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

    Or contact your usual investment broker

  • 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.


    • 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 Management Limited
    Benchmark FTSE All-Share Index
    AIC sector UK Growth and Income
    Launch date 1992
    Total assets £298.9million (as at 31.01.2017)
    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 stock market started 2017 in much the same way that it left 2016, with a strongly positive upward move. Having recorded a positive return of 5.0% in December, the FTSE All-Share had gained a further 2.5% by mid-January with the FTSE 100 Index moving to new record highs. A combination of an unexpectedly sharp rise in inflation and a positive reaction to the Prime Minister’s speech on Brexit served to drive up sterling, which as we saw in 2016, tends to have a strongly opposite effect on the UK stock markets. UK CPI increased from 1.2% to 1.6% year on year to December, and Retail Price Index from 2.2% to 2.5%; still well below the official target level, but the speed of the increase surely makes an increase in UK interest rates more likely. During January, the FTSE All-Share had a negative return of -0.3%.

    In the US, driven by the prospect of more reflation under President Trump, the stock market rally continued unabated with the Dow Jones Industrial Index reaching the milestone of 20,000 for the first time.

    Progress in the UK market was also held up by an increasing number of profit warnings or companies reporting poor trading. Amongst these were Cobham, easyjet, Next, Pearson and Royal Mail, none of which are held in the portfolio. Unfortunately, we were hit by the profit warning and share price fall in BT. Although we had been concerned about the BT / Openreach regulatory issue and the size of the pension deficit, we had not been anticipating a problem with the Italian operations on anything like the scale that has been revealed. Clearly, from here we have to reassess whether the fall in the share price is justified by the new information and whether there is still an attraction to investing in the company longer-term.

    It’s not, however, all been bad news on the underlying trading front. Booker reported non-tobacco like for like sales growth of over 5%, but also announced that it had agreed merger terms with Tesco. Although resulting in a short-term boost for our portfolio, sadly, this will mean the removal of one of our best managed businesses.

    As at 31 January 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 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.