assets (b) 99,853 99,853 91,989 91,989
Ongoing charges (c = a/b) (c) 1.03% 2.13% 1.11% 2.02%
(1)
Excluding ongoing charges of underlying funds.
(2)
Including ongoing charges of underlying funds.
Annual Report and Financial Statements 2026 | 97
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Other Information
Ongoing charges calculations – Income Portfolio
31 May 2026 31 May 2025
Column A
(1)
£’000
Column B
(2)
£’000
Column A
(1)
£’000
Column B
(2)
£’000
Investment management fee 448 448 428 428
Other expenses 296 296 301 301
Less non-recurring costs (17) (17) (7) (7)
Plus non-recurring credits 8 8 – –
Ongoing charges of underlying funds – 708 – 566
Total (a) 735 1,443 722 1,288
Average daily net assets (b) 68,964 68,964 59,328 59,328
Ongoing charges (c = a/b) (c) 1.07% 2.09% 1.22% 2.17%
(1)
Excluding ongoing charges of underlying funds.
(2)
Including ongoing charges of underlying funds.
Net gearing/net cash – this is calculated by expressing the Company’s borrowings less cash and cash equivalents as a percentage
of shareholders’ funds. If the amount calculated is positive, this is described as net gearing. If the amount calculated is negative,
this is described as net cash.
31 May 2026 31 May 2025
Growth
shares
£’000
Income
shares
£’000
Growth
shares
£’000
Income
shares
£’000
Borrowings – 7,000 – 7,000
Less cash and cash equivalents (2,243) (1,790) (3,592) (1,332)
(2,243) 5,210 (3,592) 5,668
Shareholders’ funds 113,027 79,610 91,405 60,975
-Net cash/net gearing -2.0% 6.5% -3.9% 9.3%
98 | CT Global Managed Portfolio Trust PLC
Other Information
AAF – Audit and Assurance Faculty guidance issued by the
Institute of Chartered Accountants in England and Wales.
AIC – The Association of Investment Companies, the trade body
for listed closed-end investment companies.
AIFMD – the UK version of the Alternative Investment Fund
Managers Directive (including all implementing and delegated
legislation and as it forms part of UK law following Brexit).
Issued by the European Parliament in 2012 and 2013, the
Directive required that all alternative investment vehicles
in the European Union, including investment trusts, appoint
a Depositary and an Alternative Investment Fund Manager
before 22 July 2014. The Board of Directors of an investment
trust, nevertheless, remain fully responsible for all aspects
of the company’s strategy, operations and compliance
with regulations.
Alternative investment companies/sub-sector – investment
companies which invest mainly in unlisted, illiquid assets such
as infrastructure, renewable energy infrastructure, property,
private equity and debt.
Benchmark – the FTSE All-Share Index, being the benchmark
against which the increase or decrease in the Company’s net
asset values and share prices were measured prior to the
adoption of the comparator indices on 2 September 2026.
Closed-end company – a company, including an investment
trust, with a fixed issued ordinary share capital which is
traded on an exchange at a price not necessarily related to
the net asset value of the company and in which shares can
only be issued or bought back by the company in certain
circumstances.
Comparator indices – the comparators against which, from
2 September 2026, the Company will show the performance
of each share class, being: the FTSE All-Share Closed End
Investments Index, which is aligned with the Company’s
investment policy because it is made up only of UK-listed
investment companies; the FTSE All-Share Index, which
many UK retail investors may see as a broad alternative for
their money; and the UK Consumer Price Index, which helps
shareholders see whether their investment is keeping ahead of
the rising cost of living.
Compound annual total return – the compound annual return
converts the total return over a period of more than one
year to a constant annual rate of total return applied to the
compounded value at the start of each year.
Conventional investment companies/sub-sector – investment
companies which invest mainly in listed securities.
Cum-dividend – shares are classified as cum-dividend when
the buyer of a security is entitled to receive a dividend that has
been declared, but not paid. Shares which are not cum-dividend
are described as ex-dividend.
