Your guide to
Property offers the potential for capital growth and a regular income
and can help to diversify an existing equity portfolio. It is however a
more specialist asset and can be more risky.
Our investment trusts
Our range of 11 investment trusts have different aims and strategies
covering the UK and Europe as well as trusts with a global remit. We
also offer more specialist trusts investing in smaller companies, private
equity and property.
To help make things a little easier we’ve categorised our trusts by
where they invest in the world. We’ve also added some helpful icons to
help you identify what each trust can offer as part of your investment
portfolio.
Global Trusts
UK and European Trust
Property Trusts
F&C cannot give advice on the suitability of investing in our investment trusts or savings plans. If you have any doubt as to the
suitability of an investment please contact a financial adviser. The value of investments can go down as well as up and you may not
get back your original investment.
Growth trusts - these trusts
offer the potential for capital
returns and may appeal to
those investors looking for their
investment to grow over time.
Income trusts - these trusts
aim to provide the potential for
a regular income normally in the
form of dividends, often paid
quarterly. Some of our trusts offer
the possibility of growth as well as
a regular income.
Specialist trusts - these trusts
invest in a specific type of
investment or sector for example
property, private equity or smaller
companies. Their more targeted
investment approach can provide
the potential for strong growth,
however this can come with a
greater level of risk. These trusts
can act as a complement to a
broader investment portfolio.
Core trusts - these trusts invest
in a wide range of companies
across different asset classes,
markets and sectors. This level
of diversification helps to reduce
risk. Their broad approach can
make them appealing as the
base of your investment portfolio
to which you can add more
specialist trusts.
The UK and Europe offer a wealth of investment opportunities and our
trusts provide access to large blue chip companies through to some
smaller companies positioned for future growth.
Our global investment trusts draw on the best ideas across the globe.
A global trust can form the foundation of your investment portfolio to
which you can add more targeted investment strategies that only invest
in one market or asset class.
F&C investment trusts at a glance
Please refer to page 15 for a full explanation of the risks of investing in the trusts. The following pages provide detailed information on our
investment trusts’ portfolio holdings and performance. The most up to date information on our investment trusts can be obtained from our website
fandc.co.uk
Trust
Growth
Income
Core
Specialist
Emerging
Markets
Foreign
currency
Invests in
unlisted
funds
Property
Payments
from
capital
Smaller
companies
UK and European
European Assets
F&C Capital
and Income
ICG Enterprise Trust
Investors Capital
Global
F&C Global Smaller
Companies
F&C Managed
Portfolio
F&C Private Equity
Foreign & Colonial
Investment
Property
F&C Commercial
Property
F&C UK Real Estate
Investments Limited
TR Property Trust
Key attractions:
This equity based trust invests in small and medium-sized companies listed on the
stock exchanges in Europe excluding the UK. Recent economic issues in the Eurozone
mean that disciplined investors can take advantage of attractive prices to achieve good
long-term returns. The fund manager, Sam Cosh aims to uncover under-researched
companies that the wider investment community has overlooked, which offer the
potential for significant growth. The manager only invests in companies that he believes
can truly deliver, not because they are a large part of a benchmark or index.
The trust offers the attractive potential for capital growth and income and over the past
five years has outperformed the benchmark index.
Highlights:
Growth potential offered by small and medium company focus
Under-researched market provides wealth of stock picking opportunities
Attractive income of 6.0% p.a. of net assets
European Assets Trust NV
(as at 29 Feb 2016)
UK and European Trust
Investment objective:
To achieve growth of capital through
investment in quoted small and
medium-sized companies in Europe,
excluding the UK. A high distribution
policy has been adopted and dividends
have been paid from a mix of income
and capital reserves.
This trust could be appealing for
investors seeking:
Growth
Income
Specialist
Key facts:
Trust aims: To achieve growth of capital through investment in quoted small and medium-sized companies in Europe, excluding the United Kingdom. A high distribution policy has been adopted and dividends are paid from a mix of income and capital reserves.
Trust highlights: Diversified portfolio of small to mid-cap growth businesses across Continental Europe. This area of the market is less well researched, allowing value to be added from stock selection.
Benchmark: Euromoney Smaller European Companies (ex UK) Index†
Fund type: Investment Trust
Launch date: 1972
Total assets: £343.8 million
Share price: 1030.00p
NAV £2: 1040.84p
NAV €2: 13.35
Discount/premium(-/+): -1.04%
Dividend payment dates: Jan, May, Aug
Projected yield††: 5.74%
Net gearing/Net cash*: 1.16%/0%
Management fee rate**: 0.80%
Ongoing charges**: 1.41%
Year end: 31 December
Sector: European Smaller Companies
Currency: Euros
Website: www.europeanassets.eu
†Formerly known as HSBC Europe (ex UK) Smaller Companies
Index.
††The projected yield is calculated using the actual dividends
declared for the company’s current financial year and the closing share price and exchange rate as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing.
**Ongoing charges calculated in accordance with AIC recommendations, and management fee rate as at the end of December 2015.
3
Fund performance
Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. Fund charges may be applied in whole or in part to capital, which may result in capital erosion. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 1 The date the current investment strategy was adopted by the fund. 2 See page 15 for a definition of NAV.
Top ten holdings (%)
Irish Continental Group 3.8
Amer Sports OYJ 3.7
Gerresheimer 3.7
Cerved Information Solutions 3.6
Plastic Omnium 3.5 Origin Enterprises 3.5 Glanbia 3.5 Forbo Holding 3.4 Grafton Group 3.2 CTT Correios de Portugal 2.9
Cumulative performance (%)
1 Month YTD 1 Year 3 Years 5 Years
NAV2 -0.52 -5.01 5.75 45.87 90.10
Share price -0.77 -6.55 4.16 48.84 116.18
Benchmark 1.38 -3.18 4.58 32.42 34.11
Discrete annual performance (%)
2016/2015 2015/2014 2014/2013 2013/2012 2012/2011
NAV2 5.75 10.09 25.30 31.09 -0.59
Share price 4.16 12.42 27.12 47.48 -1.51
Benchmark 4.58 -0.45 27.19 18.30 -14.39
1 year 3 years 5 years
0 20 40 60 80 100 120 % NAV Share price Benchmark
Sector breakdown (%)
Industrials 26.0 Financials 25.3 Consumer Goods 22.2 Consumer Services 14.9 Health Care 5.8 Basic Materials 3.2 Technology 2.6Key attractions:
This equity focused trust invests in companies listed on the FTSE All-Share Index^,
predominantly in large well known UK blue chip companies. The trust has some holdings
in smaller UK companies and quality blue chip European companies. The trust aims to
provide investors with long-term capital growth and a regular and growing income that
can be paid quarterly.
