• Global Smallers Companies -NEW BANNER
  • The Trust seeks to exploit the high investment potential of smaller companies listed on global equity markets. Many smaller companies are not widely researched, opening up the potential for our detailed fundamental analysis to identify valuation anomalies. 

    The greater inherent ability of smaller enterprises to grow faster than more mature, larger companies, is also positive for the long term outlook.

  • How to Invest

    Open an F&C Savings Plan

    Call: 0800 136 420

    Invest online now

  • Share price

    1225.00p0.00p

    24 January 2017

Key facts

  • NEW - Fund Manager update video


    Global Smaller Companies - Foundation video

     
  • Key points

    This trust remains the only investment trust to offer investor access to a broadly spread global smaller companies portfolio. The portfolio consists of individual smaller company investments within the US, UK and European markets, and fund holdings targeting smaller companies in Japan, Asia, Latin America and other smaller territories. The dividend of the Company has risen for 46 years in a row, benefiting from a growing income stream from the investment portfolio.

    Past performance is not a guide to future performance.

  • Fund facts
    Investment manager F&C Investment Business Limited
    Benchmark 30% Numis UK Smaller Companies (excluding investment companies) Index / 70% MSCI all country World ex UK Small Cap Index
    AIC sector Global Growth
    Launch date 1889
    Total assets £733.0 million (as at 31.12.2016)
    Currency Sterling
    ISIN GB0000175058
    SEDOL 0017505
    Key dates
    Annual general meeting July
    Year end 30 April
    Dividends paid August and January
    Results announced  June (final)
    December (half yearly)
  • Fund manager commentary

    Markets ended the year strongly, with investors continuing to respond positively to the US election result, and largely shrugging off the resignation of the Italian Prime Minister. European small caps were particularly strong, helped by some more positive economic data in the month, while Asian and Latin American stocks lagged, as we await confirmation over the extent to which the new US administration will be protectionist.

    The NAV and share price were both up, but lagged the rise in the benchmark in December.

    The best of the regional returns came from our European portfolio, where a number of holdings rose by double-digit percentages. Spanish broadcaster Mediaset rose amid bid speculation from French operator Vivendi for their Italian counterpart and major shareholder. Italian asset manager Azimut was strong despite the distraction of the country’s referendum result, while Norwegian bank Sparebank rose again, helped by a lifting interest rate curve.

    The UK portfolio was also well up in the month, with takeover activity boosting the share price of electronics business E2V by more than a half, while a contested bid battle developed for equipment hire business Lavendon. Faroe Petroleum shares rose strongly as the company extended its banking facilities and the oil price continued its rally, while Revolution Bars was strong after weakness earlier in 2016. On the downside, there were profit warnings from sports agency and marketing business TLA Worldwide and insurance underwriter Novae Group.

    In the US, shares built upon the November rally post the election of Donald Trump. Two of our best performers in this market were the bank, Franklin Financial, which received an upgrade, and agricultural services business The Andersons, which also benefited from a positive initiation from a broker. On the more negative side Carrizo Oil and Gas was downgraded and LKQ, the recycled car parts business failed to keep up with the rally.

    Our fund portfolios focused on Japanese and Asian small caps lagged the local indices in the month although there were no major particular underperformers.

    As at 31 December 2016

  • 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.
  • Share price

    1225.00p0.00p

    24 January 2017

  • 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.

Information in this section of the Website is directed solely at persons who are located in the UK and can be categorised as retail clients. Nothing on this website is, or is intended to be, an offer, advice, or an invitation, to buy or sell any investments. Please read our full terms and conditions before proceeding further with any investment product referred to on this website. This website is not suitable for everyone, and if you are at all unsure whether an investment product referenced on this website will meet your individual needs, please seek advice before proceeding further with such product.

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