CT Global Managed
Portfolio Trust PLC
For the year ended: 31 May 2025
Annual Report and Financial Statements
Annual Report and Financial Statements 2025 | 1
Overview
Contents
Overview
Company Overview 1
Strategic Report
Chairman’s Statement 3
Income Shares – 2025 Highlights 6
Income Shares – Long-term Summary 7
Income Shares – Investment Portfolio 8
Growth Shares – 2025 Highlights 10
Growth Shares – Long-term Summary 11
Growth Shares – Investment Portfolio 12
Purpose, Strategy and Business Model 14
Key Performance Indicators 16
Investment Managers’ Review 17
Responsible Investment 21
Promoting the Success of the Company 23
Principal Risks and Uncertainties and Viability Statement 25
Policy Summary 28
Governance Report
Board of Directors 31
Report of the Directors 32
Corporate Governance Statement 39
Report of the Nomination Committee 42
Report of the Management Engagement Committee 43
Report of the Audit Committee 44
Report of the Marketing Committee 48
Directors’ Remuneration Report 49
Statement of Directors’ Responsibilities 52
Independent Auditor’s Report 53
Financial Report
Financial Statements 59
Notes to the Financial Statements 64
AIFMD Disclosures 85
Notice of Meeting
Notice of Annual General Meeting 86
Other Information
Capital Structure 91
Shareholder Information 92
How to Invest 94
Historic Record 95
Alternative Performance Measures (‘APMs’) 96
Glossary of Terms 99
Corporate Information IBC*
* Inside Back Cover
Financial Calendar
Annual General Meeting 1 October 2025
Deadlines for submitting conversion instructions:
– for Columbia Threadneedle Investments savings plan investors
– for non-Columbia Threadneedle Investments savings plan investors
26 September 2025
3 October 2025
First interim dividend paid (XD Date 11 September 2025) 10 October 2025
Share conversion facility date 30 October 2025
Second interim dividend paid (XD Date 11 December 2025) 16 January 2026
Announcement of interim results for six months to 30 November 2025 January 2026
Third interim dividend paid (XD Date 12 March 2026) 17 April 2026
Fourth interim dividend paid (XD Date 11 June 2026) 10 July 2026
Announcement of annual results for year ended 31 May 2026 July 2026
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
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 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
Annual Report and Financial Statements 2025 | 3
Strategic Report
Performance
For the Company’s financial year ended 31 May 2025 the NAV
total return (capital performance plus the reinvestment of
dividends paid) was +4.2% for the Income shares and +2.5%
for the Growth shares, both of which underperformed the
+9.4% 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
+4.4% for the year.
Most of the underperformance occurred in the second half of
the financial year during a period of heightened uncertainty in
the global economy due to concerns of what the imposition
of severe tariffs by the US on imports would mean for
growth. Stock markets reacted negatively and moved sharply
downwards, especially the US equity market. The investment
company sector, with over half of its assets invested overseas,
was also affected. Holdings with exposure to US assets,
particularly to the technology sector, were impacted and
although there was a sharp recovery starting in mid-April it
was not enough to offset the declines experienced earlier in
the first calendar quarter. This affected the Growth Portfolio in
particular, which has a greater exposure in this area. However,
it should be remembered that it is those investment companies
that are exposed to secular growth in the technology and
healthcare sectors that have generated particularly strong
performance over the long term. Performance is discussed in
greater depth in the Investment Managers’ Review.
Recent years have been challenging for investment companies.
Returns from major stock markets have been dominated
by the largest companies, creating a difficult environment
for active investment managers to outperform benchmarks,
whilst higher interest rates have adversely affected alternative
asset valuations. In addition, investment company discounts
widened. Inevitably, these factors have impacted the Company’s
long-term returns: the compound annual NAV total returns
over the 10 years to 31 May 2025 were +4.3% for the Income
shares and +5.6% for the Growth shares, both returning less
than the compound annual total return of +6.1% for the FTSE
All-Share Index for the same period. The lesser returns have
mostly been in the last four years. As explained in their Review,
the Investment Managers are seeing value in both equity
markets and alternative assets and, therefore, the current
historically wide level of investment company discounts appear
to represent attractive value.
Revenue and Dividends
For the financial year ended 31 May 2025, four interim
dividends have now been paid totalling 7.60p per Income
share, which represents an increase of 2.7% from the prior
financial year (2024: 7.40p per Income share). The fourth
interim dividend was paid after the year end on 11 July 2025.
This is the 14th consecutive year of dividend increase and the
yield on the Income shares was 6.6% on the year end Income
share price, compared with 3.5% for the FTSE All-Share Index.
Strategic Report
This Strategic Report, which includes pages 3 to 30 and incorporates the Chairman’s Statement, has
been prepared in accordance with the Companies Act 2006.
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
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
1.90p per Income share, so that the aggregate dividends
for the financial year ending 31 May 2026 will be at least
7.60p per Income share.
While it is not an objective or indeed a key performance
indicator for the Company’s dividend increase to exceed
inflation over any period, the Board believes it is likely
important to Income shareholders. It is hopefully therefore
reassuring that, despite the tumultuous events and shocks
of the last few years, the Company’s total annual dividends
have grown by more than inflation (as measured by the
CPI), cumulatively over the last seven years and over longer
periods, back to the Company’s inception. It is fair to say
the comparison is not quite so favourable in more recent
years but it is close, and certainly in the Board’s mind when
declaring dividends.
After allowing for the payment of the fourth interim dividend,
CT Global Managed Portfolio Trust has a revenue reserve of
£2.76 million, equivalent to approximately 68% of the current
annual dividend cost (at 7.60p 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.
These reserves can be drawn on to support the payment of
dividends to Income shareholders if and when considered
appropriate by the Board, as has been the case this year.
Going forward, the Board believes the Income Portfolio’s total
return might be improved by an adaptable use of reserves in
support of maintaining and increasing dividends paid to Income
shareholders. This will afford the Investment Managers more
choice with portfolio construction.
Borrowing
Effective 10 February 2025, the Company put in place a two-
year unsecured revolving credit facility (‘RCF’) with The Royal
Bank of Scotland International Limited (‘RBSI’) for £10 million.
This replaced the Company’s £5 million unsecured term loan
and a £5 million RCF, both of which matured on that date.
At the year end, £7 million of the RCF had been drawn down
in the Income Portfolio (2024: total borrowings were also
£7 million in the Income Portfolio), which represented 10.3%
of its gross assets (2024: 10.4%). No borrowings were drawn
down in the Growth Portfolio.
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 as well as the net 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 2025, the Income shares and
Growth shares traded at an average premium of +0.8% and an
average discount of -1.8% respectively.
We are active in issuing shares to meet demand and buying
back shares when this is appropriate. During the financial
year 1,870,000 new Income shares were issued from the
Company’s block listing facility at an average premium to NAV
of 1.7%. 50,000 Income shares and 150,000 Growth shares
were also resold out of treasury at an average premium to NAV
of 1.7% and 1.6% respectively.
In addition, 1,255,000 Growth shares were bought back into
treasury at an average price of 255p per Growth share and at
an average discount to NAV of -3.3%. 50,000 Income shares
were also bought back into treasury at an average price of
115p per Income share and at an average discount to NAV
of -2.9%.
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
quantum thresholds which may be reduced or increased at the
discretion of the Board.
Annual Report and Financial Statements 2025 | 5
Strategic Report
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 will be on 30 October 2025.
Information is provided on pages 92 and 93 in the Annual Report
and Financial Statements and full details will be provided on
the Company’s website (ctglobalmanagedportfolio.co.uk) from
4 August 2025.
Investment Manager Succession
As announced in April 2025, Peter Hewitt, who had been
responsible for the management of the Company’s Income
and Growth portfolios since the Company’s launch in April
2008, gave notice of his desire to retire. Peter managed the
portfolios with great knowledge, dedication and enthusiasm
and communicated the Company’s progress to shareholders
regularly, engagingly and openly. Naturally, the Board and the
Manager had been planning for Peter’s retirement for some
time, while acknowledging that managing Peter’s succession
would be no easy task. From 1 June 2025, the beginning
of the Company’s current financial year, the Portfolios are
now managed by London-based Investment Managers Adam
Norris and Paul Green, supported by the broader EMEA Multi-
Asset Solutions team (of which they are members). Some
background about each of Adam and Paul appears on page 19.
Shareholders will have an opportunity to meet Adam and Paul
at the forthcoming AGM. The Board thanks Peter for his years
of service to shareholders and wishes him a long and happy
retirement. The Board also looks forward to working with Adam
and Paul on the evolution of the portfolios in the best interests
of all shareholders.
Investment Management Fee
The Board and Manager have agreed a reduction in the
investment management fee (the ‘Fee’) with effect from
1 September 2025. The Fee will be 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 will no longer be any charge on any assets
which are invested in other investment vehicles managed
by the Manager. In aggregate these changes will lead to an
annualised pro forma reduction in the Fee paid to the Manager
of approximately £135,000. 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.
AGM
The Annual General Meeting will be held on 1 October 2025 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 following the meeting
(ctglobalmanagedportfolio.co.uk). 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
While the economic backdrop remains relatively benign, there
is a prevailing level of elevated uncertainty thanks, in the main,
to the tariff policies of the US administration. While many tariff
levels are likely to ultimately be lower than those threatened
at the start of April, the global economy is still facing the
highest level of tariffs since the 1930s. This means there
are still notable downside risks to growth and upside risks to
inflation, though precise forecasting remains especially difficult
until there is more clarity on the size, scope and duration of
the aforementioned tariffs. Provided the impact on growth,
inflation and corporate earnings is limited, equity markets have
the potential to continue to ‘look through’ the worst of the
tariff headlines on the assumption that economic pragmatism
will prevail.
Towards the end of the financial year, European, Asian and
UK stocks showed signs of outperformance versus the US
market, as the notion of ‘US exceptionalism’ was challenged.
Whilst foreign exchange markets may well adjust, the US stock
market, due to its wealth of technology stocks and deep capital
markets, is likely to generate continued superior earnings
growth versus the rest of the world. Your Company will remain
diversified across a broad spread of investment companies,
covering a variety of geographies, sectors and investment
managers. This diversification should prove of particular merit
during especially uncertain times.
David Warnock
Chairman
25 July 2025
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
6 | CT Global Managed Portfolio Trust PLC
Strategic Report
Other Financial Highlights
Year ended
31 May
2025
Year ended
31 May
2024 Change
Net asset value per Income share – capital only 113.36p 116.51p -2.7%
Income share price – capital only 115.50p 119.00p -2.9%
FTSE All-Share Index – capital only 4,759.54 4,517.08 +5.4%
Revenue return per share (including net income transfer from Growth shares) at year end 7.44p 8.06p -7.7%
Net assets £61.0m £60.3m
Market capitalisation £62.1m £61.6m
+Premium
(1)
at year end +1.9% +2.1%
Ongoing charges
(1)
– excluding ongoing charges of underlying funds
– AIC methodology, including ongoing charges of underlying funds
1.22%
2.17%
1.20%
2.23%
(1)
Yield, total return, +premium and ongoing charges – see Alternative Performance Measures on pages 96 to 98.
Source: Columbia Threadneedle Investments and Refinitiv Eikon.
+2.7%
Dividend increased
Annual dividend of 7.60p per Income share (2024: 7.40p), an increase of 2.7%.
6.6%
Dividend yield
(1)
Dividend yield of 6.6% at 31 May 2025, based on total dividends for the
financial year of 7.6p per Income share. This compares to the yield on the FTSE
All-Share Index of 3.5%. Dividends are paid quarterly.
+4.2%
NAV total return
(1)
Net asset value total return per Income share of +4.2% for the financial year
(2024: +7.0%), underperforming the total return of the FTSE All-Share Index of
+9.4% (2024: +15.4%) by 5.2 percentage points.
