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F&C Investment Trust (FCIT) offers investors a highly diversified, multi-manager approach to global equity investing. FCIT’s manager, Paul Niven, leverages both BMO’s own internal strategies as well as what he believes are best-in-class external managers, including a significant allocation to private equity. Paul’s role is not merely to select delegated managers, but also to modify overall exposures in accordance with his own views. Over the last 12 months Paul has made a number of changes to FC
Companies: F&C Investment Trust PLC GBP
Since the start of 2020 global equity markets have been on a pandemic-driven roller-coaster ride, with many phases of an economic cycle condensed into the last 19 months. Yet thanks to the effective roll-out of vaccines we are beginning to see the light at the end of the tunnel. As equity markets show signs of normalisation we take the opportunity to review the AIC’s Global sector, examining how its constituents performed over the four major periods of the pandemic and identifying which trusts,
Companies: FCIT ATST WTAN MNP KPC AGT MWY
Over the decades, investors’ ideas about how to build the perfect investment portfolio have evolved. Large independent pension fund investors have typically led the way, with consultants and smaller pension funds following, and then discretionary private client wealth managers followed by individual retail investors echoing trends as they trickle down. Markowitz is identified as the architect of modern portfolio theory and, to an extent, over time investors have been working with and adapting t
Companies: FCIT ICGT OCI NBPE TPOU
F&C Investment Trust (FCIT) offers investors a well-diversified equity strategy, combining multiple different listed investment strategies and private equity holdings into a single portfolio. Its ongoing allocation and stewardship is the responsibility of its portfolio manager, Paul Niven. FCIT is one of the more distinguished trusts within the AIC universe, as it is the oldest continually operating investment trust and has celebrated its 50th year of continuous dividend growth, having grown its
F&C Investment Trust (FCIT) aims to generate both capital and income growth from global equities, investing through delegated managers (both internal managers within BMO and external ones). FCIT is the oldest operating investment trust with over 150 years of history, and is currently run by Paul Niven, who also heads up multi-asset investment within BMO GAM (EMEA). The strategies within the FCIT Portfolio are divided into regional and global sectors. While many strategies are run in-house, other
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 a
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
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 outperfo
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
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
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 annua
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 o
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.
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 li
Research Tree provides access to ongoing research coverage, media content and regulatory news on F&C Investment Trust PLC GBP.
We currently have 61 research reports from 4
Companies: Emmerson Plc
Aviva’s Q1 22 trading update was slightly above our expectations although this remains very much tied to the top-line and profitability could be impacted as of H1. Do the operations really mean that much for the share price with high dividends as a back-up? The latter are expected to continue as the firm has stated that it will release capital above its 180% solvency ratio.
Companies: Aviva plc
Companies: Plus500 Ltd.
Duke has raised £20m in new equity capital, subject to shareholder approval, to fund their continued expansion. The new capital will also support the company's target of increasing their debt facility by a further £25m, and therefore providing a total of £45m of new capital to invest. The increasing scale and diversification of the portfolio is forecast to eventually increase free cash flow per share once full deployment has taken place and will allow Duke to seek a reduction in its debt facilit
Companies: Duke Royalty Limited
Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
MERC has announced a raise of £20m across its first Knowledge-Intensive and annual Enterprise Investment Scheme funds. The raise underpins our AuM growth expectations for the year and highlight future growth potential across both existing and new strategies within the fund management business. The significant valuation dislocation within the Group persists, with MERC’s current market cap of £143m (o/w ~36% cash) implying a significant discount to the balance sheet portfolio and ascribing no valu
Companies: Mercia Asset Management PLC
Dish of the day
No Joiners Today.
No leavers Today.
What’s cooking in the IPO kitchen?
EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more
Companies: XTR XLM VRS SUP ROCK SLE SEMP OHG HDD FIH
Dish of the day
No Joiners Today.
No Leavers Today.
What’s cooking in the IPO kitchen?
Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa intends to join the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021. Due 18th May 2022.
EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specifi
Companies: EEE FARN FCAP HZM JLP NSCI SRE
Companies: CLS Holdings plc
Companies: Civitas Social Housing Plc
Companies: Downing Strategic Micro-Cap Investment Trust PLC GBP
ADX Energy (ADX AU)C; Target price of A$0.060 per share: Flow rate at the top end of expectations at important appraisal well - The Anshof-3 well flowed ~75 bbl/d of light oil (and no water) on test from the Eocene reservoir. This has positive implications for production, reserves and the upside case. The flow rate was at the upper end of expectations (40-80 bbl/d). The well has not been acidized yet which could boost production rate b
Companies: TAL SNM XOM XOM TTE SEPL SHEL REP REP PAT OMV OMV HUR FAR ENI ENI EME EDR DELT DEC CEG AKRBP AKERBP ADX CE1 PEN PEN TETY TETY EGY VLE
Companies: H&T Group plc
Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril
The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020.
At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%.
Companies: VTA TRX SCE STX AVO ARBB PANR RECI PCA OCI IBT ICGT FAS FCSS FEV FJV FSV DNL CLIG BBGI
HgCapital Trust’s (HGT’s) sector expertise has allowed it to consistently deliver strong performance, with a 10-year NAV total return (TR) at 17.6% per year (with 30.9% over the last 12 months), materially above the FTSE All-Share of 7.2% per year and LPX Europe NAV Index of 11.5% per year. Importantly, this has largely been driven by top-line and earnings growth (90% of returns on HGT’s software and services holdings exited in 2001–2022 ytd) rather than multiple expansion, with five-year EBITDA
Companies: HGCapital Trust PLC