Custodian – a specialised financial institution responsible
for safeguarding, worldwide, the listed securities and certain
cash assets of the Company, as well as the income arising
therefrom, through provision of custodial, settlement and
associated services. The Company’s Custodian is JPMorgan
Chase Bank.
Depositary – under AIFMD rules which have applied from July
2014, the Company must appoint a Depositary, whose duties
in respect of investments, cash and similar assets include:
safekeeping; verification of ownership and valuation; and cash
monitoring. The Depositary has strict liability for the loss of assets
that constitute financial instruments under the AIFMD in its
custody and is obliged to maintain oversight of matters such as
share buy-backs, dividend payments and adherence to investment
limits. The Company’s Depositary is JPMorgan Europe Limited.
Derivative – a contract between two or more parties, the
value of which fluctuates in accordance with the value of an
underlying security or index. The contract is usually short-
term (for less than one year). Examples of derivatives are Put
and Call Options, Swap Contracts, Futures and Contracts for
Difference. A derivative can be an asset or a liability and is a
form of gearing because the fluctuations in its value are usually
greater than the fluctuations in the underlying security’s or
index’s value.
Dividend dates – reference is made in announcements of
dividends to three dates. The ‘ex-dividend’ or ‘XD’ date is the
date at which the shareholder needs to hold the shares in
order to be entitled to receive the next dividend. As it takes
time for a stock purchase to be recorded on the register,
dividends are actually paid to the holders of shares on the
share register on the ‘record’ date. If a share transfer prior to
the ex-dividend date is not recorded on the register before the
record date, the selling party will need to pass on the benefit or
dividend to the buying party. The ‘ex-dividend’ date is currently
the business day prior to the record date. The ‘payment’ date
is the date that dividends are credited to shareholders’ bank
accounts. This may be several weeks or even months after the
record date.
Ex-dividend – shares are classified as ex-dividend when the
buyer of a security is not entitled to receive a dividend that has
been declared, but not paid.
Glossary of Terms
Annual Report and Financial Statements 2026 | 99
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Other Information
Gearing – this is the ratio of the borrowings of the Company to
its net assets. Borrowings have a ‘prior charge’ over the assets
of a company, ranking before shareholders in their entitlement
to capital and/or income. They include overdrafts and short
and long-term loans from banks and derivative contracts. If the
Company has cash assets, these may be assumed either to
net off against borrowings, giving a ‘net’ or ‘effective’ gearing
percentage, or to be used to buy investments, giving a ‘gross’
or ‘fully invested’ gearing figure. Where cash assets exceed
borrowings, the Company is described as having ‘net cash’.
The Company’s maximum permitted level of gearing is set by
the Board and is described within the Strategic Report.
Growth shares – a form of Ordinary share issued by the
Company. The net asset value attributable to each Growth
share is equal to the net asset value of the Growth Portfolio
divided by the total number of Growth shares in issue
(excluding any Growth shares held in treasury). The Growth
shares are not entitled to dividends paid by the Company.
Income shares – a form of Ordinary share issued by the
Company. The net asset value attributable to each Income
share is equal to the net asset value of the Income Portfolio
divided by the total number of Income shares in issue
(excluding any Income shares held in treasury). The Income
shares are entitled to dividends paid by the Company.
Investment company (Section 833) – UK company law allows
an investment company to make dividend distributions out of
realised distributable reserves, even in circumstances where
it has made capital losses in any year provided the company’s
assets remaining after payment of the dividend exceed 150%
of its liabilities. An investment company is defined as investing
its funds in shares, land or other assets with the aim of
spreading investment risk.
Investment trust taxation status (Section 1158) – UK corporation
tax law allows an investment company (referred to in tax law
as an investment trust) to be exempted from tax on its profits
realised on investment transactions, provided it complies
with certain rules. These are similar to Section 833 company
law rules but further require that the Company must be listed
on a regulated market and that it cannot retain more than
15% of income received (set out in note 8 to the financial
statements). The Report of the Directors contains confirmation
of the Company’s compliance with this law and its consequent
exemption from taxation on capital gains.
