• 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

    1316.00p-8.00p

    closed

Key facts

  • 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 £786.1 million (as at 31.05.2017)
    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

    There was a solid start to the new financial year in May, with the UK small cap market performing strongly as investors took a relaxed view ahead of the general election. In overseas markets, it was more of the same, with European small caps continuing their better recent form, while US stocks lagged again. The net asset value outperformed the benchmark in the month.

     

    The main reason for the overall outperformance was a strong showing from the US portfolio. Shares in Molina Healthcare (a managed care provider) jumped after the company’s management team resigned leading to speculation there could be a takeover. VWR, a distributor of life sciences equipment, actually received a bid at a decent premium, while Performance Foods delivered encouraging results. On the negative side, The Michaels Companies, a retailer of craft products fell along with the sector against a weak US retail trading backdrop, while healthcare and technology company Safeguard Scientifics dropped despite an absence of news.

     

    The UK portfolio was also ahead in the month. Flavour and fragrances business Treatt was up by more than 20% after a strong set of results, while Countryside Properties also pleased the market with its figures. Eco Animal Health and Huntsworth both released positive profit warnings, and Sophos was boosted following news of the global cyber-attack. The fall in the oil price led to weakness in our oil investments including SDX Energy and Faroe Petroleum, while there was bad news from bars business Revolution which fell heavily after releasing a downbeat statement.

     

    There were widespread gains across our European holdings, with CTT, the Portuguese mail business bouncing back after recent weakness, and other double digit gainers included Interpump, Rational, CTS Eventim, Vidrala, Lectra, Metall Zug and Dometic. Shares in agronomy business Origin Enterprises pulled back, as an in line Q3 trading statement was taken as being underwhelming.

     

    On the fund holdings, our Japanese portfolio was slightly behind the rise in the MSCI Japan Small Cap index, with the value orientated Eastspring fund giving back some of its recent relative gains. There was a good performance from the HSBC Asian small cap fund and the Scottish Oriental Smaller Companies Trust in the month. Latin American markets were weak as a result of the renewed political scandal in Brazil.

    As at 31 May 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.
  • Share price

    1316.00p-8.00p

    closed

  • 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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