Highlights:
Dividends increased annually since launch in 1992, paid quarterly and grown
significantly faster than inflation
Diversified portfolio focusing on well-established UK companies
Targets long-term capital and income growth
Investment objective:
To generate long-term capital and
income growth from a portfolio
consisting mainly of FTSE All-Share
Index^ companies.
This trust could be appealing for
investors seeking:
Growth
Income
Core
Key facts:
Trust aims: To generate long-term capital and income growth from a portfolio consisting mainly of FTSE All-Share companies.
Trust highlights: Dividends increased annually since launch in 1992, paid quarterly and grown significantly faster than inflation. Diversified portfolio focusing on well-established UK companies. Targets long-term capital and income growth.
Benchmark: FTSE All-Share Index
Fund type: Investment Trust
Launch date: 1992
Total assets: £263.3m
Share price: 245.00p
NAV2: 249.42p
Discount/Premium(-/+): -1.77%
Dividend payment dates: Mar, Jun, Sep, Dec
Net dividend yield†: 4.10%
Net gearing/Net cash*: 10%/0%
Management fee rate**: 0.40%
Ongoing charges**: 0.64%
Year end: 30 September
Sector: UK Equity Income
Currency: Sterling
Website: www.fandccit.com
**Ongoing charges calculated in accord ance with AIC recommendations.
†The yield is calculated on an historic basis using the actual
dividends paid during the last twelve months and the closing share price as at the end of the relevant month.
*Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing.
**Ongoing charges and management fee rate as at the end of 30 September 2015 and calculated in accordance with AIC recommendations.
F&C Capital and Income Investment Trust plc
(as at 29 February 2016)
4
Fund performance
Source: Datastream, Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. A fund investing in a specific country carries a greater risk than a fund diversified across a range of countries. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for a definition of NAV.
Top ten holdings (%)
HSBC 4.5
GlaxoSmithKline 4.4
Royal Dutch Shell 3.4
Diageo 3.2
Unilever 3.2
Lloyds 2.9
British American Tobacco 2.7
WPP 2.7 AstraZeneca 2.6 BAE Systems 2.5
Sector breakdown (%)
Financials 28.1 Consumer Services 17.4 Industrials 15.7 Consumer Goods 14.1 Healthcare 7.0Oil and Gas 5.8
Telecommunications 3.3
Basic Materials 3.0
Technology 2.9
Utilities 2.8
Cumulative performance (%)
1 Month Year to date 1 Year 3 Years 5 Years
NAV2 0.72 -2.52 -2.06 14.42 37.00
Share price -0.64 -6.20 -5.94 14.17 32.54
Benchmark 0.80 -2.30 -7.32 10.83 28.35
Discrete annual performance (%)
2016 2015 2014 2013 2012
NAV2 -2.06 3.66 12.70 16.07 3.16
Share price -5.94 4.69 15.95 14.38 1.49
Benchmark -7.32 5.56 13.29 14.06 1.53
UK and European Trust
-10 -5 0 5 10 15 20 25 30 35 40 % NAV Share price Benchmark
1 year 3 years 5 years
5
ICG Enterprise Trust plc (formerly Graphite
Enterprise Trust)
‘Ordinary’ shares (as at 31 July 2015)
UK and European Trust
Key attractions:
ICG Enterprise Trust plc is an investment trust listed on the London Stock Exchange with
a diversified portfolio of private equity assets.
The Company was listed in 1981 and has invested exclusively in private equity and was
managed by Graphite Capital until January 2016 when the same management team moved
with the Trust to ICG plc, a specialist asset manager of private debt, credit and equity.
The Trust has been investing in private equity for more than 30 years. It applies the
skills and disciplines of direct investment in unquoted companies to the selection and
management of its portfolio of funds.
ICG Enterprise Trust provides investors with a diverse portfolio of mature, profitable
private companies across established European private equity markets where the
success of individual investments can have a noticeable impact on overall performance.
Highlights:
Access to investments by top European private equity managers
Offers the potential for long-term capital growth
ICG Enterprise is a highly experienced investor in unquoted assets
Diversified portfolio of mature, profitable companies
Investment objective:
To provide shareholders with long-term
capital growth through investment in
unquoted companies mostly through
specialist private equity funds but also
directly.
This trust could be appealing for
investors seeking:
Growth
Specialist
Key facts:
Trust aims: To provide shareholders with long term capital growth through investment in unquoted companies both through private equity funds and directly.
Trust highlights: Provides access to a diverse portfolio of mature companies in established European private equity markets with nearly 400 underlying companies in the portfolio.
Benchmark: FTSE All-Share Index
Fund type: Investment Trust
Launch date: 1981
Total equity: £506 million
Share price: 584.0p1
NAV2: 700.3p
Discount/Premium(-/+): -16.6%1
Dividend payment dates: June
Net dividend yield†: 2.7%
Management fee rate*: 1.50%/0.50%
Ongoing charges**: 1.8%
Year end: 31 January
Sector: Private Equity
Currency: Sterling
Website: www.icg-enterprise.co.uk 1At close of 01.10.15. Discount is to the NAV per share at
31.07.15.
†The yield is calculated on an historic basis using the actual
dividends paid during the company’s last financial year and the closing share price as at the end of the relevant month. *1.50% of invested assets plus 0.50% of commitments (in both cases excluding ICG Enterprise Trust).
