F & C Investments

F&C Global Smaller Companies

  • Reaching for 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 Information Documents (KIDs)

    ISIN Trust name Currency English
    GB0000175058 F&C Global Smaller Companies PLC GBP KID
    GB00BNH7RK38 F&C Global Smaller Companies 3.5% Convertible Unsecured Loan Stock 2019 ("CULS") GBP KID

    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

    Stock markets rallied in April after the previous month’s weakness and volatility. The pound fell back after rising in March, and this lifted share prices in the UK, particularly for those companies with overseas earnings. The diluted net asset value (NAV) was up but not by as much as the benchmark, while the company’s share price rose by more than both, moving back to a premium to the diluted NAV. The diluted NAV takes account of the dilution relating to the convertible loan stock in issue, and we believe it is the fairest measure to use because it shows the real effective value per share to an ordinary shareholder, taking account of the fact that the convertible will convert at some stage into ordinary at a discounted price, thereby diluting the NAV.

    We underperformed in the US and European markets during April. In the former, several holdings, including LKQ, Spectrum Brands and Magellan Health released disappointing updates, while our largest holding in the insurance business, Alleghany, lagged. With energy a strong area as the oil price rose, we benefited from good increases in the share prices of two companies exposed to the sector: NOW and Kirby. Shares in Commvault Systems were also up significantly as an activist investor increased its stake in the business.

    In Europe, a key reason for our underperformance was the absence of exposure to some of the strongest-performing sectors, such as energy and utilities. IFG Group fell as the company announced an unexpected change of management. ASM International was also weak as the market started to get more cautious around the semiconductor market, while swimming pools supplier Fluidra and bottle-maker Vidrala lost ground as investors took profits.

    In the UK, we managed to slightly beat the strong local small cap index, with several companies announcing positive trading statements – among them Clipper Logistics, which continued to win new retail customers for its services. In the oil sector, most share prices were strong as the oil price rose; our holding in SDX Energy was up as the company announced positive drilling news in Morocco and Egypt, while shares in Faroe Petroleum jumped following a positive well result and news that an industry peer had taken a large stake in the company. In real estate, U and I Group shares were strong following a good set of results and news of a bumper special dividend payment.

    On the collectives side, our Japanese portfolio outperformed strongly as a consequence of a shift towards value stocks in the market, with this benefiting Eastspring’s small cap fund which is the company’s largest individual investment. In Asia, performance across our holdings was mixed, but the Scottish Oriental Smaller Companies Fund had a better month after recent underperformance.

    As at 30 April 2018

  • 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 £871.9 million (as at 30.04.2018)
    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

    1,395.00p +5.00p

      

  • Peter Ewins

    Peter Ewins

    Fund Manager

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, and the relevant Key Information Documents (KID), 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.

Top