Strong performance was driven by holdings in companies such as Samsung Electronics and BE Semiconductor, while CME Group and Infosys were notable detractors. The trust also initiated new positions in Blackstone, Pfizer, Union Pacific, Fastenal, and ONEOK.

The company saw a 10.5% boost to net asset value (NAV) and total share price return of 9.9%, but below the 12.4% increase in its benchmark index. The NAV total return and share price total return remain ahead of the benchmark over one and five years.

It declared two interim dividends of 2.8p per share during the period and remains committed to a progressive dividend policy.

The shares in the trust ended the period trading at a 2.4% premium to NAV, compared with a 3% premium at 31 December 2025.

Martin Connaghan, senior investment director, said: “The outlook for global equity markets appears increasingly balanced between continued opportunity and a growing set of risks that warrant careful attention.

“Geopolitical uncertainty remains a central concern, with tensions in the Middle East showing little sign of durable resolution and the potential to disrupt energy markets and investor sentiment at short notice. 

“Combined with ongoing frictions across other regions, this creates an environment where sudden shifts in risk appetite cannot be discounted.

“At the same time, there are emerging questions around the sustainability of the current economic expansion. While headline growth has remained resilient, there is mounting evidence of a more uneven, ‘K-shaped’ or divergent dynamic beneath the surface, with some companies and sectors continuing to perform strongly while others face increasing pressure.”

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