F & C Investments

Foreign & Colonial Investment Trust

  • Strong track record of success

  • 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

    These tables show you how the fund has performed over the last five years.  The fund has achieved positive growth over these periods, but please remember that past performance is not a guide to future results and the value of investments can go down as well as up.

    We've provided some useful definitions below the tables to help with interpreting the performance figures.

  • Fund performance

    Foreign & Colonial Investment Trust - performance chart

    Performance (%) as at 31.05.17

    Cumulative performance 1 month Year to date 1 Year 3 Years 5 Years
    NAV 2.85 8.22 31.91 56.81 113.06
    Share price 4.35 3.89 35.44 65.05 128.10
    Benchmark 2.49 6.47 33.33 54.80 114.76
    Discrete annual performance 2017/2016 2016/2015 2015/2014 2014/2013 2013/2012
    NAV 31.91 0.47 18.32 5.50 28.79
    Share price 35.44 -0.79 22.83 4.46 32.30
    Benchmark 33.33 -0.19 16.32 6.42 30.36

    Source: Lipper. Basis: share price, percentage growth, bid to bid, net income reinvested. Basis in accordance to the regulations of the Financial Conduct Authority. The discrete annual performance table refers to 12 month periods, ending at the date shown. The cumulative performance table refers to cumulative periods ending 31.05.17

  • Useful definitions

    NAV - Net Asset Value. This is the value of the fund's assets (e.g. investments, stocks, shares, bonds) less its liabilities (i.e. costs that need to be paid out of the value of the fund)
    Benchmark: The FTSE All-World (Total Return) Index

  • Fund facts
    Investment manager F&C Investment Business Limited
    Benchmark FTSE All World TR index (Pre 01/01/2013 60% FTSE World ex UK TR Index/40% FTSE All Share TR Index).
    AIC sector Global
    Launch date 1868
    Total assets £3.6 billion (as at 28.02.2017)
    Currency Sterling
    ISIN GB0003466074
    SEDOL 346607
    Ticker symbol FRCL
    Key dates
    Annual general meeting April
    Year end 31 December
    Dividends paid February, May, August, November (Quarterly)
    Results announced March (final)
    July (half yearly)
  • Fund Manager commentary

    We posted a small gain of 0.8% in our net asset value in June despite a small decline in global equities (-0.2%). A slight widening in our discount, ending the half year at 7.7%, led to a monthly shareholder total return of -0.3%.

    For most of the month, markets lacked direction and volatility was low. The UK general election delivered a shock result and sterling assets duly underperformed. Oil was also weak as expectations that Organisation of the Petroleum Exporting Countries (OPEC) would further curtail supply were disappointed and resource stocks slipped further.  In the last few days of June, a clutch of central banks delivered remarks which marked a shift in tone towards more hawkish rhetoric. The European Central Bank (ECB) kept interest rate policy on hold but changed guidance and forecasts. In the UK, there was a rise in dissenters voting for a rate rise and during the month we saw the US Federal Reserve raise interest rates by another quarter point, to 1.25%, despite a general trend (outside of the UK) of downgrading of inflation expectations. Indeed, a key puzzle has been the decline in US core inflation in recent months. This has occurred despite the steep decline in unemployment to the lows seen at the peak of the last cycle. The mystery has deepened with data showing a slowdown in wage inflation. We do expect this to be resolved with a return to the previous upward trend in both wage and price inflation.

    These macro trends are important not just for expectations on interest rates but they also relate to growth expectations and have a bearing on performance across and within our equity portfolio. Indeed, financial stocks were supported by higher interest rate expectations while technology stocks came under some pressure due to internal market rotation and some concerns over valuations in this highly performing area.

    This rise in interest rate expectations reflects the acceptance by central banks that global growth has improved significantly but does not reflect increased inflationary pressures. For this reason, central bank policy is unlikely to yet threaten the pro risk environment. Global growth is steady or improving in almost every country and corporate earnings are following suit.

    We continue to invest in a range of diversified underlying stock selection strategies and believe that we remain well placed to withstand any further short term volatility in markets.

    As at 30 June 2017

  • The value of shares and the income from them is not guaranteed and can fall as well as rise due to stock market movements. Past performance is not a guide to future performance. When you sell your shares, you might get back less than you originally invested. If markets fall, gearing can magnify the negative impact on performance. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Emerging Markets, Unquoted Companies and Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. The fund may invest in hedge funds or private equity funds which are not normally available to individual investors, exposing the fund to the performance, liquidity and valuation issues of these funds. Such funds typically have high minimum investment levels and may restrict or suspend redemptions or repayment to investors. The asset value of these shares and its prospects may be more difficult to assess.

  • Paul Niven

    Paul Niven

    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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