Today, F&C Investment Trust (FCIT) has reported its full year results for the year ended 31 December 2021. The financial highlights for the trust’s deliverables last year are as follows:
- FCIT’s share price at the year end was 926.0 pence. The share price total return was 19.4%, in line with the return of 19.5% from the benchmark, the FTSE All-World Index.
- FCIT’s Net Asset Value (‘NAV’) total return of 21.7%, with debt at market value, was ahead of the benchmark.
- The difference between the strong gains reflected in FCIT’s NAV total return and the share price total return was the effect of the discount widening over the year, from 5.4% to 7.3%.
- The Company has delivered a total shareholder return of 291.9% over the ten-year period to the end of 2021, equivalent to 14.6% per annum.
- The final dividend will be 3.8 pence per share, subject to shareholder approval, and will bring the total dividend for the year to 12.8 pence per share. This will be a 5.8% increase, the 51st consecutive annual increase, and ahead of the Consumer Price Index of 5.4% for the 12 months to 31 December 2021.
In its statement released today, FCIT reported the portfolio highlights as follows:
- Private equity holdings outperformed against listed market equivalents, with both our recent commitments and our older holdings producing strong gains.
- Portfolios of listed investments delivered strong absolute returns, led by North American equities.
- FCIT is committed to transition its portfolio to net zero carbon emissions by 2050, at the latest.
The Chairman, Beatrice Hollond, said:
“2021 was a good year for our shareholders, despite a very uncertain backdrop, and our objective remains firmly focused on the delivery of growth in both capital and income for shareholders over the long-term.”
Commenting on the markets, Paul Niven, Fund Manager said:
“The Russian invasion of Ukraine is a 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. The immediate impact of Ukraine, beyond the unfolding humanitarian crisis, is to dent an economic recovery that was underway as the impact of the omicron variant of Covid 19 receded. It will also raise inflation in the near-term via the direct impact on food and energy prices and by exacerbating supply shortages. Expectations for global growth have also been cut, with Europe particularly exposed and there is now some greater uncertainty with respect to the near-term outlook for central bank policy.”