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F&C Investment Trust & Global Trusts. Put your trust. in our trust. We offer a smarter, simpler way to invest in a diverse range of company shares, creating a firm foundation on which to build your financial future. Learn more.
- About us
Founded in 1868 to bring the benefits of investing to a...
- Fund updates
The discrete annual performance table refers to 12 month...
- Insights & Media
Founded in 1868 to bring the benefits of creative and...
- Contact us
Our straightforward approach makes investment easy. Our...
- Sustainability & ESG
Measuring performance. Each year we report to our...
- F&C Lecture 2022
F&C Investment Trust Proudly Presents the 2022 Lecture Smart...
- Legal
Founded in 1868 to bring the benefits of creative and...
- About us
Benchmark return of -7.7%. Discount of 3.0% at end 2022 – narrowing from 7.3%. 8.4m shares purchased in buybacks. Net revenue return per share increased by 26.7% year on year to 13.92p, a new high.
Sep 14, 2022 · The latest rebalancing of the stocks in the FTSE 100 has seen the F&C Investment Trust become only the second conventional trust to reach the blue chip index.
- Overview
- Governance Report
- Company Overview
- Forward-looking statements
- Outlook
- Investment and business strategy
- Business model
- Alignment of values and culture
- Responsible Investment impact
- Managing risks and opportunities
- On page 32 we show how we employ our strategies to mitigate the principal risks associated with our:
- Fund Manager and management of the assets
- Marketing
- Shareholders
- Wealth managers and independent financial advisers
- Review
- Current Market Perspective
- Our approach
- Stewardship
- Private equity
- Ten Year Record (unaudited)
- Resilient, responsible and prosperous for over 150 years
- Principal
- Discount/Premium
- Directors
- Chairman’s statement
- Statement as to disclosure of information to the auditors
- Removal of Directors
- Directors’ interests and indemnification
- Safe custody of assets
- Depositary
- Diversity and tenure
- Role of the Committee
- Composition of the Committee
- Misappropriation of Assets
- Income Recognition
- Responsibilities
- Basis for opinion
- Independence
- Conclusions relating to going concern
- Tailoring the scope
- Climate change
- Valuation
- Ownership
- Valuation
- Direct Investment
- Ownership
- Key observations communicated to the Audit Committee
- Key audit matters
- Our application of materiality
- Other information
- Responsibilities of Directors
- Auditor’s responsibilities for the audit of the financial statements
- (v) Foreign currency
- (vi) Income
- (viii) Taxation
- (ix) Dividends payable
- (x) Capital Redemption Reserve
- (xi) Capital Reserves
- Capital reserve – arising on investments sold
- Capital reserve – arising on investments held
- (xii) Revenue reserve
- (xiii) Use of judgements, estimates and assumptions
- (a) Market risks
- 26. Financial Risk Management (continued)
- (c) Credit risk and counterparty exposure
- 28. AIFMD (unaudited)
- The Company’s maximum and actual leverage levels at 31 December 2021 are shown below:
- Meeting Location
- Key Information Document
- Net asset value and share price
- How to
- CHARGES
- HOW TO INVEST
- Performance Measures
Company Overview Financial Highlights Chairman’s Statement
Directors Chairman’s statement on corporate governance Applying the principles of the UK Code Directors’ Report Report of the Management Engagement Committee Report of the Nomination Committee Remuneration Report Report of the Audit Committee Statement of Directors’ Responsibilities Independent Auditor’s Report
F&C Investment Trust PLC (the ‘Company’ or ‘FCIT’) was founded in 1868 as the first investment trust with the purpose of providing the investor of more moderate means access to the same opportunities and advantages as the very largest investors. This purpose continues today, providing a foundation for the long-term investment needs of large and sma...
This document may contain forward-looking statements with respect to the financial condition, results of operations and business of the Company. Such statements involve risk and uncertainty because they relate to future events and circumstances that could cause actual results to differ materially from those expressed or implied by forward-looking s...
Geopolitical risks have risen markedly in recent weeks with the Russian invasion of Ukraine. Indeed, it has been shocking on a humanitarian level and raised significant concerns over President Putin’s future ambitions on a regional and global level. While direct linkages to major Western economies from Russia tend to be small, the impact of sanctio...
Our overriding strategic objective is to secure long-term growth in capital and income for our shareholders. Our investment strategy is therefore designed to produce outperformance and real rises in dividends over the longer term as reported on page 12. We do this by investing mainly in public and private equity markets, using borrowings to enhance...
As an investment trust company with no employees, we believe that the best way to achieve our objective is to have an effective and strong working relationship with our appointed manager, BMO Investment Business Limited (the ‘Manager’). Within policies set and overseen by the Board of Directors, our Manager has been given overall responsibility for...
