The share price of the Global Opportunities Trust (“the Trust”) increased by 1.4% over the quarter. The Net Asset Value (“NAV”) increased by 0.6%. The beta of daily NAV returns compared with the broad global equity market was very low at -0.1 over the quarter and has been zero in 2026 to date.
The correlation of NAV returns year to date with the MSCI World index has been -0.2%.
In simple terms this means the performance of the NAV of the Trust has not been driven by broad market direction at all. That can be good or bad, of course, depending on which direction broad markets are heading. But the low volatility of the NAV and its very low beta and correlation with broad global equity market indices or peers in recent years has been one of its most differentiating characteristics. This is masked by the share price performance, which has been much more volatile.
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