F&CIT issues half year results and confirms focus on long term opportunities given economic uncertainty

by | Aug 3, 2023

F&C Investment Trust (the ‘Company’) has today released its half year results ended 30 June 2023. Part of Columbia Threadneedle Investments, F&C says that it continues to focus on longer-term opportunities under the continued economic uncertainty which prevails at the current time.

Financial headlines for the F&C IT include a Net Asset Value (‘NAV’) total return of +4.7%; behind the +7.5% return from the benchmark, the FTSE All-World Index. Also, F&C reports that the share price total return was -2.6%, in part due to a widening of the discount during the period.

F&CIT’s first interim dividend of 3.4 pence for 2023 was paid on 1 August. Over one year’s worth of dividends is held in the revenue reserve and the Board aims to increase the total dividend again this year.

The Chairman of F&CIT, Beatrice Hollond, said:

“The valuation excesses in markets overall appear relatively contained and it now seems likely that the United States may avoid a recession. Against this background, we continue to adopt a diversified approach and remain focused on the longer-term opportunities as they emerge.”

Fund Manager Paul Niven said:

Looking forward, while the unfolding economic environment remains uncertain we do expect performance within equities will broaden and relative value will be an important consideration for prospective returns. We have a relatively balanced approach within our portfolio between the cheaper, but more cyclically exposed areas of the market, and the higher growth, more expensive segments, which have exciting prospects but appear fully priced.

“A narrow market presents both opportunities and risks and we believe that a diversified approach will, in due course, provide better returns, with lower risk, for shareholders.”

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