(Alliance News) – UK Chancellor Rachel Reeves has said she and Energy Secretary Ed Miliband are looking at ways to break the link between the cost of electricity and gas prices.
Gas almost always sets the price of electricity under the marginal cost pricing model the UK uses.
Speaking in Washington, the chancellor said: “So, this is something that I’ve been attracted to for quite some time, delinking electricity and gas prices.
“At the moment, when gas prices are high, we end up paying more for our electricity, even though the cost of producing it doesn’t change.
“And so myself and Ed Miliband are now working to come up with a practical way that we can delink those prices.
“It is quite a big change but is absolutely the right thing to do, especially as electricity makes up an increasing part of our energy mix, and we hope, within the next sort of few days, weeks, to be able to give more details on what that looks like.”
Miliband has long touted Labour’s energy policies and shift to renewables as a bid to get the UK off the “fossil fuel rollercoaster”.
Renewables have cut the amount of time gas sets the wholesale price of electricity in Britain by about a third since the early 2020s, according to the Department for Energy Security and Net Zero.
The head of Energy UK said earlier this week that decoupling electricity prices from gas was something that would come gradually with the transition to clean power.
“Over time, that will decrease as we get more renewables on to the system,” Dhara Vyas, chief executive of the industry body, said.
Reeves also spoke on Thursday about the North Sea oil and gas tiebacks – satellite wells to exploit existing fields – that the government is encouraging investment in.
The chancellor said: “I announced in the budget last year that we were going to allow tiebacks.
“We’re now working through pretty intensely the technical details with the energy companies.
“What tiebacks are is where you use existing infrastructure to exploit a larger geography of oil and gas.
“It is the quickest way to bring on stream more oil and gas, and it’s important that we get the detail right, so that companies have the confidence to exploit those resources.”
Greenpeace has proposed decoupling by moving gas plants into a so-called regulated asset base to make gas a strategic reserve and reduce its impact on market prices.
Its UK head of politics Ami McCarthy said: “It’s absurd to let volatile gas dictate the cost of electricity in this country, and the price shock caused by Trump’s reckless war on Iran is just the latest reminder of that.
“As our proposal shows, we could be saving billions every year by taking control of our electricity prices away from the gas industry, and letting bill payers benefit from cheaper, homegrown renewables.
“It’s basic common sense, and it’s encouraging that the Government is considering it.”
By Helen Corbett and Nicholas Lester, Press Association Political Correspondent
1.# Dividend income is predictable. Stock prices go through both bull and bear markets, with the latter often showing up at the worst times. Managing high-yield investments, as I recommend, will produce an income stream that grows every quarter.
2# Managing a portfolio to grow your income makes it easy to live through market downturns. When stocks go down, income-paying investments go “on sale,” allowing dividends to be reinvested at higher yields, growing income even faster.
3#Investing to build an income stream makes it easy to determine how much you can pay yourself in retirement. When you stop working, you start drawing a portion of your dividends, knowing exactly how much you can pay yourself out of your retirement savings. I get many notes from subscribers saying their retirement income is much higher than they planned for.
Regional REIT (RGL) owns a highly diversified commercial property portfolio located in the regional centres of the UK.
Equity Proposition
Regional REIT’s commercial property portfolio is located wholly in the UK and comprises predominantly offices located in the regional centres outside of the M25 motorway. The portfolio is highly diversified, with more than 100 properties, containing over 1,000 units and let to well over 600 tenants. The portfolio value at the end of 2025 was £555m.
Responding to significant and challenging structural shifts in the office market, Regional REIT is well-advanced with a major repositioning of its portfolio, while reducing gearing. Meanwhile, there are a number of factors that suggest the performance of the office sector relative to the wider commercial property market may be at a turning point.
There are four main reasons why now may be the right time to look at Regional REIT.
1. Good quality assets are generating premium rental growth.
There is now much greater visibility on the post-pandemic use of office space; most employers have adopted some form of hybrid working, and office attendance has returned to normal levels. However, occupier demand is not spread equally across the sector. There is a flight to quality with many occupiers willing to pay higher rents for good quality, energy-efficient space, while lower quality, hard-to-let assets have continued to leave the sector, often for alternative use. It is estimated that less than a quarter of regional offices meet the energy efficiency standards that are expected to become a legal requirement and which are already being demanded by occupiers. With little new development on the horizon, the outlook for rental growth looks promising.
2. The majority of Regional REIT’s office portfolio already meets these occupier requirements or will soon do so.
At the end of 2025, 85% of Regional REIT’s current portfolio was EPC rated C or better and compliant with the expected 2027 regulatory standards. Core, good quality, long-term income generating properties were 63% of the portfolio, and another 19% were expected to become so through refurbishment and improvement. The balance of the portfolio will be sold, usually outright, but in selected cases after first obtaining part or full planning consent to create additional value. In 2025, Regional REIT completed more than £50m of disposals at a small premium to book value before sales costs, using the proceeds to fund capex and reduce debt.
