Global Smaller Cos Trust ups dividend as notes economic momentum
Global Smaller Cos Trust PLC on Friday announced a 56th consecutive annual dividend increase despite performing worse than its benchmark.
The investor in small-cap companies around the world based on fundamentals-based research said net asset value per share was 196.01 pence as at April 30, up 19% from 164.67p a year prior.
Net asset value with debt at fair value total return was 21.0% in the financial year ended April 30, underperforming against its benchmark’s total return of 31.3%.
The benchmark was a blend of the MSCI All Country World ex UK Small Cap and the Deutsche Numis UK Smaller Cos.
From the current financial year that started May 1, the company changed its benchmark to the MSCI ACWI small cap index net. Global Smaller said: ‘This benchmark change better represents the current composition of the global smaller company equity market, given that the UK is now a much smaller percentage of total world stock market capitalisation. It also reduces complexity and increases clarity in our reporting to shareholders.’
The company declares a total dividend of 3.15p, up 5.0% from 3.00p. It was the 56th consecutive annual dividend increase.
Looking ahead, Chair Graham Oldroyd said: ‘Higher asset prices, strong corporate and household balance sheets, significant investment in artificial intelligence and stimulus programmes across various parts of the world have all played a role in sustaining economic momentum...However, the persistence of each of these supporting factors remains uncertain, and as a consequence the range of potential future outcomes is wide.’
Global Smaller shares were marginally higher at 195.02 pence each on Friday morning in London.
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