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

    Share prices made further gains in August despite relatively disappointing news on the corporate earnings front. Sterling stabilised on the currency exchanges, with some relatively positive data emerging from the retail and manufacturing sectors, implying that Brexit has not led to an immediate slump in business. The NAV rose a little faster than the benchmark in the month and the share price beat both, moving back to a premium.

    We outperformed in the UK, helped by a weakening of most metals prices, which drove down the share prices of the miners, an area to which we are underweight. A number of our holdings announced good results, notably infrastructure investor John Laing Group, property company CLS Holdings and carpet business Victoria. Interserve also did well as its half yearly results release indicated that recently identified losses in completing waste to energy contracts were not escalating.

    The European portfolio traded broadly in-line with the local market. On the upside a number of our holdings reported good figures with both truck equipment supplier, Interpump and floorings supplier Forbo doing well, while a number of stocks which had fallen significantly after the Brexit vote, such as insurer Storebrand and media company Atresmedia, staged a strong recovery. Portuguese postal operator CTT was the largest faller as earnings forecasts were cut in the face of falling mail volumes and some cost pressures.

    The US portfolio had a more difficult month. Shares of Geo Group, an owner and operator of private prisons, fell after the Department of Justice revealed plans to gradually end its use of private facilities. The Chefs’ Warehouse announced disappointing results as it struggled to integrate a recent acquisition. More positively, American Vanguard, an agricultural chemicals supplier, delivered better than expected earnings and Carrizo Oil & Gas was lifted by a higher oil price.

    Our Japanese and Rest of World portfolios performed strongly in August. In Japan, Eastspring’s fund did well as the bias to more internationally orientated stocks worked in its favour, while in Asia; the Manulife Asian Smaller Companies fund was the best contributor to overall outperformance across our fund holdings. Asian markets as a whole have seen greater interest, with investors increasingly looking to allocate more funds towards the region, after a protracted period of underperformance compared to the main Western markets. We continued to add to our own exposure to the region during the month.

  • 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 £664.9 million (as at 31.08.2016)
    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
  • Share price

    1145.50p-4.50p

    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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