REG-Invesco Global Equity Income Trust Plc: Half-year Financial Report
25/02/2026 07:02
LEI: 549300JZQ39WJPD7U596
INVESCO GLOBAL EQUITY INCOME TRUST PLC
HALF-YEARLY FINANCIAL REPORT
SIX MONTHS ENDED 30 NOVEMBER 2025
Unless noted below all page numbers refer to the Half-Yearly Financial Report
on the Company’s website.
Period Highlights
• Proposed merger with Franklin Global Trust plc (FRGT) announced, with
holders representing 96% of FRGT shares subsequently electing to rollover into
IGET.
• £35.2 million raised through sales of treasury shares.
• Average share price premium to NAV of 1.9%.
• Yield at period end of 3.7% based on projected annualised dividend for
year ending 31 May 2026, compared with benchmark index yield of 1.6%.
• Winner of 'Best International Trust’ category at Citywire Investment
Trust Awards for third consecutive year and ‘Global Income' category at
Investment Week Investment Company of the Year Awards – both awards
recognise IGET’s strong longer-term performance.
Investment Objective
The Company’s investment objective is to provide an attractive level of
predictable income and capital appreciation over the long term, predominately
through investment in a diversified portfolio of equities worldwide.
Total Return Statistics (1)
(dividends reinvested)
At At
30 November 31 May
2025 2025
Net asset value (NAV) total return (2) 8.6% 11.9%
Share price total return (2) 9.3% 24.6%
Benchmark index total return 16.5% 7.4%
Capital Statistics
At At
30 November 31 May
2025 2025 % Change
Net assets (£’000) 260,921 212,283 22.9
NAV per share 359.77p 337.36p 6.6
Share price (1) 367.00p 342.00p 7.3
P remium (2) per ordinary share 2.0% 1.4%
Gearing (2) :
– gross gearing nil 1.2%
– net gearing nil 0.0%
– net cash 1.6% nil
(1) Source: LSEG Data & Analytics.
(2) Alternative
Performance Measures (APMs). See pages 17 to 18 for the explanation and
reconciliations of APMs. Further details are provided in the Glossary of Terms
and Alternative Performance Measures in the Company’s 2025 Annual Financial
Report.
Chair’s Statement
‘Global equity markets over the six months ended 30 November 2025 were
mainly momentum-driven. This was a more difficult environment for IGET’s
valuation-focussed strategy and the NAV and share price total returns lagged
the benchmark index total return over the period. Despite this, IGET’s
longer-term performance relative to its benchmark remains very good.
Market leadership has begun to broaden beyond a narrow group of stocks with
performance increasingly spread across sectors and geographies. This evolving
backdrop has the potential to create a more balanced global opportunity set
for investors. This shift should provide a more fertile environment for the
Portfolio Managers as they position the portfolio for a range of possible
outcomes. Their bottom-up, valuation-driven approach has proven robust across
market cycles, and the Board remains confident in their ability to continue to
deliver attractive long-term returns for shareholders.’
Sue Inglis
Dear Shareholders
I am pleased to present your Company’s half-yearly financial report for the
six-month period ended 30 November 2025.
Market Overview
In the months following President Trump’s so-called ‘Liberation Day’
announcement on 2 April 2025, many of the proposed
tariffs were diluted or delayed and, whilst the resulting average effective US
tariff rate was still higher, economies, businesses and markets proved
versatile and resilient. In addition, cooling inflation allowed most central
banks to ease interest rates down at a gradual pace. Within this backdrop, it
was another strong period for global equity markets, which were mainly
momentum-driven.
Performance
Valuation-focussed strategies such as IGET’s are more challenged in
momentum-driven markets and the period under review was no different. The NAV
total return per share was +8.6%, lagging IGET’s benchmark, the MSCI World
Index (£), total return of +16.5%, over the six months
ended 30 November 2025. A review of your Company’s investment performance
during the period, and changes in the portfolio positioning, can be found in
the Portfolio Managers’ Report.
Whilst short-term underperformance is disappointing, as I said in my statement
in the 2025 Annual Report, your Board believes that, in assessing your
Manager’s performance, longer periods are more appropriate. Over the three
and five years ended 30 November 2025, the NAV total returns per share were
+58.4% and +106.5% respectively, significantly outperforming the benchmark
index total returns of +51.9% and +84.8% respectively.
Your Company’s strong longer-term performance was recognised in November
2025 when it won the ‘Best International Income Trust’ category at the
Citywire Investment Trust Awards for the third consecutive year and the
‘Global Income’ category at the Investment Week Investment Company of the
Year Awards,
The share price total return over the period was +9.3%, slightly ahead of the
NAV total return as the share price premium to NAV increased from +1.4% at 31
May 2025 to +2.0% at the period end. The average premium over the period was
1.9%.
Revenue and Dividends
The net revenue return per share for the period was 2.02p. In accordance with
IGET’s dividend policy, dividends are paid from revenues and, if needed,
capital reserves.
Your Company pays dividends quarterly, with the annual dividend target set at
a minimum of 4% of the unaudited previous year-end NAV. This ensures
shareholders receive regular, predictable distributions. During the period,
your Company paid two interim dividends, each of 3.375p per share, in respect
of the year ending 31 May 2026. The yield on the shares at 30 November 2025
was 3.7%, based on the projected annualised dividend of 13.50p per share for
the year ending 31 May 2026. The yield on the MSCI World Index (£) at 30
November 2025 was 1.6%.
Share Issues and Buy-backs
During the period, to meet strong ongoing demand your Company sold from
treasury 9.6 million shares (equivalent to 15.3% of the
shares in circulation at 31 May 2025) at an average premium of 2.0%, raising
£35.2 million in total. No shares were bought back during the period.
Proposed Merger with FRGT
As I mentioned in my statement in the 2025 Annual Report, a key objective of
your Board is to grow the size of your Company which should bring benefits of
improved liquidity in the shares and a lower ongoing charges ratio. It was
pleasing, therefore, to announce on 13 November 2025 the
proposed merger of IGET and Franklin Global Trust (ticker: FRGT), with IGET as
the continuing company.
