F & C Investments

F&C Global Smaller Companies

  • Reaching or high growth globally

  • 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 Trust seeks to exploit the investment potential of smaller companies listed on the world’s stock markets. Many smaller companies are not widely researched, opening up the potential for our detailed fundamental analysis to identify valuation anomalies. The inherent ability of smaller enterprises to grow faster than more mature, larger companies, is also positive for the long-term outlook.

    Highlights:

    • The largest specialist global smaller companies investment trust
    • An attractive investible universe of stocks to choose from
    • Strong track record in both absolute and relative to Benchmark terms
    • Low ongoing Charges in comparison to other funds

    Suitability for retail distribution

    The Company notes the changes to the Financial Conduct Authority’s rules relating to the restrictions on the retail distribution of unregulated collective investment schemes and close substitutes, which came into effect on 1 January 2014. The Company is an investment trust and therefore its Ordinary Shares are not subject to these restrictions. The Company conducts its affairs so that its Ordinary Shares can be recommended by Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s rules relating to non-mainstream investment products and intends to continue to do so.

  • Fund manager commentary

    The last month of the Company’s financial year saw share prices in most markets post further gains. European markets responded positively to the results of the first round of the French presidential elections. Sterling rose as the currency markets viewed the likely outcome to the impending UK general election as being positive in relation to the Brexit negotiations. This served to impact the sterling performance of the overseas portfolios and for the month as a whole therefore, the NAV was only modestly up. This was nevertheless better than a small fall for the benchmark.

    Performance of the UK, European, Japanese and Rest of World portfolios were ahead of the local small cap indices. In the UK, there were a number of strong performers with most of our property holdings doing well. A number of industrial companies including Luceco, XP Power and Acal, were also up on the back of strong updates. SDX Energy jumped after announcing a gas discovery in Egypt. Less positively, sports agency business TLA Worldwide dropped after a disappointing trading statement raised a number of questions around the company’s accounting.

    In Europe, industrial stocks Indutrade, Inwido and Lectra were up as trading updates pleased the markets. Shares in agronomy business Origin Enterprises were also up as it reported a solid start to the key spring season. Detractors from performance included Gerresheimer and Amer Sports. Results from the former were slightly disappointing, reflecting, we feel in the main, timing issues, while in the latter case margin performance was lower than had been anticipated.

    Our Japanese funds were down slightly in sterling terms, but this was better than the MSCI Japan Small Cap index. We also enjoyed a solid month on the Asian focused funds with our largest holding, the Scottish Oriental Smaller Companies trust, benefiting from discount narrowing.

    The US portfolio underperformed in April. The failure of golf club operator Clubcorp to find a buyer for itself after a strategic review, weighed on its shares. Carrizo Oil and Gas shares were weak as the oil price fell back, while waste to energy business Covanta dropped on the back of poor results. On the positive side, travel software company Sabre was up as an index rebalancing drove demand for its shares, while Total System Services rose following strong figures.

    As at 30 April 2017

  • Fund facts
    Investment manager F&C Investment Business Limited
    Benchmark 30% Numis UK Smaller Companies (excluding investment companies) Index / 70% MSCI all country World ex UK Small Cap Index
    AIC sector Global Growth
    Launch date 1889
    Total assets £761.9 million (as at 31.03.2017)
    Currency Sterling
    ISIN GB0000175058
    SEDOL 0017505
    Key dates
    Annual general meeting July
    Year end 30 April
    Dividends paid August and January
    Results announced  June (final)
    December (half yearly)
  • Share price

    1303.00p13.00p

    closed

  • Peter Ewins

    Peter Ewins

    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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