CT Global Managed

Portfolio Trust PLC

For the year ended: 31 May 2024

Annual Report and Financial Statements

Report and Financial Statements 2024 | 1

Overview

Contents

Overview

Company Overview 2

Strategic Report

Chairman’s Statement 3

Income Shares – 2024 Highlights 6

Income Shares – Long-term Summary 7

Income Shares – Investment Portfolio 8

Growth Shares – 2024 Highlights 10

Growth Shares – Long-term Summary 11

Growth Shares – Investment Portfolio 12

Purpose, Strategy and Business Model 14

Key Performance Indicators 16

Investment Manager’s Review 17

Responsible Investment 23

Promoting the Success of the Company 25

Principal Risks and Uncertainties and Viability Statement 27

Policy Summary 30

Governance Report

Board of Directors 33

Report of the Directors 34

Corporate Governance Statement 41

Report of the Nomination Committee 44

Report of the Management Engagement Committee 45

Report of the Audit Committee 46

Report of the Marketing Committee 50

Directors’ Remuneration Report 51

Statement of Directors’ Responsibilities 54

Independent Auditor’s Report 55

Financial Report

Financial Statements 61

Notes to the Financial Statements 66

AIFMD Disclosures 88

Notice of Meeting

Notice of Annual General Meeting 89

Other Information

Capital Structure 94

Shareholder Information 95

How to Invest 97

Historic Record 98

Alternative Performance Measures (‘APMs’) 99

Glossary of Terms 103

Corporate Information 105

Financial Calendar

Annual General Meeting 2 October 2024

Deadlines for submitting conversion instructions:

– for Columbia Threadneedle Investments savings plan investors

– for non-Columbia Threadneedle Investments savings plan investors

20 September 2024

27 September 2024

First interim dividend paid (XD Date 12 September 2024) 11 October 2024

Share conversion facility date 24 October 2024

Second interim dividend paid (XD Date 12 December 2024) 10 January 2025

Announcement of interim results for six months to 30 November 2024 January 2025

Third interim dividend paid (XD Date 13 March 2025) 11 April 2025

Fourth interim dividend paid (XD Date 12 June 2025) 11 July 2025

Announcement of annual results for year ended 31 May 2025 July 2025

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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

Company Overview

CT Global Managed Portfolio Trust PLC (the 'Company') is an investment trust and was launched

on 16 April 2008. Its shares are listed on the premium segment of the Official List of the

Financial Conduct Authority and traded on the main market of the London Stock Exchange.

Purpose

The purpose of the Company is to provide investors with access to a broad spread of investment

companies, covering a variety of geographies, sectors and investment managers, with the objective

of providing both income and growth, while spreading investment risk.

Share Classes

The Company has two classes of shares with two separate investment portfolios:

– the Income shares, where the investment focus is to provide an attractive level of income,

together with some capital growth; and

– the Growth shares, where the investment focus is to achieve capital growth.

The ability to switch between the two share classes annually, in a tax efficient manner, offers

flexibility to those investors whose requirements may change over time.

The benchmark index for both the Income Portfolio and the Growth Portfolio is the FTSE

All-Share Index.

Visit our website at ctglobalmanagedportfolio.co.uk

The Company is registered in Scotland with company registration number SC338196

Legal Entity Identifier: 213800ZA6TW45NM9YY31

Report and Financial Statements 2024 | 3

Strategic Report

Performance

For the Company’s financial year ended 31 May 2024 the

NAV total return (capital performance plus the reinvestment

of any dividends paid) was +7.0% for the Income shares and

+12.7% for the Growth shares, both of which underperformed

the +15.4% total return for the FTSE All-Share Index, the

benchmark index for both share classes. Of relevance and for

interest, the FTSE All-Share Closed End Investments Index total

return was +12.2% for the year.

Both Portfolios invest in a range of conventional investment

companies (which invest mainly in listed securities) and

alternative investment companies (which invest mainly in

unlisted, illiquid assets such as infrastructure, renewable

energy infrastructure, property, private equity and debt).

A key factor behind the underperformance of the Income

Portfolio was the performance of certain alternative investment

companies. Discounts remained wide and interest rates which

stayed ‘higher for longer’ led to reduced NAVs and share

prices. In particular, this affected investment companies in the

infrastructure, renewable energy infrastructure, property and

debt sub-sectors where the Income Portfolio has a much higher

exposure than the Growth Portfolio. Performance is discussed

in greater depth in the Manager’s Review.

For Income shareholders, dividends have now been increased

in each of the last 13 years. For Growth shareholders seeking

long term performance, while the last few financial years have

been difficult, their net asset value compound annual growth

rates to 31 May 2024 have been 6.6% over 10 years and 9.1%

over 15 years, as compared to the compound annual growth

rates of 5.9% and 8.6% respectively for the FTSE All-Share

Index (total return) for the same periods.

Revenue and Dividends

For the financial year ended 31 May 2024, four interim

dividends have now been paid, totalling 7.40p per Income

share, which represents an increase of 2.8% from the prior

financial year (2023: 7.20p per Income share). The fourth

interim dividend was paid after the year end on 5 July 2024.

This is the thirteenth consecutive year of increase and the

yield on the Income shares was 6.2% on the year end Income

share price, compared with 3.6% for the FTSE All-Share Index.