The merger is expected to increase the net assets of IGET to approximately
£460 million (based on net assets as at 20
February 2026). Most importantly, the merger will not result in any
changes to IGET’s investment strategy, which is proven to be scalable and,
therefore, the significant increase in IGET’s size is not expected to
compromise its ability to continue to deliver strong performance over the
long-term. Shareholders will also benefit from the increase in the Company’s
size through a reduction in the blended rate of the investment management fee
payable to the Manager and by spreading its fixed costs over a larger asset
base, resulting in a lower ongoing charges ratio than the figure at 30
November 2025 which was 0.78%.
Your Manager has agreed to make a significant contribution towards the costs
of the merger (equivalent to 12 months’ management fee on the value of the
assets to be transferred from FRGT to the Company). This should benefit our
existing shareholders as it is expected to cover or exceed the Company’s
costs of implementing the merger.
At a general meeting of the Company held on 18 February 2026 shareholders
approved authorities for the Company to issue new shares pursuant to the
merger and to renew the general share issuance and buy back authorities to
reflect IGET’s considerably larger issued share capital following completion
of the merger. FRGT shareholders also approved the terms of the merger at a
general meeting on 18 February 2026. On 19 February 2026, FRGT announced that
holders of 96% of its shares in circulation had elected to rollover into IGET
shares. The merger remains subject to a further approval to place FRGT into
voluntary liquidation at a general meeting of FRGT to be held on 27
February 2026, when it is expected that the merger will become
effective. Dealings in the new shares are expected to commence on 2
March 2026.
A copy of the circular to shareholders dated 21 January 2026, which includes
details of the merger is available in the key documents
section under ‘Literature’ on the Company’s section
of the Manager’s website
https://www.invesco.com/uk/en/investment-trusts/invesco-global-equity-income-trust.html.
Investor Engagement and Communication
It remains important to ensure that our shareholders remain up
to date with updates from the
Manager as well as announcements from
your Board. Therefore, if you have not already done so,
I would encourage you sign up for updates by
scanning the QR code below with your
smartphone/device, visiting the
Company’s section of the Manager’s website at
https://digitalservices.invesco.com/uk/en/investment-trusts-subscriptions or
contacting Invesco or the Board directly at investmenttrusts@invesco.com.
Post-period End Update
Since 30 November 2025, the net assets had increased to £301m and the NAV and
share price total returns per share were +7.0% and +7.5% respectively,
compared with the MSCI World Index (£) total return of +1.8% (to 20 February
2026).
Since the period end, the Company has sold 6,833,000 shares from treasury
(equivalent to 9.4% of the shares in circulation at the period end) at an
average premium of +1.5%, raising £25.5 million.
At 20 February 2026, the shares were trading at a premium of +2.5% and the
yield on the shares was 3.5%, based on the projected annualised dividend for
the year ending 31 May 2026.
Audit Tender
As noted in our 2025 Annual Financial Report, due to auditor rotation
requirements, your Company is required to undertake an
audit tender process during the current financial year. I am pleased to report
that a formal and competitive tender process for its external auditor,
overseen by the Audit Committee, has now been completed. Following a detailed
evaluation of each participating firm, the Audit Committee has recommended,
and the Board has endorsed, the appointment of Johnston Carmichael LLP as the
external auditor of the Company for the year-ending 31 May 2027. A resolution
to approve this appointment will be put to shareholders at the Company's 2026
Annual General Meeting.
Grant Thornton UK LLP, which has been the Company's auditor since 2016, will
continue in the role until this year’s AGM and will therefore undertake the
audit for the year-ending 31 May 2026.
Outlook
Global economic growth is expected to decelerate modestly in 2026, but remain
at a reasonable level. Robust earnings growth, lower interest rates and easing
policy headwinds should continue to support global equity markets. In
addition, fiscal stimulus measures being implemented in parts of Europe,
together with targeted policy support in China, should provide further support
to activity, particularly outside the US. While there remains a wide range of
outcomes, particularly given President Trump's less predictable nature of
policy making, market leadership has begun to broaden beyond a narrow group of
stocks with performance increasingly spread across sectors and geographies.
This evolving backdrop has the potential to create a more balanced global
opportunity set for investors albeit with continued scope for periods of
volatility. For IGET with its genuinely global investment mandate, this shift
should provide a more fertile environment for your Portfolio Managers as they
position the portfolio for a range of possible outcomes. Whilst elevated
valuations still present risks, your Portfolio Managers’ bottom-up,
valuation-driven approach has proven robust across market cycles, and your
Board remains confident in their ability to continue to deliver attractive
long-term returns for shareholders.
Sue Inglis
Chair
24 February 2026
Portfolio Managers’ Report
Q How has the portfolio performed
over the period?
A Over the six months ended 30
November 2026, the Company’s net asset value returned +8.6% (total
return, in sterling terms), compared with its benchmark, the
MSCI World Index, which delivered +16.5% over the same
period driven by momentum and speculation.
Below is an analysis of the main contributors and detractors
during the period:
30 Nov 2025
Performance Portfolio
Key Impact Weight
Contributors % %
ASML 1.0 3.0
Standard Chartered 0.7 3.0
Taiwan Semiconductor Manufacturing 0.7 2.7
Rolls-Royce 0.6 4.5
Viking Holdings 0.5 2.6
30 Nov 2025
Performance Portfolio
Key Impact Weight
Detractors % %
3i –2.3 5.6
Alphabet (1) –1.8 0.0
Canadian Pacific Kansas City –1.5 5.4
Novo-Nordisk – B Shares –1.2 1.4
Azelis –1.2 1.4
Source: Invesco. (1) Not held in the portfolio.
Semiconductor equipment manufacturer ASML
was a top contributor over the period, benefitting from strong AI-related
demand. The company’s shares had de-rated to a decade low price-to-earnings
(P/E) earlier in the summer, providing an attractive entry point that allowed
us to build a position and capture the subsequent rally. Another beneficiary
of robust AI-related demand was semiconductor manufacturer
Taiwan Semiconductor Manufacturing (TSMC), which also
made a strong contribution to relative performance.
