Foreign & Colonial Investment Trust
Still going strong after 150 years
4 September 2018
F&C Investment Trust (FCIT) 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 FCIT was launched in 1868. Paul Niven has managed the trust since 2014 and has continued to build on FCIT’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. MORE »
Happy birthday, F&C Investment Trust
19 March 2018
Foreign & Colonial Investment Trust (FRCL) is the oldest investment trust and is celebrating its 150th anniversary. Dividends have been paid every year since the fund was launched and 2017 marked the 47th consecutive annual increase. The board has proposed a subtle change in the name of the trust to F&C Investment Trust and this will be voted on at the April 2018 AGM. FRCL offers investors a diversified ‘one-stop-shop’ for investment in both listed and unlisted global equities. The trust had a strong set of results in FY17, with most of its underlying strategies outperforming their respective benchmarks. In terms of NAV and share price total return, FRCL is outperforming its benchmark over one, three and five years (its share price is also outperforming over 10 years). MORE »
Happy birthday, F&C Investment Trust
19 March 2018
Foreign & Colonial Investment Trust (FRCL) is the oldest investment trust and is celebrating its 150th anniversary. Dividends have been paid every year since the fund was launched and 2017 marked the 47th consecutive annual increase. The board has proposed a subtle change in the name of the trust to F&C Investment Trust and this will be voted on at the April 2018 AGM. FRCL offers investors a diversified ‘one-stop-shop’ for investment in both listed and unlisted global equities. The trust had a strong set of results in FY17, with most of its underlying strategies outperforming their respective benchmarks. In terms of NAV and share price total return, FRCL is outperforming its benchmark over one, three and five years (its share price is also outperforming over 10 years). MORE »
Distinguished dividend history
4 September 2017
Foreign & Colonial Investment Trust (FRCL) is the world’s oldest investment fund, heading towards its 150th birthday. Since 2014, it has been managed by Paul Niven, aiming to generate long-term growth in capital and income from a very broad portfolio of primarily listed global equities, although c 7.5% is invested in private equity. The manager is benchmark aware, but takes active positions versus the index allocations. FRCL has a progressive dividend policy; the board has proposed another annual dividend increase for FY17, which will be the 47th consecutive year. The trust’s NAV has outperformed its benchmark over one, three and 10 years, while performing broadly in line over five years. MORE »
Broad exposure to capital and income growth
7 December 2016
Foreign & Colonial Investment Trust (FRCL) is the oldest collective investment fund in the world, dating back to 1868. Manager Paul Niven aims to generate long-term growth in capital and income by investing in a range of focused strategies run both by BMO Global Asset Management and external managers. The portfolio is diversified by geography, sector and style; the trust is overweight Europe ex-UK and emerging markets, and underweight North America. FRCL also invests in private equity. Gearing of up to 20% of net assets is permitted. FRCL has a progressive dividend policy; the annual dividend has increased in each of the last 45 consecutive years and, following the repayment of a longstanding debenture at the end of 2014, interest costs have declined meaningfully. MORE »
Global growth in capital and income
15 March 2016
Foreign & Colonial Investment Trust (FRCL) is a large, globally diversified fund investing directly and through funds in listed and private equity; external managers are used for some strategies. Performance in 2015 was strong and to the end of February 2016, NAV total returns were ahead of the benchmark over one, three, five and 10 years. A narrowing of the discount in 2015 added to share price total returns. The announced 2015 dividend of 9.6p represents the 45th consecutive annual increase. MORE »
Globally diversified and actively managed
20 August 2015
Foreign & Colonial Investment Trust (FRCL) is a large, globally diversified fund investing directly and through funds in listed and private equity using specialist sub-managers, aiming to achieve long-term growth in capital and income. Performance has improved over the last year while manager Paul Niven has completed the portfolio rebalancing started in 2013. NAV total returns are ahead of the benchmark and the global sector average over one, three, five and 10 years with a narrowing discount lifting total shareholder returns. The board has indicated a 45th consecutive annual dividend increase in 2015 to 9.6p giving a 2.2% prospective yield. MORE »
Active and diversified global exposure
10 March 2015
Foreign & Colonial Investment Trust (FRCL) has evolved over the past two years into a more globally diversified portfolio of listed equity, private equity and funds, managed with the aim of achieving long-term growth in capital and income. The trust has recently recorded its 44th consecutive annual dividend increase. Manager Paul Niven, who took charge in 2014, has continued the rebalancing begun by predecessor Jeremy Tigue, with significant reductions in the UK weighting and an increase in Europe, along with a bigger focus on finding income stocks outside the UK. Risk-adjusted performance is now the highest in the peer group over one and three years, and the discount has narrowed substantially in recent months. MORE »
A quiet evolution
12 March 2014
Foreign & Colonial Investment Trust (FRCL) is the oldest UK investment trust and one of the largest and most liquid, with a market capitalisation of £2.2bn and a largely retail investor base. Manager Jeremy Tigue, who has run the trust since 1997, will retire at the end of 2014 and management will pass to Paul Niven from 1 July. The trust seeks growth in both capital and income from a globally diversified portfolio, which is evolving to reflect the recently adopted FTSE All-World index benchmark, resulting in a significant reduction in UK holdings. MORE »
More global income
28 August 2013
Foreign & Colonial Investment Trust (FRCL) is one of the largest and most liquid investment trusts. It has a highly diversified portfolio (over 600 companies in 30 countries) and seeks both capital and income growth. Reflecting a strategy to increase global exposure, and to diversify income sources, two new global portfolios were created in January (an income and a funds portfolio) and the benchmark was changed to the FTSE All-World. The portfolio remains overweight the UK, a position the manager is happy to maintain near term. Recent performance is close to the benchmark. MORE »