**Ongoing charges and management fee information as at end of July 2015.
Fund performance
Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market and currency movements may cause the values to fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments.This fund invests in unlisted securities and their potential volatility may increase the risk to the value of, and the income, from the investment. If markets fall, gearing can magnify the negative impact on performance. 2 See page 15 for definition of NAV.
Cumulative performance (%)
1 Month Year to date 1 Year 3 Years 5 Years
NAV2 - 3.0 5.1 27.7 59.0
Share price 1.0 5.4 4.3 63.0 129.7
Benchmark 2.4 2.8 5.4 38.3 59.6
Top ten holdings (%)
Micheldever Tyre Services 5.6 City & County Healthcare Group 3.4
ICR Group 3.2
Education Personnel 2.7
Human Capital Investment Group 2.1
Skillsoft 2.1
Spheros 1.9
Standard Brands 1.7
David Lloyd Leisure 1.7
U-POL 1.6
Sector breakdown (%)
Business services 21.2
Industrials 18.4
Healthcare and education 14.2 Consumer goods and services 13.5
Leisure 9.1
Financials 8.6
Automotive supplies 8.1
Technology and telecommunications 3.5
Media 2.2
Chemicals 1.2
Discrete annual performance (%)
2015/2014 2014/2013 2013/2012 2012/2011 2011/2010 NAV2 5.1 2.1 19.0 0.4 24.0 Share price 4.3 21.8 28.3 -0.5 41.6 Benchmark 5.4 5.6 24.3 0.4 14.9 -10 10 30 50 70 90 110 130
Year to date 3 years 5 years
NAV Share price Benchmark
%
6
Investors Capital Trust plc
A Shares (as at 29 February 2016)
UK and European Trust
Key attractions:
Investors Capital aims to provide shareholders with an attractive level of income together
with the opportunity for capital growth. The majority of the trust’s assets are invested in
an equities portfolio comprising large and mid size UK companies.
The trust has two classes of share – A shares and B shares – which pay the same
level of quarterly cash distributions. The cash distributions on the A share are paid
as dividends while those on the B shares are paid by way of capital distributions and
therefore taxed under capital gains tax (CGT) rules, which can provide tax benefits to
certain types of investors. Each unit consists of three A shares and one B share.
Highlights:
Offers potential for long-time capital growth and/or an attractive income
Predominantly equity based portfolio with a small proportion in bonds
Innovative trust structure allows investors to take income from dividends or from
capital returns
Focuses on UK large and mid-sized companies
Investment objective:
To provide an attractive return to
shareholders each year in the form
of dividends and/or capital returns,
together with prospects for capital
growth. The trust’s portfolio is managed
in two parts. The first part comprises
investments in UK equities and
equity-related securities of large and
mid-sized companies (the equities portfolio)
and the second part comprises
investments in fixed interest and other
higher yielding stocks and securities
(the higher yielding portfolio).
This trust could be appealing for
investors seeking:
Growth
Income
Core
Key facts:
Trust aims: To provide an attractive return to shareholders each year in the form of dividends and/or capital returns, together with prospects for capital growth. The Company’s portfolio is managed in two parts. The first part comprises investments in UK equities and equity related securities of large and mid-sized companies (the Equities portfolio) and the second part comprises investments in fixed interest and other higher yielding stocks and securities (the Higher Yielding Portfolio).
Benchmark: FTSE All-Share Capped 5% Index
Fund type: Investment Trust
Launch date: 1 March 2007
Total assets: £134.8 million
Share price: 85.50p
NAV2: 95.28p
Discount/Premium(-/+): -10.3%
Dividend payment dates: Feb, May, Aug, Nov
Net dividend yield†: 5.35%
Net gearing/Net cash*: 8.75%/0%
Management fee rate**: 0.75%
Ongoing charges**: 1.05%
Year end: 31 March
Sector: UK Equity & Bond Income
Currency: Sterling
Website: www.investorscapital.co.uk
†The yield is calculated using the actual dividends declared for the
company’s current financial year and the closing share price and exchange rate as at the end of the relevant month.
*Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing.
**Ongoing charges and management fee as at the end of 31 March 2015. Please refer to the latest annual report as to how the fee is structured.
Fund performance
Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. A fund investing in a specific country carries a greater risk than a fund diversified across a range of countries. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.
Top ten equities holdings (%)
British American Tobacco 6.11
HSBC Holdings 5.24
GlaxoSmithKline 5.21
BT Group 4.10
Royal Dutch Shell 3.83
Vodafone Group 3.21 Astrazeneca 2.99 Diageo 2.98 Compass Group 2.97 BP 2.85
Portfolio breakdown (%)
FTSE 100 67.28 FTSE 250 16.65 Fixed Interest 10.13 Cash 5.94Cumulative performance (%)
1 Month Year to date 1 Year 3 Years 5 Years
NAV2 0.38 -1.67 -6.08 13.58 39.47
Share price -0.58 -5.87 -6.43 10.79 34.65
Benchmark 0.80 -2.30 -7.13 11.87 30.21
Discrete annual performance (%)
2016/2015 2015/2014 2014/2013 2013/2012 2012/2011
NAV2 -6.08 5.33 14.81 16.67 5.25
Share price -6.43 4.79 12.99 12.99 7.57
Benchmark -7.13 5.79 13.86 14.45 1.70
Year to date 3 years 5 years
NAV Share price Benchmark % 1 year -10 -5 0 5 10 15 20 25 30 35 40
7
Global Trust
Key attractions:
This trust invests in smaller companies listed on global equity markets. Fund manager
Peter Ewins and the smaller company investment team aim to identify those companies
whose value has been overlooked by the wider market. Smaller companies typically
grow faster than more mature larger companies and are often under researched
companies offering the opportunity to invest in what could be tomorrow’s leading
companies at an early stage.
The trust provides exposure to the UK, US and Europe via investment directly in shares.