3. Significant potential to grow net rental income.
The overall leasing market has remained challenging amid economic and political uncertainty, but the potential for Regional REIT to grow its net rental income is significant. There is a wide gap between existing rents and the level of market rents estimated by the external valuers. This is available to be captured by letting vacant space, and, encouragingly, recent lettings have been at rents above the estimated market level. Leasing vacant space does not just increase rental income but also reduces the property costs that must otherwise be paid by the company. The sale of underperforming, low occupancy properties reduces costs more than the income.
4. A significant discount to net assets with a high covered yield.
Regional REIT’s shares trade at around a 50% discount to the NAV and offer one of the highest, fully covered dividend yields in the sector. Within the commercial property market, the office sector has underperformed significantly, particularly since the pandemic, and investor expectations are low. Given these low expectations, improving demand-supply fundamentals and continuing market rental growth, combined with a successful execution of the company’s strategy, could be powerful drivers of dividend-led investment returns.
The 95-Yard Decoy and the Dividend Stock Nobody Sees Coming
Brett Owens, Chief Investment Strategist Updated: April 15, 2026
“Adrian, it’s going to Jack. But you have to act like you have the ball.”
My star adjusted his mouthguard and nodded, still breathing heavily.
“Everyone’s gonna follow you.”
I looked around our huddle. Adrian had just motored for a 95-yard touchdown run on our first play from scrimmage—the very first play of our season. Now we were going for the two-point conversion to take the lead.
I knew the defense was dialed in on Adrian. The opposing coach, Jersey Mike, was now ranting and raving like a lunatic. His Eagles had put together a somewhat disjointed but ultimately effective drive in our YMCA contest, eventually scoring a touchdown.
My Bills answered in one play. Which really frustrated the previously ebullient Jersey Mike. (Act like you’ve been there before, JM! Ha!)
Our two-point play relied on Adrian pretending he had the football again while I sent Jack around the other side of the quarterback for an end around. Jack would receive the handoff from our quarterback and run in the opposite direction that Adrian was heading.
Our decoy played it perfectly. Still huffing and puffing from his epic sprint, he ran his distraction assignment to perfection. The entire defense followed him. Jersey Mike even screamed, “Hey! Watch the kid in the blue jersey!”
Meanwhile, Jack trucked around the other end untouched, putting a smile on his face and his parents’ faces. (Would have put a smile on my face too, but unlike my counterpart I stay relatively level-headed for the kids.) The two-point conversion was good. Eight to seven, Bills, en route to a 26-13 opening week victory.
In eight-to-ten-year-old flag football, the key is the play the defense can’t see: The decoy matters as much as the actual ball carrier.
And hey, we contrarian investors live on misdirection, too. When the suits zig, we zag!
Vanilla investors always assume that what just happened is going to happen again. Stocks sold off, so they will keep declining. Or, a hot stock will stay hot. These Jersey Mikes of the investing world think it’s going to Adrian again on the New York Stock Exchange.
The profitable action is what’s about to unfold. The counter move. The invisible company that nobody knows about.
Linde (LIN) is the world’s largest industrial gas company. Everybody knows heating gas, but nobody thinks about industrial gas. Yet, every single AI chip made in America requires Linde’s ultra-high-purity nitrogen to exist. No gas, no chips. No chips, no AI.
Linde builds production plants directly on-site at its biggest customers’ facilities next to chip fabs, oil refineries, and steel mills. Its customers sign 10-to-20-year contracts that include minimum volume commitments. Once that plant is built, it is not going anywhere.
And because industrial gases are heavy and expensive to transport, Linde has geographic moats around each of its production hubs. A competitor can’t just roll into Arizona and undercut Linde’s local pipeline network. Too hard, too costly, and simply too late.
Last month, I recommended LIN to my Hidden Yields subscribers. The stock has already moved 3% higher while the S&P 500 has been gyrating wildly. Nice!
And the best part? Linde is still a great buy at today’s price!
The run is likely to continue. Linde just announced its 33rd consecutive annual dividend increase—a 7% raise year over year. The company has more than doubled its divvie over the past decade. And its payout ratio sits at a historically low 41%, which means the next raise has room to accelerate.
This Doubling Dividend is About to Speed Up
Remember the dividend magnet? When a company like Linde hikes its payout year after year, the stock price follows like a magnet pulling iron filings. Linde’s dividend is marching higher. The stock price will follow. It always does.
Plus, Intel, TSMC, and Samsung are all building new semiconductor fabs in Arizona and Texas today. We’re talking billions of dollars of construction—all requiring Linde’s gases every single day for decades. This is recurring revenue locked in by long-term contracts.
