Edison Investment Research - FC INVESTMENT TRUST PLC (FCIT) Broad exposure to capital and income growth

Report

Edison Investment Research

Mel Jenner

Broad exposure to capital and income growth

Foreign & Colonial Investment Trust (FRCL) is the oldest collective investment fund in the world, dating back to 1868. Manager Paul Niven aims to generate long-term growth in capital and income by investing in a range of focused strategies run both by BMO Global Asset Management and external managers. The portfolio is diversified by geography, sector and style; the trust is overweight Europe ex-UK and emerging markets, and underweight North America. FRCL also invests in private equity. Gearing of up to 20% of net assets is permitted. FRCL has a progressive dividend policy; the annual dividend has increased in each of the last 45 consecutive years and, following the repayment of a longstanding debenture at the end of 2014, interest costs have declined meaningfully.

07/12/2016 8 EN

Underlying

F&C INVESTMENT TRUST PLC

Foreign & Colonial Investment Trust is an investment trust company investing primarily in an international portfolio of publicly listed equities, as well as unlisted securities and Private Equity. Co. is managed by F&C Investment Business Limited, which also acts as the Alternative Investment Fund Manager.

See profile

GB0003466074 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Mel Jenner

Other Reports on these Companies

Edison Investment Research

F&C Investment Trust - Attractive long-term total returns

F&C Investment Trust (FCIT) aims to offer a â€˜one-stop shopâ€™ for investors looking for diversified equity exposure to both listed and unlisted markets. Over the last 10 years, the trust has delivered annual NAV and share price total returns of 13.6% and 14.4% respectively from a range of both internally and third-party managed strategies. While there has been a prolonged equity bull market for more than a decade since the end of the global financial crisis, FCITâ€™s manager Paul Niven believes the current environment of easy monetary policy and economic growth is supportive of further share...

August 29, 2019 August 29, 2019 10 EN

Edison Investment Research

F&C Investment Trust - New name, same tried-and-tested approach

F&C Investment Trust (FCIT) recently changed its name from Foreign & Colonial Investment Trust (FRCL). However, there is no change to the objective of generating long-term growth in capital and income, or the strategy of investing in listed and private companies across the globe, using both internal and external managers. While 2018 proved to be a tricky, more volatile period for investors than 2017, with a sharp correction in world markets in the last quarter of the year, FCIT modestly outperformed its FTSE All-World benchmark in both NAV and share price terms, helped by its private equity ex...

April 4, 2019 April 4, 2019 10 EN

Edison Investment Research

F&C Investment Trust - Still going strong after 150 years

F&C Investment Trust (FCIT) is the worldâ€™s oldest investment trust and has a distinguished dividend history. The fund is on course for its 48th consecutive year of dividend increases and an annual distribution has been paid in each of the 150 years since FCIT was launched in 1868. Paul Niven has managed the trust since 2014 and has continued to build on FCITâ€™s long-term record of outperformance versus its benchmark. Helped by another period of good relative performance in H118, the trustâ€™s share price total return has now outperformed the FTSE All-World index total return over the last o...

September 4, 2018 September 4, 2018 8 EN

Information Services Corporation - Strong underlying growth, guidance reiterated

Information Services Corporation’s (ISC’s) Q124 results highlight the strength of the underlying business, with topline and adjusted EBITDA growth of 15% and 34%, respectively, augmented by the sustained organic growth of the Services division and CPI fee adjustments. This progress was made less obvious at the statutory net income level by increases in interest costs and share-based compensation expenses of C$5.0m and C$5.8m, respectively. FY24 guidance has been reiterated, and we maintain our forecasts and valuation of C$40/share, implying 58% upside.

2h / 59m 2h / 59m 1 EN

Toby Thorrington

Toby Thorrington

PVA TePla - Material matters

PVA TePla has transitioned from a small seller of industrial systems to a materials technology and metrology solutions company, set to reach c €280m in revenues in FY24. Its increasing exposure to the fast-growing semiconductor industry (more than two-thirds of sales) and high-end materials markets is securing growth, driven by AI, digitisation and e-mobility. The combination of a higher capital intensity in the semiconductor industry and growing end markets bodes well for players like PVA TePla, which are exposed to the fast-growing part of equipment sales like metrology. Despite this, PVA Te...

3h / 19m 3h / 19m 1 EN

Richard Williamson

Richard Williamson

Zalaris - Continuing contract momentum in FY24

Zalaris reported its ninth consecutive quarter of year-on-year revenue growth in Q124, up to a record NOK318m. New contract momentum has continued, while the net retention rate of existing clients within Managed Services was 109%, driven by an increase in upselling of additional services. Profitability is improving as the benefits from its EBIT improvement programme are bearing fruit alongside operational leverage. Zalaris’s strong contract momentum has led us to upgrade our revenue estimates by 1.9% to NOK1,275m for the year at an improved adjusted EBIT margin of 10.9%, more closely reflectin...

22h / 46m 22h / 46m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Broad exposure to capital and income growth

F&C Investment Trust - Attractive long-term total returns

F&C Investment Trust - New name, same tried-and-tested approach

F&C Investment Trust - Still going strong after 150 years

Information Services Corporation - Strong underlying growth, guidance reiterated

PVA TePla - Material matters

Zalaris - Continuing contract momentum in FY24

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe