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

    Or contact your usual investment broker

  • 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

    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



     Global Smaller Companies - performance chart

     Source: Lipper and F&C. Basis: share price, 30.09.2016

    Performance (%) as at 30.09.2016

    Cumulative performance  1 month Year to date 1 Year 3 Years 5 Years
    NAV (diluted) 2.4 16.6 24.3 47.6 136.0
     Share price 2.8 16.9 24.7 49.9 139.2
     Benchmark 2.3 20.1 27.0 42.7 117.3
    Discrete annual performance  2016 2015 2014 2013 2012
     NAV (diluted) 24.3 9.5 8.5 30.3 22.8
    Share price 24.7 9.8 9.5 34.9 18.3
     Benchmark 27.0 5.3 6.8 27.5 19.5


    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


    25 October 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.