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(Alliance News) - F&C Investment Trust PLC on Monday reported an 18% increase in net asset value in 2019, but warned on the fall in global equity markets so far in 2020.
The stock was 7.9% lower in London in morning trade at 532.30 pence a share.
The FTSE 250-listed company reported NAV per share as at the end of 2019 of 757.26p, up from 643.93p a year earlier.
F&C Investment Trust's share price was 765.0p at December 31, representing a total return of 22.9%, ahead its benchmark, the FTSE All-World Index, which returned 22.3%.
The shares ended the year at a premium of 1.5%, the company noted, having opened the year at a discount of 1.5% and averaging a 2.2% discount overall.
F&C Investment Trust declared a final dividend of 2.9p per share, bringing the total dividend for the year to 11.6p, a 5.5% increase year-on-year.
"Global equity markets have fallen sharply in recent days, in sharp contrast to 2019. There will be risks and there will be opportunities," noted Chair Beatrice Hollond.
"The global economy had been in reasonable shape entering 2020, but this benign backdrop has been threatened by the rise and spread of Covid-19, coronavirus. If the situation deteriorates further then we would expect substantial monetary and fiscal easing in response and, at the present time, foresee a sharp but relatively brief economic downturn," added Fund Manager Paul Niven.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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