Invesco Global Equity Income Trust Plc - Half-year Report

LEI: 549300JZQ39WJPD7U596 INVESCO GLOBAL EQUITY INCOME TRUST PLC HALF-YEARLY FINANCIAL REPORT SIX MONTHS ENDED 30 NOVEMBER 2024 Unless noted below all page numbers refer to the Half-Yearly Financial Report on the Company's website. 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) Six Months to Year Ended 30 November 31 May 2024 2024 Net asset value (NAV) total return(2) 10.7% 21.0% Share price total return(2) 10.1% 26.9% Benchmark index total return 11.4% 21.6% Capital Statistics At At 30 November 31 May 2024 2024 % Change Net assets (£'000) 214,200 197,555 8.4 NAV per share 340.27p 313.30p 8.6 Share price(1) 308.00p 286.00p 7.7 Discount(2) per ordinary share (9.5)% (8.7)% Gearing(2): - gross gearing 1.4% nil - net gearing 0.9% nil - net cash nil 0.9% (1)Source: LSEG Data & Analytics. (2)Alternative Performance Measures (APMs), see pages 16 to 17 for the explanation and reconciliations of APMs. Further details are provided in the Glossary of Terms and Alternative Performance Measures in the Company's 2024 Annual Financial Report. Chair's Statement Dear Shareholder I am pleased to present your Company's half-yearly financial report for the six -month period ended 30 November 2024. Market Overview The six months ended 30 November 2024 were marked by volatile global equity markets. Keyfactors influencing markets included: inflationary pressures with inflation remaining higher than expected albeit appearing to have passed its peak and restricting the scope for central banks to cut interest rates; the outcome of political elections and the subsequent rhetoric from some of the winners (including the now second term President Trump and the UK labour party); and ongoing geopolitical tensions, particularly in Ukraine and the Middle East. Even with these challenges, the US equity market performed strongly over the period, continuing to be driven by a small number of mega-cap tech-related stocks, while other major equity market returns were more muted. Performance Despite the challenging global equity market conditions, your Portfolio Managers' rigorous process around bottom-up stock selection again resulted in strong investment performance. The NAV total return per shares was +10.7%, compared with the Company's benchmark, the MSCI World Index (£), total return of +11.4%, over the period. Although your Company marginally underperformed its benchmark, it still achieved top quartile performance out of the 18 companies in the AIC's Global and Global Equity Income sectors over the period. A review of your Company's performance during the period, and changes in the portfolio positioning, can be found in the Portfolio Managers' Report. The share price total return was +10.1%, with the discount at which the shares trade relative to their NAV having widened from -8.7% at the beginning of the period to -9.5% at the period end. The average discount over the period was -10.7%. Your Company's strong longer-term performance was recognised in November 2024 when, for the second consecutive year, it won the `Best International Income Trust' category at the annual Citywire Investment Trust Awards, which are given to investment companies judged to have delivered the best underlying return in terms of NAV growth in the three years to 31August (companies investing in publicly-listed equities are ranked on risk-adjusted performance against their benchmark indices). Gearing Your Company has a £40 million revolving credit bank loan facility, which your Portfolio Managers can use tactically to add more risk to the portfolio when they consider this appropriate with the aim of enhancing the returns to shareholders. At 30 November 2024, £2.95 million, equivalent to 1.4% of net assets, had been drawn down under the facility and net gearing (being borrowings less cash and cash equivalents) was 0.9% of net assets. Income and Dividends Net revenue earnings per share for the sixmonths amounted to 1.81p. A core objective of your Company is to provide shareholders with an attractive level of predictable income. With effect from the current financial year, we seek to achieve this by paying an annual dividend of at least 4% of the unaudited previous year-end NAV, which is paid quarterly in equal amounts. Dividends are paid from the Company's revenues and, if needed, its capital reserves. Your Company has paid three interim dividends, each of 3.13p per share, in respect of the year ending 31 May 2025. The yield on the shares at 30 November 2024 was 4.1%, based on the projected annualised dividend of 12.52p per share for the year ending 31 May 2025. Discount Management During the period, the Company bought back 107,000 of its own shares at a cost of £0.31million and an average discount of -10.4%. All shares bought