Exposure to Japan, Latin American and wider emerging markets is achieved through
investment in third party funds.
The primary focus of the trust is delivering capital growth and the trust has strongly
outperformed its benchmark index over the last five years. The trust has also benefitted
from a dividend that has risen 44 years in a row.
Highlights:
Focuses on identifying undervalued companies with strong growth potential
Can complement an existing core holding
Broad exposure to global regions can help to reduce risk and offers the scope for
added value through geographic asset allocation moves
Dividend has risen every year for 44 years
Investment objective:
To secure a high total return by
investing in smaller companies
worldwide.
This trust could be appealing for
investors seeking:
Growth
Specialist
Key facts:
Trust aims: To secure a high total return by invest ing in smaller companies worldwide.
Trust highlights: The largest specialist global smaller companies investment trust. Greater inherent growth potential in smaller companies. Strong dedicated small company investment team. The dividend has risen in each of the last 45 years.
Benchmark: 30% Numis UK Smaller Companies (ex investment companies) Index / 70% MSCI All Country World ex UK Small Cap Index
Fund type: Investment Trust
Launch date: 1889
Total assets: £565.0m
Share price: 921.00p
NAV2 (diluted): 951.93p
Discount/Premium(-/+): -3.25%
Dividend payment dates: Aug, Jan
Net dividend yield†: 1.07%
Net gearing/Net cash*: 5.53%
Management fee rate**: 0.40%
Ongoing charges**: 0.79%
Year end: 30 April
Sector: Global
Currency: Sterling
Website: www.fandcglobalsmallers.com †The yield is calculated on an historic basis using the actual
dividends paid during the company’s last financial year and the closing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing.
**Ongoing charges and management fee information calculated in accordance with AIC recommendations as at end of 30 April 2015, and excludes performance fees.
Fund performance
Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Where investments are made in emerging markets, or smaller companies, their potential volatility may increase the risk to the value of, and the income from the investment. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.
Top ten holdings (%)
Eastspring Investments Japan Smaller Companies 3.7 Aberdeen Global Japanese Smaller Companies 3.7 Scottish Oriental Smaller Cos Inv Trust 2.7 Manulife Global Asian Smaller Companies 2.2 Aberdeen Global Asian Smaller Companies 1.8 Utilico Emerging Markets 1.6
Alleghany 1.1
Wellcare Health Plans 1.0
Sterling Bancorp 1.0 LKQ 1.0
Geographical breakdown (%)
North America 41.6 UK 28.1 Continental Europe 11.9 Rest of World 9.3 Japan 7.4Cash & Fixed Interest 1.7
Cumulative performance (%)
1 Month Year to date 1 Year 3 Years 5 Years NAV2 (diluted) 0.8 -3.1 1.7 31.8 70.7
Share price -0.5 -7.2 -2.7 25.9 68.5
Benchmark 1.8 -2.8 -2.0 25.3 49.4
Discrete annual performance (%)
2016 2015 2014 2013 2012
NAV2 (diluted) 1.7 12.3 15.4 25.7 3.1
Share price -2.7 12.5 15.1 29.2 3.6
Benchmark -2.0 8.2 18.1 18.7 0.4
F&C Global Smaller Companies plc
(as at 29 February 2016)
Year to date 1 year 3 years 5 years
-10 0 10 20 30 40 50 60 70 80 % NAV Share price Benchmark
8
Global Trust
Key attractions:
This trust invests in other investment companies offering investors a globally diversified
investment. The trust has two portfolios; an Income Portfolio and a Growth Portfolio.
The Growth Portfolio aims to provide long-term capital returns. Its investments in
investment companies provide good levels of diversification by underlying management
style, geography, sector and company. Both portfolios work in tandem to enhance the
other’s potential. Any net income generated by the Growth Portfolio is transferred to the
Income Portfolio in exchange for a capital contribution of the same amount in the other
direction. This benefits the income prospects for income shareholders and the capital
growth prospects for growth shareholders.
Highlights:
Broadly diversified portfolio across investment companies and thereby the underlying
stocks they invest in
One-stop access to an expertly managed ready made portfolio of investment trusts
Potential for long-term capital returns
Investment objective:
The objective for the Growth Portfolio
is to provide growth shareholders
with capital growth from a diversified
portfolio of investment companies. The
Growth Portfolio invests in a diversified
portfolio of at least 25 investment
companies that have underlying
investment exposures across a range
of geographic regions and sectors
and the focus of which is to maximise
total returns principally through capital
growth.
This trust could be appealing for
investors seeking:
Growth
Core
Key facts:
Trust aims: The objective for the Growth Portfolio is to provide growth shareholders with capital growth from a diversified portfolio of investment companies. The Growth Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of geographic regions and sectors and the focus of which is to maximise total returns, principally through capital growth.
Benchmark: FTSE All-Share Index
Fund type: Investment Trust
Launch date: April 2008
Total assets – portfolio: £47.8 million
Total assets – company: £94.6 million
Share price: 142.50p
NAV2: 141.59p
Discount/Premium(-/+): 0.64%
Net gearing/Net cash*: 0.0%/5.6%
Management fee rate**: 0.65%
Total expenses ratio**: 1.15%
Year end: 31 May
Sector: Global
Currency: Sterling
*Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for defnition of gearing.
**Total expenses and management fee information as at the end of May 2015.
Fund performance
Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.
