• Investors Capital Trust - NEW BANNER
  • The Trust aims to deliver an attractive return in the form of dividends and/or capital returns, together with the potential for capital growth. The portfolio is managed in two parts, an equities portfolio and a higher yield portfolio. 

    The equities portfolio represents the majority of the Trust's assets and is invested in UK large and mid-sized companies while the higher yield portfolio is currently invested in predominantly investment grade corporate bonds.

  • F&C UK High Income Trust plc

    (formerly Investors Capital Trust plc)

  • How to Invest

    Open an F&C Savings Plan

    Call: 0800 136 420

    Invest online now

    Or contact your usual investment broker

Key facts

  • Key facts

    • F&C UK High Income Trust plc aims to provide shareholders with an attractive level of income together with the opportunity for Trust growth.
    • The majority of the Company's assets are invested in an equities portfolio comprising large and mid-size UK companies.
    • The trust has two classes of share - A shares and B shares - which pay the same level of quarterly cash distributions. The cash distributions on the A shares are paid as dividends while those on the B shares are paid by way of capital distributions and therefore taxed under capital gains tax (CGT) rules which can provide tax benefits to certain types of investors. The net asset value attributable to each class of shares is the same.
    • The shares may also be traded as units. Each unit consists of three A shares and one B share.
  • Fund facts
    Investment manager F&C Investment Business Limited
    Benchmark FTSE All-Share Capped 5% Index
    AIC sector UK Equity & Bond Income
    Launch date 1 March 2007
    Total assets £149.6 million (as at 31.03.17)
    Currency Sterling
    ISIN (Units) GB00B1N4H933
    (A Shares) GB00B1N4G299
    (B Shares) GB00B1N4H594
    SEDOL (Units) B1N4H93
    (A Shares) B1N4G29
    (B Shares) B1N4H59
    Key dates
    Annual general meeting June
    Year end 31 March
    Dividend payment date(s) August, November, February and May
    Ex-dividend date(s) July, October, January and April
  • Fund manager commentary

    Over the month the Company’s net asset value total return fell 0.4% which was broadly in line with the 0.2% decline in the FTSE All-Share 5% Capped Index.

    We exited a number of positions over the month including Land Securities, Aviva and Royal Bank of Scotland. Land Securities has had a decent bounce post Brexit and given our concerns over the outlook for the retail sector and the sub-market yield we took the opportunity to allocate this capital to other names in the Trust. We exited Aviva, post payment of the final dividend, to consolidate our insurance allocation. Finally, the exit of Royal Bank of Scotland was a function of the small absolute weight in a name we didn’t feel warranted additional capital.

    Having made a number of new mid-cap additions to the fund over the last few months we continued to add to these through the month. These included Intermediate Capital and Origin Enterprises with the additional funds allocated to our preferred name in the insurance space, Phoenix Group. We are attracted to the strong cash flow Phoenix delivers from the core business which was supplemented by the deals they completed in 2016. With a robust solvency ratio the business is well placed to fund future deals from their own balance sheet whilst also paying an attractive 6.2% yield.

    As at 30 April 2017

  • Share price - A share class

    105.80p-0.70p

    closed

  • Share price - Units share class

    418.00p-1.00p

    closed

  • Philip Webster

    Philip Webster

    Fund Manager

Past performance is not a guide to future results. The value of investments can go down as well as up.

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