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Over the month the Company’s net asset value total return fell 0.4% which was broadly in line with the 0.2% decline in the FTSE All-Share 5% Capped Index.
We exited a number of positions over the month including Land Securities, Aviva and Royal Bank of Scotland. Land Securities has had a decent bounce post Brexit and given our concerns over the outlook for the retail sector and the sub-market yield we took the opportunity to allocate this capital to other names in the Trust. We exited Aviva, post payment of the final dividend, to consolidate our insurance allocation. Finally, the exit of Royal Bank of Scotland was a function of the small absolute weight in a name we didn’t feel warranted additional capital.
Having made a number of new mid-cap additions to the fund over the last few months we continued to add to these through the month. These included Intermediate Capital and Origin Enterprises with the additional funds allocated to our preferred name in the insurance space, Phoenix Group. We are attracted to the strong cash flow Phoenix delivers from the core business which was supplemented by the deals they completed in 2016. With a robust solvency ratio the business is well placed to fund future deals from their own balance sheet whilst also paying an attractive 6.2% yield.
As at 30 April 2017
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.
Share price (A Shares)
Share price (B Shares)
Share price (Units)
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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F&C Group. The F&C Group is wholly owned by BMO Global Asset
Management (Europe) Limited, which is itself a wholly owned subsidiary of the
Bank of Montreal.