And the big number is the clean energy project backlog: $10 billion. Yes, despite Washington battles, clean projects are still happening and they require Linde’s specialty gases.
Management expects $2.5 to $3 billion of these projects to start generating revenue in 2026 alone. Linde’s 2026 guidance reflects this, expecting 6% to 9% EPS growth:
Linde’s EPS Growth, Already Strong, About to Hockeystick Higher
There are only three companies on the planet that can supply industrial gases at this scale, but Linde is the biggest and most profitable:
Linde Leads the Industrial Gas Oligopoly in Profitability
The defense chased Adrian. Jack scored. That’s how we invest—buy what the herd overlooks, collect the dividend, and let the vanilla crowd figure it out later. Linde is our Jack.
Linde is already profitable for us. But you know our contrarian offense—we’re on to the next play!
This month, I’m recommending a new pick in my Hidden Yields service—a Dividend Aristocrat with 31 consecutive years of payout boosts quietly riding one of the biggest commodity comebacks of the entire decade. While the world watches Adrian and then gets distracted by Jack, this is the third play I’ve got in my back pocket. And the defense hasn’t seen it yet.
I’ve built an entire portfolio of these “invisible” dividend growers in Hidden Yields. These are companies with rising payouts, lagging stock prices, and the kind of competitive moats that let you sleep at night.
Nothing in Contrarian Outlook is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person.
Including the latest changes to the SNOWBALL the projection for the first six months of 2026 is £8,104.00.
Do not scale to reach a year end figure as it includes some special dividends and a dividend for NESF which will be trimmed after the next dividend is paid but it should ensure the SNOWBALL finishes the year ahead of the current plan.
The fcast remains £10,500 but the target is now £11,235
and sold MRCH and TMPL for a total profit of £538.00
As a replacement share it has bought 8951 shares in TFIF for 10k.
TwentyFour Income Fund Limited
Dividend of 10.81 pence per share for the Full Year to 31 March 2026 significantly in excess of minimum target
TwentyFour Income Fund Limited (“TFIF” or “the Company”), the FTSE 250-listed investment company that invests in less liquid asset-backed securities (“ABS”), is proud to announce a balancing dividend of 4.81p per share for the period ending 31 March 2026. This takes the total dividend for the full year (“FY”) to 10.81pps , significantly in excess of its minimum dividend target of 8p per share. The FY dividend is equivalent to a yield of 9.70% on the share price (as at 10 April 2026), which follows 2025’s exceptional FY dividend of 11.1p per share.
The dividend is payable as follows:
Ex Dividend Date 23 April 2026
Record Date 24 April 2026
Payment Date 29 May 2026
Dividend per Share 4.81 pence per Ordinary Share (Sterling)
TFIF operates a full payout model, meaning substantially all income is paid out as dividends to shareholders. The Company currently pays shareholders 2p per quarter, in line with its target for the year, with the final balancing dividend announced after the year-end.
Managed by TwentyFour Asset Management LLP (“TwentyFour”), a leading ABS portfolio manager, TFIF’s portfolio has delivered a strong and consistent income stream to shareholders since inception, with dividend targets both met and raised, and achieved throughout the interest rate cycle
Investor’s Daily brought to you by Elizabeth Cox | April 15, 2026
Dear Reader,
A few weeks ago we asked Southbank readers a simple question.
How are you feeling about your finances right now?
We expected a range of views. Some cautious optimism. A few concerns about inflation. Perhaps some questions about specific sectors.
What came back was something else entirely.
The same feeling, expressed in hundreds of different ways.
Not panic. Something more subtle than that. And in some ways harder to sit with.
Paralysis.
Investors who have spent decades building their wealth, people who have navigated recessions, rate cycles, and political upheaval, were telling us they simply don’t know what to do next.
One reader put it plainly: “I have money ready to deploy but I cannot bring myself to commit to anything. Everything feels like a trap.”
Another said he had stopped reading his portfolio updates altogether. Not because he had given up. Because the noise had become genuinely overwhelming.
This is not a small minority. It was the dominant mood.
And it stopped us in our tracks.
Because these are not inexperienced people. These are people like you. Thoughtful. Self-directed. Used to making clear decisions with incomplete information.
The fact that so many of you are frozen right now tells us something important. It’s not a personal failing. It is a rational response to a genuinely disordered world.
But here is what I also know.
Staying frozen has a cost. Every week without a clear system is a week the market moves without you. Sometimes in your favour. Often not.
Which is why I want to make sure you hear more about something we are putting together (I’ve hinted at it over the last several Sunday Brunches).
And Sam mentioned it briefly yesterday. I want to add a little more colour.
We’re hosting a private briefing on Tuesday 21 April at 4 pm GMT. It’s specifically designed for investors who are tired of the noise and want a clear, rules-based way to approach their portfolio with genuine conviction.