Top ten holdings (%)
Perpetual Income & Growth Investment Trust 4.1 Jupiter European Opportunities Trust 3.5
Diverse Income Trust 3.2
TR Property Investment Trust 3.0 Lowland Investment Company 3.0 Finsbury Growth & Income Trust 2.9 Henderson European Focus Trust 2.8 Polar Capital Technology Trust 2.7 Mid Wynd International Investment Trust 2.7
Personal Assets Trust 2.6
Geographical breakdown (%)
UK 38.0
North America 20.0
Europe 17.0
Cash 10.0
Far East & Pacific 5.0
Japan 4.0 Fixed Interest 2.0 South America 1.0 Africa 1.0 China 1.0 Other 1.0
Cumulative performance (%)
1 Month Year to date 1 Year 3 Years 5 Years
NAV2 -0.6 -6.7 -3.9 18.9 38.0
Share price -0.3 -6.3 -4.7 21.8 37.0
Benchmark 0.8 -2.3 -7.3 10.8 28.4
Discrete annual performance (%)
2016/2015 2015/2014 2014/2013 2013/2012 2012/2011
NAV2 -3.9 4.9 17.9 17.6 -1.2
Share price -4.7 7.0 19.4 17.0 -3.9
Benchmark -7.3 5.6 13.3 14.1 1.5
F&C Managed Portfolio Trust plc – Growth
(as at 29 February 2016)
Year to date 3 years 5 years
% 1 year NAV Share price Benchmark -10 -5 0 5 10 15 20 25 30 35 40
9
Global Trust
Key attractions:
This trust invests in other investment companies offering investors a globally diversified
investment. The trust has two portfolios; an Income Portfolio and a Growth Portfolio.
The Income Portfolio aims to provide an attractive level of income paid quarterly with
the potential for income and capital growth. Its investments in investment companies
provide good levels of diversification by underlying management style, geography,
sector and company. Both portfolios work in tandem to enhance the other’s potential.
Any net income generated by the Growth Portfolio is transferred to the Income Portfolio
in exchange for a capital contribution of the same amount in the other direction. This
benefits the income prospects for income shareholders and the capital growth prospects
for growth shareholders.
Highlights:
Broadly diversified portfolio across investment companies and thereby the underlying
stocks they invest in
One-stop access to an expertly managed ready made portfolio of investment trusts
Investment objective:
Income Portfolio:
The objective
for the Income Portfolio is to provide
income shareholders with an attractive
level of income, with the potential
for income and capital growth from
a diversified portfolio of investment
companies. The Income Portfolio
invests in a diversified portfolio of at
least 25 investment companies that
have underlying investment exposures
across a range of geographic regions
and sectors that focus on offering an
income yield above that of the FTSE
All-Share Index^.
This trust could be appealing for
investors seeking:
Income
Core
Key facts:
Trust aims: The objective for the Income Portfolio is to provide income shareholders with an attractive level of income, with the potential for income and capital growth from a diversified portfolio of investment companies. The Income Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of geographic regions and sectors and that focus on offering an income yield above that of the FTSE All-Share Index^.
Benchmark: FTSE All-Share Index^
Fund type: Investment Trust
Launch date: April 2008
Total assets – portfolio: £46.8 million
Total assets – company: £94.6 million
Share price: 110.75p
NAV2: 110.73p
Discount/Premium(-/+): 0.02%
Dividend payment dates: Jan, Apr, Jul, Oct
Net dividend yield†: 4.5%
Net gearing/Net cash*: 0.0%/3.6%
Management fee rate**: 0.65%
Total expenses ratio**: 1.16%
Year end: 31 May
Sector: Global Equity Income
Currency: Sterling
†The yield is calculated on an historic basis using the actual
dividends paid during the company’s last financial year and the closing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing.
**Total expenses and management fee information as at the end of May 2015.
Fund performance
Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance.The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.
Top ten holdings (%)
Perpetual Income & Growth Investment Trust 4.5
European Assets Trust 3.5
Law Debenture Corporation 3.3 City of London Investment Trust 3.3 Troy Income & Growth Trust 3.2 Schroder Real Estate Investment Trust 3.1 Lowland Investment Company 3.0 Edinburgh Investment Trust 2.9 Investco Perpetual UK Smaller Companies
Investment Trust 2.8 Majedie Investments 2.8
Geographical breakdown (%)
UK 47.0 North America 12.0 Europe 11.0 Cash 9.0Far East & Pacific 9.0
Fixed Interest 7.0
Japan 3.0
South America 1.0
China 1.0
Cumulative performance (%)
1 Month Year to date 1 Year 3 Years 5 Years
NAV2 -0.3 -5.0 -6.1 11.4 39.8
Share price -1.6 -6.5 -8.0 13.5 33.2
Benchmark 0.8 -2.3 -7.3 10.8 28.4
Discrete annual performance (%)
2016/2015 2015/2014 2014/2013 2013/2012 2012/2011
NAV2 -6.1 7.4 10.4 19.8 4.8
Share price -8.0 8.7 13.6 18.7 -1.1
Benchmark -7.3 5.6 13.3 14.1 1.5
F&C Managed Portfolio Trust plc – Income
(as at 29 February 2016)
Year to date 3 years 5 years
% 1 year NAV Share price Benchmark -10 -5 0 5 10 15 20 25 30 35 40
10
Global Trust
Key attractions:
This trust provides investors with the opportunity to access private equity investment.
This specialist investment can complement a more broadly based investment strategy
offering the opportunity for strong returns.
The trust invests in specialist private equity funds and individual companies across the
globe, but with a bias to UK and European assets. To help manage risk the trust is
broadly diversified across strategies and geographies.
The manager Hamish Mair looks to identify those funds and companies with an ability to
make excellent returns over the medium to long term.
Highlights:
Potential for strong returns relative to traditional equity investment
Tap into up and coming funds and companies
Access to a well diversified portfolio
Route to alternative assets not typically available to private investors
Managed by a well established, and experienced asset manager
Attractive income potential
Investment objective:
To achieve long-term capital growth
through investment in private equity
assets, whilst providing shareholders
with a predictable and above average
level of dividend funded from a
combination of the trust’s revenue and
realised capital profits.
This trust could be appealing for
investors seeking:
Growth
Income
Specialist
Key facts:
Trust aims: The Ordinary shares’ objective is to achieve long-term capital growth through investment in private equity assets.
Trust highlights: Anticipated superior returns relative to the quoted markets. Access to a well diversified portfolio. Manager’s understanding and access to ‘up and coming’ funds.