+3.8%
Share price total return
(1)
Share price total return per Income share of +3.8% for the financial year
(2024: +5.2%), underperforming the total return of the FTSE All-Share Index of
+9.4% (2024: +15.4%) by 5.6 percentage points.
Income Shares – 2025 Highlights
Annual Report and Financial Statements 2025 | 7
Strategic Report
Income Shares – Long-term Summary
NAV Total Return Performance for the 15 Years to 31 May 2025
CT Global Managed Portfolio Trust – Income shares NAV total return
Benchmark – FTSE All-Share Index (total return)
31 May 10
31 May 11
31 May 12
31 May 13
31 May 14
31 May 15
31 May 16
31 May 17
31 May 18
31 May 19
31 May 20
31 May 21
31 May 22
31 May 23
31 May 24
31 May 25
Total returns rebased to 100 at 31 May 2010
%
80
100
120
140
160
180
200
220
240
260
280
300
320
Compound Annual NAV Total Return to 31 May 2025
Income shares Compound Annual NAV total return
Benchmark – FTSE All-Share Index (Compound Annual total return)
1.1
8.2
5.6
11.1
4.3
6.1
7.0
7.7
%
15 Years10 Years5 Years3 years
0
2
4
6
8
10
12
Average Income Share Price +Premium/-Discount to NAV for the
Last 15 Financial Years to 31 May
0.8
-2.1
0.2
2.9
0.9
0.1
1.6
1.2
1.0
0.7
0.9
1.6
-0.1
0.8
-0.2
2025
202
4
2023
202
2
2021
2020
2019
2018
2017
2016
2015
2014
201
3
201
2
2011
%
-4
-3
-2
-1
0
1
2
3
4
Source: Columbia Threadneedle Investments and Refinitiv Eikon
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
NAV (Total Return) Performance Relative to the Benchmark
(Total Return) for the Last 15 Financial Years to 31 May
-1
2
-1
0
-8
-6
-4
-2
0
2
4
6
8
1.4
4.1
-2.9
4.0
1.5
0.0
-3.5
3.9
-9.8
-7.8
5.7
2.5
5.9
-5.2
-8.4
2025
202
4
2023
202
2
2021
2020
2019
2018
2017
2016
2015
2014
201
3
201
2
2011
%
8 | CT Global Managed Portfolio Trust PLC
Strategic Report
At 31 May 2025
Investment Sector
Valuation
£’000
% of net assets
of Income
Portfolio
The Law Debenture Corporation UK Equity Income 3,604 5.9
Murray International Trust Global Equity Income 2,765 4.5
The Mercantile Investment Trust UK All Companies 2,641 4.3
JPMorgan Global Growth & Income Global Equity Income 2,615 4.3
NB Private Equity Partners Private Equity 2,485 4.1
The City of London Investment Trust UK Equity Income 2,390 3.9
Temple Bar Investment Trust UK Equity Income 2,332 3.8
The Merchants Trust UK Equity Income 2,268 3.7
JPMorgan European Growth & Income Europe 2,220 3.7
3i Infrastructure Infrastructure 2,217 3.7
Ten largest investments 25,537 41.9
JPMorgan UK Small Cap Growth & Income UK Smaller Companies 2,122 3.5
Lowland Investment Company UK Equity Income 2,059 3.4
Edinburgh Investment Trust UK Equity Income 2,015 3.3
TR Property Investment Trust
(1)
Property Securities 2,004 3.3
Scottish American Investment Company Global Equity Income 1,886 3.1
CC Japan Income & Growth Trust Japan 1,805 2.9
The Bankers Investment Trust Global 1,722 2.8
Murray Income Trust UK Equity Income 1,706 2.8
Greencoat UK Wind Renewable Energy Infrastructure 1,698 2.8
International Biotechnology Trust Biotechnology & Healthcare 1,662 2.7
Twenty largest investments 44,216 72.5
Invesco Bond Income Plus Debt – Loans & Bonds 1,624 2.7
Diverse Income Trust UK Equity Income 1,616 2.6
Partners Group Private Equity Private Equity 1,603 2.6
CQS New City High Yield Fund Debt – Loans & Bonds 1,569 2.6
Henderson High Income Trust UK Equity & Bond Income 1,566 2.6
Montanaro UK Smaller Companies UK Smaller Companies 1,545 2.5
Artemis UK Future Leaders (previously Invesco Perpetual UK
Smaller Companies Investment Trust)
UK Smaller Companies 1,491 2.5
JPMorgan Global Emerging Markets Income Trust Global Emerging Markets 1,400 2.3
Polar Capital Global Financials Trust Financials & Financial Innovation 1,394 2.3
Bellevue Healthcare Trust Biotechnology & Healthcare 1,334 2.2
Thirty largest investments 59,358 97.4
Income Shares – Investment Portfolio
Annual Report and Financial Statements 2025 | 9
Strategic Report
At 31 May 2025
Investment Sector
Valuation
£’000
% of net assets
of Income
Portfolio
Aberdeen Asian Income Fund (previously abrdn Asian Income
Fund)
Asia Pacific Equity Income 1,319 2.1
Apax Global Alpha Private Equity 1,256 2.1
Schroder Oriental Income Fund Asia Pacific Equity Income 1,224 2.0
The Renewables Infrastructure Group Renewable Energy Infrastructure 1,212 2.0
Biopharma Credit Debt – Direct Lending 1,167 1.9
Henderson Far East Income Asia Pacific Equity Income 1,040 1.7
Total investments 66,576 109.2
Net current assets (excluding borrowing) 1,399 2.3
Borrowing (7,000) (11.5)
Net assets 60,975 100.0
(1)
Investment managed by the Manager, Columbia Threadneedle Investments
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Analysis of the Income Portfolio’s Investments
Geographic Breakdown on a ‘Look-through’ Basis
United Kingdom 41%
North America 23%
Europe – ex UK 17%
Far East & Pacific – ex Japan 10%
Cash 4%
Japan 3%
Other 1%
China 1%
Lorem ipsum
Note: This analysis is gross of any gearing in the underlying investee companies.
Source: Columbia Threadneedle Investments and AIC (underlying data at
31 May 2025)
Breakdown by Type and Sector
% of total investments
Conventional investment companies
UK Equity Income 27.0
Global Equity Income 10.9
UK Smaller Companies 7.7
Asia Pacific Equity Income 5.4
Debt – Loans & Bonds 4.8
Biotechnology & Healthcare 4.5
UK All Companies 4.0
Europe 3.3
Property Securities 3.0
Japan 2.7
Global 2.6
UK Equity & Bond Income 2.4
Global Emerging Markets 2.1
Financials & Financial Innovation 2.1
82.5
Alternative investment companies
Private Equity 8.0
Renewable Energy Infrastructure 4.4
Infrastructure 3.3
Debt – Direct Lending 1.8
17.5
100.0
10 | CT Global Managed Portfolio Trust PLC
Strategic Report
Growth Shares – 2025 Highlights
Other Financial Highlights
Year ended
31 May
2025
Year ended
31 May
2024 Change
Net asset value per Growth share – capital only 265.86p 259.29p +2.5%
Growth share price – capital only 258.00p 254.00p +1.6%
FTSE All-Share Index – capital only 4,759.54 4,517.08 +5.4%
Net assets £91.4m £92.2m
Market capitalisation £88.7m £90.4m
-Discount
(1)
at year end -3.0% -2.0%
Ongoing charges
(1)
– excluding ongoing charges of underlying funds
– AIC methodology, including ongoing charges of underlying funds
1.11%
2.02%
1.11%
2.16%
(1)
Total return, compound annual NAV total return, -discount and ongoing charges – see Alternative Performance Measures on pages 96 to 98.
Source: Columbia Threadneedle Investments and Refinitiv Eikon
+2.5%
NAV total return
(1)
Net asset value total return per Growth share of +2.5% for the financial year
(2024: +12.7%), underperforming the total return of the FTSE All-Share Index
of +9.4% (2024: +15.4%) by 6.9 percentage points.
+1.6%
Share price total return
(1)
Share price total return per Growth share of +1.6% for the financial year (2024:
+12.9%), underperforming the total return of the FTSE All-Share Index of +9.4%
(2024: +15.4%) by 7.8 percentage points.
+5.6%
compound p.a.
(1)
Long-term growth
Net asset value total return per Growth share of +72.7% in the 10 years to
31 May 2025, the equivalent of +5.6% compound per year. This compares with
the total return of the FTSE All-Share Index of +80.7%, the equivalent of +6.1%
compound per year.
Annual Report and Financial Statements 2025 | 11
Strategic Report
Growth Shares – Long-term Summary
NAV Total Return Performance for the 15 Years to 31 May 2025
CT Global Managed Portfolio Trust – Growth shares NAV total return
Benchmark – FTSE All-Share Index (total return)
31 May 10
31 May 11
31 May 12
31 May 13
31 May 14
31 May 15
31 May 16
31 May 17
31 May 18
31 May 19
31 May 20
31 May 21
31 May 22
31 May 23
31 May 24
31 May 25
80
100
120
140
160
180
200
220
240
260
280
300
320
340
360
Total returns rebased to 100 at 31 May 2010
%
Compound Annual NAV Total Return to 31 May 2025
Growth shares Compound Annual NAV total return
Benchmark – FTSE All-Share Index (Compound Annual total return)
2.9
8.2
5.0
11.1
5.6
6.1
7.8 7.7
%
15 Years10 Years5 Years3 years
0
-2
4
6
8
10
12
Average Growth Share Price +Premium/-Discount to NAV for the
Last 15 Financial Years to 31 May
1.7
0.9
-2.7
0.6
1.2
-0.4
1.1
0.0
1.0
-0.4
0.7
-0.6
0.1
-1.8
-2.5
202
5
202
4
2023
2022
2021
2020
2019
2018
2017
201
6
2015
2014
2013
2012
2011
%
-4
-3
-2
-1
0
1
2
3
4
Source: Columbia Threadneedle Investments and Refinitiv Eikon
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
NAV (Total Return) Performance Relative to the Benchmark
(Total Return) for the Last 15 Financial Years to 31 May
-2
5
-2
0
-1
5
-1
0
-5
0
5
10
15
-4.6
2.7
0.4
3.6
1.8
1.9
4.5
12.7
-19.7
-6.2
2.7
5.3
9.4
-6.9
-2.7
2025
202
4
2023
202
2
2021
2020
2019
2018
2017
2016
2015
2014
201
3
201
2
2011
%
12 | CT Global Managed Portfolio Trust PLC
Strategic Report
At 31 May 2025
Investment Sector
Valuation
£’000
% of net assets
of Growth
Portfolio
Fidelity Special Values UK All Companies 4,278 4.7
HgCapital Trust Private Equity 4,008 4.4
The Law Debenture Corporation UK Equity Income 3,700 4.1
Scottish Mortgage Investment Trust Global 3,199 3.5
The Monks Investment Trust Global 3,045 3.3
Polar Capital Technology Trust Technology & Technology Innovation 3,020 3.3
JPMorgan UK Small Cap Growth & Income UK Smaller Companies 2,939 3.2
Allianz Technology Trust Technology & Technology Innovation 2,925 3.2
Oakley Capital Investments Private Equity 2,916 3.2
Aurora UK Alpha (formerly Aurora Investment Trust) UK All Companies 2,772 3.0
Ten largest investments 32,802 35.9
TR Property Investment Trust
(1)
Property Securities 2,755 3.0
Aberforth Smaller Companies Trust UK Smaller Companies 2,734 3.0
Finsbury Growth & Income Trust UK Equity Income 2,721 3.0
AVI Global Trust Global 2,649 2.9
Worldwide Healthcare Trust Biotechnology & Healthcare 2,508 2.7
Lowland Investment Company UK Equity Income 2,414 2.6
JPMorgan European Growth & Income UK Smaller Companies 2,400 2.6
ICG Enterprise Trust Private Equity 2,394 2.6
Pantheon International Private Equity 2,368 2.6
Herald Investment Trust Global Smaller Companies 2,160 2.4
Twenty largest investments 57,905 63.3
European Opportunities Trust Europe 2,016 2.2
RIT Capital Partners Flexible Investment 1,993 2.2
BH Macro Hedge Funds 1,990 2.2
JPMorgan American Investment Trust North America 1,974 2.2
Baillie Gifford UK Growth Trust UK All Companies 1,960 2.1
Diverse Income Trust UK Equity Income 1,869 2.1
Schroder Asian Total Return Investment Company Asia Pacific 1,832 2.0
Personal Assets Trust Flexible Investment 1,796 2.0
Pershing Square Holding North America 1,761 1.9
Henderson European Trust (formerly Henderson European
Focus Trust)
Europe 1,692 1.8
Thirty largest investments 76,788 84.0
Growth Shares – Investment Portfolio
Annual Report and Financial Statements 2025 | 13
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At 31 May 2025
Investment Sector
Valuation
£’000
% of net assets
of Growth
Portfolio
Baillie Gifford Japan Trust Japan 1,534 1.7
Henderson Smaller Companies Investment Trust UK Smaller Companies 1,472 1.6
Baillie Gifford European Growth Trust Europe 1,415 1.5
Literacy Capital Private Equity 1,384 1.5
Augmentum Fintech Financial & Financial Innovation 1,279 1.4
Mobius Investment Trust Global Emerging Markets 1,270 1.4
Biotech Growth Trust Biotechnology & Healthcare 1,068 1.2
The Schiehallion Fund Growth Capital 946 1.0
Syncona Biotechnology & Healthcare 800 0.9
Total investments 87,956 96.2
Net current assets 3,449 3.8
Net assets 91,405 100.0
(1)
Investment managed by the Manager, Columbia Threadneedle Investments
Analysis of the Growth Portfolio’s Investments
Geographic Breakdown on a ‘Look-through’ Basis
United Kingdom 33%
North America 29%
Europe – ex UK 18%
Cash 7%
Far East & Pacific – ex Japan 6%
Other 3%
Japan 3%
China 1%
Note: This analysis is gross of any gearing in the underlying investee companies.
