F&C Investment Trust


£3890m market cap

716p 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) recently changed its name from Foreign & Colonial Investment Trust (FRCL). However, there is no change to the objective of generating long-term growth in capital and income, or the strategy of investing in listed and private companies across the globe, using both internal and external managers. While 2018 proved to be a tricky, more volatile period for investors than 2017, with a sharp correction in world markets in the last quarter of the year, FCIT modestly outperformed its FTSE All-World benchmark in both NAV and share price terms, helped by its private equity exposure. Manager Paul Niven acknowledges that the investment cycle is mature, but believes there is potential for further share price appreciation, as the US has adopted a more dovish stance towards monetary policy and equity valuations are now looking more attractive following the Q418 market sell-off.

Share price graph
Price performance
Actual 2.7 2.6 0.9
Relative* 1.6 2.1 3.6
52-week high/low 741.0p/616.0p
*% relative to local index
Key management
Simon Fraser Chairman

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