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 £312.8million (as at 28.02.2017)
    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

    After the strength of the FTSE All-Share in February (+3.1%), the gain of +1.2% in March seems a little understated. Over the last six months (the first half of our financial year, the FTSE All-Share has returned a total gain of +8.1%.

    One of the highlights of the last month was the strong results shown by Arrow Global, a debt recovery business. We invested in this company when it came to the stock market in 2013, since then it has grown its business strongly with the latest set of figures showing growth in profit, earnings and dividends of just under 30%. It generates a return on equity (co-incidentally) of 29% and despite this, trades on a Price / Earnings multiple for 2017 of less than 11%.

    We also saw good results from Melrose Industries which is making rapid progress with the improvement of Nortek, its latest acquisition.

    We invested in three new companies during the month, an unusually high number given our usual low rate of turnover. Ascential is a UK exhibition and information service business with strong positions in its own operating niches. Bovis, the UK housebuilder, has had some high-profile problems, but we were confident these were resolvable and indeed the subsequent appointment of Greg Fitzgerald, the well-respected former CEO of Galliford Try is encouraging. The third purchase was Ibstock, the brick and building supplies manufacturer. It operates in a highly consolidated market with strong barriers to entry in a market that should continue to see good levels of demand.

    As at 31 March 2017

  • Share price

    309.10p1.10p

    25 April 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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