Manager – Columbia Threadneedle Investment Business
Limited, which is ultimately owned by Columbia Threadneedle
Investments, the global investment management business
of Ameriprise Financial, Inc., a company incorporated in the
United States. The responsibilities and remuneration of the
Manager are set out in the Purpose, Strategy and Business
Model, Report of the Directors and notes 4 and 5 to the
financial statements.
Market capitalisation – the stock market quoted price of the
Company’s shares multiplied by the number of shares in issue.
If the Company’s shares trade at a discount to NAV, the market
capitalisation will be lower than the net asset value.
Net asset value (NAV) – the assets less the liabilities of the
Company, as set out on the Balance Sheet, all valued in
accordance with the Company’s accounting policies (see note
1 to the financial statements) and United Kingdom Accounting
Standards. The net assets correspond to equity shareholders’
funds, which comprise the share capital account, share
premium, capital redemption reserve, 2022 special reserve,
2008 special reserve and capital and revenue reserves.
Non-executive Director – a Director who has a contract for
services, rather than a contract of employment, with the
Company. The Company does not have any executive Directors.
Non-executive Directors’ remuneration is described in detail
in the Directors’ Remuneration Report. The duties of the
Directors, who govern the Company through the auspices
of a Board and Committees of the Board, are set out in the
Statement of Corporate Governance.
SORP – Statement of Recommended Practice. Where
consistent with the requirements of UK Generally Accepted
Accounting Practice, the financial statements of the Company
are drawn up in accordance with the Investment Trust SORP,
issued by the AIC, as described in note 1 to the financial
statements.
100 | CT Global Managed Portfolio Trust PLC
Other Information
Directors
David Warnock (Chairman)
(1)
Shauna L Bevan
(2)
Sue P Inglis
(3)
Roland G Spencer
(4)
(appointed 19 February 2026)
Alternative Investment Fund Manager (‘AIFM’),
Manager and Company Secretary
Columbia Threadneedle Investment Business Limited
Quartermile 4
7a Nightingale Way
Edinburgh EH3 9EG
Auditor
BDO LLP
30 Semple Street
Edinburgh EH3 8BL
Broker
Winterflood Investment Trusts
Riverbank House
2 Swan Lane
London EC4R 3GA
Depositary
JPMorgan Europe Limited
25 Bank Street
Canary Wharf
London E14 5JP
Bankers and Custodian
JPMorgan Chase Bank
25 Bank Street
Canary Wharf
London E14 5JP
Bankers
The Royal Bank of Scotland International Limited
(London Branch)
440 Strand
London WC2R 0QS
Solicitors
Dickson Minto LLP
6 St Andrew Square
Edinburgh EH2 2BD
Company Number
SC338196
Website
ctglobalmanagedportfolio.co.uk
London Stock Exchange (TIDM) codes
CMPI (Income shares)
CMPG (Growth shares)
Corporate Information
(1)
Chairman of Management Engagement Committee
(2)
Chairman of Nomination Committee
(3)
Senior Independent Director and Chairman of Audit Committee
(4)
Chairman of Marketing Committee
CT Global Managed Portfolio Trust PLC
Annual Report and Financial Statements 2026
Contact us
Registered office:
Quartermile 4, 7a Nightingale Way, Edinburgh EH3 9EG
Tel: 0131 573 8300
Registrars:
Equiniti
Highdown House
Yeoman Way
Worthing
West Sussex BN99 3HH
Registrars’ Shareholder Helpline: +44 (0)371 384 2923
*
www.shareview.co.uk
To find out more visit columbiathreadneedle.com
© 2026 Columbia Threadneedle Investments. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.
*
Lines open 8.30 am to 5.30 pm, Monday to Friday, excluding public holidays in England and Wales.