Investment Trusts

Latest Kepler Trust Intelligence report on F&C Investment Trust

Kepler suggest FCIT’s current discount offers an attractive entry point, given that it has recently widened versus its historical level.
November 2020
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Risk Disclaimer 

Capital is at risk. The value of an investment is dependent on the supply and demand for the trust’s shares rather than its underlying assets. The value of the investment will not be the same as the value of the trust’s underlying assets.

Gearing is used for investment purposes to obtain, increase or reduce exposure to an asset, index or investment. The use of gearing can enhance returns to investors in a rising market, but if the market falls the losses may be greater.

The Trust offers a diversified way to access global equities, which Kepler suggest should come back into favour over the course of the current cycle.

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Topics covered in Kepler’s latest report include:

 

  • World’s oldest investment trust; launched in 1868, it now has net assets of £4.1bn.
  • Managed by Paul Niven since 2014 – he’s also the head of multi-asset investment (EMEA) at BMO GAM, having joined the firm in 1996.
  • Current discount offers an attractive entry point, given that it has recently widened versus its historical level.
  • Could provide the core of an equity portfolio for those seeking broad market exposure, or a one-stop shop for those looking to invest in a single fund.
  • One of The AIC’s ‘Dividend Heroes’, with a track record of 49 years of continuous dividend growth.
  • A top-down as well as bottom-up approach to portfolio allocation, as Paul leverages his multi-asset skillset to incorporate long-term views of macro themes and market dynamics.
  • ESG integration: Paul leverages BMO GAM’s responsible investment analysts to scrutinise the ESG procedures and voting policies of his external managers.

Risk Disclaimer 

Capital is at risk. The value of an investment is dependent on the supply and demand for the trust’s shares rather than its underlying assets. The value of the investment will not be the same as the value of the trust’s underlying assets.

Gearing is used for investment purposes to obtain, increase or reduce exposure to an asset, index or investment. The use of gearing can enhance returns to investors in a rising market, but if the market falls the losses may be greater.

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