back are held in treasury and may be sold at a premium to the NAV per share. Your Board intends to continue to use ad hoc share buybacks with the aim of maintaining asingle digit discount in normal market conditions. Portfolio Management Team Stephen Anness has been the Portfolio Manager responsible for your Company's global equity income strategy since January 2020 and has been assisted by Joe Dowling over that time. To better reflect Joe's work and contribution to the management of your Company's portfolio, Joe was appointed as your Company's Deputy Portfolio Manager with effect from 1 September 2024. Board Succession I joined the Board on 10 October 2024 and succeeded Victoria Muir as Chair of the Board following Victoria's retirement, having served nine years as a Director, at the Annual General Meeting on 21 November 2024. Davina Curling also retired at the AGM, having joined the Board in 2021 when your Company merged with Invesco Income Growth Trust plc. On behalf of the Board, I thank both Victoria and Davina for their valued contributions to your Company and wish them all the best for the future. Helen Galbraith joined the Board on 1 December 2024 and it is expected that she will succeed Craig Cleland as Chair of the Audit Committee in due course. Details of Helen's and my backgrounds and experience can be found on the Company's website (www.invesco.com/uk/en/investment-trusts/invesco-global-equity -income-trust.html). Annual General Meeting Each resolution at the AGM was passed by a very substantial majority and, on behalf of the Board, I thank shareholders for their ongoing support. Post-period End Update Since the period end, the NAV total return per share and share price total return were +2.3% and +13.5% respectively, compared with the Company's benchmark total return +1.4% (to 24 February 2025). Since 30 November 2024, the Company has bought back 1,235,282 shares at a cost of £3.93 million and an average discount of -9.2%. The shares were trading at a premium of 0.3% as at 24 February 2024 and the yield on the shares at that date was 3.6%, based on the projected annualised dividend for the year ending 31 May 2025. Outlook Looking ahead, we remain cautious yet optimistic about your Company's prospects. Further interest rate cuts are anticipated but inflationary pressures remain. These factors are well known and should have been priced in by equity markets. More difficult for equity markets to price in is the ramifications of President Trump's unpredictable approach to policy making, and, as a result, global equity markets are likely to remain volatile. We are confident, however, in our Portfolio Managers' investment approach and their ability to identify quality companies where returns are driven by stock -specific factors rather than determined by a particular macro or economic environment and their focus will remain on high-conviction investments, maintaining a diversified portfolio and actively managing risks. Sue Inglis Chair 25 February 2025 Portfolio Managers' Report QHow has the portfolio performed over the period? AOver the last six months, the Company's net asset value returned +10.7% (total return, in sterling terms), behind its benchmark, MSCI World Index (total return, in sterling terms), which delivered +11.4% over the same period. Below is an analysis of the main contributors and detractors during the period: 30 Nov 2024 Performance Portfolio Key Impact Weight Contributors % % 3i 1.06 5.44 Herc Holdings 0.84 1.94 KKR & Co 0.74 1.79 Broadcom 0.60 2.85 UnitedHealth 0.50 4.43 30 Nov 2024 Performance Portfolio Key Impact Weight Detractors % % Verallia -1.56 2.10 Universal Music -0.96 2.21 LVMH -0.86 2.16 Aker BP -0.68 1.78 Tesla -0.65 0.00 Source: Invesco, Bloomberg. On the positive side, the portfolio's largest holding 3i was a top contributor to relative performance as the private equity company continued to benefit from its investment in European discount retailer Action, which continues to perform well. Also in the private equity space, KKR & Co saw its advancements underpinned by positive earnings and revenue for the second and third quarters of 2024. Herc Holdings gained during the period with industrial rental supplier reporting third quarter rental revenue that surpassed estimates whilst also boosting its growth outlook for fiscal 2024. Chipmaker Broadcom continued to benefit from demand for AI-related products, while UnitedHealth, the portfolio's second largest holding, gained on stronger-than-expected second quarter adjusted profits. On the other hand, Verallia, a glass-packaging company, lost ground in July after the company cut its annual earnings guidance citing a slow recovery in demand. However, in October the company reported that volume growth had returned in the third quarter which led