Source: Columbia Threadneedle Investments and AIC (underlying data at
31 May 2025)
Breakdown by Type and Sector
% of total investments
Conventional investment companies
UK Equity Income 12.2
UK All Companies 10.2
Global 10.1
Europe 8.5
UK Smaller Companies 8.1
Technology & Technology Innovation 6.8
Flexible Investment 4.3
North America 4.2
Biotechnology & Healthcare 4.1
Property Securities 3.1
Global Smaller Companies 2.5
Asia Pacific 2.1
Japan 1.7
Global Emerging Markets 1.4
79.3
Alternative investment companies
Private Equity 14.9
Hedge Funds 2.3
Financials & Financial Innovation 1.5
Growth Capital 1.1
Biotechnology & Healthcare 0.9
20.7
100.0
14 | CT Global Managed Portfolio Trust PLC
Strategic Report
Purpose and Strategy
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.
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.
Business Model
CT Global Managed Portfolio Trust PLC 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 23 and 24. The Board’s biographical details can be
found on page 31. 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 28 to 30, 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. As a founder signatory to the United Nations
Principles for Responsible Investment (‘UNPRI’) Columbia
Threadneedle Investments continued to perform well in the
2024 UNPRI assessment and compared to peers for key areas
of its responsible investment approach and active ownership
in listed equities. 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 Company's indirect impact occurs through its investments
and this is mitigated by the Manager’s responsible investment
approach as explained on pages 21 and 22.
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
Managers Directive (‘AIFMD’) and provides ancillary functions
such as administration, marketing, accounting and company
secretarial services to the Company.
Until 31 May 2025, Peter Hewitt acted as Investment Manager
(the ‘Investment Manager’) to the Company, on behalf of the
Manager. Peter had managed the Company’s assets (which
were previously held in the F&C investment trust managed
portfolio service) since 2002 and he will retire from the
Manager later this year.
Purpose, Strategy and Business Model
Annual Report and Financial Statements 2025 | 15
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In his place, from 1 June 2025, Adam Norris and Paul Green
now act as the Investment Managers (the ‘Investment
Managers’) to the Company, on behalf of the Manager.
They have a combined 35 years of investment experience and
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 re-appointment
decision was made, is set out on page 43.
Investment Strategy and Policy
The Company’s investment policy is set out on page 28.
Any material change in the Company’s investment policy will
require the approval of shareholders at a general meeting.
Our Approach
The investments of CT Global Managed Portfolio Trust PLC
are managed in two separate Portfolios, the Income Portfolio
and the Growth Portfolio, to which the Income shares and the
Growth shares are respectively entitled.
The Company invests principally in listed closed-end investment
companies and the majority of its holdings comprise equity
investments. There is no restriction on the geographic regions
and sectors that may be held within the Income Portfolio or
Growth Portfolio and the Company invests in those deemed
most appropriate for the Portfolios and their objectives from time
to time. A full list of the investments in each of the Portfolios,
together with analyses of their breakdown by geography, type and
sector can be found on pages 8, 9, 12 and 13.
Investment risks are spread through holding a wide range
of investment companies that have underlying investment
exposures across a range of geographic regions, sectors and
investment managers.
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 25 and 26.
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 also 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 28 to 30 and the Company’s performance in meeting
its objectives is measured against key performance indicators
(‘KPIs’) as set out on page 16.
The Chairman’s Statement on pages 3 to 5 and Investment
Managers’ Review on pages 17 to 20, 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 coming 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 94.
The Board has established a Marketing Committee to aid in
promoting the Company and its report is set out on page 48.
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 of the Company.
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.
16 | CT Global Managed Portfolio Trust PLC
Strategic Report
Total Return
(1)
Performance to 31 May 2025
1 year % 3 years % 5 years % 10 years %
Income shares NAV total return +4.2% +3.3% +31.2% +52.2%
This measures the share class NAV and share price
total returns (which assume dividends paid by the
Company have been reinvested) relative to the FTSE
All-Share Index and the FTSE All-Share Closed End
Investments Index.
Growth shares NAV total return +2.5% +8.8% +27.6% +72.7%
Income share price total return +3.8% +6.9% +31.0% +51.0%
Growth share price total return +1.6% +5.7% +21.7% +66.5%
FTSE All-Share Index (total return) +9.4% +26.8% +69.0% +80.7%
FTSE All-Share Closed End Investments Index
(total return)
+4.4% +12.0% +37.7% +101.2%
Dividend Level of the Income Shares
Financial year ended 31 May 2025 2024 2023
Annual dividend 7.60p 7.40p 7.20p
This shows the dividend yield of the Income shares
(based on the annual dividend) at the year-end relative
to the FTSE All-Share Index.
Dividend yield
(1)
6.6% 6.2% 6.0%
Yield on FTSE All-Share Index 3.5% 3.6% 3.7%
Average +Premium/-Discount to NAV
(1)
During the financial year ended 31 May
Income
shares
%
Growth
shares
%
2025 +0.8 -1.8
This is the average difference between the share price
and the NAV per share during the financial year.
2024 -0.2 -2.5
2023 +0.7 -0.4
Ongoing Charges
(1)
As at 31 May
Income
shares
%
Growth
shares
%
2025 1.22 1.11
This data shows whether the Company is being run
efficiently. It measures the running costs as a percentage
of average net assets during the financial year.
2024 1.20 1.11
2023 1.17 1.07
Ongoing charges above do not include the ongoing charges of underlying funds as these are not controlled directly by the Board and are not a running cost of the Company.
(1)
See Alternative Performance Measures on pages 96 to 98
Source: Columbia Threadneedle Investments and Refinitiv Eikon
The Board recognises that longer-term share price performance and, for Income shareholders, an
attractive level of income are most important to the Company’s investors. Share price performance is
driven largely by the performance of the net asset value. The overriding priority is to continue to strive
for consistent achievement of relative outperformance and to add value for shareholders through
net asset value and share price return, discount/premium management, dividend growth and
competitive ongoing charges.
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. Additional comments are provided in the Chairman’s Statement and Investment
Managers’ Review discussing the performance of the Company during the period under review.
Key Performance Indicators
Annual Report and Financial Statements 2025 | 17
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Q: Whatwerethekeyinfluencesonthemarketover
the year?
The sporting cliché ‘a game of two halves’ is a very apt
summary describing the environment for equity markets over
the reporting period. The first six months of the financial year
ended 31 May 2025 continued the trend apparent over recent
years of the US stock market leading world equity markets in
terms of returns. The prospect of a return of President Trump
in the November election, with the promise of business-friendly
policies and tax cuts, both personal and corporate, together
with a strongly growing economy, helped the US stock market
to all-time highs. Meanwhile, in the UK, the October budget
from the new government, which included increased taxes on
business, did not go down well with investors. As a result, the
UK stock market went sideways and continued to relatively
underperform globally.
The environment for financial markets, and the US stock market
in particular, changed markedly soon after the new President took
power towards the end of January. A series of pronouncements
regarding the widespread imposition of tariffs on goods coming into
the US led to a sharp sell-off in stock markets, led by the US on the
way down. The implication for growth everywhere was not good. In
the US, concerns over tariffs and fears of upside risks to inflation
caused volatility in bond markets. This became heightened after
‘liberation day’ on 2 April when actual tariffs on individual countries
were announced, with China being hit the hardest. Bond markets in
the US reacted badly, with yields moving higher. Only a week later,
various pauses on tariffs were announced to allow negotiations to
take place. Equity markets began to recover sharply.
Tariff agreements with individual countries, at much lower levels
than were initially announced (but still higher than before the
election), were announced, for example with the UK, whilst
discussions remain underway regarding bi-lateral deals with a
series of other countries. In the US, the Federal Reserve has
paused interest rate reductions due to widespread uncertainty
affecting major sections of the economy. In continental Europe
and the UK, interest rate cuts have continued as the inflation
outlook eases.
Total Return by Region for the Year Ended 31 May 2025
(sterling adjusted)
FTSE Pacific ex Japan (+4.4%)
FTSE Japan (+5.8%)
S&P 500 (US) (+7.2%)
MSCI Emerging Markets (+7.3%)
FTSE Europe ex UK (+7.4%)
FTSE World ex UK (+7.7%)
FTSE All-Share (+9.4%)
0246810 12
Source: Columbia Threadneedle Investments
The chart above shows returns from most regions in a narrow
band of mid to high single digits for the year. However, this
masks a major recovery in the second half of the year by
a number of non-US equity markets, led by Europe and the
UK. As investors viewed the US with increased uncertainty
the relative stability of other regions both economically
and politically became more attractive for investors. With
valuations much less demanding than in the US, both the UK
and continental European stock markets experienced a much
improved second half in terms of returns.
Investment Managers’ Review
Adam Norris,
Investment Manager
Paul Green,
Investment Manager
“ We are both excited to be the new Investment Managers for CT Global Managed Portfolio Trust
and would like to thank Peter Hewitt for his long-term stewardship of shareholder assets since
the Company’s launch in 2008. We consider ourselves privileged to be the Company’s Investment
Managers and will endeavour to invest prudently for the benefit of all shareholders and to continue
Peter’s passion for the investment company sector.”
18 | CT Global Managed Portfolio Trust PLC
Strategic Report
Currency Movements Against Sterling in Year Ended 31 May 2025
(US$, Euro and Yen)
31-May-24
31-Aug-24
30-Nov-24
28-Feb-25
31-May-25
Euro
US Dollar
Currency strengthening
against sterling
Currency weakening
against sterling
Japanese Yen
108%
104%
100%
96%
92%
Source: Columbia Threadneedle Investments
As can be seen above, a key feature of the year under review
has been the weakness of the dollar, most of which occurred
in the second half of the year amidst a blizzard of tariff
announcements. Certain other currencies benefitted with, as an
illustration, sterling appreciating against the dollar by nearly 6%
over the year (all of which occurred post President Trump taking
power). This has the effect of reducing returns from US assets
when translated back into sterling.