Not tips. Not predictions. A SYSTEM.
Your Snowball should be different to the SNOWBALL, which only invests in Investment Trusts, ETF’s and CEF’s.
In a rising market.
As prices rise yields fall, so you could take out the profit, leaving the original amount invested and invest in another high yielder in your Snowball or open a new position, which you could add any earned dividends to.
In a falling market.
As prices fall, yields rise so you could re-invest any earned dividends back into your Snowball or open a new position.
In a sideways market.
Re-invest any earned dividends back into your Snowball or open a new position buying more shares that pay more dividends.
Consider your Snowball to be your business and remember the rules.
The Snowball historically reported on yearly income that is dividends earned and then re-invested. Early this year I had to change my share programme and I changed to reporting income for the tax year. I have found a way to report income for the financial year without having to add up all the dividends received.
The Journey
For comparison purposes I copy the numbers below
2023 £9,422
2024 £10,796
2025 £11,914
2026 to date £4,151
The fcast for this year remains at £10,500, looking at the table you will see the SNOWBALL has achieved the plan and is ahead of the plan. The SNOWBALL should achieve year eight of the plan this calendar year.
In my Dividend Hunter newsletter service, I recommend a portfolio of high-yield stocks and ETFs. I tell my subscribers to measure results by tracking quarter-to-quarter dividend income.
I frequently talk about several reasons why an income-focused strategy works best for many investors.
Dividend income is predictable. Stock prices go through both bull and bear markets, with the latter often showing up at the worst times. Managing high-yield investments, as I recommend, will produce an income stream that grows every quarter.
Managing a portfolio to grow your income makes it easy to live through market downturns. When stocks go down, income-paying investments go “on sale,” allowing dividends to be reinvested at higher yields, growing income even faster.
Investing to build an income stream makes it easy to determine how much you can pay yourself in retirement. When you stop working, you start drawing a portion of your dividends, knowing exactly how much you can pay yourself out of your retirement savings. I get many notes from subscribers saying their retirement income is much higher than they planned for.
I follow my own advice with my retirement savings. I have a self-funded solo 401 (k) account and a self-funded Simplified Employee Pension (SEP) account.
I stopped contributing to the Solo 401 (k) at the end of 2023. I started the SEP at the beginning of 2024. The 401(k) account is 100% invested in the Dividend Hunter-recommended portfolio. Since I have not made any contributions for over two years, I have accurate return results using my own retirement savings.
The 2024 first quarter marked the start of tracking returns without any additional capital. Dollar value gains have varied significantly from quarter to quarter. However, with nine quarters in the books, the account has not posted a negative quarter. At the end of the 2026 first quarter, the account was up 23.3% from the end of 2023.
Income growth has been much stronger. By the end of 2025, quarterly income grew by 29.0%. That’s almost 30% over two years.
My dividend income for the first quarter of 2026 can only be described as crazy— in a good way. Over the previous four quarters, the income grew by an average 13% year over year. The 2025 first quarter income was up 41% compared to the 2025 fourth quarter.
I think the income gains primarily came from large dividends on the variable-dividend investments in the portfolio. The UBS ETRACS Silver Shares Covered Call ETN (SLVO), which started the year at about $100 per share, paid more than $17 per share in dividends.
Now I am curious how the second-quarter income will do. After the big first-quarter gains, I would be fine with flat earnings for a quarter or two. Either way, I know my retirement plan income will grow year after year.
Unaudited Half-Year Results for the Six Months ended 30 November 2025
The Board of CT Global Managed Portfolio Trust PLC (the ‘Company’) announces the unaudited half-year results of the Company for the six months ended 30 November 2025.
Income Shares – Financial Highlights and Performance Summary for the Six Months
· Dividend yield(1) of 6.2% at 30 November 2025, compared to the yield on the FTSE All-Share Index of 3.2%. Dividends are paid quarterly.
· Net asset value total return(1) per Income share of +12.0% for the six months, outperforming the total return of the FTSE All-Share Index of +11.8% by +0.2 percentage points.
Growth Shares – Financial Highlights and Performance Summary for the Six Months
· Net asset value total return(1) per Growth share of +11.9% for the six months, outperforming the total return of the FTSE All-Share Index of +11.8% by +0.1 percentage points.
· Net asset value total return per Growth share of +208.8% in the 15 years to 30 November 2025, the equivalent of +7.8% compound(1) per year. This compares with the total return of the FTSE All-Share Index of +213.5%, the equivalent of +7.9% compound per year.
The Chairman, David Warnock, said:
“The Board and Manager continue to believe the Portfolios comprise high class investment companies, diversified across geography and investment style and are well set to deliver future shareholder returns”.
