Global Opportunities Trust : Half-Yearly Report for the six months to 30 June 2023

Global Opportunities Trust plc

Half-Yearly Report

for the six months to 30 June 2023

Investment objective

The Company's investment objective is to provide Shareholders with an attractive real long-term total return by investing globally in undervalued asset classes. The portfolio is managed without reference to the composition of any stock market index.

Investment policy

The Company invests in a range of assets across both public and private markets throughout the world. These assets include both listed and unquoted securities, investments and interests in other investment companies and investment funds (including limited partnerships and offshore funds) as well as bonds (including index linked securities) and cash as appropriate.

Any single investment in the Company's portfolio may not exceed 15% of the Company's total assets at the time of the relevant investment (the "Single Investment Limit").

The Company may invest in other investment companies or funds and may appoint one or more sub-advisors to manage a portion of the portfolio if, in either case, the Board believes that doing so will provide access to specialist knowledge that is expected to enhance returns. The Company will gain exposure to private markets directly and indirectly through investments and interest in other investment companies and investment funds (including limited partnerships and offshore funds). The Company's investment directly and indirectly in private markets (including through investment companies and investment funds) shall not, in aggregate, exceed 30% of the Company's total assets, calculated at the time of the relevant investment.

The Company will invest no more than 15% of its total assets in other closed-ended listed investment companies (including investment trusts).

The Company may also invest up to 50% of its total assets in bonds, debt instruments, cash or cash equivalents when the Board believes extraordinary market or economic conditions make equity investment unattractive or while seeking appropriate investment opportunities for the portfolio or to maintain liquidity. The Single Investment Limit does not apply to cash or cash equivalents in such circumstances. In addition, the Company may purchase derivatives for the purposes of efficient portfolio management.

From time to time, when deemed appropriate and only where permitted in accordance with the UK Alternative Fund Managers Regulations 2013, the Company may borrow for investment purposes up to the equivalent of 25% of its total assets. By contrast, the Company's portfolio may from time to time have substantial holdings of debt instruments, cash or short-term deposits.

The investment objective and policy are intended to ensure that the Company has the flexibility to seek out value across asset classes rather than being constrained by a relatively narrow investment objective. The objective and policy allow the Company to be constrained in its investment selection only by valuation and to be pragmatic in portfolio construction by only investing in assets which the Board considers to be undervalued on an absolute basis.

CONTENTS

	Page
Financial Highlights	2
Chairman's Statement	3
Executive Director's Report	5
Portfolio of Investments	6
Distribution of Investments	7
Directors' Statement of Principal Risks and Uncertainties	8
Directors' Statement of Responsibilities in respect of the
Financial Statements	9
Income Statement	10
Balance Sheet	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13
Corporate Information	20
Shareholder Information	21
Glossary of Terms and Alternative Performance Measures	22

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FINANCIAL HIGHLIGHTS

as at 30 June 2023

SHARE PRICE TOTAL RETURN*

NET ASSET VALUE TOTAL RETURN*

2.2% (0.2)%

SHAREHOLDERS' FUNDS

DISCOUNT TO NET ASSET VALUE*

£103.9m (11.1)%

	30 June	31 December	%
	2023	2022	Change
Net Assets/Shareholders' Funds (£)	103,880,000	106,144,000	(2.1)
Shares in issue	29,222,180	29,222,180	-
Net Asset Value per share - cum inc. (pence)*	355.5	363.2	(2.1)
Share Price (pence)	316.0	314.0	0.6
Share Price Discount to Net Asset Value (%)*	(11.1)	(13.5)	-

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

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CHAIRMAN'S STATEMENT

I am pleased to present the Company's interim report for the six months to 30 June 2023.

Investment Performance

The first half of the year saw markets rebound somewhat with global equities rising over 9% in sterling terms. The US technology sector was particularly buoyant as softening headline inflation buoyed investor confidence. Emerging markets were mixed with Asia not performing particularly well over the period in contrast to Latin America where a number of markets produced very strong returns. The rise in sterling masked some of the global bond market recovery such that whilst gilts advanced slightly, overseas bonds generally produced negative returns to the sterling investor. Cash returns benefited from the sequential increases in rates by central banks across the world.

For the six months ended 30 June 2023, the Company's Net Asset Value ("NAV") Total Return decreased by 0.2% as equity markets rebounded. On a positive note, the Share Price Total Return increased by 2.2% reflecting a slight narrowing of the discount

to NAV.

As at 30 June 2023 the Company had Net Assets of £103.9m (31 December 2022: £106.1m), the NAV per ordinary share ("share") was 355.5p (31 December 2022: 363.2p) and the middle market price per share on the London Stock Exchange was 316.0p (31 December 2022: 314.0p), representing a discount of 11.1% to NAV.

Update on Management Arrangements

Shareholders may have noted that with effect from 30 May 2023, the Company terminated its Investment Management Agreement (the "IMA") with Franklin Templeton Investment Management Limited ("Franklin Templeton"). Following the termination of the IMA with Franklin Templeton, Goodhart Partners LLP ("Goodhart") was appointed to provide investment sub-advisory services to the Company assisting Dr Nairn in managing the global listed equities mandate. The Board looks forward to working with, and further strengthening its relationship with Goodhart.

2023 Annual General Meeting

The Annual General Meeting ("AGM") of the Company was held on 26 April 2023. On behalf of the Board, I would like to thank all those shareholders who attended the meeting in person or voted by way of proxy. I was pleased to note that all resolutions were formally passed by the requisite majority.

Board succession

David Ross retired as a Non-Executive Director of the Company at the conclusion of the AGM and Katie Folwell-Davies was appointed as a Non-Executive Director of the

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