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

    Overseas stock markets were mainly up in November as economic news continued to point to a strong global economy. The UK market was weaker in the month however, as political uncertainty continued and the UK economic growth outlook was revised lower in the Budget. Despite this, sterling rose in value versus the other leading currencies, as hopes emerged that the Brexit negotiations could be making some headway. The rise in sterling served to reduce the sterling value of our overseas portfolios and as a result the diluted net asset value ( NAV ) ended the month slightly down, in line with the Benchmark. The Company’s share price rose in the month, moving back to a premium versus the diluted NAV.

    In the UK, we were ahead of the local small cap market performance. We did well in financials with Sirius Real Estate, AFH Financial and Draper Esprit all in favour. Shares in Avon Rubber bounced as the company announced better than expected results and growth in its order book on the masks side, while Treatt was also strong after confirming details of a placing to fund expansion. Disappointingly our holding in Ultra Electronics fell sharply after the company released a profit warning and the Chief Executive departed.

    Europe had a solid month, also ahead of the local index, with the star performer being water treatment, swimming pool supplies and irrigation equipment supplier Fluidra. Management announced a positively received merger with a US peer and the shares were up by nearly a third. CTS Eventim rose after solid Q3 results on the back of strong ticketing revenues. On the less positive side, shares in Metall Zug fell after a weak trading update, and Nordic Waterproofing shares continued to drift.

    In the US, we lagged the small cap market return, with news-flow across the portfolio a little mixed. On the upside, shares in debt purchaser PRA recovered some ground after prior weakness, Molina Healthcare’s results were taken well, and Cubic announced a major contract win. Less positively, FireEye, The Andersons and CSRA all fell following negative trading news, while there was profit taking in the shares of crop protection chemical supplier American Vanguard.

    Performance was close to benchmark in Japan with Aberdeen’s small cap fund doing well in the month. In the Rest of World portfolio, the performance of our closed ended holdings Scottish Oriental Smaller Companies and Utilico Emerging Markets, suffered from some discount widening, and we were behind the Asian small cap market return. Manulife’s Asian small cap fund continued its recent better showing in the month however.

    The Company will be announcing results for the half year ended 31 October 2017 in December.

    As at 30 November 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 £849.1 million (as at 31.10.2017)
    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

    1,364.00p +4.00p

      

  • 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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