F & C Investments

F&C Capital and Income Investment Trust plc

  • An established generator of growth and income

  • How to Invest

    Open an F&C Savings Plan

    Call: 0800 136 420

    Invest online now

    The value of your investments can go down as well as up, and you may not get back what you originally invested.

  • Key Information Document (KID)

    ISIN Trust name Currency English
    GB0003463287 F&C Capital & Income Investment Trust PLC GBP KID  

    Key Facts

    The manager looks to generate long-term capital and income growth from a portfolio consisting mainly of FTSE All-Share companies. The portfolio is biased heavily towards companies that are capable of paying a reliable and growing income to shareholders. Given this emphasis the fund manager focuses on attractively valued, well-established companies characterised by strong balance sheets and robust cash flow. We aim to grow the dividend consistently over time, dividends are paid at the end of each calendar quarter.

    Highlights

    • Dividends increased annually since launch in 1992, paid quarterly and grown significantly faster than inflation
    • Diversified portfolio focusing on well-established UK companies
    • Targets long-term capital and income growth.
  • Fund facts
    Investment manager F&C Investment Business Limited
    Benchmark FTSE All-Share Index
    AIC sector UK Growth and Income
    Launch date 1992
    Total assets £347.3 million (as at 29.12.2017)
    Currency Sterling
    ISIN GB0003463287
    SEDOL 346328
    Key dates
    Annual general meeting February
    Year end 30 September
    Dividends paid March, June, September, December (Quarterly)
    Results announced May (half yearly)
    November (final)
  • Fund manager commentary

    The UK equity market had a strong end to the year with the FTSE All-Share Index’s total return being 4.8% during December. This took the total return for the Index to 13.1% for calendar 2017, clearly a pretty strong result given some of the macro-economic and political uncertainties faced and the number of profit warnings during the year. The main UK equity market indices finished the year at record high levels.

    So what were the main reasons for the strength of the UK equity markets? In part, it was a case of “Follow the Leader”. UK shares were strong in aggregate, but many international markets, and particularly the US, were stronger still. Partly, it was because some of the worst fears (take your pick from war with North Korea, Brexit inspired collapse of the government or economy, the effect of rising interest rates etc.) weren’t realised – the market has been climbing a wall of worry. Economic growth in the UK has been OK and improvements in the growth rate of some overseas countries is also positive for many UK companies.

    Interest rates in the UK were unchanged during the month, hardly surprising as the Monetary Policy Committee had increased the Base Rate in November. The increase in the Consumer Price Index from 3.0% to 3.1% was unexpected and clearly a move in the wrong direction, but for now, at least, the view is still that it largely results from last year’s fall in sterling and is therefore likely to be a temporary ripple.

    The rise and rise of Bitcoin was, of course, the financial topic of the month and year. Whilst with hindsight we would love to have had some exposure to it, that emotion seems much the same as wishing we’d won the lottery. It seems impossible to derive a rational value for Bitcoin – certainly nothing even remotely approaching the December valuation - and this provides a real contrast to how we invest: looking for sound businesses that are generating good cash flow and able to pay attractive dividends. Caveat Emptor.

    As at 31 December 2017

  • Julian Cane

    Julian Cane

    Fund manager

Past performance is not a guide to future results. The value of investments can go down as well as up.

The shares of the Company are listed on the London Stock Exchange. Information in this section of the website concerning the Company is directed solely at persons who are located in the UK. Nothing on this website is, or is intended to be, an offer, advice, or an invitation, to buy or sell any investments. Potential investors must read our full terms and conditions, and the relevant Key Information Documents (KID), before proceeding further with any investment product referred to on this website. The information on this website may not be suitable for everyone, and retail investors unsure whether an investment product referenced on this website will meet their individual needs should seek advice before proceeding further with such product.

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