F & C Investments

F&C Global Smaller Companies

  • Aiming for attractive long-term returns with low volatility

  • 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.

  • Performance

    The F&C Global Smaller Companies trust aims to deliver a high total return, with a focus on capital growth. By investing a global spread of shares, the fund manager seeks to reduce the higher levels of volatility associated with smaller companies. Over five years, the trust has outperformed its benchmark (30% Numis UK Smaller Companies (ex investment companies) Index / 70% MSCI all country World ex UK Small Cap Index.

    What is Net Asset Value (NAV)?

    Each investment trust calculates the net asset value of a share by adding up the value of all the securities owned by the trust divided by the number of outstanding shares. The NAV can be viewed as the amount of money investors would receive per share if all of the securities owned by a trust were sold and distributed to the shareholders.

    Share price

    The share price of the Trust is determined by demand and supply in the stock market and does not always reflect the underlying value of the share portfolio.

  • 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

  • Global Smaller Companies - performance chart 

     Source: Lipper and F&C. Basis: share price, 31.10.2017

    Performance (%) as at 31.10.2017

    Cumulative performance  1 month Year to date 1 Year 3 Years 5 Years
    NAV (diluted) 2.9 12.3 17.5 59.1 128.3
     Share price 1.7 10.2 17.0 58.0 131.9
     Benchmark 2.6 12.6 17.9 57.6 118.0
    Discrete annual performance  2017/2016 2016/2015 2015/2014 2014/2013 2013/2012
     NAV (diluted) 17.5 24.2 9.0 6.7 34.5
    Share price 17.0 22.2 10.6 6.4 37.9
     Benchmark 17.9 25.3 6.7 4.6 32.3

     

    Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments.

     

  • 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.

Top