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 £321 million (as at 30.04.2017)
    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

    April was a quieter month for market moves with the FTSE All-Share Index recording a total return of -0.4%. However, the strength of the market in February (+3.1%) and March (+1.2%) means that calendar year to date, the total return of +3.6% is still attractive.

    Although end to end there wasn’t much movement in the Index, there was a dip and rally in the middle of the month. This was caused not by company specific factors, but by politics. First, on the pretext of strengthening her negotiating position ahead of the Brexit talks, but arguably also to give Labour a kicking while it’s down, the prime minister announced she would call a general election. This unsettled the equity market and caused the Index to slide, perhaps because it appears to make a hard Brexit more likely. However, the market recovered a couple of days later when Emmanuel Macron came out of the penultimate round of French Presidential elections looking like the most likely winner in the final round. This was seen as a more market friendly result than Marine Le Pen, as Frexit really would be the death knell for the European Union and would result in very considerable uncertainty.

    The only change to the portfolio during the month was to add further to our relatively new investment in Ibstock, the brick and building supplies manufacturer. There was a placing of the previous private equity owner’s remaining stake and now that known seller has been removed from the shareholder register, the shares have responded well. Results from Dunelm were disappointing, not so much for the company’s own efforts as it continues to take market share, but more because the UK homeware market is currently declining.

    As at 30 April 2016

  • 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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