Chairman’s Statement
Highlights
• Net asset value (‘NAV‘) total return for the six months of +12.0% for the Income shares and +11.9% for the Growth shares as compared to the total return for the FTSE All-Share Index of +11.8%
• Income shares dividend yield of 6.2% at 30 November 2025
Investment performance
For the six months to 30 November 2025, the NAV total return was +12.0% for the Income shares and +11.9% for the Growth shares. The total return for the benchmark index for both share classes, the FTSE All-Share Index, was +11.8%. Of relevance and for interest, the FTSE All-Share Closed End Investments Index total return was +13.1% for the period.
These six months saw strong returns across equity and bond markets as worries over a global trade war dissipated. This is mostly thanks to the initial level of tariffs announced by President Trump back in April being watered down and a number of ‘trade deals’ being announced between the US and its trading partners. Economic data remained generally positive, with falling – yet still above central bank target – inflation, allowing central banks to further cut interest rates. In the UK, the long-awaited budget brought some relief in respect of keeping financial markets and Labour backbenches satisfied but failed to deliver policies to boost the UK economic growth outlook.
UK equities posted solid returns over the six-month period, with a +12.4% total return for the FTSE 100 and a +7.4% total return for the FTSE 250. Elsewhere, in sterling terms, US equities continued their recovery from the ‘Liberation Day’ selloff, with a +18.6% total return for the S&P 500, while in Europe the total return for the MSCI Europe ex UK Index was +9.4%. The strongest returns included South Korea, with a total return of +52.6% from the MSCI Korea Index. Global government bonds, as referenced by the FTSE World Government Bond Index (GBP Hedged) were up +2.5% and the gold price continued its ascent, up +28.1%.
From 1 June 2025, the beginning of the Company’s current financial year, the investment portfolios have been managed by Investment Managers Adam Norris and Paul Green, supported by the Manager’s broader EMEA Multi-Asset Solutions team (of which they are members). The previous longstanding Investment Manager, Peter Hewitt, has retired and the Board wishes him a long and happy retirement, while thanking him for his years of service.
The Investment Managers’ Review follows, and it is pleasing to see that, in their first six month period, the NAV total return of both Portfolios was strong and also marginally ahead of the benchmark index. The Investment Managers have been repositioning between sectors and regions and highlights of their recent investment activity are set out in their review.
Dividends
As I referenced in the 2025 Annual Report and Financial Statements, in the absence of unforeseen circumstances, it was (and remains) the Board’s intention to pay four quarterly interim dividends, each of at least 1.90p per Income share so that the aggregate dividends for the financial year to 31 May 2026 will be at least 7.60p per Income share (2025: 7.60p per Income share).
To date, first and second interim dividends in respect of the year to 31 May 2026 have been announced and paid, each at a rate of 1.90p per Income share (1.85p per Income share in the corresponding periods in the year to 31 May 2025).
The minimum intended total dividend for the financial year of 7.60p per Income share represents a yield on the Income share price at 30 November 2025 of 6.2% which was materially higher than the yield of 3.2% on the FTSE All-Share Index at the same date.
Borrowing
At 30 November 2025 the Income Portfolio had total borrowings drawn down of £7 million (9.2% of gross assets), unchanged over the period, the investment of which helps to boost net income after allowing for the interest cost. The Growth Portfolio had no borrowings, also unchanged.
Management of share price premium and discount to NAV
In normal circumstances the Board aims to limit the discount to NAV at which the Company’s shares might trade to not more than 5%. During the six months to 30 November 2025 the Income shares traded at an average discount to NAV of -0.4% and the Growth shares traded at an average discount of -3.5%. At 30 November 2025, the Income shares and Growth shares stood at a premium to NAV of +0.6% and +0.9% respectively.
The Company is active in issuing shares to meet demand and equally in buying back when this is appropriate. During the six months to 30 November 2025, 200,000 Income shares were bought back for treasury at an average discount of -3.6% to NAV and then subsequently resold from treasury at an average premium of +1.5% to NAV. In addition, 2,430,000 new Income shares were issued from the Company’s block listing facilities at an average premium to NAV of +1.6%. 1,578,000 Growth shares were also bought back to be held in treasury at an average discount to NAV of -3.8% and 450,000 Growth shares were resold from treasury at an average premium to NAV of +1.6%.
Since the end of the period, a further 3,095,000 new Income shares have been issued and a further 765,000 Growth shares have been resold from treasury. To facilitate this demand, at the start of December 2025, the Company obtained a further block listing of 8,000,000 Income shares, which can be allotted, when there is demand. The Income shares were issued and the Growth shares resold from treasury at average premiums to NAV of 1.6% and 1.5% respectively. Much of this recent demand has come from former shareholders in European Assets Trust which underwent a corporate transaction with The European Smaller Companies Trust (‘ESCT‘) in the autumn. Shares in ESCT are not eligible to be held through the Manager’s savings plans and we welcome those investors who have decided to invest instead in CT Global Managed Portfolio Trust.
