F & C Investments

F&C UK High Income Trust plc

  • A relatively conservative investment profile

  • 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.

  • Key Information Document (KID)

    ISIN Trust name Currency English
    GB00B1N4H933 F&C UK High Income Trust PLC - Units GBP KID
    GB00B1N4H594 F&C UK High Income Trust PLC - B Shares GBP KID
    GB00B1N4G299 F&C UK High Income Trust PLC - Ordinary Shares GBP KID

    Key facts

    • F&C UK High Income Trust plc aims to provide shareholders with an attractive level of income together with the opportunity for Trust growth.
    • The Trust invests predominantly in UK equities and equity-related securities of companies across the market capitalisation spectrum.
    • The trust has two classes of share - Ordinary shares and B shares - which pay the same level of quarterly cash distributions. The cash distributions on the Ordinary shares are paid as dividends while those on the B shares are paid by way of capital distributions and therefore taxed under capital gains tax (CGT) rules which can provide tax benefits to certain types of investors. The net asset value attributable to each class of shares is the same.
    • The shares may also be traded as units. Each unit consists of three Ordinary shares and one B share.
  • Fund manager commentary

    A shaky start to the month caused by fears of inflationary pressures and tighter-than-expected monetary policies on the parts of the US Federal Reserve and the European Central Bank rattled investors’ nerves. It was the worst sell-off since news that the UK had voted to leave the European Union in the June 2016 referendum. Income-oriented stocks, and in particular ones with high payouts, bore the brunt of the selling as bond yields jumped. By the end of February, however, the UK equity market had regained part of its composure, closing off its month’s lows as investors realised that fundamentals remained strong (as are UK corporate earnings).

    There were a number of holdings that fared well during the month, including online restaurant-ordering service Just Eat. Its management has sought to continue to focus its attention on international expansion and operations as the UK economy (the company’s home country) is losing steam. Just Eat has become the leading operator in many markets in which it operates, and the international food-takeaway market is increasing. The company has also been investing in technology, marketing and logistics.

    The share price of Compass Group, the world’s largest food-service company, rebounded from weakness suffered in January. It is making good progress in North America, which generates nearly two-thirds of group profit. The company is benefiting from competitive advantages such as scale and purchasing power. The good health of the US economy is also providing it with a good business pipeline.

    There was little activity in terms of trading in February other than a few position adjustments on account of overall market activity.

    As at 28 February 2018

  • Suitability for retail distribution

    The Company is an investment trust and therefore its shares are not subject 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 conducts its affairs so that its 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 facts
    Investment manager F&C Investment Business Limited
    Benchmark FTSE All-Share Capped 5% Index
    AIC sector UK Equity & Bond Income
    Launch date 1 March 2007
    Total assets £135.9 million (as at 30.04.2018)
    Currency Sterling
    ISIN (Units) GB00B1N4H933
    (Ordinary Shares) GB00B1N4G299
    (B Shares) GB00B1N4H594
    SEDOL (Units) B1N4H93
    (Ordinary Shares) B1N4G29
    (B Shares) B1N4H59
    Key dates
    Annual general meeting June
    Year end 31 March
    Dividend payment date(s) August, November, February and May
    Ex-dividend date(s) July, October, January and April
  • 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, and relevant Key Information Documents (KID), 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.