to shares regaining some of the lost ground. We remain optimistic about the long-term prospects of the business, which is a market leader in European glass packaging. Universal Music's second quarter revenue beat was overshadowed by a slowdown in the subscription and streaming segment of the business which led to a selloff in July. We continue to believe that they can steady the ship and compound at an attractive rate over the long run. Weakness in LVMH was driven largely by concerns that demand for luxury goods may be fading, particularly in China which has been a key growth driver for the sector. We increased our exposure following the selloff as expectations have been reset and the risks feel more skewed to the upside. Not holding Tesla in the portfolio had a negative impact over the period, while Norway's Aker BP gave up some ground following weakness in oil prices. QHas the positioning of the portfolio changed significantly over the period? ASome notable examples of buys and sells can be found below. Bought: ·Amentum is a market leading US/UK government infrastructure outsourced services provider formed from the merger of Amentum and Jacobs Solutions' critical mission solutions (CMS) segment. Due to industry structure (10-20 year contracts), there is low risk way for Amentum to not only deliver on guidance, but significantly beat it over time. The company trades at a significant discount to peers despite much more favourable exposure to fast growing end markets (Energy). ·Corpay is a Global provider of digital payment solutions, enabling businesses to control purchases and make payments. The CEO Ron Clarke is seen as an exceptionally good capital allocator, who has managed to double profitability of the acquired business within 12 months. Revenues have compounded at 20% and earnings 18%pa since 2010. At 14x forward Price-to-earnings (P/E), this provided a very attractive entry point. Sold: ·Apple shares have rebounded strongly - up c40% since our purchase in April - and we felt there were better risk/ reward opportunities elsewhere. ·Home Depot was a low conviction (small) position for some time in the portfolio. Strong performance between August-October gave us the opportunity to recycle into higher conviction ideas. QWhat are your thoughts on portfolio structure? AOur 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): 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.  With the Company's new policy of paying an annual dividend of at least 4% of the previous year-end NAV, shareholders can enjoy predictable income without any compromising of the investment team's philosophy. QWhat are your thoughts on gearing? AWe remain thoughtful around gearing due to some caution on adding additional risk to the portfolio at a point when expectations are already quite high in the market. However, this can change quickly if there are any notable market events, and we see an opportunity to scale up our risk. QCan you provide a brief summary of your approach to ESG? AWe view analysing ESG risks as a key part of our investment process. As active, fundamental managers we consider every key aspect of a company's true worth, including material ESG considerations because we believe that the most sustainable way to make money is to buy companies for less than they are worth. Establishing an estimated `fair value' of a company is therefore essential and this entails incorporating ESG aspects into our investment methodology. We take a holistic approach where a company's ESG credentials are scrutinised alongside traditional financial and qualitative aspects to derive a fair value. All companies face challenges regarding ESG and therefore we must consider materiality (the impact of ESG factors on fair value) and ESG momentum (the potential for ESG improvement over time). Both can influence a stock's potential returns and our conviction levels in an investment. As shareholders we actively engage with companies to enhance the value of our investments. We encourage companies to create sustainable value and mitigate risks in relation to their corporate activities. This can include prompting them to improve governance structures, make better asset allocation decisions, instilling sustainable practices and policies and providing better disclosure. This reinforces our fundamental belief that responsible investing demands a long -term view and that a stakeholder-centric culture of ownership and stewardship is at the heart. QWhat is your outlook for 2025? APerhaps the biggest risk investors face is that both 2023 and 2024 surpassed expectations from a macro point of view as ahard economic landing never materialised and markets performed very strongly as a result. As a consequence, it has raised the bar, in terms of delivering another year of