Share conversion facility
Shareholders have the opportunity to convert their Income shares into Growth shares or their Growth shares into Income shares annually subject to minimum and maximum conversion thresholds which may be reduced or increased at the discretion of the Board. On 6 November 2025 the conversion proceeded for those Shareholders who had elected to do so. The net result of those conversions was a decrease of 38,324 Income shares and an increase of 15,549 Growth shares in issue. The ability to convert without incurring capital gains tax should be an attractive facility for Shareholders and the next conversion date (subject to minimum and maximum thresholds) will be in October 2026. Details will be provided when the Company’s 2026 Annual Report and Financial Statements is published in the summer.
Investment management fee
During the period, the Board and Manager agreed a reduction in the investment management fee (the ‘Fee‘) with effect from 1 September 2025. The Fee has been reduced to 0.60% per annum of the net asset value of each portfolio of the Company (rather than 0.65% per annum of their 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.
Board changes
Simon Longfellow stepped down as a non-executive director with effect from 31 December 2025. Simon was also the Chair of the Marketing Committee. Simon has taken up a full-time senior marketing role and as a result was not able to continue his role with the Company. The Board was very sorry to lose Simon who has been an excellent colleague with great insights contributing particularly into our marketing efforts and we wish him all the best for the future. The Board is well advanced with a recruitment process to replace him. In the interim, I have taken on the role of Chair of the Marketing Committee.
Outlook
The global economy demonstrated notable resilience throughout 2025, and we expect the coming year to be characterised by an effort to ‘extend the cycle’, supported by both fiscal and monetary policy measures aimed at sustaining growth at or slightly above 2025 levels. The market anticipates further interest rate cuts in the US and UK easing borrowing costs for households and corporates alike, with the possibility of an accelerated pace in the US should a more dovish Federal Reserve Chair be appointed by President Trump. Geopolitical risk is currently more elevated than for many years. Whilst US President Trump has attempted to cool regional conflicts, his ‘America First’ policy continues to shake up the post-World War II order.
The Board and Manager continue to believe the Portfolios comprise high class investment companies, diversified across geography and investment style and are well set to deliver future shareholder returns.
David Warnock
Chairman
29 January 2026
Investment Managers’ Review
We are pleased to report our first half-year results for CT Global Managed Portfolio Trust as the new Investment Managers since we took over from Peter Hewitt on 1 June 2025. Peter has now retired from Columbia Threadneedle Investments, and we wish him well in his retirement.
Overall, equity markets delivered strong positive returns in the six months to the end of November 2025. Investors will recall the volatile markets of April, marked by concerns around tariffs and their impact on global economic activity.
Since then, equity markets have recovered strongly. To this end, the NAV total return of the Growth shares was +11.9% and the Income shares +12.0%. The share price total return for the Growth shares was +16.3% and the Income shares was +10.7%.
As comparators, the total return for the FTSE All-Share Index was +11.8% and for the FTSE All-Share Closed End Investments Index was +13.1%.
We are also pleased to report a busy half-year period. We, like Peter before us, are enthused for the Investment Company sector and the opportunity set in front of us. We continue to adjust the Portfolios to further represent the ‘global’ remit of the Company, whilst allocating to areas of the market which represent strong opportunities for future returns.
During our first period there has been an increase in turnover for both Portfolios and we have set out below our vision for the direction of the Company and how exposures were reflected across both Portfolios at 30 November 2025.
A hardware revolution
Shares in technology companies, mainly US listed, have powered market returns over the past decade. Their earnings growth has been unrivalled within global markets, with some commentators often – wrongly, so far – considering technology companies too large to continue growing at premium rates and potentially overvalued.
However, the ‘law of big numbers’ theory has yet to materialise, as these technology behemoths continue to grow at a premium rate to the market. Whilst the fruits of Artificial Intelligence may have yet to be adopted by the masses, the ‘AI Infrastructure’ spend is leading to vast amounts of cash being deployed to fund future technology growth. This build out is driven by hardware, not so much software, and those companies interwoven in the AI Infrastructure supply chain are being handsomely rewarded by investors.
Within the Growth Portfolio, we have added to Polar Capital Technology Trust (share price total return over the six-month period was +39.5%), which represented 5.6% of the Growth Portfolio’s assets at the Company’s half year point. Combined with Allianz Technology Trust (+34.1%), the Portfolio’s weighting in global technology trusts was 9.1% at 30 November 2025.
Within the Income Portfolio we have added new infrastructure holdings Pantheon Infrastructure (‘PINT‘) and Cordiant Digital Infrastructure (‘CORD‘). Whilst different in their approach, both are benefitting from the AI Infrastructure roll out from large corporations and government directives. PINT is expected to complete on its first company sale, Calpine Energy, in early 2026 at an expected multiple on invested capital of 2.8x. CORD, on the other hand, continues to grow and develop assets in Europe, announcing a partnership with the Czech Government, with an ambition to develop one of its Prague data centre sites to become one of the EU’s next-generation Artificial Intelligence gigafactories. If successful, we view this as an area of strong growth for the company.
