London · Delayed Price · Currency is GBP · Price in GBX F&C Investment Trust Earnings Call Transcripts
Fiscal Year 2026
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Strong interim results with 12.8% shareholder return, increased emerging market exposure, and continued focus on growth assets. Dividend growth remains a priority, with the 56th consecutive rise planned for 2026. Risks from geopolitical tensions and market volatility are actively managed.
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The trust maintains a diversified, global equity and private equity portfolio, with strong long-term performance and a focus on value for money. While US tech valuations are elevated, fundamentals remain supportive, and AI is a key theme. Private equity lags listed markets, but mid-market opportunities offer value.
Fiscal Year 2024
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Delivered a 21% NAV return and 16.9% shareholder return for 2024, outpacing the benchmark and raising the dividend for the 54th consecutive year. Ongoing charges fell, buybacks supported NAV, and the outlook remains constructive despite geopolitical risks.
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NAV total return outperformed the benchmark at 13.2% for H1 2024, but shareholder return was 6.4% due to a wider discount. Listed equities outperformed despite underweighting US tech giants, while private equity lagged but showed progress in realizations. Dividend growth continues, supported by a strong revenue reserve.