Meanwhile, Standard Chartered (bank)
was a notable outperformer, supported by strong third quarter results that saw
profits exceed market expectations. The Asia focussed bank also upgraded its
guidance for the year.
Rolls-Royce (aerospace and defence) continues to go from
strength to strength as the market increasingly recognises the quality of its
civil aerospace franchise and its potential for sustained, profitable growth.
Together with exposure to rapidly expanding European defence spending and
optionality from nuclear Small Modular Reactors (SMRs) (which could play a
role in meeting the power demands of AI), the company offers continued
potential for high and long duration earnings growth.
Cruise operator Viking Holdings saw
its shares rise following strong third quarter results, which continued to
demonstrate resilient and sustained booking momentum.
By contrast, investment firm 3i was
the largest detractor. A brief period of weaker
like-for-like sales in France at its key subsidiary, Action, led to a very
sharp sell off. The market reaction was extreme relative to the change in
fundamentals, and valuations compressed significantly. We understand the
concern - retail models can turn quickly - but Action has benefitted from a
scaled economics model where size strengthens competitiveness, and the
majority of the business has performed very well.
Novo-Nordisk (pharmaceuticals) was also a notable
detractor after cutting full year sales and profit guidance in July,
reflecting weaker demand for Wegovy and Ozempic amid tougher competition.
Despite an attractive valuation following a sharp de-rating, ongoing GLP 1
(weight-loss drug) share losses have weighed on the share price and management
mis-execution led us to trim the position as conviction softened.
Elsewhere, Azelis (speciality
chemicals and food ingredients) shares declined alongside other European
chemical names during a challenging period for the sector, while freight
railway company Canadian Pacific Kansas City
slipped on slightly weaker results. Not owning Alphabet (interactive
media) also detracted from relative performance.
Q What drove performance over the
period?
A Performance over the period was shaped by the
continuation of the exceptionally strong momentum trends that have
characterised global equity markets since late 2024. This backdrop,
driven largely by enthusiasm for AI-related companies, proved
challenging for our disciplined, valuation-led approach. As markets
increasingly rewarded speculative and momentum-oriented business models, our
focus on quality companies trading at sensible valuations meant we naturally
lagged an environment that did not align with our investment philosophy.
Market behaviour during the period, including historically low cash levels
among fund managers and elevated valuations being assigned to higher risk
business models, further reinforced our cautious stance.
Despite this, our open-minded and patient approach allowed us to uncover
compelling opportunities in less fashionable areas of the market. Long held
positions such as Rolls-Royce and
Standard Chartered continued to reward
this discipline, demonstrating the value of running high quality winners even
when doing so may feel uncomfortable in the short-term.
Active management remained central throughout the period. The significant
dispersion in share price performance created opportunities to reallocate
capital towards areas where implied returns were most attractive. This also
highlighted the importance of maintaining conviction in fundamentally strong
businesses amid short-term noise, particularly as certain holdings (such as
3i ) faced stock specific pressures that
did not reflect long-term fundamentals.
Overall, the period underscored the benefits of remaining disciplined,
valuation aware and genuinely active in a market dominated by momentum. While
such conditions can be challenging in the near term, they ultimately provide
fertile ground for long-term opportunities as fundamentals reassert
themselves.
Q Has the positioning of the
portfolio changed significantly over the period?
A Some notable examples of buys and sells can
be found below.
Bought:
• Global consumer internet group and technology
investor Prosus offers faster growth
exposure through its 26% stake in Tencent, which accounts for around 80% of
NAV, yet trades at a material discount despite the assets being largely listed
and liquid. Since 2022, management has aggressively addressed this mispricing
through over €50 billion of share buybacks. These actions have driven
meaningful NAV accretion and materially enhanced shareholder value.
• Global technology company Dell
Technologies combines a steadily growing dividend with a
strategic shift beyond its legacy PC business towards faster growing AI
infrastructure, including servers, networking and private cloud storage. Its
competitive edge lies in its deep engineering expertise and bespoke data
centre solutions, underpinned by strong enterprise relationships and
founder-led execution. With Michael Dell retaining c.40% ownership and a
commitment to return 80% of cash to shareholders, Dell Technologies offers an
attractive blend of income, growth and capital discipline.
Sold:
• We exited the remainder of our position in
semiconductor company Analog Devices
(ADI) to fund more attractive opportunities elsewhere. We think ADI is a great
company with innovative products and exceptional margins. However, we saw a
more compelling opportunity in competitor Texas
Instruments , a semiconductor company that designs,
manufactures, tests and sells analog and embedded processing chips.
• Insurance company Progressive has
been a good performer for the portfolio, but we felt the risk/reward
opportunities are now better elsewhere.
Q What is your investment strategy
looking ahead?
A Our philosophy has always been to deliver a
portfolio yield above the benchmark index, but not all stocks in our portfolio
need to provide a yield. This flexibility allows us to select stocks from
across the market, offering diverse opportunities for growth and risk
management. We categorise our investments as follows (the percentage ranges
refer to the Company’s gross assets and are guidelines only):
• Dividend compounders (70-100%): companies with
attractive yields that have consistently grown over time.
• Faster growth, low/no yield (0-20%): typically, tech
companies with high growth potential but low or no yield.
• Dividend restoration (0-10%): special situations
where dividends have been cut but are expected to be restored soon.
This diversified approach sets us apart from our peers. We strive to identify
market opportunities that will grow your income and capital over the long
term, even if it means not having the highest yield in the sector. Being an
investment trust, the Company’s policy of paying an annual dividend of at
least 4% of the previous year-end NAV out of revenues and, when needed,
capital reserves means that shareholders can enjoy predictable income without
any compromising of the investment team’s philosophy.
The portfolio is currently allocated 70% to dividend compounders and 30% to
faster growth, low/no yield companies, reflecting our aim of delivering a
stable income while also seeking meaningful long-term growth. The key priority
for us is maintaining a diversified portfolio that can adapt to where we see
the most compelling opportunities emerging. In an ideal scenario, we would
retain some exposure to companies reinstating their dividends (up to 10%).
However, at present, we are finding a greater concentration of opportunities
within the faster growth, low/no yield segment, which has led us to increase
our allocation beyond the 20% guideline.