outperformance in 2025. Markets are already pricing some benign outcomes when it comes to further rate cuts from the Fed and the ECB. So given what is already priced in, the bar for 2025 outperformance is much harder on paper than it was going into the last two years. With current valuations in mind, we are conscious that we keep our expectations in check for share re-ratings, and we expect returns to be predominantly delivered from earnings growth and dividends. This remains a focus of our work. Given the current market conditions, we continue to have conviction in  our portfolio. We believe it stands out from the market, containing many strong companies trading at attractive prices, capable of thriving independently of broader trends. This has always been our approach, but this year the gap between our portfolio and the benchmark feels more pronounced than usual. We continue to focus on bottom-up research focussing on attractive dividend and dividend growth characteristics. Stephen AnnessJoe Dowling Portfolio ManagerDeputy Portfolio Manager 25 February 2025 List of Investments AT 30 NOVEMBER 2024 Ordinary shares unless stated otherwise Market Value % of Company Sector** Country £'000 Portfolio 3i Financial Services United 11,783 5.4 Kingdom UnitedHealth Health Care Equipment & United 9,587 4.4 Services States Microsoft Software & Services United 9,132 4.2 States Rolls-Royce Capital Goods United 8,963 4.1 Kingdom Texas Instruments Semiconductors & United 8,133 3.8 Semiconductor Equipment States Coca-Cola Food, Beverage & United 8,048 3.7 Europacific Tobacco Kingdom Partners Union Pacific Transportation United 7,756 3.6 States London Stock Financial Services United 7,699 3.6 Exchange Kingdom Standard Chartered Banks United 6,799 3.1 Kingdom Azelis Capital Goods Belgium 6,524 3.0 Top Ten Holdings 84,424 38.9 AIA Insurance Hong Kong 6,364 3.0 Broadcom Semiconductors & United 6,174 2.9 Semiconductor Equipment States Recordati Pharmaceuticals, Italy 5,469 2.5 Biotechnology & Life Sciences American Tower Equity Real Estate United 5,236 2.4 Investment Trusts States (REITs) Zurich Insurance Insurance Switzerland 5,182 2.4 Corpay Financial Services United 5,094 2.4 States Old Dominion Transportation United 4,982 2.3 Freight Line States Infrastrutture Telecommunication Italy 4,882 2.3 Services Universal Music Media & Entertainment Netherlands 4,796 2.2 Progressive Insurance United 4,784 2.2 States Top Twenty 137,387 63.5 Holdings LVMH Consumer Durables & France 4,687 2.2 Apparel Verallia Materials France 4,542 2.1 CME Financial Services United 4,221 1.9 States Herc Holdings Capital Goods United 4,212 1.9 States KKR & Co Financial Services United 3,880 1.8 States Intercontinental Financial Services United 3,872 1.8 Exchange States Taiwan Semiconductors & Taiwan 3,864 1.8 Semiconductor Semiconductor Equipment Manufacturing Coca-Cola Food, Beverage & United 3,850 1.8 Tobacco States Aker BP Energy Norway 3,847 1.8 Canadian Pacific Transportation Canada 3,736 1.7 Kansas City Top Thirty 178,098 82.3 Holdings Ferguson Capital Goods United 3,710 1.7 States Abbott Health Care Equipment & United 3,697 1.7 Laboratories Services States Analog Devices Semiconductors & United 3,668 1.7 Semiconductor Equipment States Royal Unibrew Food, Beverage & Denmark 3,592 1.7 Tobacco RELX Commercial & United 2,790 1.3 Professional Services Kingdom Amazon Consumer Discretionary United 2,689 1.2 Distribution & Retail States Medpace Pharmaceuticals, United 2,651 1.2 Biotechnology & Life States Sciences Tractor Supply Consumer Discretionary United 2,277 1.1 Distribution & Retail States Howden Joinery Capital Goods United 2,222 1.0 Kingdom Novo-Nordisk - B Pharmaceuticals, Denmark 2,144 1.0 Shares Biotechnology & Life Sciences Top Forty Holdings 207,538 95.9 O'Reilly Consumer Discretionary United 2,131 1.0 Automotive Distribution & Retail States Amentum Commercial & United 1,898 0.9 Professional Services States Prosus Consumer Discretionary Netherlands 1,811 0.8 Distribution & Retail Danaher Pharmaceuticals, United 1,629 0.7 Biotechnology & Life States Sciences Estee Lauder - A Household & Personal United 1,513 0.7 Shares Products States Sberbank* - ADR Banks Russia - - Harbinger - Hedge Funds Cayman - - Streamline Islands Offshore Fund+ Total Holdings 47 216,520 100.0 (2024: 42) ADRAmerican Depositary Receipts - are certificates that represent shares in the relevant stock and are issued by a US bank. They are denominated and pay dividends in USdollars. ** MSCI and Standard & Poor's Global Industry Classification Standard. *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. +The hedge fund investments are residual holdings of the previous investment strategy, transferred from the Balanced Risk Allocation Portfolio as part of the Company's restructure in May 2024, which