Emerging Markets – a decade to forget
Emerging Markets have endured a lost decade. Whilst emerging market economies have grown – and continue to converge on developed markets – earnings growth has stalled. In fact, earnings per share (EPS), measured in US Dollar terms, are at the same level as they were in 2015.
Yet paradoxically, outside of US equities, Asia and Emerging Markets have some of the world’s most innovative companies. Chinese technology companies, much like their US counterparts, are spending ferocious amounts of cash to further develop their Artificial Intelligence capacity. At the same time, these highly profitable companies are showing signs of shareholder friendliness, such as embarking on large share buy-backs and introducing dividend policies.
Within the Growth Portfolio, we increased the combined Asia and Emerging Markets exposure from 3.4% to 13.6%. We have introduced Fidelity Emerging Markets. The company is not only exposed to a favourable environment for emerging markets, but also has the flexibility to go short of specific companies (i.e. benefit from potential share price declines). The manager has shown a strong capacity to generate extra performance from this investment technique and should continue to drive performance in volatile emerging equity markets.
Within the Income Portfolio, we increased the combined Asia and Emerging Markets exposure from 7.3% to 13.7%. We have added Invesco Asia Dragon Trust (‘IAD‘), which represented 2.9% of portfolio assets at the Company’s half year point. IAD’s managers, Fiona Yang and Ian Hargreaves, have demonstrated strong ability to generate performance in different market environments, utilising a highly stock-specific investment approach. The company pays shareholders an aggregate dividend equivalent to 4% of its prior financial year end NAV in four equal instalments. This is achieved by using the company’s reserves to top up the natural income generated, allowing the managers to invest in an unconstrained manner, rather than targeting high yielding stocks per se. We additionally acquired IAD shares for the Growth Portfolio, which represented 4.9% exposure at the Company’s half year point.
Pent up Private Equity value
We are excited by the pent-up value on offer within Private Equity, which has been hampered by a poor ‘exit’ environment – the ability for Private Equity managers to sell their companies – with potential IPO candidate companies frozen out from listing. Despite this fallow period for listed Private Equity investment companies, many portfolio companies continue to grow their earnings and are conservatively valued within net asset values. In addition, we observe the IPO market is beginning to thaw which may ignite the Private Equity flywheel once again, a strong catalyst for listed Private Equity investment companies’ performance.
Within the Growth Portfolio, our largest single exposure is in Oakley Capital Investments (+13.9%), a listed Private Equity company which focuses on partnering and supporting European entrepreneurs across technology, consumer, business services and education sectors. The company has a strong long-term track record and announced in July the partial exit of a portfolio company at a 300% premium to carrying value, highlighting that in-demand companies will attract competitive prices, regardless of the ‘exit’ environment.
We have additionally topped up our holding in The Schiehallion Fund (+5.8%), a late-stage Private Equity investment company managed by Baillie Gifford. The company has had a tricky few years as growth investing moved sharply out of favour. However, we now see clear ‘winners’ of its investment approach, with some of its largest holdings, namely SpaceX and Bending Spoons, achieving valuation levels rarely found within Private Equity. We sold our entire holding in Pantheon International into share price strength.
Despite our optimism regarding Private Equity, holdings Augmentum Fintech(-18.4%) and Literacy Capital(-13.4%) were the two largest underperformers in the Growth Portfolio. On the former, the company took a large impairment on one of its previously largest holdings and the latter swung to a meaningful discount for the first time in its history post-IPO. We remain comfortable owners of both investment companies – in our view, they own relatively mature portfolios of assets. In a revitalised ‘exit’ environment, we believe both managers have the ability to realise strong returns from their portfolio holdings.
Within the Income Portfolio, Apax Global Alpha (‘APAX’) was acquired by a third-party group at a 17% discount to its net asset value. APAX had lagged the wider Private Equity sector and had, in our view, an excessively high dividend policy which would be difficult to meet if the manager could not exit portfolio holdings. We had trimmed the holding prior to the bid and subsequently sold it entirely after the share price rally, post the bid announcement and prior to completion.
A plan for UK growth
The UK equity market delivered a strong absolute return, albeit lagging other equity markets. Local UK investors long proclaim UK equities are ‘cheap’. This may be true from an aggregate market price-to-earnings multiple, but in our view represents a lower growth collection of stocks versus other markets, rather than a ‘UK PLC discount’.
