• Capital and Income Investment Trust - NEW BANNER
  • The Trust looks to generate long-term capital and income growth from a portfolio consisting mainly of FTSE All-Share companies. The Trust is heavily biased towards companies that look capable of paying a reliable and growing income to shareholders. Given this emphasis the fund manager focuses on attractively valued, well established companies characterised by strong balance sheets and robust cash flow. The Trust looks to grow its dividend consistently over time and dividends are paid at the end of each calendar quarter.
  • How to Invest

    Open an F&C Savings Plan

    Call: 0800 136 420

    Invest online now

    Or contact your usual investment broker

  • Share price



Key facts

  • The F&C Capital and Income Investment Trust offers the best of both worlds; the potential for long-term capital growth and a regular, growing income.

    Highlights of the F&C Capital and Income Investment Trust:

    • Dividends increased annually since launch in 1992, paid quarterly and grown significantly faster than inflation
    • Diversified portfolio focusing on well-established UK companies
    • Targets long-term capital and income growth.
  • NEW - Fund Manager - update video


    F&C Capital and Income Investment Trust - foundation video

  • Fund facts
    Investment manager F&C Management Limited
    Benchmark FTSE All-Share Index
    AIC sector UK Growth and Income
    Launch date 1992
    Total assets £296.5million (as at 31.10.2016)
    Currency Sterling
    ISIN GB0003463287
    SEDOL 346328
    Key dates
    Annual general meeting February
    Year end 30 September
    Dividends paid March, June, September, December (Quarterly)
    Results announced May (half yearly)
    November (final)
  • Fund manager commentary

    The FTSE All-Share Index made another gain last month with a positive total return of 0.6%. The key to this was largely the further fall in sterling, from almost 1.30 versus the US dollar at the start of the month, to just over 1.22 at the end. As has been widely reported, this mechanistically makes the shares of the most international companies, generating revenues and profits in US dollars more valuable.

    While currency provided a tailwind, there were negative factors affecting the market, which were both general and company specific. The biggest general headwind was the rise in gilt yields. From a record low of almost 0.5% in August, the yield on the UK 10 year gilt rose from 0.75% at the start of October to almost 1.25% by the end of the month. Of course, by historic standards these yields are still incredibly low, but the equity bull market has been driven in part by the attraction of equity yields relative to bonds and cash, so to the extent that bond yields are rising and prices falling, it wouldn’t be surprising if equities went the same way. Comments made at the Conservative Party conference earlier in the month suggesting a “Hard Brexit” is more likely were the leading cause of the falls in sterling and bond yields. The price of crude oil also fell as doubts grew about whether OPEC would cut production, but this didn’t have a negative effect on the share prices of the major oil companies, which are a large part of the UK equity market.

    October is traditionally the month when companies announce their results for the third quarter and update on expectations for the year. As a result, there are often a number of profit warnings as companies realise they are not able to match full year expectations. This month, we were hit by profit warnings from Laird, largely from competition and pricing pressure, and Berendsen, operational problems in flat linen laundering. It’s not much consolation but we avoided the substantial profit warnings from Amec Foster Wheeler, UK aerospace and defence company, Cobham, engineering group, Keller, NCC the cyber security group and engineering company, Senior.

    More positively, we took part in the equity placing by Secure Income REIT, a relatively new purchase, as it raised finance to secure the purchase of a group of Travelodge hotels. This will further enhance and diversify its income stream, leading to better, more secure income for us as shareholders.

    As at 31 October 2016

  • Julian Cane

    Julian Cane

    Fund manager

Past performance is not a guide to future results. The value of investments can go down as well as up.

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