F&C Investment Trust

One of the world’s oldest investment trusts, F&C Investment Trust is on course for its 49th year of consecutive dividend increases...

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This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour. 

F&C Investment Trust

One of the world’s oldest investment trusts, F&C Investment Trust (FCIT) is a behemoth of the AIC Global sector, with almost £4bn in AUM.

The company, over 150 years old, utilises a fund of funds approach, employing BMO’s specialist teams and third-party managers to invest in global equities. According to JPM Cazenove, the company has over 500 holdings across a wide range of geographies and sectors. On top of this, the managers hold both listed and unlisted securities, helping offer investors access to companies and sectors they might otherwise struggle to have such access to.

The company is on course for its 49th consecutive year of dividend increases, having paid a dividend every year since launch. Income is not the main focus for the manager, however, and the fund is positioned to deliver long-term growth in capital via an internationally-diversified portfolio. This has been shown since Paul Niven took the helm in 2014, delivering decent NAV total returns. Over the period the company has outperformed both the Global AIC and IA peer groups, although has underperformed the FTSE All-World benchmark.

The discount widened out to double digits after the referendum; since then it has narrowed significantly. It currently stands at 5.3%.

William Sobczak
William joined Kepler Partners in February 2018 as an investment trust analyst. Prior to joining, William graduated from the University of Western Australia, with a BSc in Psychology.

Fund History

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