• 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

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

  • Share price

    1312.00p-1.50p

    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 £788.9 million (as at 30.06.2017)
    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

    Equity performance around the globe was mixed in June as investors assessed the outlook following another rise in US rates, more hawkish commentary from the European Central Bank, the conclusive win for President Macron’s party in the French elections, and the hung parliament result from the UK general election. Sterling, after initially falling post the election, recovered later on in the month, but economic data now is suggesting that the domestic economy is now struggling to grow. US small caps did better than elsewhere in the month, having lagged in recent months, while there was some profit taking in Europe. The net asset value, share price and benchmark were all relatively un-moved over the month as a whole.

     

    Stock selection was positive in the UK, with the share price of IFA consolidator AFH Financial Group rising strongly as the company produced strong interim results and announced further acquisitions prompting a broker upgrade. Biffa shares rose on the back of decent maiden results post its initial public offering (IPO), and the shares found favour in the market as a relatively defensive stock amid general uncertainty about the outlook for the UK economy. Technical plastics supplier Carclo was also strong on the back of good results. On the less positive side, shares in specialist lending business Aldermore fell back as sentiment towards the whole lending area weakened, and Revolution Bars continued to drift after the profit warning from the month before. UK consumer orientated stocks were under pressure as the rise in inflation is placing a squeeze on spending power.

    Our European and US portfolios underperformed the local small cap markets. In Europe, shares in Lectra, a systems and machinery supplier for textile processing, fell back after strong recent performance, while Gerresheimer was weak on concerns that its sales may have continued to be weak through the first half of the year. Among the better performers in Europe were sports equipment supplier Amer Sports and bottle manufacturer Vidrala. In the US, our performance was undermined by Carrizo Oil and Gas and energy from waste business Covanta, where the weak energy price environment hurt sentiment. Skiing orientated Vail Resorts also produced results slightly behind expectations, and being underweight in healthcare was negative given that this part of the market was very strong. More positively, The Ensign Group, an operator of outpatient facilities continued to make progress with its acquisition strategy and State Bank Financial shares were strong as the yield curve steepened.

    On the funds side, the Eastspring Japan Smaller Companies Fund performed strongly in June, beating the MSCI Japan Small Cap Index, while the Scottish Oriental Smaller Companies Trust also did well compared to the broader Asian small cap market.

    The Company will be holding its AGM on 27th July, and details of the location are set out in the annual report which was released in June.

    As at 30th June

  • 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

    1312.00p-1.50p

    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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