Since the start of 2022 a feature of stock market returns in
the UK, US and continental Europe has been the dominance of
the largest companies in terms of market leadership. The table
below highlights the performance trends within the UK stock
market over the past year.
Total Returns for the Year Ended 31 May 2025
FTSE 100 Index
+10.1%
FTSE 250 Index
+4.8%
FTSE Small Cap (ex-Investment Trusts) Index
+6.3%
FTSE AIM All-Share Index
-5.5%
FTSE All-Share Closed End Investments Index
+4.4%
Source: Columbia Threadneedle Investments
The trend of the largest companies within stock markets leading
in terms of share price performance has been evident in other
equity markets like the US and continental Europe. In the case
of the UK, the make-up of the FTSE 100 is markedly different
from indices representing medium sized and smaller companies.
Sectors like oils, banks, pharmaceuticals, utilities, mining and
tobacco have significant weightings, and they are viewed as ‘old
economy’ low growth mature sectors.
However, at times of uncertainty, investors exhibit a preference
for larger companies as these are perceived as better placed
to survive an adverse environment of high inflation and interest
rates. Over the past twelve months this has again been evident.
In the autumn of 2024 acute uncertainty in the UK over the new
government’s first budget pervaded financial markets and then
in the early part of 2025 fear and uncertainty over the potential
introduction of widespread tariffs by the US and what it could
mean for growth severely affected investor sentiment. The
preceding table highlights the significant outperformance from
the very largest companies in the UK stock market.
Q: HowdideachPortfolioperformoverthefinancialyear?
For the year ended 31 May 2025 the FTSE All-Share Index
recorded a 9.4% rise (in total return terms). Over the same
period the net asset value of the Growth Portfolio gained 2.5%
whilst that of the Income Portfolio was up by 4.2% (again in
total return terms). For information, the FTSE All-Share Closed
End Investments Index rose by 4.4%.
All of the underperformance from the Growth Portfolio and most
of the underperformance from the Income Portfolio occurred in
the second half of the financial year.
A key factor behind the relative performance, which was
very evident in the second half of the financial year, was
performance leadership within the stock market. At the halfway
stage, all of the different size indices within the stock market
had performed in a narrow range for the first six months of the
financial year. However, as can be seen from the table opposite,
a sizeable gap opened up between the FTSE 100 Index and
the FTSE 250 Index, the FTSE SmallCap (ex-Investment Trusts)
Index, the FTSE AIM All-Share Index and importantly the FTSE
All-Share Closed End Investments Index. For active fund
managers who are seeking to outperform an equity index this
is difficult because it is not easy to be overweight the very
largest companies which may comprise substantial portions of
an index. Over the longer-term, medium and smaller companies
tend to grow their profits and earnings more rapidly which
drives performance. Encouragingly the final two months of the
financial year saw a reversal of this trend.
Investment Company – Average Sector Discount for the Year
Ended 31 May 2025
Sector average discount (%)
% Discount
May-24
Aug-24
Nov-24
Feb-25
May-25
0
-5
-10
-15
-20
-25
Source: Winterflood Securities and Refinitiv
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The second key factor, not unrelated, relates to investment
company discounts. Over the course of the year the average
sector discount widened slightly from just over 14% to just
over 15% by the year end. However, over the course of the
year there was significant volatility in discounts. Following the
UK election last July, the average sector discount narrowed
to 12%. However, by the time of the pause in the imposition
of tariffs was announced in mid-April 2025, they had widened
to 20%, only to narrow sharply thereafter. The ongoing shifts
in discounts unsettled investor confidence and demand
for investment company shares remained consistently low
over the period whilst the supply (selling) continued at high
levels. The only consistent source of demand (buying) came
from investment companies themselves in the form of share
buy-backs and also activist shareholders.
Investment Company – Average Sector Discount over 15 years
to 31 May 2025
0
-5
-10
-15
-20
-25
% Discount
May 10
May 11
May 12
May 13
May 14
May 15
May 16
May 17
May 18
May 19
May 20
May 21
May 22
May 23
May 24
May 25
Source: Winterflood Securities and Refinitiv
The chart above puts in perspective the long-term trend of
discounts. In broad terms there was a steady tightening from
2010 to 2021, however the last three and half years have
seen a sharp reversal to the current level of 15%. Narrowing
discounts were a key feature of the sector’s outperformance
through to 2021 and similarly widening discounts have been
a key feature of the underperformance in recent years. There
is little doubt that at the current historically wide level the
investment company sector represents attractive value.
Q: On 1 June 2025 you were appointed as Investment
Managers. What are your backgrounds?
Adam Norris
I am a portfolio manager in Columbia Threadneedle’s EMEA
Multi-Asset Solutions team. I joined Columbia Threadneedle
through the acquisition of BMO GAM (EMEA) in 2021,
having joined the firm in 2013 when it was known as F&C
Investments. I joined the Multi-Manager team in February
2016, which became part of EMEA Multi-Asset Solutions team
in 2024. I graduated with a BA in Economics and Politics
from University of Leicester, am a CFA Charterholder and
have attained the CFA Institute ESG Certificate, as well as the
Investment Management Certificate.
Paul Green
I am also a portfolio manager in Columbia Threadneedle’s
EMEA Multi-Asset Solutions team. I started my career at
Rothschild Asset Management and then moved to Credit
Suisse Asset Management in 2001. In 2007, I joined BMO
GAM (EMEA)’s Multi-Manager team. As Adam mentioned,
BMO GAM (EMEA) was acquired by Columbia Threadneedle in
2021 and the Multi-Manager team became part of its EMEA
Multi-Asset Solutions team in 2024. I hold the Investment
Administration Qualification (IAQ), the Investment Management
Certificate, the CISI Level 6 Certificate in Private Client
Investment Advice and Management and the CISI Diploma.
Q: Are the Company’s investment objectives changing?
No, the Company’s investment objectives remain unchanged.
The Company remains a ‘one-stop-shop’ for investment
company exposure, blending the best portfolio managers in the
investment company universe.
The Company has two share classes: Growth shares and
Income shares, with their objectives unchanged. The objective
for the Growth Portfolio is to provide investors with capital
growth. The objective for the Income Portfolio is to provide
investors with an attractive level of income (paid quarterly), with
the potential for income and capital growth.
The Company’s investment Portfolios will remain well
diversified by market, asset class and investment approach,
and will continue to invest in UK listed investment companies
which themselves invest in public equity, private equity and
alternatives around the world.
Q: How do you select holdings for CT Global Managed
Portfolio Trust?
At the heart of the process is to understand investment
company managers, their style of investment and how
repeatable their own process is. We consider it of paramount
importance, much like Peter did before us, to meet with
investment company managers in order to understand their
culture, philosophy and investment process. This will remain
fundamental to the selections made within CT Global Managed
Portfolio Trust.
We then take our understanding of a manager’s investment
process and use our proprietary scoring system. This
condenses the subjective areas of investing more broadly into
a single numeric score. It captures areas such as our view of
the process, relevant manager and team experience, buy-backs
and issuance and valuation details as well as our view of the
overall use of the investment company structure.
20 | CT Global Managed Portfolio Trust PLC
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In addition, we review manager positioning through time,
understanding the geographic and investment style exposures
which have contributed to company performance.
Q: How should an investor expect the two portfolios to
change over the next 12 months?
In the coming financial year, we will continue to review the
best ideas available in the investment company universe and
invest into those which we believe can generate strong returns
for shareholders. We will continue to focus on geographies,
themes or investment sectors which we believe can drive
long-term capital and income for shareholders. As part of
the Manager’s Multi-Asset Solutions team, we are constantly
assessing both macroeconomic conditions and the valuations
of different asset classes. Any decisions we make will be
thoughtful around return and risk expectations.
We will look to invest in the best ideas we can find in the
investment company sector and make use of quantitative systems
to assist with diversification and portfolio construction. These
systems allow us to review portfolio manager holdings and their
market exposures, such as country and sector breakdowns.
By using a mixture of our qualitative understanding and these
quantitative inputs, we will seek to invest the Portfolios into
best-in-class investment company managers as well as reduce
overlapping market exposures. This will result in the Portfolios
becoming more concentrated over time whilst remaining well
diversified on an underlying security basis. In addition, given the
value on offer, investors will likely see increased allocation to
alternative asset classes, such as infrastructure and property,
where we believe the total return opportunities are attractive,
underpinned by sustainable dividends. As a result, the Growth and
Income portfolios may, at certain points in time, have an increased
degree of overlap, as we focus on generating total returns for
investors.
Q: What is your outlook on the market?
Whilst policy uncertainty and geopolitical risks remain
elevated, we continue to see value in equity markets and risk
assets more broadly. We believe US equities have scope for
outperformance with superior growth rates versus their rest
of the world competitors, with its concentration of technology-
related stocks, deep capital markets and vibrant economy.
After a tough three-year period, we are also a little more
sanguine on the outlook for Asia and Emerging Markets.
A weakening dollar, perhaps an intention of the US
administration rather than a symptom, low valuations and
rebounding earnings growth could make a potent mix for equity
returns. Chinese technology companies, for instance, are
demonstrating impressive innovation and trade at considerably
lower multiples than their US equivalents.
UK equities appear cheap. However, once adjusted for sector
composition, the discount versus continental European and
Asia-equity markets becomes less pronounced. Whilst it is
encouraging to see continuing merger and acquisition (
‘M&A’
)
activity within small and medium sized companies which is
beneficial for short-term performance, the UK issuance market
remains moribund, implying the UK equity market is not yet
replacing its most attractive companies. Further still, high
profile re-listings of stocks away from UK market leaves fewer
exciting companies for active managers to own.
Listed private equity portfolios, on the whole, are ripe with
value. Once US capital markets reopen more fully – only a
matter of time in our opinion – then exits will materialise, and
shareholder returns delivered. Despite large discounts to net
asset values, overall, the UK listed private equity market is
comprised of top-quality private equity managers.
We see strong value in certain alternative asset classes which
are offering both the opportunity for income and capital growth.
Areas such as infrastructure, renewable energy generation
and property have suffered due to sensitivities to interest
rates and offer compelling total return opportunities. This
is despite a pick-up in M&A activity, where prices paid for
acquisition represent meaningful premiums to the undisturbed
share prices. We expect this theme to continue until such
time as a re-rating of the alternatives sector materialises.
In addition, industry shareholders are requiring larger, more
liquid investment companies and we would expect industry
consolidation to continue.
We are further encouraged to see boards of directors
continuing to promote more flexible capital policies. Board
initiatives such as debt paydown, buy-backs or tender offers
can be powerful tools in generating shareholder returns.
We feel privileged to become the Investment Managers of your
Company. It coincides at a time when we believe there are
pockets of tremendous value in the investment company sector
and feel optimistic about the year ahead.
Adam Norris and Paul Green
Investment Managers
Columbia Threadneedle Investment Business Limited
25 July 2025
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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 Code of Corporate
Governance is detailed in the Corporate Governance Statement
on pages 39 to 41. In addition, the Policy Summary statement
on pages 28 to 30 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.
Active ownership
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 active ownership activities are supported by
policies on corporate governance, proxy voting, engagement
and investment strategy-specific policies, as well as respective
addendums on how to manage potential conflicts of interest.
These documents support and inform the Manager’s
engagement and voting activities on behalf of its clients and
are available on its website.
The Manager’s Corporate Governance Guidelines 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 ethics policies
and maintaining a code of conduct reflecting corporate values
and promotion of ethical business practices. Codes of conduct
should address business-critical compliance issues including
anti-corruption practices.
