F&C Investment Trust

LN: FCIT

£3691.6m market cap

679p last close

FCIT’s investment objective is long-term growth in capital and income from a portfolio of primarily listed global equities, but also including unlisted investments. FRIT’s blended benchmark index is a composite of 40% FTSE All-Share Index and 60% FTSE World ex-UK Index until 31 December 2012 and 100% the FTSE All-World Index thereafter. Gearing and the management of liabilities are important elements of FRIT’s strategy.

Investment summary

F&C Investment Trust (FCIT) is the world’s oldest investment trust and has a distinguished dividend history. The fund is on course for its 48th consecutive year of dividend increases and an annual distribution has been paid in each of the 150 years since FCIT was launched in 1868. Paul Niven has managed the trust since 2014 and has continued to build on FCIT’s long-term record of outperformance versus its benchmark. Helped by another period of good relative performance in H118, the trust’s share price total return has now outperformed the FTSE All-World index total return over the last one, three, five and 10 years. Although equities have performed well in recent years, the manager believes there is potential for further upside, supported by corporate earnings growth.

Share price graph
Price performance
%
1m
3m
12m
Actual (1.7) 6.9 8.3
Relative* (1.9) (0.5) 5.7
52-week high/low 741.0p/612.0p
*% relative to local index
Key management
Simon Fraser Chairman

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