Fund type: Investment Trust
Launch date1: 2001
Total assets: £242 million
Share price: 227p
NAV2 (diluted) – per IFRS: 298.47p
Discount/Premium(-/+): -23.9%
Dividend payment dates: May, Nov
Net dividend yield†: 5%
Net gearing/Net cash*: 4.3%
Management fee rate**: 0.9%
Ongoing charges***: 1.39%
Year end: 31 December
Sector: Private Equity
Currency: Sterling
Website: www.fcpet.co.uk
1The Ordinary Shares of F&C Private Equity Trust were created as
a share class in 2001.
†The yield is calculated using the actual dividends declared for the
Company’s current financial year and the closing share price and exchange rate as at the end of the relevant month. *Borrowings/shareholders’ funds. See page 15 for definition of gearing.
**Management fee information as at end of December 2014 and expressed as a percentage of average shareholders funds. ***Ongoing charges calculated in accordance with AIC recommendations.
Fund performance
Source: Datastream and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. The fund may invest in hedge funds or private equity funds which are not normally available to individual investors, exposing the fund to the performance, liquidity and valuation issues of these funds. Such funds typically have high minimum investment levels and may restrict or suspend redemptions or repayment to investors. The asset value of these shares and its prospects may be more difficult to assess. If markets fall, gearing can magnify the negative impact on performance. 2 See page 15 for definition of NAV.
Top ten holdings (%)
SEP III 6.8
Stirling Square Capital Partners II 3.5
TDR Capital II 3.1
Inflexion 2010 Fund 3.0
Argan Capital 2.8
Inflexion 2012 Co-Investment Fund 2.8 August Equity Partners II 2.6
Park Holidays UK 2.5
N+1 Private Equity Fund II 2.5
RJD Partners ll 2.2
Geographical breakdown (%)
UK 47.8 Europe 34.5 US 13.6 Global 3.0 Emerging 1.1Cumulative performance (%)
1 Month Year to date 1 Year 3 Years 5 Years
NAV2 N/A 9.6 15.6 33.5 61.9
Share price 3.4 6.7 9.6 58.9 116.5
Standardised annual performance (%)
2015/2014 2014/2013 2013/2012 2012/2011 2011/2010
NAV2 15.6 5.7 9.3 4.5 16.0
Share price 9.6 9.6 32.3 4.9 29.9
F&C Private Equity Trust plc
Ordinary shares (as at 30 Sept 2015)
%
NAV2 total return Share price total return
-20 0 20 40 60 80 100 120
-
-
%Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15
Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15
120
100
80
60
40
20
0
-20
11
Global Trust
Key attractions:
Our flagship investment trust was launched back in 1868 and was the first ever
investment trust. Now one of the largest and most reputable trusts in the UK, the Foreign
& Colonial Investment Trust has continued to deliver solid long-term performance.
Managed by Paul Niven, this equity trust is broadly diversified and cautiously managed
with exposure to around 500 individual companies across the globe. This level of
diversification helps to reduce the overall risk a single stock’s poor performance has on
the performance of the portfolio.
The trust has appointed specialist fund management companies to manage the US large
cap and private equity portfolios meaning you benefit from the expert market knowledge
and experience of more than one management company in a single fund.
The trust’s primary focus is to provide long-term growth of capital and income. The
trust has increased its dividend every year for the past 44 years with plans for a 45th
consecutive annual increase.
Highlights:
Heritage – the first ever investment trust, launched in 1868
Solid long-term performance
Exposure to global markets including Europe, US, Japan and Emerging Markets
Quarterly dividend payments and reassurance that the Trust has a proven strategy for
dividend growth
Investment objective:
To secure long-term growth in capital
and income from an international
investment portfolio.
This trust could be appealing for
investors seeking:
Growth
Income
Core
Key facts:
Trust aims: The objective of the trust is to secure long-term growth in capital and income through a policy of investing primarily in an internationally diversified portfolio of publicly listed equities, as well as unlisted securities and private equity, with the use of gearing.
Trust highlights: The first ever investment trust, launched in 1868. A diversified portfolio gives exposure to most of the world markets. Invests in more than 500 companies in 35 countries. Among the largest investment trusts in its sector.
Benchmark: FTSE All World TR Index (Pre 01/01/2013 60% FTSE World ex UK TR Index/40% FTSE All Share TR Index)^.
Fund type: Investment Trust
Launch date: 1868
Total assets: £2.9 billion
Share price: 430.50p
NAV2: 468.49p
Discount/Premium(-/+): -8.11%
Dividend payment dates: Feb, May, Aug, Nov
Net dividend yield: 2.2%
Net gearing/Net cash*: 10%/0%
Management fee rate**: 0.365% p.a. based on Market Capitalisation
Ongoing charges**: 0.87%
Year end: 31 December
Sector: Global
Currency: Sterling
Website: www.foreignandcolonial.com †The yield is calculated on an historic basis using the actual
dividends paid during the last twelve months and the closing share price as at the end of the relevant month.
*Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See pag 15 for definition of gearing.
**Ongoing charges and management fee information calculated in accordance with AIC recommendations as at the end of 31 December 2015.
Source: Lipper and F&C. Basis: Percentage growth, Total return, net income reinvested. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Where investments are made in emerging markets their potential volatility may increase the risks to the value of and the income from the investment. Political or economic change may be more likely to occur and have a greater effect on the economies and markets of the emerging countries. Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. The fund may invest in private equity funds which are not normally available to individual investors, exposing the fund to the performance, liquidity and valuation issues of these funds. Such funds typically have high minimum investment levels and may restrict or suspend redemptions or repayment to investors. The asset value of these private equity funds and prospects may be more difficult to assess. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.