Below we have provided some examples of holdings that fall into either
category:
East West Bancorp – dividend yield 2.1%
(1)
(dividend compounder)
East West Bancorp (EWBC) is a regional bank headquartered in Pasadena,
California. Founded in 1973 in Los Angeles’ Chinatown, the bank is now the
largest independent commercial bank to serve the Chinese-American community.
We believe this is one of the best banks we have analysed. CEO Dominic Ng has
been an exceptional steward of capital for over 30 years. In our view this is
a well-managed regional bank with strong growth and high ROE (return on
equity), supported by a robust capital buffer and diversified loan book.
Viking Holdings – dividend yield 0%
(1) (faster
growth, low/no yield)
Viking Holdings (VIK) offers high-quality, culturally enriching experiences to
wealthy retired Americans, with an average customer age of nearly 70. These
individuals are recession resilient, loyal and relatively price insensitive.
Viking is a gem of a business with a long runway for growth, high returns on
capital, and a founder who owns over $10 billion in stock. Viking combines
structural demand, scarce supply and repeatable cost/marketing advantages into
a high visibility, compounding engine.
(1) Source Invesco. Based on 12 month historic dividend yield.
Q What are your thoughts on gearing?
A We use gearing selectively, often taking
advantage when markets are most fearful and then reducing as they become more
fairly valued. A recent example of this was President Trump’s ‘Liberation
Day’ announcement in April 2025 where the broad-based sell off provided some
exceptional opportunities and so we tactically increased our gearing to take
advantage. Since then markets have moved in one direction, and we remain
cautious about adding additional risk to the portfolio at a point when
expectations are quite high in the market. Gearing added 0.79% positive
performance contribution over the six months ending 30 November 2025.
Q What is your outlook for 2026?
A We remain committed to our bottom-up,
valuation-driven approach and to building portfolios that can perform across a
range of market environments. While we recognise the potentially
transformative impact of AI, we continue to find more compelling risk-adjusted
opportunities in unloved areas of the market. As a result, we remain
underweight the US and are increasing exposure to healthcare, non-US equities
and other out of favour segments that offer both attractive valuations and
diversification benefits.
Our experience continues to underline three enduring principles. First, being
different and open-minded is essential in momentum-led markets. Second,
allowing high quality investments to compound over time remains a powerful
driver of returns, even when the journey is uncomfortable. Finally, active
portfolio management is vital, as periods of heightened volatility create
opportunities when share prices move far more than underlying cash flows.
We believe this disciplined approach leaves the portfolio well positioned to
deliver long-term growth.
Stephen Anness Joe Dowling
Portfolio Manager Deputy Portfolio Manager
24 February 2026
List of Investments
AT 30 NOVEMBER 2025
Ordinary shares unless stated otherwise
Market
Value % of
Company Sector (1) Country £’000 Portfolio
3i Financial Services United Kingdom 14,400 5.6
Canadian Pacific Kansas City Transportation Canada 13,951 5.4
Microsoft Software & Services United States 12,246 4.8
AIA Insurance Hong Kong 12,245 4.8
Texas Instruments Semiconductors & Semiconductor Equipment United States 12,031 4.7
Rolls-Royce Capital Goods United Kingdom 11,448 4.5
Coca-Cola Europacific Partners Food, Beverage & Tobacco United Kingdom 10,203 4.0
Standard Chartered Banks United Kingdom 7,673 3.0
ASML Semiconductors & Semiconductor Equipment Netherlands 7,666 3.0
XPO Transportation United States 7,194 2.8
Top Ten Holdings 109,057 42.6
Prosus Consumer Discretionary Distribution & Retail Netherlands 7,040 2.7
Taiwan Semiconductor Manufacturing Semiconductors & Semiconductor Equipment Taiwan 6,898 2.7
London Stock Exchange Financial Services United Kingdom 6,732 2.6
East West Bancorp Banks United States 6,727 2.6
Viking Holdings Consumer Services United States 6,637 2.6
Union Pacific Transportation United States 6,496 2.4
Universal Music Media & Entertainment Netherlands 6,307 2.4
Tractor Supply Consumer Discretionary Distribution & Retail United States 6,254 2.4
American Tower Equity Real Estate Investment Trusts (REITs) United States 5,995 2.3
QXO Capital Goods United States 5,834 2.3
Top Twenty Holdings 173,977 67.6
Herc Holdings Capital Goods United States 5,828 2.3
Novonesis – B Shares Materials Denmark 5,574 2.2
Aker BP Energy Norway 5,390 2.1
Broadcom Semiconductors & Semiconductor Equipment United States 5,327 2.1
Dell Technologies Technology Hardware & Equipment United States 5,068 2.0
Recordati Pharmaceuticals, Biotechnology & Life Sciences Italy 4,905 1.9
Abbott Laboratories Health Care Equipment & Services United States 4,771 1.9
LVMH Consumer Durables & Apparel France 4,660 1.8
KKR & Co Financial Services United States 4,021 1.6
Estee Lauder – A Shares Household & Personal Products United States 3,814 1.5
Top Thirty Holdings 223,335 87.0
Ametek Capital Goods United States 3,778 1.5
Amentum Commercial & Professional Services United States 3,773 1.5
Itochu Capital Goods Japan 3,746 1.5
Zurich Insurance Insurance Switzerland 3,743 1.5
Azelis Capital Goods Belgium 3,729 1.4
Novo-Nordisk – B Shares Pharmaceuticals, Biotechnology & Life Sciences Denmark 3,578 1.4
Elis Commercial & Professional Services France 3,457 1.3
Aviva Insurance United Kingdom 3,038 1.2
Corpay Financial Services United States 2,237 0.9
Rosebank Industries Financial Services United Kingdom 2,141 0.8
Top Forty Holdings 256,555 100.0
Sberbank (2) – ADR Banks Russia – –
Harbinger – Streamline Offshore Fund (3) Hedge Funds Cayman Islands – –
Total Holdings 42 (31 May 2025: 43) 256,555 100.0
ADR American Depositary Receipts –
certificates that represent shares in the relevant company and are issued by a
US bank. They are denominated and pay dividends in US
dollars.