are 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, operation 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 39 to 41 of the Company's Annual Report and Financial Statements for the year ended 31 May 2024 which is available on the Company's website: www.invesco.com/uk/en/investment -trusts/invesco-global-equityincome-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 The 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 twelve months from the signing of the financial statements for this purpose. This conclusion is consistent with the longer term viability statement on pages 41 to 42 of the Company's Annual Report and Financial Statements for the year ended 31 May 2024 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. Related Party Transactions Under United Kingdom Generally Accepted Accounting Practice (UKAccounting 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 the 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 25 February 2025 Condensed Income Statement For the For the Six Six Months Months Ended Ended 30 30 November November 2024 2023 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments held - 20,183 20,183 - 6,765 6,765 at fair value (Losses)/gains on - - - (3) 58 55 derivative instruments Losses on foreign exchange - (19) (19) - (10) (10) Income - note 2 1,803 - 1,803 3,710 - 3,710 Investment management fees (165) (384) (549) (167) (387) (554) - note 3 Other expenses (322) 10 (312) (293) (5) (298) Net return before finance 1,316 19,790 21,106 3,247 6,421 9,668 costs and taxation Finance costs - note 3 (12) (27) (39) (92) (214) (306) Return before taxation 1,304 19,763 21,067 3,155 6,207 9,362 Tax on ordinary activities (163) - (163) (120) 32 (88) - note 5 Return after taxation for 1,141 19,763 20,904 3,035 6,239 9,274 the financial period Return per ordinary share (basic and diluted) - note 4: -Global Equity Income 1.81p 31.36p 33.17p 2.06p 19.97p 22.03p (formerly Global Equity Income Share Portfolio) - UK Equity Share n/a n/a n/a 3.51p 1.65p 5.16p Portfolio(1) -Balanced Risk Allocation n/a n/a n/a 2.33p 1.46p 3.79p Share Portfolio(1) -Managed Liquidity Share n/a n/a n/a 2.14p 0.69p 2.83p Portfolio(1) (1)This Share class was closed on 7 May 2024, as such, only comparative figures are shown. 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 2024 At 31 May 2024 800 1,285 113,296 82,072 102 197,555 Shares bought back and - - (315) - - (315) held in treasury Return after taxation - - - 19,763 1,141 20,904 per the income statement Dividends paid - note 6 - - (2,803) - (1,141) (3,944) At 30 November 2024 800 1,285 110,178 101,835 102 214,200 Six months ended 30 November 2023 At 31 May 2023 1,707 377 137,424 60,129 102 199,739 Cancellation of - 4 (4) - - - deferred shares Shares bought back and - - (2,157) - - (2,157) held in treasury Share conversions (3) - 3 - - - Return after taxation - - - 6,239 3,035 9,274 per the income statement Dividends paid - note 6 - - (285) - (2,841) (3,126) At 30 November 2023 1,704 381 134,981 66,368 296 203,730 Condensed Balance Sheet Registered Number 5916642 AS AT 30 NOVEMBER 2024 At At 30 November 31 May 2024 2024 £'000 £'000 Fixed assets Investments held at fair value through profit or loss 216,520 195,824 Current assets Debtors 612 1,639 Cash and cash equivalents 1,017 1,859 1,629 3,498 Creditors: amounts falling due within one year Other creditors (999) (1,767) Bank facility (2,950) - (3,949) (1,767) Net current (liabilities)/assets (2,320) 1,731 Net assets 214,200 197,555 Capital and reserves Share capital 800 800 Other reserves: Capital redemption reserve 1,285 1,285 Special reserve 110,178 113,296 Capital reserve 101,835 82,072 Revenue reserve 102 102 Total shareholders' funds 214,200 197,555 Net asset value per ordinary share 340.27p 313.30p Signed on behalf of the Board of Directors. Sue Inglis Chair 25 February 2025 Condensed Statement of Cash Flows For the For the six months six months ended ended 30 November 30 November 2024 2023 £'000 £'000 Cash flows from operating activities Net return before finance costs and 21,106 9,668 taxation Tax on overseas income (163) (88) Adjustments for: Purchase of investments (40,593) (38,147) Sale of investments 40,373 36,785 Sale of futures - (87) (220) (1,449) Gains on investments (20,183) (6,765) Gains on derivatives - (55) (Increase)/decrease in debtors (20) 343 Decrease in creditors (6) (1) Net cash inflow from operating 514 1,653 activities Cash flows from financing activities Interest paid on bank borrowings (47) (294) Increase in bank facility 2,950 3,300 Shares bought back and held in treasury (315) (2,157) Dividends paid - note 6 (3,944) (3,126) Net cash outflow from financing (1,356) (2,277) activities Net decrease in cash and cash (842) (624) equivalents Cash and cash equivalents at the start 