The Manager is a founding signatory to UNPRI 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, manager best 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
22 | CT Global Managed Portfolio Trust PLC
During 2023, the Manager conducted an ESG survey of the
investment companies or their managers (as appropriate) held
in each Portfolio. Matters such as whether the investment
manager was a signatory to the UNPRI, membership of
responsible investment bodies and initiatives, what ESG or
diversity and inclusion policies were in place, whether the
investment company had any sustainability related objectives,
ESG reporting by the manager or investment company, how ESG
considerations were incorporated into investment management
processes, ESG resources and whether a public commitment
to a Net Zero ambition had been made were considered. This
allows an evaluation of their strategies and progress on ESG
policies and reporting and to initiate and progress discussions
with investee companies and their managers.
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 The Renewables Infrastructure Group and Greencoat
UK Wind, both of which give focused exposure to climate
change solutions.
Unlike other listed trading companies, as an investment
trust, 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 87 meetings
of investee companies held by the Company. The Manager did
not support management’s recommendations on at least one
resolution at approximately 9% of all meetings. With respect
to all items voted, the Manager supported over 99% of all
management resolutions. All of the votes against management
were director-related. Boards lacking sufficient gender diversity,
director board meeting attendance and excessive board chair
tenure were the reasons for not supporting an individual’s
re-election.
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Annual Report and Financial Statements 2025 | 23
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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 14, 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 14, 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 17 to 20.
While the Company’s direct impact on the community and
environment is limited, its indirect ESG impact occurs through
the investment companies in which it invests. The Board gives
effect to this through the Manager’s Responsible Investment
approach which is set out on pages 21 and 22. 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 43.
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 15.
The Company’s stakeholders are always considered when the
Board makes decisions and examples include:
• Investment Manager succession
Recognising that the retirement of Peter Hewitt was
inevitable, during the year the Board worked closely
with the Manager to develop an appropriate Investment
Manager succession plan and ensure a smooth transition
at the relevant time. This involved multiple meetings with
the Manager’s Head of Investment Trusts and Head of
Multi-Asset Solutions, EMEA (to whom Peter Hewitt reports)
and the proposed successor Investment Managers.
These meetings included detailed discussions regarding
historic performance, investment process and transition
management. Having been advised by the Manager in April
2025 that Peter Hewitt intended to retire later in the year,
the Board agreed with the Manager that the succession
plan should be implemented with effect from 1 June 2025.
• Borrowings
Since early 2022, the Company had a £5 million unsecured
term loan, at a fixed interest rate and a £5 million
unsecured revolving credit facility (‘RCF’) with The Royal
Bank of Scotland International Limited (‘RBSI’). These
facilities matured during the year and, in their place,
the Company entered into a two-year unsecured RCF for
£10 million. Given the interest rate environment, a variable
rate facility was chosen which offers the Company
flexibility. It can be utilised in both the Income Portfolio or
Growth Portfolio when the Board and Manager consider
it appropriate.
Promoting the Success of the Company
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• 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 11 July 2025, dividends
with respect to the financial year ended 31 May 2025
total 7.60p per Income share. This represents an increase
of 2.7% compared to the prior year and a yield of 6.6%
at 31 May 2025 as compared to the yield on the FTSE
All-Share Index of 3.5% at that date. As the revenue return
for the year ended 31 May 2025 was 7.44p per Income
share, the Board utilised £103,000 from the Company’s
revenue reserve towards this increased dividend.
• Investment management fee
The Board and Manager have agreed a reduction in the
investment management fee (the ‘Fee’) with effect from
1 September 2025. The Fee will be 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 will no longer be any charge
on any assets which are invested in other investment
vehicles managed by the Manager. In aggregate these
changes will lead to an annualised pro forma reduction in
the Fee paid to the Manager of approximately £135,000.
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.
• 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 year the Company issued 1,870,000 new Income
shares and sold 50,000 Income shares from treasury at
an average premium to NAV of 1.7% and 1.6% respectively.
In addition 150,000 Growth shares were resold out of
treasury at an average premium to NAV of 1.6%. 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 50,000 Income shares
and 1,255,000 Growth shares were bought back at an
average discount to NAV of -2.9% and -3.3% 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, which provides investors with
access to a broad spread of investment companies
covering a variety of geographies, sectors and investment
managers, the choice of Income shares and Growth
shares and the flexibility to convert Income shares into
Growth shares (and vice versa) annually in a cost-effective
and tax-efficient manner, is particularly well suited to the
retail segment of the market. 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.
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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
objective, strategy, 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 45 and 46. 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 and emerging risks
included the outlook for inflation, ongoing macroeconomic and
geopolitical concerns, and the impact on financial markets
of US trade tariffs. Any emerging risks that are identified and
that are 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 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
war in Ukraine, increased conflict in the Middle
East 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 the
Income Portfolio and the Growth Portfolio and considers individual stock
performance together with purchases and sales of investments. Investments
and markets are discussed with the Investment 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 21 and 22.
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
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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 the benchmark
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 Income Portfolio and Growth Portfolio 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 Management team to review internal control and risk reports,
which includes oversight of its 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 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 Chief Information
Security Officer 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 AIFMD.
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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 principally in two diversified Portfolios
of 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 1.22% and
1.11% of average net assets (at 31 May 2025) for the
Income shares and Growth 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.
• 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 July
2030, 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 25
and 26 in Principal Risks and Uncertainties, on pages 45 and
46 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 July 2030.
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Investment Objective and Policy
The Company’s investment objective is to provide an attractive
level of income with the potential for income and capital growth
to Income shareholders and to provide capital growth for
Growth shareholders, in each case through investing principally
in a diversified Portfolio of investment companies.
The Income Portfolio invests in a diversified Portfolio of at least
25 investment companies that have underlying investment
exposures across a range of geographic regions and sectors,
and focusses on offering an income yield above the yield of the
FTSE All-Share Index.
The Growth Portfolio invests in a diversified Portfolio of at least
25 investment companies that have underlying investment
exposures across a range of geographic regions and sectors,
and focusses on maximising total returns, principally through
capital growth.
The Company invests principally in closed-end investment
companies, wherever incorporated, which are listed on the
Official List of the Financial Conduct Authority. The majority
of the Company’s holdings comprise equity investments
although it is permitted to invest in other securities issued by
investment companies.
The Company is permitted to invest in other closed-end
investment companies, wherever incorporated, whose shares
are traded on AIM or a Regulated Exchange (other than the
London Stock Exchange’s Main Market) up to a maximum of
25% of the total assets of the relevant Portfolio.
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 investment
companies that themselves may invest more than 15% of their
total assets in other UK listed investment companies.
There are no maximum levels set for underlying exposures to
geographic regions or sectors.
No investment in either Portfolio may exceed 15% of the relevant
Portfolio’s total assets at the time of the latest purchase.
The Manager may invest the assets of the Company in other
investment companies managed by the Manager or another
member of the Columbia Threadneedle Group, provided that
such investments in the Income or Growth Portfolios shall not
exceed 20% of the total assets of the relevant Portfolio at the
time of investment.
There are no defined limits on securities and accordingly
the Company may invest up to 100% of total assets in any
particular type of security.
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 2025,
£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
Annual Report and Financial Statements 2025 | 29
Strategic Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Dividend Policy
Within the Company’s investment objective is the aim to
provide an attractive level of income for Income shareholders.
In determining dividend payments, the Board takes account of
income forecasts, brought forward revenue and other relevant
distributable reserves, the Company’s dividend payment
record, the yield of the FTSE All-Share Index, inflation and
the corporation tax rules governing investment trust status.
Risks to the dividend policy have been considered as part
of the Principal Risks and Uncertainties and Viability Review
on pages 25 to 27 and include financial risks leading to a
deterioration in the level of income received by the Company, or
a significant change to the Company‘s regulatory environment.
Dividends are currently paid as interim dividends, quarterly in
October, January, April and 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 37 and 38.
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
FCA UK Listing Rules and the Board complies with the AIC Code
of Corporate Governance 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, Marketing Committee, Nomination Committee
and Management Engagement 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.
Board Gender as at 31 May 2025
(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.
30 | CT Global Managed Portfolio Trust PLC
Board Ethnic Background as at 31 May 2025
(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,
including Arab
– – –
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 30, 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
25 July 2025
Strategic Report
Annual Report and Financial Statements 2025 | 31
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 of 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.
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 twenty 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 and a
director of a number of private companies.
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.
Simon Longfellow
Chairman of the Marketing Committee
Appointed on 14 July 2021 and as Chairman
of the Marketing Committee on 19 July 2022.
Experience and contribution: Simon co-founded
Steps to Investing which launched in 2020
with the aim of helping inexperienced investors
get started on their investment journeys. He
also consults to Warhorse Partners, a leading
investment trust marketing company. Prior
to that he was Head of Marketing at Janus
Henderson Investors, focused entirely on
marketing investment trusts to retail investors.
Other appointments: Simon is currently a
non-executive director of Artemis UK Future
Leaders plc, Electric and General Investment
Fund and a director of a private company.
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, Nomination Committee and Marketing Committee.
No Director holds a directorship elsewhere in common with other members of the Board.
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
32 | CT Global Managed Portfolio Trust PLC
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 2025, 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 5 and 20. Principal risks
and uncertainties can be found on pages 25 and 26 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 59 to 84. The return attributable to shareholders was
£4,583,000, of which £2,371,000 was attributable to the Income
Portfolio and £2,212,000 to the Growth Portfolio.
The Company has paid quarterly interim dividends in the year
ended 31 May 2025 as follows:
Interim Dividend Payments
Payment date Rate per Income share
Fourth interim for 2024 5 July 2024 2.00p
First interim for 2025 11 October 2024 1.85p
Second interim for 2025 10 January 2025 1.85p
Third interim for 2025 11 April 2025 1.85p
A fourth interim dividend of 2.05p per Income share was paid
after the year-end, on 11 July 2025, to Income shareholders on
the register at close of business on 13 June 2025. The total
dividend for the financial year ended 31 May 2025 of 7.60p per
Income share represents an increase of 2.7% over the 7.40p
per Income share paid in respect of the previous financial year
ended 31 May 2024.
As set out in the Company‘s dividend policy on page 29,
payments are made quarterly as interim dividends and 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 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 quarterly payments (Resolution 9).
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’).
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 59 and the unqualified
Independent Auditor’s Report on the financial statements is
on pages 53 to 58. The significant accounting policies of the
Company are set out in note 1 to the financial statements.
The Directors submit the Annual Report and Financial Statements of the Company for the year
ended 31 May 2025. The Directors‘ biographies, Corporate Governance Statement, the Report of the
Nomination Committee, the Report of the Management Engagement Committee, the Report of the
Audit Committee, the Report of the Marketing Committee and the Directors‘ Remuneration Report
form part of this Report of the Directors.
Report of the Directors
Annual Report and Financial Statements 2025 | 33
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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 25 and 26. 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 28 and which 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.
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 27.
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 himself or herself
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 2 October 2024 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 7 and 8).
Further information in relation to the re-appointment can be
found on page 46.
Capital Structure and Voting Rights
The Company’s capital structure is explained in the Capital
Structure section on page 91 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 2025 there were 53,790,518 Income shares and
38,741,161 Growth shares listed, of which no Income shares
and 4,360,000 Growth shares were held in treasury, and the
total issued share capital of the Company (excluding treasury
shares) was represented 61.0% by 53,790,518 Income shares
and 39.0% by 34,381,161 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);
• 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.
34 | CT Global Managed Portfolio Trust PLC
Governance Report
Substantial Interests in Share Capital
As at 31 May 2025 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 2025, approximately
62.9% of the Income shares and 82.8% of the Growth shares
are held in this manner. The voting arrangements for these
shares is explained on page 91.
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
31 October 2024, was an increase of 197,267 Income shares
in issue and a decrease of 86,447 Growth shares in issue.
