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

    The last month of the Company’s financial year saw share prices in most markets post further gains. European markets responded positively to the results of the first round of the French presidential elections. Sterling rose as the currency markets viewed the likely outcome to the impending UK general election as being positive in relation to the Brexit negotiations. This served to impact the sterling performance of the overseas portfolios and for the month as a whole therefore, the NAV was only modestly up. This was nevertheless better than a small fall for the benchmark.

    Performance of the UK, European, Japanese and Rest of World portfolios were ahead of the local small cap indices. In the UK, there were a number of strong performers with most of our property holdings doing well. A number of industrial companies including Luceco, XP Power and Acal, were also up on the back of strong updates. SDX Energy jumped after announcing a gas discovery in Egypt. Less positively, sports agency business TLA Worldwide dropped after a disappointing trading statement raised a number of questions around the company’s accounting.

    In Europe, industrial stocks Indutrade, Inwido and Lectra were up as trading updates pleased the markets. Shares in agronomy business Origin Enterprises were also up as it reported a solid start to the key spring season. Detractors from performance included Gerresheimer and Amer Sports. Results from the former were slightly disappointing, reflecting, we feel in the main, timing issues, while in the latter case margin performance was lower than had been anticipated.

    Our Japanese funds were down slightly in sterling terms, but this was better than the MSCI Japan Small Cap index. We also enjoyed a solid month on the Asian focused funds with our largest holding, the Scottish Oriental Smaller Companies trust, benefiting from discount narrowing.

    The US portfolio underperformed in April. The failure of golf club operator Clubcorp to find a buyer for itself after a strategic review, weighed on its shares. Carrizo Oil and Gas shares were weak as the oil price fell back, while waste to energy business Covanta dropped on the back of poor results. On the positive side, travel software company Sabre was up as an index rebalancing drove demand for its shares, while Total System Services rose following strong figures.

    As at 30 April 2017

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     Global Smaller Companies - performance chart

     Source: Lipper and F&C. Basis: share price, 31.03.2017

    Performance (%) as at 31.03.2017

    Cumulative performance  1 month Year to date 1 Year 3 Years 5 Years
    NAV (diluted) 0.9 3.4 27.5 50.9 118.2
     Share price 1.7 3.6 31.0 53.6 117.9
     Benchmark 1.1 5.1 31.7 47.7 104.4
    Discrete annual performance  2017/2016 2016/2015 2015/2014 2014/2013 2013/2012
     NAV (diluted) 27.5 3.1 14.8 12.8 28.2
    Share price 31.0 -0.3 17.7 11.1 27.7
     Benchmark 31.7 0.1 12.1 14.4 21.0

     

    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

    1303.00p13.00p

    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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