Price (GBX)
690.00 1.77%
Track 1 more instrument
Open / Last close
686.00 / 678.00
High / Low
692.00 / 686.00
Bid / Offer
688.00 / 690.00
Special Condition: -
Trading Status: Regular Trading
As at 05.06.20 12:47:14 - All data delayed at least 15 minutes
1 more instrument

F&C Investment Trust PLC instruments

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Equity (1)
Code Instrument name Price Change Type Documentation
FCITORD 25P690.00
Bonds (1)
Code Instrument name Price Maturity Type Documentation
03GW4 1/4% PERP DEB STK-

Price information

What's this?
Open price
Previous close price / date
678.00 / 04 June 2020
52 week range
478.00 / 786.00
YTD return
1 year return

Instrument information

What's this?
Instrument market cap (£m)
Earnings per share
Dividend (yield)
1.52 %
Issue date
22 March 2004
Market identifier code (MIC)
Country of share register
Market segment
Trading service
Date Time Price CurrencyVolume Trade ValueTrade type Trade flag MIC
05.06.20 12:44:38 688.99 GBX 1,451 9,997.27 Off-Book - XLON
05.06.20 12:40:03 688.74 GBX 7,700 53,032.75 Off-Book - XLON
05.06.20 12:38:31 688.67 GBX 1,311 9,028.50 Off-Book - XLON
05.06.20 12:36:59 688.99 GBX 215 1,481.33 Off-Book - XLON
05.06.20 12:35:00 688.87 GBX 219 1,508.62 Off-Book - XLON

Equity Research

from F&C Investment Trust PLC
F&C Investment Trust - Overview

One of the world’s oldest investment trusts, F&C Investment Trust (FCIT) is a behemoth of the AIC Global sector, with almost £4bn in AUM. The company, over 150 years old, utilises a fund of funds approach, employing BMO’s specialist teams and third-party managers to invest in global equities. According to JPM Cazenove, the company has over 500 holdings across a wide range of geographies and sectors. On top of this, the managers hold both listed and unlisted securities, helping offer investors access to companies and sectors they might otherwise struggle to have such access to. The company is on course for its 49th consecutive year of dividend increases, having paid a dividend every year since launch. Income is not the main focus for the manager, however, and the fund is positioned to deliver long-term growth in capital via an internationally-diversified portfolio. This has been shown since Paul Niven took the helm in 2014, delivering decent NAV total returns. Over the period the company has outperformed both the Global AIC and IA peer groups, although has underperformed the FTSE All-World benchmark. The discount widened out to double digits after the referendum; since then it has narrowed significantly. It currently stands at 5.3%.

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F&C Investment Trust - Attractive long-term total returns

F&C Investment Trust (FCIT) aims to offer a ‘one-stop shop’ for investors looking for diversified equity exposure to both listed and unlisted markets. Over the last 10 years, the trust has delivered annual NAV and share price total returns of 13.6% and 14.4% respectively from a range of both internally and third-party managed strategies. While there has been a prolonged equity bull market for more than a decade since the end of the global financial crisis, FCIT’s manager Paul Niven believes the current environment of easy monetary policy and economic growth is supportive of further share price upside. The trust’s annual dividend has increased for the last 48 consecutive years (current yield of 1.6%).

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F&C Investment Trust - New name, same tried-and-tested approach

F&C Investment Trust (FCIT) recently changed its name from Foreign & Colonial Investment Trust (FRCL). However, there is no change to the objective of generating long-term growth in capital and income, or the strategy of investing in listed and private companies across the globe, using both internal and external managers. While 2018 proved to be a tricky, more volatile period for investors than 2017, with a sharp correction in world markets in the last quarter of the year, FCIT modestly outperformed its FTSE All-World benchmark in both NAV and share price terms, helped by its private equity exposure. Manager Paul Niven acknowledges that the investment cycle is mature, but believes there is potential for further share price appreciation, as the US has adopted a more dovish stance towards monetary policy and equity valuations are now looking more attractive following the Q418 market sell-off.

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F&C Investment Trust - Overview

F&C Investment Trust (FCIT) is the world’s oldest investment trust. The 150-year-old behemoth is on course for its 48th consecutive year of dividend increases having paid a dividend every year since launch. Income is not the main focus for the manager, however, and it is positioned to deliver long-term growth in capital via an internationally-diversified portfolio. The portfolio is constructed with inputs from both BMO’s specialist teams and third-party managers and this includes investments in both listed and unlisted securities. The manager, Paul Niven, believes this combination of public and private companies is a key feature of the trust, which help reduce risk and limit the volatility of investment returns. The trust is well diversified across geographies and sectors and the board has not placed any specific geographic or industry sector exposure limits for the publicly listed equities. The largest geographical weighting is to North America (53.3%), followed by Europe ex UK (17.1%) and emerging markets (11%). In terms of listed equity sector exposure, financials make up close to a quarter of the exposure and consumer services (18.2%) and technology (18.1%) also make up considerable portions of the portfolio. Since taking over the trust in 2014, Paul has delivered decent NAV returns, outperforming the benchmark FTSE All World (69.4%) by c.6% and the IA Global sector (55.1%). That said, the trust has underperformed the Morningstar Global closed end peer group by 3%. Over the past two years the trust has seen the discount narrow considerably, to a point where the trust is currently trading on a slight premium (0.2%). Since the start of the year the discount/ premium has ranged between -5.7% and 1.4% and the oneyear average has been -1.6%, marginally narrower than the sector average of -2.5%.

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F&C Investment Trust - Still going strong after 150 years

Foreign & Colonial Investment Trust (FRCL) is the world’s oldest investment trust and has a distinguished dividend history. The fund is on course for its 48th consecutive year of dividend increases and an annual distribution has been paid in each of the 150 years since FRCL was launched in 1868. Paul Niven has managed the trust since 2014 and has continued to build on FRCL’s long-term record of outperformance versus its benchmark. Helped by another period of good relative performance in H118, the trust’s share price total return has now outperformed the FTSE All-World index total return over the last one, three, five and 10 years. Although equities have performed well in recent years, the manager believes there is potential for further upside, supported by corporate earnings growth.

View report


from F&C Investment Trust PLC
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0345 600 3030
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0800 136 420
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