Getting to know Chairman Graham Oldroyd

Since joining the Board in 2019, what key experiences or insights have you gained that you’re most eager to bring to your role as Chairman?

Anthony Townsend was Chairman at the time I joined the Board in October 2019.  Anja Balfour took over as Chairman in July 2020. I’m excited to build on the strong foundations laid by Anthony and Anja, whose leadership has been instrumental in guiding the Trust through both opportunity and challenge.  In the period since October 2019, the investment team, which had previously sat within BMO, has successfully transferred to Columbia Threadneedle; Peter Ewins has retired as Lead Manager handing over to Nish Patel; the company has changed its name from BMO Smaller Companies PLC to The Global Smaller Companies Trust PLC; there has been Brexit; there has been the Covid-19 pandemic; the UK has had four prime ministers; we have seen war in Ukraine and Gaza; and Donald Trump has commenced a second term as US President.  Over this time, I’ve gained a deep appreciation for the rigorous investment process, the focus on investing in good quality, growing businesses at attractive valuations, the importance of diversification, and the value of patience in navigating market cycles. The company is not static. It constantly develops and renews its portfolio, seeking to adjust to new circumstances and to take advantage of new opportunities. I look forward to helping the Trust continue to evolve, all the time staying true to its purpose of delivering long-term returns for shareholders.

What are your key priorities for the Trust?

I want to support the Trust in delivering consistent long-term performance, in ensuring it remains relevant and accessible to a broad range of investors, and it continues to earn its place as a core holding in investor portfolios.  The Trust shall also seek to maintain its position as a dividend hero (the 30^th April 2025 financial year end marked the 55^th year in which the Company’s own dividend has risen). I’m particularly focused on enhancing shareholder engagement, improving visibility of the Trust’s unique proposition, and supporting the investment team as they refine their approach. We’ll also continue to address any discount to NAV through active marketing and buy-back strategies, while ensuring our governance and stewardship remain best-in-class.

Why do you believe smaller companies remain an attractive long-term investment opportunity?

It can be easily forgotten that every larger company was at some point a smaller company. We aim to target the smaller companies set to become the larger companies of the future. Smaller companies have historically outperformed their larger peers over the long term, driven by innovation, agility, and the potential to scale. Many are under-researched and undervalued, offering opportunities for active managers to uncover hidden gems. The Trust’s global remit allows us to tap into dynamic businesses across diverse regions and sectors. I believe that, with careful selection and a long-term mindset, smaller companies offer compelling opportunities for growth and value creation—especially in a world undergoing rapid technological and structural change.

What regions or sectors within the smaller companies universe are you most excited about right now?

We are picking a small number of companies from a very large investment universe with thousands of companies to choose from. Our global approach allows us to remain flexible and responsive to where the best opportunities arise. Indeed, while we may stock pick companies likely to benefit from macro-economic drivers affecting a specific region, for smaller companies location can be less of a relevant factor in selection than specific market position, market opportunity, strength of product/service offer, pricing power, resilience and competitive advantage at an individual company level. Sectors such as industrials, healthcare, technology and defence continue to offer strong fundamentals, and I’m encouraged by the Trust’s exposure to companies in these areas able to take advantage of expected market expansion but that should also still be able to outperform in a downturn.

Outside of investing, what inspires you?

I’m inspired by purposeful leadership and the ability to make a positive impact—whether in business, education, or society. I’ve had the privilege of serving on boards across Europe and lecturing at INSEAD and at Durham University Business School, where I enjoy looking at different business situations with the next generation of leaders. I graduated in engineering and trained and qualified as a Chartered Mechanical Engineer. Later, I added financial qualifications. I believe that thoughtful investment, identifying and supporting growing companies that are well run with good management, can play a key role in shaping a better future.