As a result, we have reduced the overall weighting to UK equities. Within the Growth Portfolio, the allocation to UK Equity investment companies fell from 29.4% to 15.7%. We divested fully from Finsbury Growth & Income Trust, The Law Debenture Corporation, Baillie Gifford UK Growth Trust, Lowland Investment Company, Diverse Income Trust and Henderson Smaller Companies Investment Trust.
It is not obvious to us that ‘cheap’ markets are enough of a catalyst for performance. As a result, within the Growth Portfolio, we have introduced two new holdings in Strategic Equity Capital, managed by Gresham House’s Ken Wotton, as well as Odyssean Investment Trust, managed by Stuart Widdowson and Ed Wielechowski. Both sets of managers, with different investment approaches, aim to take significant positions in their portfolio companies and engage with management teams to drive business improvement, if required. We see these highly engaged approaches as an important lever to unlock value within small and mid-sized UK companies.
Similarly, within the Income Portfolio we reduced the overall exposure to UK Equity investment companies from 40.2% to 27.1% over the six months. We fully divested from Diverse Income Trust and Henderson High Income Trust, noting the latter also contained fixed income exposure. Eagle eyed readers will notice we have retained exposure to The Law Debenture Corporation and Lowland Investment Company, where we think the investment team’s focus, led by James Henderson and Laura Foll, on income stock picking remains a suitable investment approach and worthy of inclusion for this portfolio.
It is our intention to continue to further reduce our exposure to UK Equity investment companies within both the Growth Portfolio and Income Portfolio in a thoughtful and measured way, in order for shareholders to benefit from broader opportunities, such as within infrastructure or global equities.
Biotechnology recovery
Biotechnology roared higher in the first half of the Company’s financial year generating significant returns. With tariff fears, drug pricing concerns and interest rates all subsiding, biotechnology stocks were some of the strongest performing in the six-month period. Merger & Acquisition announcements remain rife in the sector as pharmaceutical companies look to replenish their diminishing patent-related income streams. For context, Biotech Growth Trust(+79.0%), a holding within the Growth Portfolio, and International Biotechnology Trust (+73.7%), a holding within the Income Portfolio, were both standout performers, recovering some prior poor performance.
We have used this strength to reduce exposure, allocating to aforementioned Private Equity, technology and Emerging Markets investment companies.
Renewable Energy ‘head-winds’
Renewable Energy Infrastructure investment companies Greencoat UK Wind (‘UKW‘) (-7.7%) and The Renewables Infrastructure Group (‘TRIG’)(-3.6%) remained a drag on performance for the Income Portfolio. Persistently low cash generation from portfolio assets versus projections are weighing on sentiment, whilst, conversely to Private Equity, transactions are grinding to a halt, providing scant evidence of ‘true’ market value. Although the UK government’s consultation of Renewables Obligation Certificates (ROCs), the subsidy regime which underpins many renewable energy project cash flows, has since been determined, revisions of existing contracts adds further uncertainty to the sector.
Despite the valuation uncertainties within operational assets, we introduced GCP Infrastructure (‘GCP’) to the Income Portfolio. GCP is a company which owns loans focused on UK infrastructure (including renewables). The company has had an extremely low default rate since its IPO 15 years ago and, in recent years, has sold assets to pay down its revolving credit facility. Despite this progress, the company’s share price performance has been weak and the dividend yield is now c.10%. We believe we are being paid to wait as investors in a bond-like investment company. We await further asset disposals for it to completely pay down its revolving credit facility and return additional capital to us as shareholders.
A constructive outlook
As we look ahead to the calendar year of 2026, our outlook remains sanguine in regard to corporate profitability.
Fiscal stimulus is set to play a key role in several major economies. Japan and Germany have already announced substantial packages, while, in the United States, the ‘One Big Beautiful Bill’ passed earlier in 2025 is expected to deliver a meaningful boost. China is also likely to implement incremental measures to keep growth on track toward its 5% target.
We expect further solid global economic growth in 2026. US growth is likely to remain broadly in line with 2025, with upside potential from additional stimulus. The UK outlook remains subdued, with below-trend but positive growth. Overall, conditions appear supportive for another year of steady expansion which in turn should drive positive corporate earnings growth.
Tariffs remain a structural feature of the global landscape, though their form may evolve. Supply chains have adapted to the new regime, and the economic impact has been relatively contained, helped by exemptions and reductions from headline rates compared to initial fears earlier in 2025.
We approach 2026 with optimism: global growth prospects remain positive, however we note that valuations appear relatively full in certain areas. Although markets can be sensitive to large policy shifts and geopolitical surprises, our central view is that corporates can continue to demonstrate earnings growth, particularly in transformative sectors such as technology and AI Infrastructure. We remain alive to how geopolitical events can further shape the investment landscape. This is not just through heightened risks, but also how the evolving priorities of both governments and corporates can create opportunities.
We look forward to further updating investors throughout the remainder of the year and in the Annual Report.
