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

    The value of your investments can go down as well as up, and you may not get back what you originally invested.

  • 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 is an investment trust and 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

    July was another positive month for small caps in most parts of the world. Although political uncertainty abounds in the UK, domestic small caps performed well in July as the first batch of half yearly results came through, on the whole, solidly. European small caps also did well in the month with economic data continuing to suggest that economic activity is expanding more rapidly. US small caps were up in local currency terms, but the dollar was weak as political issues and more cautious commentary about the likely pace of interest rates from the Federal Reserve drove it down. The net asset value rose by slightly more than the benchmark in the month due to generally positive stock selection.

    A number of our UK companies upgraded their profit expectations. Notable amongst these were tonics supplier Fevertree Drinks, media business Huntsworth and heat treatment company Bodycote. Revolution Bars, which had been a poor performer after a profit warning in May, rose sharply after reporting a bid approach.

    The US portfolio was also ahead in the month. Golf and country club owner Clubcorp Holdings received a bid from private equity firm Apollo, while there was speculation that Total Systems Services might also be acquired. In addition there were good results from waste to energy business Covanta. Less positively Franklin Financial Network lost ground as loan growth slowed and higher expenses hurt the bottom line, while telecoms and renewable energy services business ATN International fell as the company forecast a deterioration in its US wireless business.

    European performance was ahead of the local small cap index too. Scandinavian finance stocks Storebrand and Sparebank performed well, while results from industrials Norma, Rational and Tomra were also pleasing. Swedish windows business Inwido’s figures however were disappointing and the shares pulled back, while floorings business Forbo also slipped as the market reacted negatively to a cautious outlook statement.

    On the funds side, our Japanese portfolio slightly lagged in July, with the Aberdeen managed fund underperforming. Asian markets were relatively flat with our fund holdings marginally outperforming. The best performance here came from the Manulife Asian small cap fund.

    As at 31 July 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 £798.1 million (as at 31.07.2017)
    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

    1,315.11p +2.11p

      

  • 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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