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F&C Investment Trust PLC on Friday said its net asset value total return was zero in the first half of 2025, as the decline in the dollar wiped out any gains from its US portfolio. Founded in 1868, F&C Investment Trust is the world’s oldest of its kind. It invests for long-term growth in capital and income from a portfolio of more than 400 companies globally. NAV per share on June 30 was 1,210.8 pence, down from 1,219.6p at the end of 2024. The company paid a first interim dividend of 3.8p on Friday, up from 3.6p a year before, and said it plans to increase the total dividend for the year. It paid 15.60p in 2024, fully covered by 17.01p in earnings. The NAV total return was short of the 0.8% of the trust’s benchmark, the FTSE all-world index. However, the company’s share price total return matched it at 0.8%, as the discount of its share price to NAV narrowed to 8.5% from 9.2%. To support this, F&C Investment Trust said it bought back 1.4 million shares in the first half. F&C Investment Trust shares were down 1.4% to 1,161.86p on Friday morning in London. ‘The opportunity set for investors within global equity markets should widen beyond the recent stand-out performers,’ commented fund manager Paul Niven, referring to the ’magnificent seven’ US technology stocks. ‘A broadening in market returns should benefit our investment approach.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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