Foreign & Colonial Investment Trust plc
(as at 29 February 2016)
Fund performance
Top ten holdings (%)
Pantheon Europe Fund V 1.5
Utilico Emerging Markets 1.1 HarbourVest Partners Ventures VIII Fund 0.9 HarbourVest Partners VIII Buyout Fund 0.9
Pantheon Asia Fund V 0.8
Dover Street VII 0.8
HarbourVest Partners VII Buyout Fund 0.7 Pantheon Europe Fund III 0.7
Dover Street VI 0.6
HarbourVest V Direct Fund 0.6
Geographical breakdown (%)
Cumulative performance (%)
1 Month Year to date 1 Year 3 Years 5 Years
NAV2 0.69 -2.53 -0.53 26.30 50.79
Share price 1.75 -3.65 -3.48 30.63 56.31
Benchmark 1.11 -1.28 -2.13 23.52 43.28
Discrete annual performance (%)
2016/2015 2015/2014 2014/2013 2013/2012 2012/2011
NAV2 -0.53 16.64 8.85 16.80 2.22
Share price -3.48 22.41 10.57 17.38 1.94
Benchmark -2.13 17.47 7.44 16.55 -0.47
Year to date 3 years 5 years
% 1 year NAV Share price Benchmark -10 0 10 20 30 40 50 60 UK Equity 10.1 Europe ex UK Equity 22.3
North America Equity 43.3
Japan Equity 10.0
Developed Pacifc Equity 3.1 Emerging Markets Equity 10.5
Liquidity 0.7
12
Property Trust
Key attractions:
This trust provides investors with the opportunity to invest in commercial property
through a diversified portfolio of prime UK property.
The trust aim to pay an attractive monthly dividend as well as the opportunity for capital
growth by investing in high quality UK commercial property with a current geographical
bias to Central London and the South East where returns are still proving strong.
Highlights:
Attractive monthly income, currently a dividend yield of 4.5%
Access to a widely diversified portfolio of quality prime UK commercial property
Complement to a broadly based equity or bond portfolio
Investment objective:
To provide ordinary shareholders with
an attractive level of income together
with the potential for capital and
income growth from investing in a
diversified UK commercial property
portfolio.
This trust could be appealing for
investors seeking:
Growth
Income
Specialist
Key facts:
Trust aims: To provide ordinary shareholders with an attractive level of income with the potential for capital and income growth from investing in a diversified UK commercial property portfolio.
Fund Type: Investment Trust
Launch Date: 18 March 2005
Total assets: £1,390.1 million
Share price: 134.4p
NAV**: 135.3p
Discount/Premium(-/+): -0.7%
Dividend payment dates: Monthly
Net dividend yield†: 4.5%
Actual gearing*: 19.0%
Vacant property: 4.5%
Weighted average lease length: 6.9 years
Management fee rate***: 0.5%
Ongoing charges***: 0.89%
Year end: 31 December
Sector: Property Direct - UK
Currency: Sterling
Website: www.fccpt.co.uk
†The yield is calculated on an historic basis using the actual
dividends paid during the company’s last financial year and the closing share price as at the end of the relevant month. *(Borrowings - cash)/total assets (less trade and other payables and cash). See page 15 for definition of gearing.
**The NAV is calculated under International Financial Reporting Standards. See page 15 for definition NAV.
***Ongoing charges and management fee rate as at the end of 31 December 2015.
Fund performance
Source: Datastream and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. 2 See page 15 for definition of NAV.
Top ten property investments
Properties valued in excess of £200 million
London W1, St. Christopher’s Place Estate
Properties valued between £70 million and £100 million
Newbury, Newbury Retail Park
London SW1, Cassini House, St. James’s Street Solihull, Sears Retail Park
Properties valued between £50 million and £70 million
London SW19, Wimbledon Broadway London W1, 25 Great Pulteney Street
Properties valued between £40 million and £50 million
Uxbridge, 3 The Square, Stockley Park Crawley, Leonardo House, Manor Royal
Aberdeen, Unit 2 Prime Four Business Park, Kingswells Aberdeen, Unit 1 Prime Four Business Park, Kingswells
Geographical breakdown (%)
London - West End 35.7
South East 26.6 Scotland 13.1 Midlands 11.3 North West 10.6 Eastern 1.5 Rest of London 1.2
Sector breakdown (%)
Offices 39.9 Retail 26.4 Retail Warehouse 16.9 Industrial 14.3 Other 2.5Cumulative performance (%)
3 Months Year to date 1 Year 3 Years 5 Years
Share price -1.7 2.8 2.8 49.9 65.4
NAV2 3.8 16.0 16.0 60.0 85.3
Discrete annual performance (%)
2015 2014 2013 2012 2011
Share price 2.8 18.8 22.7 8.2 2.0
NAV2 16.0 22.1 13.0 4.4 10.9
F&C Commercial Property Trust Limited
(as at 31 December 2015)
NAV2 Share price
Year to date 3 years 5 years
% 1 year 0 10 20 30 40 50 60 70 80 90 100
13
Property Trust
Key attractions:
The trust aims to deliver an attractive level of income together with the potential for
capital growth from investment in a diversified UK commercial property portfolio. It offers
investors exposure to commercial property assets often not available to private investors.
This portfolio offers regional diversification while retaining a significant exposure to
property in the South East. The trust invests in office and retail property, but has a bias
towards good quality distribution and industrial property that provides a higher yield.
Income is paid quarterly.
On 11 April 2013, IRP Property Investment Limited acquired the assets of ISIS
Property Trust Limited through a scheme of reconstruction and was renamed F&C UK
Real Estate Investments Limited. All data reflects the new portfolio as at the date of
acquisition.
Highlights:
Attractive income paid quarterly
Access to a widely diversified portfolio of quality UK commercial property
Complement to a broadly based equity or bond portfolio
Investment objective:
To provide ordinary shareholders with
an attractive level of income together
with the potential for income and
capital growth from investing in a
diversified UK commercial property
portfolio.
This trust could be appealing for
investors seeking:
Growth
Income
Specialist
Key facts:
Trust aims: To provide ordinary shareholders with an attractive level of income with the potential for income and capital growth from investing in a diversified UK commercial property portfolio.
