• Global Smaller Companies
  • 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

    The value of your investments can go down as well as up, and you may not get back what you originally invested.

  • Share price

    1,305.00p-7.00p

      

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 47 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 £812.2 million (as at 31.08.2017)
    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

    Most equity markets were slightly up in August despite ongoing geopolitical concern in relation to North Korea. Sterling was weak as Brexit negotiations continued, with the euro continuing to gain ground on the other main currencies on signs that momentum in Europe’s larger economies was being maintained. US small caps lagged the other markets as political uncertainty continued to weigh on sentiment, but the local economy is still looking to be in solid shape with jobs still being created. The net asset value (NAV) and share price rose in the month but the benchmark rose by more.

    The US portfolio underperformed in the month. Higher costs hurt results from PRA Group, which operates as a buyer and servicer of defaulted consumer receivables. Figures from software company Sabre and underwriter ProAssurance were also below expectations. More positively crop chemicals supplier American Vanguard did well with earnings forecasts increased, while sterilisation services business STERIS delivered encouraging organic growth numbers.

    We were also behind the local small cap index in Europe. Shares in Glanbia fell on concerns over margin pressure in the performance nutritional side of the business. Weaker advertising market data undermined two of our media holdings while Lenzing was also weak with some concern over capacity expansion in the company’s textile markets. The best return in the month came from Norwegian bank Sparebank, which reported good results, but specialist ingredients business Christian Hansen was also strong.

    In the UK, the portfolio was slightly ahead of the small cap market in the month, with stock selection in financials beneficial. Premier Asset Management shares did well, with the company continuing to see good inflows into its multi-asset funds, while there were good results from our largest real estate company CLS Holdings, where the NAV came in ahead of expectations. Shares in 4imprint and Computacenter were strong following good results, while Revolution Bars received a firm takeover offer with the potential for a rival bid also emerging. On the downside Ultra Electronics shares fell back as the market reacted to dull interim results and poor cash-flow in the first half of the company’s financial year.

    On the funds side, our Japanese fund holdings were behind the MSCI Japan Small Cap index. The Pinebridge and Manulife managed Asian small cap funds did well in the month, helped by relatively high exposure to the Chinese and Hong Kong markets. We added to the former fund to slightly lift exposure to the region, with earnings news here on an improving trend.

    As at 31 August 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.
  • 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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