(1) MSCI and Standard & Poor’s Global Industry
Classification Standard.
(2) The investment in Sberbank –
ADR has been valued at zero as secondary listings of the
depositary receipts on Russian companies have been suspended from trading.
(3) The hedge fund investment is a residual holding of
the previous investment strategy, transferred from the Balanced Risk
Allocation Portfolio as part of the Company’s restructure in May 2024, which
is awaiting realisation of underlying investments. Given lack of availability
of recent valuation, the market value has been written-down to zero.
Governance
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company fall into the
following broad categories: market risk, geopolitical risk, investment
objective and strategy risk, discount risk, performance risk, ESG (including
climate risk), currency fluctuation risk, information technology resilience
and security risk, operational resilience risk and regulatory and tax-related
risk. An explanation of these risks (as well as emerging risks) and how they
are managed is set out on pages 26 to 29 of the Company’s Annual Report and
Financial Statements for the year ended 31 May 2025 which is available on the
Company’s section of the Manager’s website:
www.invesco.com/uk/en/investment-trusts/invescoglobal-equity-income-trust.html
.
In the view of the Board, the principal risks and uncertainties have not
materially changed since the date of that report and are as applicable to the
remaining six months of the financial year as they were to the six months
under review.
Going Concern
T he financial statements have been prepared on a going concern
basis. The Directors consider this to be appropriate as the Company has
adequate resources to continue in operational existence for the foreseeable
future, taken as 12 months from the signing of the financial statements for
this purpose. This conclusion is consistent with the longer term viability
statement on page 29 of the Company’s Annual Report and Financial Statements
for the year ended 31 May 2025 and in reaching it the Directors took into
account: the value of net assets; the Company’s investment policy; its risk
management policies; the diversified portfolio of readily realisable
securities which can be used to meet funding commitments; the credit facility
and the overdraft which can be used for short-term funding requirements; the
liquidity of the investments which could be used to repay the credit facility
in the event that the facility could not be renewed or replaced; the
Company’s revenue; the current economic outlook; and the ability of the
Company in the light of these factors to meet all its liabilities and ongoing
expenses. At the Company’s 2026 Annual General Meeting, the Board will put
forward a vote on the continuation of the Company (the 2026 Continuation
Vote). Based on current information including, but not limited to, the
following points, the Board is of positive opinion as to the outcome of 2026
Continuation Vote: the robust demand for the Company’s shares evidenced by
regular share issuance, with the shares mostly trading at a premium to NAV
over the last six months and the proposed merger with Franklin Global Trust
plc which will result in an enlargement of the Company and should create
additional demand for the shares, and result in higher trading volumes and
market liquidity. The Directors also took account of the 2026 Continuation
Vote when considering this going concern assessment.
Related Party Transactions
Under United Kingdom Generally Accepted Accounting Practice (UK
Accounting Standards and applicable law), the Company has identified the
Directors and their dependents as related parties. No other related parties
have been identified during the period. No transactions with related parties
have taken place which have materially affected the financial position or the
performance of the Company.
Statement of Directors’ Responsibilities
(in respect of the preparation of the half-yearly financial report)
The Directors are responsible for preparing the half-yearly financial report
using accounting policies consistent with applicable law and
UK Accounting Standards.
The Directors confirm that, to the best of their knowledge:
– the condensed set of financial statements contained within the half-yearly
financial report has been prepared in accordance with the FRC’s FRS 104
Interim Financial Reporting;
– the interim management report includes a fair review of the information
required by DTR 4.2.7R and DTR 4.2.8R of the FCA’s Disclosure Guidance and
Transparency Rules; and
– the interim management report includes a fair review of any information
required on related party transactions.
The half-yearly financial report has not been audited or reviewed by the
Company’s auditor.
Signed on behalf of the Board of Directors.
Sue Inglis
Chair
24 February 2026
Condensed Income Statement
For the Six Months Ended 30 November 2025 For the Six Months Ended 30 November 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Gains on investments held at fair value – 17,197 17,197 – 20,183 20,183
Losses on foreign exchange – (1) (1) – (19) (19)
Income – note 2 2,110 – 2,110 1,803 – 1,803
Investment management fees – note 3 (197) (458) (655) (165) (384) (549)
Other expenses (333) (24) (357) (322) 10 (312)
Net return before finance costs and taxation 1,580 16,714 18,294 1,316 19,790 21,106
Finance costs – note 3 (12) (28) (40) (12) (27) (39)
Return before taxation 1,568 16,686 18,254 1,304 19,763 21,067
Tax – note 4 (198) – (198) (163) – (163)
Return after taxation for the financial period 1,370 16,686 18,056 1,141 19,763 20,904
Return per ordinary share:
Basic 2.02p 24.60p 26.62p 1.81p 31.36p 33.17p
Weighted average number of ordinary shares in issue during the period 67,827,167 63,014,375
The total columns of this statement represent the Company’s profit and loss
account, prepared in accordance with UK Accounting Standards. The return on
ordinary activities after taxation is the total comprehensive income and
therefore no additional statement of other comprehensive income is presented.
The supplementary revenue and capital columns are presented for information
purposes in accordance with the Statement of Recommended Practice issued by
the Association of Investment Companies. All items in the above statement
derive from continuing operations of the Company. No operations were acquired
or discontinued in the period.