Fund type: Investment Trust
Launch date: 1 June 2004
Total assets: £354.30 million
Share price: 101.75p
NAV*: 99.90p
Discount/Premium (-/+): 1.85%
Dividend payment dates: Mar, Jun, Sep, Dec
Net dividend yield †: 4.91%
Net gearing**: 29.08%
Vacant property: 4.54%
Weighted average lease length: 7.32 years
Management fee rate***: 0.60%
Ongoing charges****: 1.40%
Year end: 30 June
Sector: Property Direct - UK
Currency: Sterling
Website: www.fcre.co.uk www.fcre.gg
*The NAV is calculated under International Financial Reporting Standards. † Calculated with reference to projected annual
dividends of 5.0 pence per share.
**Bank Debt (less net current assets)/Fair value of investment properties. See page 15 for definition of gearing. ***Please refer to the latest annual report as to how the fee is structured.
****Ongoing charges are total expenses (excluding direct property expenses) at June 2015 as a percentage of net assets.
Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. 2 See page 15 for definition of NAV.
Fund performance
Geographical breakdown (%)
Top ten property investments (%)
South East 45.0
West Midlands 7.6
Scotland 6.0
Yorkshire and Humberside 10.3
East Midlands 4.8
Others 6.3
North West 4.2
London - West End 9.6
Eastern 6.2
London W1, 14 Berkeley Street 7.6 Banbury, 3663 Unit, Echo Park 6.5 Colnbrook, Units 1-8 Lakeside Road 4.9 Eastleigh, Southampton International Park 4.1 Hemel Hempstead, Hemel Gateway 3.7 Rotherham, Northfields Retail Park 3.5
York, Clifton Moor Gate 3.5
Leamington Spa, 30-40 The Parade & 47/59a Warwick Street 3.2 Bracknell, 1-2 Network, Eastern Road 3.0 Chelmsford, County House, County Square 2.9
Total 42.9
Sector breakdown (%)
Industrial 28.0
Retail 20.5
Offices 28.4
Out of Town Retail 23.1
Cumulative performance (%)
3 Months Year to date 1 Year 3 Years 5 Years
NAV2 3.1 5.6 15.9 68.3 67.4
Share price 3.0 4.8 13.7 105.9 82.3
Discrete annual performance (%)
2015 2014 2013 2012 2011
NAV2 15.9 24.9 16.3 -0.9 0.4
Share price 13.7 19.2 51.8 -3.1 -8.6
F&C UK Real Estate Investments Limited
(as at 31 December 2015 - Quarter 4 2015)
% 0 20 40 60 80 100 120
Year to date 3 years 5 years
Share price NAV
14
Property Trust
Key attractions:
The trust has a total return objective and aims to deliver long-term capital growth
accompanying a progressive dividend policy from a diversified portfolio of predominantly
property related securities and commercial property. The UK direct property portfolio
is mainly invested in the South East with a strong London focus. The equity portfolio
is diversified geographically primarily across Northern and Western Europe. Marcus
Phayre-Mudge seeks to identify well managed, well financed companies of all sizes,
especially those with a focus on a particular type of real estate business.
Highlights:
Equity based portfolio that provides exposure to property related companies
Complement to a ‘bricks and mortar’ property investment or equity or bond portfolio
Progressive dividend.
Potential for long-term capital growth and an attractive income
Exposure to both direct commercial property and indirect property shares
Investment objective:
The trust’s objective is to maximise
shareholders’ total returns by investing
in property shares and property
on an international basis. Although
the investment objective allows for
investment on an international basis the
benchmark is a Pan European index.
The majority of investments will be
located in the Pan-Europe region and
direct property investments are located
in the UK only.
This trust could be appealing for
investors seeking:
Growth
Income
Specialist
Key facts:
Fund objective: The investment objective of the trust is to maximise total returns by investing in Pan European equities and UK direct property, focusing on long term capital and income growth.
Fund manager(s): Marcus Phayre-Mudge
Fund type: UK Investment Trust
Sector: AIC Property Securities
Benchmark: FTSE EPRA/NAREIT Developed Europe Capped TR Net GBP Fund currency: GBP Fund size: £1065.0m Share price: 297.5p Net gearing: 12.5% Initial charge: 0.00% Ongoing charge: 0.76%
Ann. Mgmt fee: £3.325m plus 0.20% of net assets p.a.
Ann. Return 5 Years: 13.43%
Price frequency: Daily
Performance fee: 15% of outperformance of benchmark plus 1% hurdle
Distribution policy: January, July
Share currency: GBP
Payment date(s): January, July
Year end: 31 March
ISIN: GB0009064097
FATCA: ML6PKQ.99999.SL.826
Administrator: BNP Paribas
Fund performance
Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. The Fund may invest in warrants; small movements in the price of the asset to which the warrant relates may result in a disproportionately large movement in the price of the warrant which may cause volatility. All fund performance data is net of management fees. See page 15 for definition of gearing.
Cumulative performance (%)
1 Month 3 Months 6 Months Year to date 1 Year 3 Years 5 Years
Fund 8.42 4.45 7.54 4.45 8.28 70.23 87.92
Benchmark 7.73 4.53 7.49 4.53 5.39 49.39 60.30
Discrete annual performance (%)
2012 2013 2014 2015 2016
Fund -8.97 21.28 22.10 28.75 8.28
Benchmark -8.89 17.78 14.93 23.34 5.39
TR Property Investment Trust
(as at 31 March 2016)
Top ten holdings (%)
Unibail-Rodamco 9.9
Land Securities Group plc 8.3
Vonovia Se 7.9
Leg Immobilien Ag 6.1
Klepierre 5.7
Deutsche Wohnen Ag-Br 3.9
Great Portland Estates plc 2.7
Derwent London plc 2.7 Unite Group plc 2.3 British Land Co plc 2.3
Sector allocation (%)
Industrial 10.6 Offices 29.5 Other 9.2 Residential 27.4 Retail 38.5 %The discrete performance periods are to the end of the respective month each year. Source: BMO Global Asset Management, Lipper
1 month 3 months 6 months YTD 1 Year 3 years 5 years Fund Benchmark 0 20 40 60 80 100