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

    Equity performance around the globe was mixed in June as investors assessed the outlook following another rise in US rates, more hawkish commentary from the European Central Bank, the conclusive win for President Macron’s party in the French elections, and the hung parliament result from the UK general election. Sterling, after initially falling post the election, recovered later on in the month, but economic data now is suggesting that the domestic economy is now struggling to grow. US small caps did better than elsewhere in the month, having lagged in recent months, while there was some profit taking in Europe. The net asset value, share price and benchmark were all relatively un-moved over the month as a whole.

     

    Stock selection was positive in the UK, with the share price of IFA consolidator AFH Financial Group rising strongly as the company produced strong interim results and announced further acquisitions prompting a broker upgrade. Biffa shares rose on the back of decent maiden results post its initial public offering (IPO), and the shares found favour in the market as a relatively defensive stock amid general uncertainty about the outlook for the UK economy. Technical plastics supplier Carclo was also strong on the back of good results. On the less positive side, shares in specialist lending business Aldermore fell back as sentiment towards the whole lending area weakened, and Revolution Bars continued to drift after the profit warning from the month before. UK consumer orientated stocks were under pressure as the rise in inflation is placing a squeeze on spending power.

    Our European and US portfolios underperformed the local small cap markets. In Europe, shares in Lectra, a systems and machinery supplier for textile processing, fell back after strong recent performance, while Gerresheimer was weak on concerns that its sales may have continued to be weak through the first half of the year. Among the better performers in Europe were sports equipment supplier Amer Sports and bottle manufacturer Vidrala. In the US, our performance was undermined by Carrizo Oil and Gas and energy from waste business Covanta, where the weak energy price environment hurt sentiment. Skiing orientated Vail Resorts also produced results slightly behind expectations, and being underweight in healthcare was negative given that this part of the market was very strong. More positively, The Ensign Group, an operator of outpatient facilities continued to make progress with its acquisition strategy and State Bank Financial shares were strong as the yield curve steepened.

    On the funds side, the Eastspring Japan Smaller Companies Fund performed strongly in June, beating the MSCI Japan Small Cap Index, while the Scottish Oriental Smaller Companies Trust also did well compared to the broader Asian small cap market.

    The Company will be holding its AGM on 27th July, and details of the location are set out in the annual report which was released in June.

    As at 30th June

  • Global Smaller Companies - performance chart 

     Source: Lipper and F&C. Basis: share price, 30.06.2017

    Performance (%) as at 31.06.2017

    Cumulative performance  1 month Year to date 1 Year 3 Years 5 Years
    NAV (diluted) 0.0 6.1 25.9 54.1 131.5
     Share price 0.2 4.6 28.4 53.6 137.1
     Benchmark -0.1 6.2 25.7 49.4 117.1
    Discrete annual performance  2017/2016 2016/2015 2015/2014 2014/2013 2013/2012
     NAV (diluted) 25.9 6.6 14.8 14.0 31.8
    Share price 28.4 4.2 14.8 13.7 35.7
     Benchmark 25.8 7.5 10.5 14.5 26.9

     

    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

    1312.00p-1.50p

    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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