Condensed Statement of Changes in Equity
Capital
Share Redemption Special Capital Revenue
Capital Reserve Reserve Reserve Reserve Total
£’000 £’000 £’000 £’000 £’000 £’000
Six months ended 30 November 2025
At 31 May 2025 800 1,285 108,533 101,665 – 212,283
Return after taxation per the income statement – – – 16,686 1,370 18,056
Dividends paid – note 5 – – (3,266) – (1,370) (4,636)
Shares sold from treasury – – 35,218 – – 35,218
At 30 November 2025 800 1,285 140,485 118,351 – 260,921
Six months ended 30 November 2024
At 31 May 2024 800 1,285 113,296 82,072 102 197,555
Return after taxation per the income statement – – – 19,763 1,141 20,904
Dividends paid – note 5 – – (2,803) – (1,141) (3,944)
Shares bought back and held in treasury – – (315) – – (315)
At 30 November 2024 800 1,285 110,178 101,835 102 214,200
Condensed Balance Sheet
Registered Number 5916642
AS AT 30 NOVEMBER 2025
At At
30 November 31 May
2025 2025
£’000 £’000
Fixed assets
Investments held at fair value through profit or loss 256,555 211,444
Current assets
Share reissues from treasury awaiting settlement – 510
Tax recoverable 333 353
Prepayments and accrued income 469 451
Cash and cash equivalents 4,047 2,618
4,849 3,932
Creditors: amounts falling due within one year
Bank facility – (2,650)
Accruals (483) (443)
(483) (3,093)
Net current assets 4,366 839
Net assets 260,921 212,283
Capital and reserves
Share capital 800 800
Other reserves:
Capital redemption reserve 1,285 1,285
Special reserve 140,485 108,533
Capital reserve 118,351 101,665
Revenue reserve – –
Total shareholders’ funds 260,921 212,283
Net asset value per ordinary share 359.77p 337.36p
Signed on behalf of the Board of Directors.
Sue Inglis
Chair
24 February 2026
Condensed Statement of Cash Flows
For the For the
six months six months
ended ended
30 November 30 November
2025 2024
£’000 £’000
Cash flows from operating activities
Net return before finance costs and taxation 18,294 21,106
Tax on overseas income (198) (163)
Adjustments for:
Purchase of investments (79,234) (40,593)
Sale of investments 51,320 40,373
(27,914) (220)
Gains on investments (17,197) (20,183)
Decrease/(increase) in debtors 2 (20)
Increase/(decrease) in creditors 40 (6)
Net cash (outflow)/inflow from operating activities (26,973) 514
Cash flows from financing activities
Interest paid on bank borrowings (40) (47)
(Decrease)/increase in bank facility (1) (2,650) 2,950
Shares sold from treasury 35,728 –
Shares bought back and held in treasury – (315)
Dividends paid – note 5 (4,636) (3,944)
Net cash inflow/(outflow) from financing activities 28,402 (1,356)
Net increase/(decrease) in cash and cash equivalents 1,429 (842)
Cash and cash equivalents at the start of the period 2,618 1,859
Cash and cash equivalents at the end of the period 4,047 1,017
Reconciliation of cash and cash equivalents to the Balance Sheet is as follows:
Cash held at custodian 567 457
Invesco Liquidity Funds plc – Sterling, money market fund 3,480 560
Cash and cash equivalents 4,047 1,017
Cash flow from operating activities includes:
Dividends received 1,849 1,577
Interest received 11 18
(1) Due to the nature of the bank facility allowing
weekly marginal changes to the amount borrowed, rather than full repayment and
new drawdown amount, management judges it appropriate to show the net
increase/(decrease) over the period rather than the gross repayments and
drawdowns separately, as defined in FRS 102 section 7.10A (b).
At At
1 June Cash 30 November
2025 flows 2025
£’000 £’000 £’000
Reconciliation of net debt
Cash and cash equivalents 2,618 1,429 4,047
Bank facility (2,650) 2,650 –
Total (32) 4,079 4,047
Notes to the Condensed Financial Statements
1. Accounting Policies
The condensed financial statements have been prepared in accordance with
applicable United Kingdom Accounting Standards and applicable law (UK
Generally Accepted Accounting Practice), including FRS 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland, FRS 104
Interim Financial Reporting and the Statement of Recommended Practice
Financial Statements of Investment Trust Companies and Venture Capital Trusts
issued by the Association of Investment Companies in July 2022. The financial
statements are prepared on a going concern basis.
The accounting policies applied to these condensed financial statements are
consistent with those applied in the Company’s 2025 Annual Financial Report
for the year ended 31 May 2025.
2. Income
Six Months to Six Months to
30 November 30 November
2025 2024
£’000 £’000
Income from investments:
UK dividends 588 468
Overseas dividends – ordinary 1,511 1,219
Overseas dividends – special – 98
2,099 1,785
Other income:
Deposit interest 11 18
2,110 1,803
No special dividends have been recognised in capital during the period (2024:
£nil).
3. Management Fee and Finance Costs
Investment management fee and finance costs on any borrowings are charged 70%
to capital and 30% to revenue. A management fee is payable quarterly in
arrears and is equal to 0.55% per annum of the value of the Company’s net
assets at the end of the relevant quarter and 0.50% per annum for any net
assets over £100 million.
The Manager has agreed to waive the investment management fee which would
otherwise have been payable to the Manager in respect of the value of the
assets transferred by Franklin Global Trust plc to the Company pursuant to the
merger, and based on the value of those assets as at the calculation date for
the merger, for the 12 months following the effective date of the merger.
4. Investment Trust Status and Tax
It is the intention of the Directors to conduct the affairs of the Company so
that it satisfies the conditions for approval as an investment trust company.
As such, the Company has not provided for any UK corporation tax on any
realised or unrealised capital gains or losses.
The tax charge represents withholding tax suffered on overseas income for the
period.
5. Dividends Paid on Ordinary Shares
A first interim dividend of 3.375p per share was paid on 14 August 2025 to
shareholders on the register on 25 July 2025. Shares were marked ex-dividend
on 24 July 2025. A second interim dividend of 3.375p was paid on 21
November 2025 to shareholders on the register on 31 October 2025.
Shares were marked ex-dividend on 30 October 2025.
In accordance with accounting standards, dividends payable after the period
end have not been recognised as a liability.
On 4 December 2025 the Company announced the third quarterly interim dividend
for the year ending 31 May 2026. The dividend declared of 3.375p was paid on
13 February 2026 to shareholders on the register on 16 January 2026. Shares
were marked ex-dividend on 15 January 2026.
6. Share Capital, Including
Movements
Share capital represents the total number of shares in issue, including
treasury shares.
