(Alliance News) - F&C Investment Trust PLC on Thursday said it beat its benchmark in 2022, a year when market sentiment was dominated by inflation worries, interest rate hikes and the war in Ukraine.
F&C's net asset value per share declined by 11% to 896.94 pence at the end of 2022, from 1,002.49 in 2021.
Shares in the company were 0.9% lower at 957.01p each in London on Thursday morning.
The company holds stakes in firms such as Microsoft Corp, Apple Inc and Amazon.com Inc.
"Throughout 2022, rising inflation and interest rates, in conjunction with geopolitical volatility, weighed on global equities and resulted in valuations falling sharply over the course of the year. The exiting of a low interest rate world has fundamentally changed the investment environment and we will likely continue to see pressure on parts of the equity market," Fund Manager Paul Niven said.
It reported a NAV total return of minus 5.3%, beating the FTSE All-World Index which returned negative 7.7%.
F&C declared a final dividend of 3.9p per share, up 2.6% from 3.8p. It lifted its total payout by 5.5% to 13.5p per share from 12.8p.
By Eric Cunha, Alliance News news editor
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F&C Investment Trust (FCIT)