Directors' Remuneration Report
At the Annual General Meeting held on 28 September 2023,
shareholders approved the Directors' Remuneration Policy
and it is intended that this policy will continue for the three
year period ending at the AGM in 2026, when shareholders
will next be asked for their approval. There have been no
material changes to the Remuneration Policy since approved
by shareholders at the Annual General Meeting held on
28 September 2023.
The Directors’ Remuneration Report, which can be found on
page 49 to 51, 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 2025 (Resolution 2) at the AGM on 1 October 2025.
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 Re-elections
Biographical details of the Directors, all of whom are non-
executive, can be found on page 31 and are incorporated into
this report by reference.
All of the Directors held office throughout the year under review.
As explained under the Corporate Governance Statement
on page 40, the Board has agreed that all Directors will
retire annually. Accordingly, Shauna Bevan, Sue Inglis, Simon
Longfellow and David Warnock will retire at the AGM and, being
eligible, offer themselves for re-election. (Resolutions 3, 4, 5
and 6).
The skills and experience each Director brings to the Board
for the long-term sustainable success of the Company are set
out below.
• Resolution 3 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 4 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 5 relates to the re-election of Simon Longfellow
who was appointed on 14 July 2021 and has extensive
marketing experience in the investment company sector.
• Resolution 6 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
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 29, 30 and 42.The
Chairman and the Board therefore believe that it is in the
interests of shareholders that each of those Directors seeking
re-election are re-elected.
Annual Report and Financial Statements 2025 | 35
Governance Report
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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 2025. 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.
ConflictsofInterest
Under the Companies Act 2006 a Director must avoid a
situation where he or she has, 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, 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
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.
36 | CT Global Managed Portfolio Trust PLC
Governance Report
As set out in the Chairman’s Statement on page 5, a change to
the investment management fee has been agreed between the
Board and the Manager, with effect from 1 September 2025
and is also detailed in note 4 to the financial statements.
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. 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 5 and the Investment
Managers’ Review on page 20.
Responsible Investment
The Company’s approach to Responsible Investment, including
voting on Portfolio investments, is set out on pages 21 and 22.
The Company seeks to conduct its affairs responsibly and
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 Wednesday 1 October 2025 at 11.30am.
The notice of Annual General Meeting is set out on pages 86
to 90. 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 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.
Resolutions 10 to 15 are explained as follows.
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Directors’ Authority to Allot Shares and Sell Shares
from Treasury (Resolutions 10, 11 and 12)
Since the Annual General Meeting of the Company held on
2 October 2024, and in accordance with the authorities granted,
the Board has exercised its powers by issuing 2,310,000 new
Income shares with an aggregate nominal value of £108,009.96
(representing 4.5% of the Company’s total issued Income share
capital as at 2 October 2024) on a non pre-emptive basis at
a premium to the net asset value per Income share for a total
consideration of £2,608,000. No new Growth shares have been
issued since the 2024 Annual General Meeting.
The Board also sold 50,000 Income shares from treasury
with an aggregate nominal value of £3,030.03 (representing
0.1% of the Company’s total issued Income share capital as
at 2 October 2024) for a total consideration of £58,000 and
sold 150,000 Growth shares from treasury with an aggregate
nominal value of £6,919.68 (representing 0.4% of the
Company’s total issued Growth share capital as at 2 October
2024) for a total consideration of £400,000.
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 Income shares and
Growth shares.
Resolution 10 (authority to allot shares) will, if passed, authorise
the Directors to allot new Income shares up to an aggregate
nominal amount of £501,584.28 (which equates to 10,873,000
Income shares) and allot new Growth shares up to an aggregate
nominal amount of £310,462.82 (which equates to 6,730,000
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 24 July 2025, being the latest practicable date
before the publication of the Notice of Annual General Meeting.
Resolution 11 (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 £250,792.14 (which equates to 5,436,500
Income shares) and allot new Growth shares, or resell Growth
shares held in treasury, up to an aggregate nominal amount of
£155,231.41 (which equates to 3,365,000 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 24 July 2025, 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 24 July 2025.
Resolution 12 (additional power to disapply pre-emption rights)
will, if passed, and in addition to Resolution 11, authorise the
Directors to allot further new Income shares, or resell Income
shares held in treasury, up to an aggregate nominal amount of
£250,792.14 (which equates to 5,436,500 Income shares) and
allot new Growth shares, or resell Growth shares held in treasury,
up to an aggregate nominal amount of £155,231.41 (which
equates to 3,365,000 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 24 July 2025, 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 24 July 2025.
These authorities will continue until the earlier of 1 January
2027 (being 15 months from the date of the Annual General
Meeting in 2025) and the conclusion of the Annual General
Meeting in 2026. 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 13)
At the last Annual General Meeting held on 2 October 2024
shareholders gave the Company authority to make market
purchases of up to 7,766,000 Income shares and 5,283,600
Growth shares (being 14.99% of each of the issued Income shares
and Growth shares, in each case excluding treasury shares).
During the year ended 31 May 2025 the Company purchased
through the market for treasury 50,000 Income shares with
an aggregate nominal value of £3,030.03, representing 0.1%
of the Income shares in issue (excluding treasury shares) at
the previous year end for a total consideration of £58,000 in
accordance with the Company’s discount management policy.
During the year ended 31 May 2025, the Company purchased
through the market for treasury 1,255,000 Growth shares with
an aggregate nominal value of £65,491.05, representing 3.5%
of the Growth shares in issue (excluding treasury shares) at the
previous year end for a total consideration of £3,219,000 in
accordance with the Company’s discount management policy.
Subsequent to the year end, 730,000 Growth shares with an
aggregate nominal value of £33,675.76, have been purchased
through the market for treasury between 31 May 2025 and
24 July 2025 representing 2.2% of the Growth shares in issue
(excluding treasury shares) as at 24 July 2025.
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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 13, 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 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 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 1 January
2027 and the conclusion of the next Annual General Meeting of
the Company.
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 88,016,679 Income shares and Growth
shares in issue (excluding treasury shares) as at 24 July 2025,
of which 54,365,518 (61.8%) are Income shares and
33,651,161 (38.2%) are Growth shares. At that date, the
Company held no Income shares and 5,090,000 Growth shares
(representing 15.1% of the total Growth share capital (excluding
treasury shares) in treasury.
Approval of the Proposed Purchase Contract
(Resolution 14)
Resolution 14 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.
Aggregate Limit on Directors’ Fees
(Resolution 15)
The aggregate limit in the Company’s Articles of Association in
respect of the fees that may be paid to Directors is currently
£150,000 per annum but this can be increased by the Company
by ordinary resolution. This aggregate limit was last increased,
with the approval of shareholders in September 2018. The
Board proposes that this aggregate limit be increased to
£175,000 per annum, but does not currently intend to use this
additional authority. It is believed this increase would in future
provide additional flexibility when dealing with matters such as
succession planning.
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 they
unanimously recommend 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 86 to 90.
By order of the Board
For Columbia Threadneedle Investment Business Limited
Company Secretary
Quartermile 4
7a Nightingale Way
Edinburgh EH3 9EG
25 July 2025
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The biographical details of the Directors responsible for the
governance of the Company are set out on page 31. 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 17
to 20 and in the Report of the Audit Committee in respect of
internal controls on pages 45 and 46. The Board’s evaluation
of the Manager can be found on page 43.
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 Code of Corporate Governance
(the ‘AIC Code’)
The Board of CT Global Managed Portfolio Trust PLC has
considered and supports the principles and provisions of the
AIC Code published in February 2019. The AIC Code addresses
the principles and provisions set out in the UK Corporate
Governance Code published in July 2018 (the ‘UK Code’) as
well as setting out additional provisions on issues that are of
specific relevance to investment companies. There are two
main differences: in the AIC Code, both the nine year limit on
chair tenure and the restriction on the chair of the Board being
a member of the Audit Committee have been removed.
David Warnock was appointed to the Board on 1 January
2019 and then as Chairman on 30 September 2021 and
has therefore served for less than nine years. 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 29
and 30.
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
recommendations of the AIC Code during the year under review
and up to the date of this report 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’ remuneration;
• the need for an internal audit function;
• membership of the Audit Committee by the Chairman of the
Board; and
• workforce engagement.
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, 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 46, we have not reported
further in respect of these provisions.
Corporate Governance Statement
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The AIC Code can be found at theaic.co.uk and the UK Code
at frc.org.uk. In January 2024 the Financial Reporting Council
updated the UK Code and subsequently, in August 2024, the
AIC Code was also updated. Some of these updates will apply
to the Company in the financial year ending 31 May 2026 and
it is the intention of the Board that the Company will comply
with the relevant provisions.
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 14 to 15. How the Board seeks to promote the success
of the Company is set out on pages 23 to 24.
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 2025
Board of
Directors
Audit
Committee
Management
Engagement
Committee
Nomination
Committee
Marketing
Committee
No. of meetings 4 3 1 1 3
D Warnock 4 3 1 1 3
S Bevan 4 3 1 1 3
S P Inglis 4 3 1 1 3
S M Longfellow 4 3 1 1 3
The Board also met on a number of other occasions during the
year to deal with, in particular, non-routine matters (such as
Investment Manager succession planning) or matters requiring
to be dealt with between scheduled Board meetings (such
as the interim dividends, the annual share conversion facility
and renewing the Company’s bank facility). The Board meets
regularly in private sessions, without any representation from
the Manager.
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Composition and Succession
The composition of the Board and committees together with
the experience of the members is set out on page 31. The
Company’s diversity and tenure policy is set out on pages 29
to 30.
In recent years a succession plan has been in place, which has
enabled the retirement of the longer serving Directors while
balancing the need to ensure an adequate level of continuity
and experience on the Board while changes were made,
thereby acting in the best interests of shareholders. As set
out in the Report of the Nomination Committee on page 42,
the composition of the Board and succession continues to be
considered and reviewed.
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 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 44 to 47. 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 25 and 26 and further
information on the Company’s risk management and internal
control framework can be found on pages 45 to 46.
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 15.
Remuneration
Information on the remuneration arrangements for the non-
executive Directors of the Company can be found in the
Remuneration Report on pages 49 to 51 and in note 5 to the
financial statements.
The remuneration policy is explained on page 49 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
page 33 and other Companies Act 2006 disclosures are
included on page 36.
By order of the Board
For Columbia Threadneedle Investment Business Limited
Company Secretary
Quartermile 4
7a Nightingale Way
Edinburgh EH3 9EG
25 July 2025
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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, 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 one occasion 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 outcome from the annual Board evaluation process;
• the re-appointment of those Directors standing for 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 29 and 30 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 his or her 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.
A succession plan, to allow for the retirement of the Directors
who had served since the Company’s launch, had been in
progress over the last few years and this was completed
in 2022. The emphasis was on ensuring the highest level
of skills, knowledge and experience of the Board and when
recruiting new Directors consideration was given to the current
skills and experience of the Board and the remaining tenure of
each Director. This assisted in identifying the desired attributes
of the new Director and ensured that the Board continued to
comprise individuals with appropriate and complementary skills
and experience and continuity. 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 41. 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
25 July 2025
Report of the Nomination Committee
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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.
As explained in the Chairman’s Statement, with effect from
1 June 2025, the beginning of the Company’s current financial
year, the Company’s Portfolios are now 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.
As set out in the Chairman’s Statement on page 5 a change to
the investment management fee has been agreed between the
Board and the Manager with effect from 1 September 2025 and
is also detailed in note 4 to the financial statements.
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 41. 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
25 July 2025
Report of the Management
Engagement Committee
44 | CT Global Managed Portfolio Trust PLC
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 31 and the
Committee's terms of reference are available at the website
ctglobalmanagedportfolio.co.uk.
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 41. The conclusion from the process was that the
Committee was operating effectively, with the right balance of
experience and skills.
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 process
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 40.
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
internal control and risk management environment;
• 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 changes;
• 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 2024 and the Annual Report
and Financial Statements for the year ended 31 May 2025 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 25 to 27 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 52.