The last five years have seen tumultuous events and shocks

which have led to periods of significantly increased inflation

and economic disruptions. It is hopefully therefore reassuring

that the total annual dividend has increased by 24.4%, the

equivalent of 4.5% compound per year over the last five years.

This is marginally ahead of inflation (CPI) of 24.1% over the

same period.

In the absence of unforeseen circumstances, it is the Board’s

current intention, in accordance with the Company’s stated

dividend policy, to pay four quarterly interim dividends and

each of at least 1.85p per Income share so that the aggregate

dividends for the financial year ended 31 May 2025 will be at

least 7.40p per Income share.

Strategic Report

This Strategic Report, which includes pages 3 to 32 and incorporates the Chairman’s Statement, has

been prepared in accordance with the Companies Act 2006.

David Warnock, Chairman

Chairman’s Statement

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4 | CT Global Managed Portfolio Trust PLC

Strategic Report

After allowing for the payment of the fourth interim dividend,

CT Global Managed Portfolio Trust has a revenue reserve

of £2.87 million, equivalent to approximately 75% of the

current annual dividend cost (at 7.40p 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

Portfolio. This reserve can be drawn on to support the payment

of dividends to Income shareholders if and when considered

appropriate by the Board.

Borrowing

The Company has a £5 million unsecured term loan at a fixed

interest rate of 2.78% (which is fully drawn down in the Income

Portfolio) and a £5 million unsecured revolving credit facility

(‘RCF’), both with The Royal Bank of Scotland International

Limited, which are available until 10 February 2025. At the

year end £2 million (2023: £2 million) of the RCF had also

been drawn down in the Income Portfolio, resulting in total

borrowings of £7 million (2023: £7 million) in the Income

Portfolio (10.4% of its gross assets (2023: 10.4%)) and zero

in the Growth Portfolio.

The Board is responsible for the Company’s gearing strategy

and sets parameters within which the Investment Manager

operates. Borrowings are not normally expected to exceed

20% of the total assets of the relevant Portfolio; in practice

they have been modest and used to enhance total return and

particularly the income in the Income Portfolio.

Management of Share Price Premium and Discount

to NAV

In normal circumstances we aim to ensure the discount to

NAV at which our shares trade is no more than 5% and, during

the financial year ended 31 May 2024, the Income shares

and Growth shares traded at average discounts of -0.2% and

-2.5% respectively.

We are active in issuing shares to meet demand and buying

back shares when this is appropriate. During the financial

year 1,225,000 new Income shares were issued from the

Company’s block listing facilities at an average premium to NAV

of 1.6%. In addition, 2,440,000 Growth shares were bought

back into treasury at an average price of 231.76p per Growth

share and at an average discount to NAV of -3.3%. No Income

shares were bought back or Growth shares issued.

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 seeking approval to allow

the Company to issue (or sell from treasury) up to 20%

of its Income shares and up to 20% of its Growth shares

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

Income shares and Growth 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%. 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 Income shares and Growth

shares are therefore in the best interests of all shareholders.

Share Conversion Facility

Shareholders have the opportunity to convert their Income

shares into Growth shares or their Growth shares into Income

shares annually subject to minimum and maximum conversion

thresholds which may be reduced or increased at the discretion

of the Board.

The ability to convert without incurring UK capital gains tax

should be an attractive facility for shareholders who wish to

do so, and the next conversion date (subject to minimum and

maximum thresholds) will be on 24 October 2024. Information

is provided in the Annual Report and Financial Statements

and full details will be provided on the Company’s website

(ctglobalmanagedportfolio.co.uk) from 1 August 2024.

AGM

The Annual General Meeting is scheduled to be held on

2 October 2024 at Columbia Threadneedle Investments,

Cannon Place, 78 Cannon Street, London, EC4N 6AG at

11.30am. Peter Hewitt, the Investment Manager, will as usual

give a presentation and provide an overview of the financial

year together with his view 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 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 Manager’s presentation will be available on the

Company’s website (ctglobalmanagedportfolio.co.uk).

Report and Financial Statements 2024 | 5

Strategic Report

Outlook

Many risks and uncertainties remain. Many are of a political

nature, whether war or the threat of it, or recent and

forthcoming elections. The economic fundamentals are more

favourable for financial markets. The risk of recession has

abated although could still happen should Central Banks

continue with a too restrictive monetary policy for too long,

especially in the US. That said, growth is modestly picking up

in Europe and inflation is heading lower in most developed

economies. This paves the way for interest rates to move lower

over the next year. Investors have been disappointed by the

‘higher for longer’ approach to combat sticky inflation. It may

require actual cuts to be delivered for sentiment to improve;

however, it does appear a more favourable environment for

equity markets is a distinct possibility, subject to negative

political forces.

In this interest rate scenario, the UK stock market is well-

placed to benefit and investment trusts, which remain on

historically wide discounts, are particularly well-placed to

deliver positive returns. Leadership within markets needs to

broaden out as this is a key ingredient for active managers

to outperform. There are signs this is beginning to take place

but no guarantee it will. Whilst valuations in the US are high

and setbacks possible, the profits and earnings growth from

the technology sector remain very strong. The past two and

a half years have been disappointing for your Company;

however, there are reasons to be cautiously optimistic for

both portfolios.

David Warnock

Chairman

26 July 2024

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