Valuation: Discount in line with longer-term averages The current discount, with debt at market of 10.3% is broadly in line with its longerterm averages of 9.9%, 9.8% and 9.0% over one, three and five years respectively but slightly higher than the AIC peer group (9.1%), whilst the dividend yield is slightly larger (2.5% vs 2.2%)
Here is a excellent and informative article from Fund Web: GLOBAL DIVERSITY A WINNING FORMULA http://www.fundweb.co.uk/fund-strategy/issues/20th-august-2012/global-diversity-is-winning-formula/1056150.article A VIDEO INTERVIEW WITH FUND MANAGER OF FOREIGN & COLONIAL, JEREMY TIGUE: http://vimeo.com/26670302 P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=253089&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2
30 Aug '12
A Compelling Choice
FOREIGN & COLONIAL INVESTMENT TRUST REMAINS A COMPELLING CHOICE FOR INVESTORS Britain’s oldest investment trust, the Silver-rated Foreign & Colonial Investment Trust (FRCL), just announced it increased net assets by 5.1% during the first six months of the year. This increase was no easy feat considering the current challenging market conditions. F&C’s chairman Simon Fraser explained that the investment trust’s performance was boosted by its private equity holdings, which account for almost 19% of the portfolio. Meanwhile, listed companies, which continue to increase their dividends, also gave the investment trust a boost. This investment trust is a compelling choice for investors because it has not only performed well in the last six months, but it has reported solid returns over the long term. Managed consistently by Jeremy Tigue since 1997, F&C has comfortably beaten its peers in the Morningstar Global Large-Cap Blend Equity category over the last one, three, five and 10 years. These returns have been achieved with risk kept in check, and that’s despite the use of gearing. Source: http://www.morningstar.co.uk/uk/news/69962/3-Global-Equity-Funds-That-Beat-the-Odds.aspx
5 May '11
F&C trails benchmark in first quarter Date: Thursday 05 May 2011 LONDON (ShareCast) - Investment trust giant Foreign & Colonial (F&C) saw its net asset value per share (NAV) edge higher in the first quarter, but it underperformed its composite benchmark index. NAV total return, with debt at market value, for the three months to 31 March was 1.3%, compared with a 1.8% return on the company’s composite benchmark, which comprises a blend of the FTSE All Share (40%) and the FTSE WI World excluding UK (60%). Owing to the worsening political climate in North Africa and increased taxation of North Sea oil the board decided to write down the value of its largest unlisted investment, Caithness Petroleum, to £19.5m during March 2011 from the end-2010 value of £34.3m. In the quarter there were private equity draw-down payments of £20.9m and distributions received of £21.0m. The private equity portfolio was valued at £380.8m, compared with £382.3m at 31 December 2010. Undrawn commitments decreased to £180m at 31 March 2011 from £204m at the end of 2010, with no new commitments made to private equity funds. Effective gearing (with debt at par value) decreased in the three months since 31 December 2010 from 13.2% to 11.5%. The net outflow from the F&C savings schemes during the period was £5.4m compared with a net inflow of £1.6m in the first three months of 2010. The number of shareholders is now over 111,000.
7 Mar '11
The performance of heavyweight investment trust Foreign & Colonial in 2010 was on par with that of the trust’s benchmark index but lagged that of its peer group. The net asset value per share (NAV) rose 13.6% to 346.1p with debt priced at market value. With debt priced at its nominal value, NAV improved to 351.24p at the end of 2010 from 309.84p at the end of 2009.
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