Report of the Audit Committee
Annual Report and Financial Statements 2025 | 45
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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 system of risk management and internal control 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 25 and 26 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 27 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 systems
of risk management and internal control, 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
control systems. 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 period to 30 September 2024 (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 KPMG LLP (engaged
by the Manager), it sets out the Manager’s control environment
and procedures with respect to the management of its clients’
investments and maintenance of their financial records. The
effectiveness of these controls is monitored by the Manager’s
Audit and Risk Committee which, for the period to 30 September
2024, 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 material
to the overall control environment and 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.
46 | CT Global Managed Portfolio Trust PLC
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.
ExternalAuditProcessandSignificantMatters
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 2025 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 2025 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 53 to 58.
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 expert providers 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 (2024: £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
£55,500 (2024: £53,500).
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 2025
represents Chris Meyrick’s third year as the senior statutory
auditor and BDO’s third 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.
On the basis of this assessment, the Audit Committee has
recommended the re-appointment of BDO to the Board.
Annual Report and Financial Statements 2025 | 47
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Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
SignificantMattersConsideredbytheAuditCommitteeinRelationtotheFinancialStatements
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 45, which is reported on by an independent
service auditor and sets out the systems, processes and controls around
the daily pricing of equity securities. The Manager has provided further
assurance that controls have operated satisfactorily since that date.
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 to those of the Custodian. The Audit Committee also
reviewed the Custodian’s semi-annual internal controls report, which is
reported on by independent external accountants, and provides details
regarding its control environment. 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.
Sue P Inglis
Chairman of the Audit Committee
25 July 2025
48 | CT Global Managed Portfolio Trust PLC
Governance Report
Composition of the Committee
The Committee comprises the full Board and is chaired by
Simon Longfellow. 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;
• approval of the annual marketing budget and planned
activities;
• the Company’s website; and
• the engagement and activities undertaken by a marketing
agency.
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 41. The conclusion from the process was that the
Committee was operating effectively, with the right balance of
experience and skills.
Simon Longfellow
Chairman of the Marketing Committee
25 July 2025
Report of the Marketing Committee
Annual Report and Financial Statements 2025 | 49
Governance Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Full details of the Company’s policy with regards to Directors’
fees, and fees paid during the year ended 31 May 2025, 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 53 to 58.
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 investment companies that are
similar in size and have similar investment objectives. 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.
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 £150,000 per annum in
aggregate and may not be changed without seeking shareholder
approval at a general meeting. Directors are not eligible for
bonuses, pension benefits, share options, long-term incentive
schemes or other benefits.
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 his or her
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 31. The terms of
appointment provide that a Director shall retire and be subject
to election at the first Annual General Meeting after his or her
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. All the Directors were last re-elected at the AGM
held on 2 October 2024 and will stand for re-election at the AGM
on 1 October 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.
It is intended that the policy will continue for the three-year
period ending at the AGM in 2026, when it will next be put to
shareholders for approval.
As part of the business to be proposed at the forthcoming AGM
it is proposed that the aggregate limit on Directors’ fees in the
Articles of Association be increased from £150,000 per annum
to £175,000 per annum (Resolution 15). The Board does not
currently intend to use this additional authority, but it will in
future provide additional flexibility when dealing with matters
such as succession planning.
Annual Statement
As Chairman of the Board, I confirm that effective 1 June 2024
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
£850 per annum for the other Director.
Future Policy Table
Following a review of the level of Directors’ fees for the year to
31 May 2026, the Board concluded that effective 1 June 2025
the amounts paid to Directors would increase by approximately
3% (ie. broadly in line with inflation) and therefore 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, the Chairman of the Nomination Committee will be
paid an additional £2,000 per annum.
Directors’ Remuneration Report
50 | CT Global Managed Portfolio Trust PLC
Governance Report
Based on this, Directors’ fees for the financial year to 31 May 2026 will be as follows:
Director
31 May
2026
£
31 May
2025
(1)
£
31 May
2024
(1)
£
Chairman 35,200 34,200 33,200
Audit Committee Chairman and Marketing Committee Chairman 30,500 29,600 28,700
Director
(2)
26,900 26,100 25,250
(1)
Actual Directors’ remuneration for the years ended 31 May 2025 and 31 May 2024 respectively.
(2)
For the year to 31 May 2026, the Chair of the Nomination Committee will be paid an additional £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 2025 and 31 May 2024 and can expect to receive the fees indicated for the year to 31 May 2026 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
2025
£
31 May
2024
£ % change
31 May
2025
£
31 May
2024
£ % change
31 May
2025
£
31 May
2024
£ % change
31 May
2026
£
D Warnock (Chairman) 34,200 33,200 +3.0 – 146 n/a 34,200 33,346 +2.6 35,200
S L Bevan 26,100 25,250 +3.4 1,110 1,065 +4.2 27,210 26,315 +3.4 28,900
S P Inglis 29,600 28,700 +3.1 – 146 n/a 29,600 28,846 +2.6 30,500
S M Longfellow 29,600 28,700 +3.1 2,026 2,048 -1.1 31,626 30,748 +2.9 30,500
Total 119,500 115,850 +3.2 3,136 3,405 -7.9 122,636 119,255 +2.8 125,100
(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 2026. 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
2025
%
2024
%
2023
%
2022
%
2021
%
D Warnock
(1)
+3.0 +5.1 +14.2 +23.6 +1.8
S L Bevan
(2)
+3.4 +7.6 n/a n/a n/a
S P Inglis
(3)
+3.1 +5.1 +5.2 +6.0 +11.3
S M Longfellow
(4)
+3.1 +6.8 +33.3 n/a n/a
(1)
Appointed as a non-executive director on 1 January 2019 and as Chairman on
30 September 2021
(2)
Appointed as a non-executive director on 9 June 2022
(3)
Appointed as a non-executive director on 9 July 2018 and as Chairman of the
Audit Committee on 24 September 2020
(4)
Appointed as a non-executive director on 14 July 2021 and Chairman of the
Marketing Committee on 19 July 2022
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
2025
£
31 May
2024
£
Change
%
Aggregate Directors’ remuneration 119,500 115,850 +3.2
Management and other expenses 1,646,500 1,525,000 +7.9
Quarterly dividends paid to
shareholders (relating to the year)
(1)
4,016,000 3,794,000 +5.9
Aggregate cost of shares
repurchased
(2)
3,277,000 5,682,000 -42.3
(1)
While the annual dividend increased by 2.7% from 7.40p to 7.60p per Income
share, the cost of the dividend increased by 5.9% due to the issuance of new
Income shares during the year ended 31 May 2025.
(2)
Shares are repurchased in accordance with the Company’s buy-back policy, as
set out on page 29.
Annual Report and Financial Statements 2025 | 51
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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 2025 (all of which
were beneficially held) were as follows:
31 May 2025 31 May 2024
Director
Income
Shares
Growth
Shares
Income
Shares
Growth
Shares
D Warnock
(Chairman)
30,000 20,000 30,000 20,000
S L Bevan 4,000 8,000 4,000 8,000
S P Inglis 3,000 12,000 3,000 12,000
S M Longfellow – 10,950 – 10,950
There have been no changes in the Directors’ interests in the
shares of the Company between 31 May 2025 and 25 July
2025.
Company Performance
The graph below compares, for the ten financial years ended
31 May 2025, 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 is the
Company’s benchmark. 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 2015)
Source: Refinitiv Eikon
Voting at Annual General Meeting on Annual
Remuneration Report
At the Company’s last Annual General Meeting, held on
2 October 2024, shareholders approved the Directors’
Remuneration Report in respect of the year ended 31 May
2024. 95.1% of votes were in favour of the resolution and
4.9% 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 2).
On behalf of the Board
David Warnock
Chairman
25 July 2025
Index
Income share price total return
FTSE All-Share Index total return
Growth share price total return
May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25
80
100
120
140
160
180
200
52 | CT Global Managed Portfolio Trust PLC
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
25 July 2025
Statement of Directors’ Responsibilities
Annual Report and Financial Statements 2025 | 53
Independent Auditor’s Report
to the members of CT Global Managed Portfolio Trust PLC
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Opiniononthefinancialstatements
In our opinion the financial statements:
• give a true and fair view of the state of the Company’s affairs as at 31 May 2025 and of its return 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 2025
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. Our audit opinion is consistent with the additional report to the Audit Committee.
Independence
Following the recommendation of the Audit Committee, we were appointed by the Board of Directors on 2 February 2023 to audit
the financial statements for the year ended 31 May 2023 and subsequent financial periods. The period of total uninterrupted
engagement is three years, covering the years ended 31 May 2023 to 31 May 2025. We are 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 that standard were not provided to the Company.
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 the 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 by comparing the prior year forecasted
costs to the actual costs incurred to check that the projected costs are reasonable;
• assessing the appropriateness of the Directors’ assumptions and judgements made in their base case and stress tested
forecasts including consideration of the available cash resources relative to forecast expenditure and committments;
• challenging the Directors’ assumptions and judgements made in their forecasts by performing an independent analysis of the
liquidity of the portfolio; and
• reviewing the Facility agreement to identify the covenants and assessing the likelihood of them being breached based on the
Directors’ forecasts and our sensitivity analyses.
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.
Auditor’s Report
54 | CT Global Managed Portfolio Trust PLC
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.
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
2025
2024
Materiality
Company financial statements as a whole
£0.60m (2024: £0.60m) and £0.91m (2024: £0.92m) based on 1% (2024: 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, including the Company’s system of
internal control, and assessing the risks of material misstatement in the financial statements. We also addressed the risk of
management override of internal controls, including assessing whether there was evidence of bias by the Directors that may have
represented a risk of material misstatement.
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 quoted 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.
Annual Report and Financial Statements 2025 | 55
Auditor’s Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial 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
2025
£
2024
£
Income shares Growth shares Income shares Growth shares
Materiality 0.60m 0.91m 0.60m 0.92m
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
0.45m 0.68m 0.45m 0.69m
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.
Specificmateriality
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 £0.19m (2024: £0.20m), based on 5% (2024: 5%) of Revenue return on ordinary activities before tax. We further applied
a performance materiality level of 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 £30k (2024: £30k)
and £45k (2024: £46k) 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.
56 | CT Global Managed Portfolio Trust PLC
Auditor’s Report
Corporate governance statement
The UK Listing Rules require 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; and
• Directors’ explanation as to their assessment of the Company’s prospects, the period this
assessment covers and why the period is appropriate.
Other Code provisions • Directors’ statement on fair, balanced and understandable;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks;
• section of the annual report that describes the review of effectiveness of risk management and
internal control systems; and
• section describing the work of the Audit Committee.
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 Directors’ responsibilities statement, 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.
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.
Annual Report and Financial Statements 2025 | 57
Auditor’s Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Auditor’sresponsibilitiesfortheauditofthefinancialstatements
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.
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 UK listing and DTR rules, the principles
of the AIC Code of Corporate Governance, 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 management 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. This included a review of other qualititatve factors and ensuring compliance with these.
Fraud
We assessed the susceptibility of the financial statements to material misstatement including fraud.
Our risk assessment procedures included:
• enquiry with the Investment Manager and those charged with governance regarding any known or suspected instances of 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.
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;
58 | CT Global Managed Portfolio Trust PLC
Auditor’s Report
• 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 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.
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.