(a) Ordinary
Shares of 1p Each (1)
Six Months to Year to
30 November 31 May
2025 2025
Number of ordinary shares in issue
Brought forward 62,924,182 63,056,464
Shares bought back into treasury – (1,342,282)
Shares sold from treasury 9,600,000 1,210,000
Carried forward 72,524,182 62,924,182
(b) Treasury Shares
Six Months to Year to
30 November 31 May
2025 2025
Number of treasury shares held:
Brought forward 17,062,404 16,930,122
Shares brought back in treasury – 1,342,282
Shares sold from treasury (9,600,000) (1,210,000)
Carried forward 7,462,404 17,062,404
Total shares in issue 79,986,586 79,986,586
(1) Following shareholder approval at the
Annual General Meeting held on 21 November 2024, the Company’s Global Equity
Income Shares of £0.01 each were redesignated as ordinary shares of £0.01
each.
During the period the Company sold, from treasury, 9,600,000 ordinary shares
at a total consideration of £35,218,000 (31 May 2025: 1,210,000 ordinary
shares at a total consideration of £4,110,000). No ordinary shares were
bought back during the period (31 May 2025: 1,342,282 ordinary shares bought
back into treasury at a total cost of £4,270,000).
Subsequent to the period end, 6,833,000 ordinary shares were sold from
treasury for a total consideration of £25,502,000.
7. Classification Under Fair Value
Hierarchy
FRS 102 sets out three fair value levels. These are:
Level 1 – The unadjusted quoted price in an active market for identical
assets that the entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are
observable (i.e. developed using market data) for the asset or liability,
either directly or indirectly.
Level 3 – Inputs are unobservable (i.e. for which market data is
unavailable) for the asset or liability.
All of the Company’s non-zero valued investments are quoted equity
investments which are deemed to be Level 1.
The fair value hierarchy analysis for investments held at fair value at the
period end is as follows:
30 November 31 May
2025 2025
£’000 £’000
Financial assets designated at fair value through profit or loss:
Level 1 256,555 211,444
Level 2 – –
Level 3 – –
Total for financial assets 256,555 211,444
8. Status of Half-Yearly Financial
Report
The financial information contained in this half-yearly report does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006. The financial information for the half years ended 30 November 2025 and
30 November 2024 has not been audited. The figures and financial information
for the year ended 31 May 2025 are extracted and abridged from the latest
audited accounts and do not constitute the statutory accounts for that year.
Those accounts have been delivered to the Registrar of Companies and included
the Report of the Independent Auditor, which was unqualified and did not
include a statement under section 498 of the Companies Act 2006.
By order of the Board
Invesco Asset Management Limited
Company Secretary
Date: 24 February 2026
Glossary of Terms and Alternative Performance Measures
(Discount)/Premium
Discount is a measure of the amount by which the mid-market price of an
investment company share is lower than the underlying net asset value (NAV) of
that share. Conversely, premium is a measure of the amount by which the
mid-market price of an investment company share is higher than the underlying
net asset value of that share. In this half-yearly financial report the
discount or premium is expressed as a percentage of the net asset value per
share and is calculated according to the formula set out below. If the shares
are trading at a premium the result of the below calculation will be positive
and if they are trading at a discount it will be negative.
Gearing
The gearing percentage reflects the amount of borrowings that a company has
invested. This figure indicates the extra amount by which net assets, or
shareholders’ funds, would be expected to move if the value of a company’s
investments were to rise or fall. A positive percentage indicates the extent
to which net assets are geared; a nil gearing percentage, or ‘nil’, shows
a company is ungeared. A negative percentage indicates that a company is not
fully invested and is holding net cash as described in the Alternative
Performance Measures section below.
Net Asset Value (NAV)
Also described as shareholders’ funds, the NAV is the value of total assets
less liabilities. The NAV per share is calculated by dividing the net asset
value by the number of ordinary shares in issue. The number of ordinary shares
for this purpose excludes those ordinary shares held in treasury.
Volatility
Volatility refers to the amount of uncertainty or risk about the size of
changes in a security’s value. It is a statistical measure of the dispersion
of returns for a given security or market index measured by using the standard
deviation or variance of returns from that same security or market index.
Commonly, the higher the volatility, the riskier the security.
Total Return
Total return is the theoretical return to shareholders that measures the
combined effect of any dividends paid, together with the rise or fall in the
share price or NAV. In this half-yearly financial report these return figures
have been sourced from LSEG Data & Analytics which calculates returns on an
industry comparative basis. The figures calculated below are six month and one
year total returns; however the same calculation would be used for three, five
and ten year total returns where quoted in this report, taking the respective
net asset values and share prices for the opening and closing periods and
adding the impact of dividend reinvestments for the relevant periods.
NAV Total Return
Total return on net asset value per share, assuming dividends paid by the
Company were reinvested, without transaction costs, into the shares of the
Company at the NAV per share at the time the shares were quoted ex-dividend.
Share Price Total Return
Total return to shareholders, on a mid-market price basis, assuming all
dividends received were reinvested, without transaction costs, into the shares
of the Company at the time the shares were quoted ex-dividend.
Benchmark Total Return
The benchmark of the Company is the MSCI World Index (total return in sterling
terms). Total return on the benchmark is on a mid-market value basis, assuming
all dividends received were reinvested, without transaction costs, into the
shares of the underlying companies at the time the shares were quoted
ex-dividend.
Alternative Performance Measure
An APM is a measure of performance or financial position that is not defined
in applicable accounting standards and cannot be directly derived from the
financial statements. The calculations shown in the corresponding tables are
for the six months ended 30 November 2025 and the year ended 31 May 2025. The
APMs listed here are widely used in reporting within the investment company
sector and consequently aid comparability.
Premium (APM)
30 November 31 May
Page 2025 2025
Share price 1 a 367.00p 342.00p
Net asset value per share 1 b 359.77p 337.36p
Premium c = (a–b)/b 2.0% 1.4%
Gross Gearing (APM)
This reflects the amount of gross borrowings in use by a company and takes no
account of any cash balances. It is based on gross borrowings as a percentage
of net assets.
30 November 31 May
2025 2025
Page £’000 £’000
Bank facility 12 – 2,650
Gross borrowings a – 2,650
Net asset value 12 b 260,921 212,283
Gross gearing c = a/b nil 1.2%
Net Gearing or Net Cash (APM)
Net gearing reflects the amount of net borrowings invested, i.e. borrowings
less cash and cash equivalents (incl. investments in money market funds). It
is based on net borrowings as a percentage of net assets. Net cash reflects
the net exposure to cash and cash equivalents, as a percentage of net assets,
after any offset against total borrowings.