In addition to strong investment performance from our Manager, we expect it to adhere to the very highest standards of Responsible Investment and that its values, culture, expectations and aspirations align with our own. As an original signatory to the United Nations Principles for Responsible Investment (‘UNPRI’), BMO GAM has achieved the maximum ...
Our environmental, social and governance principles are key elements of our Responsible Investment approach and are central to our objective to deliver sustainable investment performance over the long-term. We continue to innovate, review and challenge our approach to Responsible Investment, recognising our globally diversified strategy. As we con...
We seek to make effective use of our corporate structure and the investment opportunities that lead to long-term growth in capital and income for our shareholders. These opportunities do not come without risks and therefore the performance of our Manager is monitored at each Board meeting on a number of levels. In addition to managing the investmen...
Investment proposition and its promotion Investment performance Appointed Manager including the integration of BMO GAM's business with that of Columbia Threadneedle Service providers and systems security
As Fund Manager on behalf of our Manager, Paul Niven is responsible for developing and implementing the investment strategy with the Board and for the day to day management of the total portfolio, covering the entire range of individual investment portfolio strategies. His role covers tactical decisions over the allocation of assets between the dif...
The routes and access to stock markets have changed beyond all recognition since the Company first set out to provide investment opportunities to investors of more moderate means but, with the majority of the shares now in the hands of tens of thousands of retail investors, the Company continues to serve its purpose well. Reflecting changes in the ...
Albeit not in the traditional sense, we see our shareholders as customers who we hope will stay with us and reap the benefits of investing over the long-term. The Chairman and Senior Independent Director are always available to engage with shareholders. Access to the daily publication of our NAV and monthly factsheet is available from our website. ...
BMO GAM has a team dedicated to fostering good relations with wealth managers and independent financial advisers and keeping underlying investors informed, with the aim to promote the Company’s investment proposition and improve the share price. This team organises meetings with wealth managers and independent financial advisers as well as preparin...
“The Russian invasion of Ukraine is an historically significant event which is exerting a terrible toll on the Ukrainian people. Events are fast moving and causing significant volatility in markets and creating challenges to the fundamental outlook for the global economy.” Paul Niven, Fund Manager
The Russian invasion of Ukraine is an historically significant event which is exerting a terrible toll on the Ukrainian people. Events are fast moving and causing significant volatility in markets and creating challenges to the fundamental outlook for the global economy. As a result of concerns over supply disruptions and sanctions, commodity price...
Responsible Investment issues can present both opportunities and threats to the long-term investment performance we aim to deliver to our shareholders. We believe in the power of engaged, long-term ownership as a force for positive change. We have a manager that applies high standards of Responsible Investment in managing the investments on behalf ...
We and our Manager believe that companies with strong management focus on these areas have the potential to reduce risks facing their business and deliver sustainable performance over the longer-term. Investee company boards are expected to disclose to their shareholders that they are applying appropriate oversight on material issues such as labour...
Many aspects of our Responsible Investment activities and reporting focus on our listed equity investments. However, sustainability issues are equally significant in private markets. Whilst consistent data and metrics are a challenge, we believe that there are approaches that can be effective in identifying Responsible Investment risks and opportun...
All Company data are based on assets, liabilities, earnings and expenses as reported in accordance with the Company’s accounting policies and is unaudited but derived from the audited Accounts or specified third-party data providers.
We have set a target to transition our portfolio to net zero carbon emissions by 2050, at the latest. We have a strong record of taking advantage of investment opportunities that arise from market shocks and volatility. We have substantial headroom under our bank borrowing financial covenants which is rigidly monitored. We have a long-term investme...
policies The Board has overall responsibility for the Company’s principal policies, which support its investment and business strategies towards the attainment of long-term sustainable growth for our shareholders.
Over many years we have consistently applied a share “buyback” policy. Under this policy we buy back the Company’s shares in the market for the benefit of shareholders where we see value and, importantly, in pursuit of a sustainably low deviation between the share price and NAV per share and to dampen discount volatility, in normal market condition...
Member of the Audit Committee Member of the Nomination Committee All the Directors are members of the Management Engagement Committee. No Director has a shared directorship elsewhere with other Directors. Member of the Audit Committee Member of the Nomination Committee All the Directors are members of the Management Engagement Committee. No Dir...
on corporate governance Dear Shareholder, On the previous two pages you will find brief details of the Directors responsible for the governance of your Company, including mine as Chairman. Details are also available at fandcit.com. The Company invests in a wide range of companies and, as a Board, we believe that good governance creates value and ex...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
The Company uses the following Alternative Performance Measures ('APMs') throughout the annual report, financial statements and notes to the financial statements. The APMs are reconciled to the financial statements through the narrative detailed below. The Board believes that each of the APMs, which are typically used within the investment trust se...
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