Chris Meyrick (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
Edinburgh, UK
25 July 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Annual Report and Financial Statements 2025 | 59
Financial Report
Notes
Revenue
Year ended
31 May
2025
£’000
Capital
Year ended
31 May
2025
£’000
Total
Year ended
31 May
2025
£’000
Revenue
Year ended
31 May
2024
£’000
Capital
Year ended
31 May
2024
£’000
Total
Year ended
31 May
2024
£’000
10 Gains on investments – 1,600 1,600 – 11,175 11,175
Foreign exchange losses – (4) (4) – (6) (6)
3 Income 5,075 – 5,075 5,167 – 5,167
4 Investment management fee (290) (732) (1,022) (280) (702) (982)
5 Other expenses (744) – (744) (659) – (659)
Return on ordinary activities before finance costs and tax 4,041 864 4,905 4,228 10,467 14,695
6 Finance costs (128) (194) (322) (114) (171) (285)
Return on ordinary activities before tax 3,913 670 4,583 4,114 10,296 14,410
7 Tax on ordinary activities – – – – – –
Return attributable to shareholders 3,913 670 4,583 4,114 10,296 14,410
9 Return per Income share – basic and diluted 7.44p (2.93p) 4.51p 8.06p (0.28p) 7.78p
9 Return per Growth share – basic and diluted – 6.33p 6.33p – 28.33p 28.33p
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/(loss) for the year and also total comprehensive income.
The accompanying notes on pages 64 to 84 are an integral part of these financial statements.
Income Statement
For the Year ended 31 May
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
60 | CT Global Managed Portfolio Trust PLC
Financial Report
Notes
Income
shares
31 May
2025
£’000
Growth
shares
31 May
2025
£’000
Total
31 May
2025
£’000
Income
shares
31 May
2024
£’000
Growth
shares
31 May
2024
£’000
Total
31 May
2024
£’000
Fixed assets
10 Investments at fair value 66,576 87,956 154,532 65,994 91,861 157,855
66,576 87,956 154,532 65,994 91,861 157,855
Current assets
11 Debtors 286 146 432 293 208 501
Cash at bank and on deposit 1,332 3,592 4,924 1,200 476 1,676
1,618 3,738 5,356 1,493 684 2,177
Creditors
12 Amounts falling due within one year (7,219) (289) (7,508) (7,223) (310) (7,533)
Net current (liabilities)/assets (5,601) 3,449 (2,152) (5,730) 374 (5,356)
Net assets 60,975 91,405 152,380 60,264 92,235 152,499
Capital and reserves
13 Called-up share capital 2,481 1,787 4,268 3,134 2,353 5,487
14 Share premium 5,197 476 5,673 3,223 428 3,651
14 Capital redemption reserve 2,699 2,258 4,957 1,950 1,698 3,648
14 2022 special reserve 29,588 29,581 59,169 29,588 29,581 59,169
14 2008 special reserve 19,681 6,122 25,803 19,464 9,206 28,670
14 Capital reserves (2,540) 51,181 48,641 (998) 48,969 47,971
14 Revenue reserve 3,869 – 3,869 3,903 – 3,903
15 Shareholders’ funds 60,975 91,405 152,380 60,264 92,235 152,499
15 Net asset value per share (pence) 113.36p 265.86p 116.51p 259.29p
Company Number: SC338196
Approved by the Board and authorised for issue on 25 July 2025 and signed on its behalf by:
David Warnock, Director.
The accompanying notes on pages 64 to 84 are an integral part of these financial statements.
Balance Sheet
As at 31 May
Annual Report and Financial Statements 2025 | 61
Financial Report
Governance Report Auditor's Report Notice of Meeting Other InformationStrategic ReportOverview Financial Report
Notes
Income
shares
Year ended
31 May
2025
£’000
Growth
shares
Year ended
31 May
2025
£’000
Total
Year ended
31 May
2025
£’000
Income
shares
Year ended
31 May
2024
£’000
Growth
shares
Year ended
31 May
2024
£’000
Total
Year ended
31 May
2024
£’000
16 Net cash outflow from operations before dividends and interest (732) (1,054) (1,786) (615) (943) (1,558)
Dividends received 3,365 1,610 4,975 3,181 1,515 4,696
Interest received 57 113 170 57 133 190
Interest paid (334) – (334) (268) – (268)
Net cash inflow from operating activities 2,356 669 3,025 2,355 705 3,060
Investing activities
Purchases of investments (5,938) (6,359) (12,297) (10,193) (10,167) (20,360)
Sales of investments 5,374 11,848 17,222 8,474 10,054 18,528
Net cash flows from investing activities (564) 5,489 4,925 (1,719) (113) (1,832)
Net cash flows before financing activities 1,792 6,158 7,950 636 592 1,228
Financing activities
8 Equity dividends paid (3,947) – (3,947) (3,863) – (3,863)
Proceeds from issuance of new shares 2,064 – 2,064 1,381 – 1,381
Share conversion – Income to Growth (210) 210 – (238) 238 –
Share conversion – Growth to Income 433 (433) – 282 (282) –
Shares purchased to be held in treasury (58) (3,219) (3,277) – (5,682) (5,682)
Sale of shares from treasury 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 (1,660) (3,042) (4,702) (2,438) (5,726) (8,164)
17 Net movement in cash and cash equivalents 132 3,116 3,248 (1,802) (5,134) (6,936)
17 Cash and cash equivalents at the beginning of the year 1,200 476 1,676 3,002 5,610 8,612
17 Cash and cash equivalents at the end of the year 1,332 3,592 4,924 1,200 476 1,676
Represented by:
Cash at bank 192 52 244 510 36 546
Short-term deposits 1,140 3,540 4,680 690 440 1,130
1,332 3,592 4,924 1,200 476 1,676
The accompanying notes on pages 64 to 84 are an integral part of these financial statements.
Cash Flow Statement
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
13 Share conversion 6 – – – 217 – – 223
13 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 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
13
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) – – –
13 Share conversion (6) – – – (217) – – (223)
13 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 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 64 to 84 are an integral part of these financial statements.
Statement of Changes in Equity
For the Year ended 31 May
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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 2023 3,247 1,917 1,760 29,588 19,422 (853) 3,652 58,733
13
Increase in share capital in issue, net of share
issuance expenses
75 1,306 – – – – – 1,381
Share conversion 2 – – – 42 – – 44
Cancellation of deferred shares
(190) – 190 – – – – –
Transfer of net income from Growth to Income Portfolio – – – – – – 1,261 1,261
Transfer of capital from Income to Growth Portfolio – – – – – (1,261) – (1,261)
8 Dividends paid – – – – – – (3,863) (3,863)
Return attributable to shareholders – – – – – 1,116 2,853 3,969
As at 31 May 2024 3,134 3,223 1,950 29,588 19,464 (998) 3,903 60,264
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 2023 2,500 428 1,553 29,581 14,930 38,528 – 87,520
13
Increase in share capital in issue, net of share
issuance expenses
– – – – – – – –
Share conversion (2) – – – (42) – – (44)
Cancellation of deferred shares (145) – 145 – – – – –
Transfer of net income from Growth to Income Portfolio – – – – – – (1,261) (1,261)
Transfer of capital from Income to Growth Portfolio – – – – – 1,261 – 1,261
Shares purchased for treasury – – – – (5,682) – – (5,682)
Return attributable to shareholders – – – – – 9,180 1,261 10,441
As at 31 May 2024 2,353 428 1,698 29,581 9,206 48,969 – 92,235
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 2023 5,747 2,345 3,313 59,169 34,352 37,675 3,652 146,253
Increase in share capital in issue, net of share
issuance expenses
75 1,306 – – – – – 1,381
Share conversion – – – – – – – –
Cancellation of deferred shares (335) – 335 – – – – –
Shares purchased for treasury – – – – (5,682) – – (5,682)
8 Dividends paid – – – – – – (3,863) (3,863)
Return attributable to shareholders – – – – – 10,296 4,114 14,410
As at 31 May 2024 5,487 3,651 3,648 59,169 28,670 47,971 3,903 152,499
The accompanying notes on pages 64 to 84 are an integral part of these financial statements.
Statement of Changes in Equity – continued
For the Year ended 31 May
64 | CT Global Managed Portfolio Trust PLC
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 91.
There have been no significant changes to the Company’s accounting policies during the year ended 31 May 2025.
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 in the UK or another
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
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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 per cent to revenue and 60 per cent to capital in the Income Portfolio; and
• 20 per cent to revenue and 80 per cent 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.
66 | CT Global Managed Portfolio Trust PLC
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 2025 2024
US Dollar 1.35 1.27
Euro 1.19 1.17
(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.
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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. 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. (2008 has been added to the name of this
special reserve to differentiate it from the 2022 special 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 59, 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 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.
68 | CT Global Managed Portfolio Trust PLC
Financial Report
2. Segmental Analysis (Continued)
Year ended 31 May 2024
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 – 1,543 1,543 – 9,632 9,632 – 11,175 11,175
Foreign exchange losses – (6) (6) – – – – (6) (6)
Income 3 3,395 – 3,395 1,772 – 1,772 5,167 – 5,167
Investment management fee 4
(167) (250) (417) (113) (452) (565) (280) (702) (982)
Other expenses 5 (261) – (261) (398) – (398) (659) – (659)
Return on ordinary activities before
finance costs and tax
2,967 1,287 4,254 1,261 9,180 10,441 4,228 10,467 14,695
Finance costs 6 (114) (171) (285) – – – (114) (171) (285)
Return on ordinary activities
before tax 2,853 1,116 3,969 1,261 9,180 10,441 4,114 10,296 14,410
Tax on ordinary activities 7 – – – – – – – – –
Return
(1)
9 2,853 1,116 3,969 1,261 9,180 10,441 4,114 10,296 14,410
(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
2025 2024
Income
Portfolio
£’000
Growth
Portfolio
£’000
Total
£’000
Income
Portfolio
£’000
Growth
Portfolio
£’000
Total
£’000
Income from investments
(1)
UK dividend income 2,196 1,512 3,708 2,116 1,523 3,639
Overseas dividends 1,063 46 1,109 1,078 73 1,151
Property income distributions 88 – 88 144 43 187
3,347 1,558 4,905 3,338 1,639 4,977
Other income
(2)
Deposit interest 57 113 170 57 133 190
Total income 3,404 1,671 5,075 3,395 1,772 5,167
Total income comprises:
Dividends 3,347 1,558 4,905 3,338 1,639 4,977
Other income 57 113 170 57 133 190
3,404 1,671 5,075 3,395 1,772 5,167
(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’.
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4. Investment Management Fee
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
Year ended 31 May 2024
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 167 250 417 113 452 565 280 702 982
The Company’s manager is Columbia Threadneedle Investment Business Limited. Columbia Threadneedle Investment Business
Limited receives 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 are 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 2025 are included in note 12.
As referred to in the Report of the Directors, with effect from 1 September 2025 the investment management fee will be 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.
5. Other Expenses
2025 2024
Income
Portfolio
£’000
Growth
Portfolio
£’000
Total
£’000
Income
Portfolio
£’000
Growth
Portfolio
£’000
Total
£’000
Auditor's remuneration for:
– statutory audit
(1)
27 40 67 25 39 64
Directors’ fees 48 72 120 46 70 116
Secretarial fees 42 64 106 28 44 72
Marketing 63 95 158 50 79 129
Printing and postage 28 42 70 27 42 69
Registrars’ fees 22 22 44 19 24 43
Custody and depositary fees 10 15 25 10 14 24
Other expenses including listing fees and legal fees 61 93 154 56 86 142
301 443 744 261 398 659
All expenses are stated gross of irrecoverable VAT, where applicable.
(1)
Auditor’s remuneration for audit services, exclusive of VAT, amounts to £55,500 (2024: £53,500).
The Manager, Columbia Threadneedle Investment Business Limited, receives a secretarial and administrative fee of £105,614 per
annum (2024: £103,563), subject to annual changes in line with the Consumer Price Index, of which £27,000 (2024: £26,000)
was payable to the Manager at the year-end. The fee for secretarial and administration services is no longer subject to VAT and the
prior year expense includes a credit for VAT charges since February 2022 of £31,000, which was due from the Manager.
The emoluments of the Chairman, the highest paid Director, were at the rate of £34,200 (2024: £33,200) per annum. Full details
are provided in the Directors’ Remuneration Report.