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.

    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 Management Limited
    Benchmark FTSE All-Share Index
    AIC sector UK Growth and Income
    Launch date 1992
    Total assets £335.9 million (as at 31.05.2017)
    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

    Not only was May a strong month for the UK equity market, but the FTSE 100 was also propelled to a new all-time, going above 7,500 for the first time. During the month the FTSE All-Share Index, our main benchmark, recorded a total return of +4.4%, comfortably erasing the small set-back of -0.4% experienced in April.

    During the month, we announced our results for the first half of our financial year. These are available in full on our web site, but in summary we showed good absolute gains over all time periods (for example, share price total return +10.8% over six months) and over 1,3,5 and 20 years we have outperformed our FTSE All-Share Index benchmark. In addition, our record of dividend growth has continued, with dividends for our first half being increased by 2.1% compared to the same period last year.

    It is difficult to attribute the stock market’s strength to any one particular event, but the election of Monsieur Macron to be President of France was widely seen as being more market friendly than the alternative. Not even the continued shenanigans of President Trump in the White House, this time passing information to the Russians, could really upset markets.

    The Bank of England has trimmed its forecasts for UK economic growth fractionally from 2.0% to 1.9%, but surely this is a degree of precision that is not noticeable, or even really measurable in the real world. The uplift in the inflation forecast, from 2.4% to 2.7%, is more newsworthy. Although plausible that the overshoot of the inflation data relative to the Bank of England’s 2.0% target is entirely due to the impact of sterling’s weakness, it seems a bit uneasy to have inflation more than 10 times the official base rate.

    We benefitted this month from strong results from Intermediate Capital. This company has been a long-standing investment for us, and its transition towards a more balanced asset manager with more third-party funds under management is increasingly being recognised and rewarded by the stock market.

    As at 31 May 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.

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