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

    Markets ended the year strongly, with investors continuing to respond positively to the US election result, and largely shrugging off the resignation of the Italian Prime Minister. European small caps were particularly strong, helped by some more positive economic data in the month, while Asian and Latin American stocks lagged, as we await confirmation over the extent to which the new US administration will be protectionist.

    The NAV and share price were both up, but lagged the rise in the benchmark in December.

    The best of the regional returns came from our European portfolio, where a number of holdings rose by double-digit percentages. Spanish broadcaster Mediaset rose amid bid speculation from French operator Vivendi for their Italian counterpart and major shareholder. Italian asset manager Azimut was strong despite the distraction of the country’s referendum result, while Norwegian bank Sparebank rose again, helped by a lifting interest rate curve.

    The UK portfolio was also well up in the month, with takeover activity boosting the share price of electronics business E2V by more than a half, while a contested bid battle developed for equipment hire business Lavendon. Faroe Petroleum shares rose strongly as the company extended its banking facilities and the oil price continued its rally, while Revolution Bars was strong after weakness earlier in 2016. On the downside, there were profit warnings from sports agency and marketing business TLA Worldwide and insurance underwriter Novae Group.

    In the US, shares built upon the November rally post the election of Donald Trump. Two of our best performers in this market were the bank, Franklin Financial, which received an upgrade, and agricultural services business The Andersons, which also benefited from a positive initiation from a broker. On the more negative side Carrizo Oil and Gas was downgraded and LKQ, the recycled car parts business failed to keep up with the rally.

    Our fund portfolios focused on Japanese and Asian small caps lagged the local indices in the month although there were no major particular underperformers.

    As at 31 December 2016

  • 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 £733.0 million (as at 31.12.2016)
    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

    1225.00p-2.00p

    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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