• 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

    1,315.11p +2.11p

      

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 £798.1 million (as at 31.07.2017)
    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

    July was another positive month for small caps in most parts of the world. Although political uncertainty abounds in the UK, domestic small caps performed well in July as the first batch of half yearly results came through, on the whole, solidly. European small caps also did well in the month with economic data continuing to suggest that economic activity is expanding more rapidly. US small caps were up in local currency terms, but the dollar was weak as political issues and more cautious commentary about the likely pace of interest rates from the Federal Reserve drove it down. The net asset value rose by slightly more than the benchmark in the month due to generally positive stock selection.

    A number of our UK companies upgraded their profit expectations. Notable amongst these were tonics supplier Fevertree Drinks, media business Huntsworth and heat treatment company Bodycote. Revolution Bars, which had been a poor performer after a profit warning in May, rose sharply after reporting a bid approach.

    The US portfolio was also ahead in the month. Golf and country club owner Clubcorp Holdings received a bid from private equity firm Apollo, while there was speculation that Total Systems Services might also be acquired. In addition there were good results from waste to energy business Covanta. Less positively Franklin Financial Network lost ground as loan growth slowed and higher expenses hurt the bottom line, while telecoms and renewable energy services business ATN International fell as the company forecast a deterioration in its US wireless business.

    European performance was ahead of the local small cap index too. Scandinavian finance stocks Storebrand and Sparebank performed well, while results from industrials Norma, Rational and Tomra were also pleasing. Swedish windows business Inwido’s figures however were disappointing and the shares pulled back, while floorings business Forbo also slipped as the market reacted negatively to a cautious outlook statement.

    On the funds side, our Japanese portfolio slightly lagged in July, with the Aberdeen managed fund underperforming. Asian markets were relatively flat with our fund holdings marginally outperforming. The best performance here came from the Manulife Asian small cap fund.

    As at 31 July 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

    1,315.11p +2.11p

      

  • 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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