30 November 31 May
2025 2025
Page £’000 £’000
Bank facility 12 – 2,650
Less: cash and cash equivalents including margin 12 (4,047) (2,618)
Net (cash)/borrowings a (4,047) 32
Net asset value 12 b 260,921 212,283
Net (cash)/gearing c = a/b (1.6)% 0.0%
Total Return (APM)
Net Asset
Six months ended 30 November 2025 Page Value Share Price
As at 30 November 2025 1 359.77p 367.00p
As at 31 May 2025 1 337.36p 342.00p
Change in period a 6.6% 7.3%
Impact of dividend reinvestments (1) b 2.0% 2.0%
Total return for the period c = a+b 8.6% 9.3%
Net Asset
Year ended 31 May 2025 Page Value Share Price
As at 31 May 2025 1 337.36p 342.00p
As at 31 May 2024 313.30p 286.00p
Change in period a 7.7% 19.6%
Impact of dividend reinvestments (1) b 4.2% 5.0%
Total return for the period c = a+b 11.9% 24.6%
(1) Total dividends paid during the six months to 30
November 2025 of 6.75p (year to 31 May 2025: 12.52p). NAV or share price falls
subsequent to the reinvestment date consequently further reduce the returns,
vice versa if the NAV or share price rises.
Directors, Investment Manager and Administration
Directors
Sue Inglis (Chair of the Board and Nomination Committee)
Helen Galbraith (Chair of the Audit Committee)
Tim Woodhead (Senior Independent Director and Chair of the Management
Engagement Committee)
Mark Dampier (Chair of the Marketing Committee)
All the Directors are, in the opinion of the Board, independent of the
management company.
All Directors are members of the Audit, Management Engagement, Nomination and
Marketing Committees.
Registered Office and Company Number
Perpetual Park
Perpetual Park Drive
Henley-on-Thames
Oxfordshire
RG9 1HH
Registered in England and Wales Number 05916642
Alternative Investment Fund Manager (Manager)
Invesco Fund Managers Limited
Company Secretary
Invesco Asset Management Limited
Company Secretarial contact: James Poole
020 7543 3559
email: James.Poole@invesco.com
Correspondence Address
3rd Floor, 60 London Wall,
London EC2M 5TQ
020 3753 1000
email: investmenttrusts@invesco.com
Depositary and Custodian
The Bank of New York Mellon (International) Limited
160 Queen Victoria Street
London EC4V 4LA
Corporate Broker
Cavendish Capital Markets Limited
1 Bartholomew Close
London EC1A 7BL
General Data Protection Regulation
The Company’s privacy notice can be found at
www.invesco.co.uk/investmenttrusts
Invesco Client Services
Invesco has a Client Services Team, available to assist you from 8.30am to
6.00pm Monday to Friday (excluding UK Bank Holidays). Please note no
investment advice can be given. 0800 085 8677.
www.invesco.com/uk/en/investment-trusts.html
Registrar
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds LS1 4DL
0371 664 0300
If you hold your shares directly as a paper share certificate and not through
an investment platform or savings scheme and have queries relating to your
shareholding you should contact the Company’s Registrar, MUFG Corporate
Markets, via email on
shareholderenquiries@cm.mpms.mufg.com or on 0371
664 0300. Calls are charged at the standard
geographic rate and will vary by provider.
MUFG Corporate Markets provides an on-line and telephone share dealing service
for paper share certificates to existing shareholders who are not seeking
advice on buying or selling. This service is available at
dealing.cm.mpms.mufg.com or 0371 664 0445. Calls are charged at the
standard geographic rate and will vary by provider. Calls from outside the UK
will be charged at the applicable international rate. Lines are open 9.00am to
5.30pm Monday to Friday (excluding bank holidays in England and Wales.
Shareholders holding paper share certificates can also access their holding
details via the Investor Centre app or the website at
https://uk.investorcentre.mpms.mufg.com.
MUFG Corporate Markets is the business name of MUFG Corporate Markets (UK)
Limited, a division of MUFG Pension & Market Services.
Alternatively, you can also buy and sell shares yourself through a wide
variety of ‘execution-only’ investment platforms – where you make the
investment decisions and your shares are held electronically in an account on
your behalf. These tend to also mean you do not need to worry about losing
your certificate.
Most investment platforms allow you to manage your investment company holdings
online, as well as access to a wide range of investment options.
Platforms generally charge fees for holding and trading shares. You can find a
list of the major platforms at
www.invesco.com/uk/en/investment-trusts/invesco-insights/how-to-invest-in-investment-trusts.html.
The Association of Investment Companies
The Company is a member of the Association of Investment Companies. Contact
details are as follows:
020 7282 5555
Email: enquiries@theaic.co.uk
Website: www.theaic.co.uk
Website
Information relating to the Company can be found on the Company’s
section of the Manager’s website at
www.invesco.com/uk/en/investment-trusts/invesco-global-equity-income-trust.html.
The contents of websites referred to in this document, or accessible from
links within those websites, are not incorporated into, nor do they form part
of, this document.
The Company’s ordinary shares qualify to be considered as a mainstream
investment product suitable for promotion to retail investors.
National Storage Mechanism
A copy of the Half-Yearly Financial Report will be submitted shortly to the
National Storage Mechanism ("NSM") and will be available for inspection at the
NSM, which is situated at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Hard copies of the Half-Yearly Financial Report will be posted to shareholders
and can be requested from the Company Secretary by email at
investmenttrusts@invesco.com or at the Company’s correspondence address, 60
London Wall, London EC2M 5TQ.
For further information, please contact:
James Poole
For and on behalf of Invesco Asset Management Limited
Corporate Secretary to Invesco Select Trust plc
Email: investmenttrusts@invesco.com
Will Ellis
Head of Specialist Funds - Invesco
Email: will.ellis@invesco.com
Invesco Asset Management Limited
Corporate Company Secretary
24 February 2026
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