1,859 1,094 of the period Cash and cash equivalents at the end of 1,017 470 the period Reconciliation of cash and cash equivalents to the Balance Sheet is as follows: Cash held at custodian 457 470 Invesco Liquidity Funds plc - Sterling, 560 - money market fund Cash and cash equivalents 1,017 470 Cash flow from operating activities includes: Dividends received 1,577 3,641 Interest received 18 23 At At 1 June Cash 30 November 2024 flows 2024 £'000 £'000 £'000 Reconciliation of net debt Cash and cash equivalents 1,859 (842) 1,017 Bank facility - (2,950) (2,950) Total 1,859 (3,792) (1,933) 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 issued on a going concern basis. The accounting policies applied to these condensed financial statements are consistent with those applied in the Company's 2024 Annual Financial Report for the year ended 31 May 2024. 2.Income Six Months to Six Months to 30 November 30 November 2024 2023 £'000 £'000 Income from investments: UK dividends 468 2,508 Overseas dividends - ordinary 1,219 1,001 Overseas dividends - special 98 122 1,785 3,631 Other income: Deposit interest 18 23 Rebates of management fee - 1 Interest from Treasury bills - 55 1,803 3,710 No special dividends have been recognised in capital during the period (2023: £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 £100million. 4.Return per Ordinary Share Revenue, capital and total return per ordinary share is based on each of the returns after taxation shown by the income statement for the applicable share class and on the following numbers of shares being the weighted average number of shares in issue throughout the period for each applicable share class: Weighted Average Number Of Shares Six Months to Six Months to 30 November 30 November 2024 2023 Share: Global Equity Income (formerly 63,014,375 25,230,982 Global Equity Income Share Portfolio) UK Equity Share Portfolio(1) - 68,231,832 Balanced Risk Allocation Share - 4,158,733 Portfolio(1) Managed Liquidity Share - 1,262,789 Portfolio(1) (1) This Share class was closed on 7 May 2024, as such, only comparative figures are shown. 5.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 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. 6.Dividends Paid on Ordinary Shares Six months to Six months to 30 November 2024 30 November 2023 Rate (Pence) £'000 Rate (Pence) £'000 Global Equity Income (formerly Global Equity Income Share Portfolio) First interim 3.13 1,974 1.60 402 Second interim 3.13 1,970 1.60 402 6.26 3,944 3.20 804 Combined closed share classes(1) First interim - - 3.60 1,156 Second interim - - 1.60 1,083 Special dividend - - 2.00 83 - - 7.20 2,322 Total dividends 6.26 3,944 10.40 3,126 (1)The combined closed share class dividends were those paid by UK Equity, Balanced Risk Allocation and Managed Liquidity shares along with a special dividend on Balanced Risk Allocation prior to the Company restructure on 7 May 2024. On 4 December 2024 the Company announced the third quarterly interim dividend for the year ending 31 May 2025. The dividend declared of 3.13p was paid on 14 February 2025 to shareholders on the register on 17 January 2025. 7.Share Capital, Including Movements Global Equity For the six months to 30 November 2024 Income Number of ordinary shares in issue At 31 May 2024 63,056,464 Shares bought back into treasury (107,000) At 30 November 2024 62,949,464 Number of treasury shares held At 31 May 2024 16,930,122 Shares bought back into treasury 107,000 At 30 November 2024 17,037,122 Total shares in issue at 30 November 2024(1) 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. Global Equity UK Balanced Managed For the year ended 31 May Income Equity Risk Liquidity 2024 Allocation Number of ordinary shares in issue At 31 May 2023 25,135,742 68,881,153 4,138,995 1,251,360 Shares bought back into (153,963) (1,510,343) - - treasury Arising on share conversion 565,132 (800,197) (129,244) 65,932 Tender offer in respect of - (9,985,591) (714,610) (417,453) the share class reclassification Share class reclassification 37,509,553 (56,585,022) (3,295,141) (899,839) At 31 May 2024 63,056,464 - - - Number of treasury shares held At 31 May 2023 16,776,159 38,515,775 6,547,218 9,393,678 Shares bought back into 153,963 1,510,343 - - treasury Treasury shares cancelled - (40,026,118) (6,547,218) (9,393,678) At 31 May 2024 16,930,122 - - - Total shares in issue at 31 79,986,586 - - - May 2024(1) (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 bought back, into treasury, 107,000 ordinary shares at a total cost of £315,000 (31 May 2024: 1,664,306 ordinary shares at a total cost of £2,702,000). Subsequent to the period end, 1,235,282 ordinary shares were bought back into treasury at a total cost of £3,929,000. 8.