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

    There was a solid start to the new financial year in May, with the UK small cap market performing strongly as investors took a relaxed view ahead of the general election. In overseas markets, it was more of the same, with European small caps continuing their better recent form, while US stocks lagged again. The net asset value outperformed the benchmark in the month.

     

    The main reason for the overall outperformance was a strong showing from the US portfolio. Shares in Molina Healthcare (a managed care provider) jumped after the company’s management team resigned leading to speculation there could be a takeover. VWR, a distributor of life sciences equipment, actually received a bid at a decent premium, while Performance Foods delivered encouraging results. On the negative side, The Michaels Companies, a retailer of craft products fell along with the sector against a weak US retail trading backdrop, while healthcare and technology company Safeguard Scientifics dropped despite an absence of news.

     

    The UK portfolio was also ahead in the month. Flavour and fragrances business Treatt was up by more than 20% after a strong set of results, while Countryside Properties also pleased the market with its figures. Eco Animal Health and Huntsworth both released positive profit warnings, and Sophos was boosted following news of the global cyber-attack. The fall in the oil price led to weakness in our oil investments including SDX Energy and Faroe Petroleum, while there was bad news from bars business Revolution which fell heavily after releasing a downbeat statement.

     

    There were widespread gains across our European holdings, with CTT, the Portuguese mail business bouncing back after recent weakness, and other double digit gainers included Interpump, Rational, CTS Eventim, Vidrala, Lectra, Metall Zug and Dometic. Shares in agronomy business Origin Enterprises pulled back, as an in line Q3 trading statement was taken as being underwhelming.

     

    On the fund holdings, our Japanese portfolio was slightly behind the rise in the MSCI Japan Small Cap index, with the value orientated Eastspring fund giving back some of its recent relative gains. There was a good performance from the HSBC Asian small cap fund and the Scottish Oriental Smaller Companies Trust in the month. Latin American markets were weak as a result of the renewed political scandal in Brazil.

    As at 31 May 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 £786.1 million (as at 31.05.2017)
    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

    1316.00p-8.00p

    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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