• 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

    1,330.00p +0.00p

      

Key facts

  • Key Information Documents (KIDs)

    ISIN Trust name Currency English
    GB0000175058 F&C Global Smaller Companies PLC GBP KID
    GB00BNH7RK38 F&C Global Smaller Companies 3.5% Convertible Unsecured Loan Stock 2019 ("CULS") GBP KID

    Key points

    The trust offers 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 £844.3 million (as at 31.03.2018)
    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 stock markets fell in March as the risk of a trade war between the US and China grew. Sterling was stronger in the month against the US dollar as expectations of a rise in UK interest rates grew. The fund’s net asset value fell by slightly more than the benchmark over the month, but the company’s share price was more resilient, with the discount narrowing.

    Stock selection in the UK was positive, largely owing to a takeover at a large premium for electronics supplier Laird. We were also helped by good performance from property holdings Sirius Real Estate, CLS Holdings and McKay Securities, with the latter managing to agree a long-term lease for a City of London office development. Media company Huntsworth shares did well after an upgrade; Cairn Energy was also strong. Corporate news was not all positive, however, and downgrades came through for a variety of reasons at Greencore, De La Rue, Arena Events Group, Ultra Electronics and 4imprint.

    The US portfolio underperformed the local small cap market in March, with retailers Big Lots and The Michaels Companies both weak after reporting sluggish sales trends. Investors took profits on cinema operator Cinemark. More positively, managed care company Molina Healthcare bounced after falling in February and GTT Communications was strong as it progressed an acquisition.

    The European portfolio also underperformed in March, with some relatively weak

    news-flow out from several stocks including Metall Zug, Dometic and Forbo, while there was profit-taking in Takkt after earlier strength. Meanwhile, Tomra benefited as the UK announced plans to enhance its recycling of plastics, which could create orders for the company, and swimming pools business Fluidra continued to be strong.

    On the collectives side, our Japanese and Asian-facing funds were under pressure as the markets struggled on the increase in trade tensions. The holding in the Pinebridge Asia ex Japan Small Cap Fund was weak after strong performance in February and we lagged in Japan with the Eastspring managed fund underperforming the local small cap index.

    As at 31 March 2018

  • 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

    1,330.00p +0.00p

      

  • Peter Ewins

    Peter Ewins

    Fund Manager

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 and the relevant Key Information Documents (“KID”) 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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