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. The fair value hierarchy analysis for investments and related forward currency contracts held at fair value at the period end is as follows: 30 November 31 May 2024 2024 £'000 £'000 Financial assets designated at fair value through profit or loss: Level 1 216,520 195,824 Level 2 - - Level 3 - - Total for financial assets 216,520 195,824 Level 3 investments comprise any unquoted securities and the remaining hedge fund investments transferred from the Balanced Risk Allocation Portfolio as part of the Company's restructure in May 2024. 9.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 2024 and 30 November 2023 has not been audited. The figures and financial information for the year ended 31 May 2024 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: 25 February 2025 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 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 who calculate 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 period 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 2024 and the year ended 31 May 2024. The APMs listed here are widely used in reporting within the investment company sector and consequently aid comparability. (Discount)/Premium (APM) 30 November 31 May Page 2024 2024 Share price 1 a 308.00p 286.00p Net asset value per share 1 b 340.27p 313.30p Discount c = (a-b)/b (9.5)% (8.7)% 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 2024 2024 Page £'000 £'000 Gross borrowings - bank facility 11 a 2,950 - Net asset value 11 b 214,200 197,555 Gross gearing c = a/b 1.4% nil 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 2024 2024 Page £'000 £'000 Bank facility 11 2,950 - Less: cash and cash 11 (1,017) (1,859) equivalents including margin Net borrowings a 1,933 (1,859) Net asset value 11 b 214,200 197,555 Net gearing/(net cash) c = a/b 0.9% (0.9)% Total Return (APM) Net Asset Six months ended 30 November 2024 Page Value Share Price As at 30 November 2024 1 340.27p 308.00p As at 31 May 2024 1 313.30p 286.00p Change in period a 8.6% 7.7% Impact of dividend reinvestments(1) b 2.1% 2.4% Total return for the period c = a+b 10.7% 10.1% Net Asset Year ended 31 May 2024 Page Value Share Price As at 31 May 2024 1 313.30p 286.00p As at 31 May 2023 265.53p 232.00p Change in period a 18.0% 23.3% Impact of dividend reinvestments(1) b 3.0% 3.6% Total return for the period c = a+b 21.0% 26.9% (1)Total dividends paid during the six months to 30 November 2024 of 6.26p (year to 31 May 2024: 7.35p). 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) Craig Cleland (Chair of the Audit Committee) Tim Woodhead (Senior Independent Director and Chair of the Management Engagement Committee) Mark Dampier (Chair of the Marketing Committee) Helen Galbraith All the Directors are, in the opinion of the Board, independent of the management company. All Directors are members of the Audit Committee, 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 Tel: 020 7543 3559 email: James.Poole@invesco.com Correspondence Address 43-45 Portman Square London W1H 6LY Tel: 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. Tel: 0800 085 8677. www.invesco.co.uk/investmenttrusts Registrar MUFG Corporate Markets (formerly known as Link Group) Central Square 29 Wellington Street Leeds LS1 4DL Tel: 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: Tel: 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 forpaper share certificates to existing shareholders who are not seeking advice onbuying or selling. This service is available at dealing.cm.mpms.mufg.com or (Tel: 03716640445. 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. Investor Warning The Company, Invesco and the Registrar would never contact members of the public to offer services or require any type of upfront payment. If you suspect you have been approached by fraudsters, please contact the FCA consumer helpline on 08001116768 and Action Fraud on 0300 123 2040. Further details for reporting frauds, or attempted frauds, can be found below. The Association of Investment Companies The Company is a member of the Association of Investment Companies. Contact details are as follows: Tel: 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-YearlyFinancial Report will besubmitted shortly to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated athttps://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 atinvestmenttrusts@invesco.comorat the Company's correspondence address, 2ndFloor, 43-45 Portman Square, London W1H 6LY. For further information, please contact: James Poole For and on behalf of Invesco Asset Management Limited Corporate Secretary toInvesco 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 25February 2024 This information was brought to you by Cision http://news.cision.com

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