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.


    • 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

    Share prices rose in September as financial markets continued to be supported by accommodative monetary policy, and largely shrugged off ongoing Brexit uncertainties and renewed issues in the European banking sector. A more encouraging ISM manufacturing survey with better new order readings was supportive, and oil prices bounced, helping energy related stocks as hopes rose of a cut in production by OPEC. The best returns in a small cap sense came in Japan, where the market responded favourably as the Bank of Japan decided against moving interest rates further into negative territory. Sterling ran into renewed selling pressure as the market moved to factor in an early 2017 triggering of Brexit. The NAV was up again, keeping pace with the benchmark, and the share price was up by 2.8%.

    Stock selection was positive in the US and UK portfolios. In the US, we benefited from a takeover bid for house-builder WCI Communities from a larger peer, while shares in PharMerica continued to rise after the company’s August announcement that it was exploring a sale. On the downside, Safeguard Scientifics drifted lower on little news-flow and Cardinal Financial lagged along with the wider banking sector.

    In the UK, software company Craneware pleased the market with a positive set of results; the company is a major beneficiary of the weakness of sterling given its US focus and demand for its products in the hospitals market is strong. There were also some other good performers including Clipper Logistics ( which confirmed an extension to its work with John Lewis ), Equiniti, JD Sports and Arrow Global. Less positively, TLA Worldwide fell after takeover talks ended and stevia supplier PureCircle dropped as downgrades came through.

    The European portfolio underperformed in the month, as ferries business Irish Continental continued to suffer post Brexit, and Portuguese postal operator CTT was weak after disappointing results in the previous month. More positively financials stocks SpareBank and Storebrand rose as bond yields in Scandinavia rose.

    Our Japanese and Rest of World portfolios gave back some of their recent outperformance but Aberdeen’s Japanese Small cap fund and the Australian New Horizons fund did well. We continued to add to our Asian market exposure in the month, taking some money out of the US following its recent strong performance in sterling terms.

    As at 30 September 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 £682.1 million (as at 30.09.2016)
    Currency Sterling
    ISIN GB0000175058
    SEDOL 0017505
    Key dates
    Annual general meeting Thursday 28 July 2016, Chartered Accountants Hall at 12 noon
    Year end 30 April
    Dividend payment date(s) August and January
    Ex-dividend date(s) July and January
    Announcement dates Final results: Thursday 23 June 2016
    Half Year results: Wednesday 14 December 2016
  • 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.