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F&C Investment Trust (FCIT) investor relations material
F&C Investment Trust H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved a share price total return of +14.6% and NAV total return of +11.6% for 2025, with the share price outperforming the FTSE All-World Index benchmark (+14.2%) but NAV slightly lagging it.
Fifty-fifth consecutive annual dividend increase, with total dividend per share up 6.4% to 16.6p, well above inflation.
Portfolio remains globally diversified across listed equities and private equity, with a focus on long-term capital and income growth.
Share price discount to NAV narrowed from 9.2% to 6.8% over the year, aided by share buybacks.
Board proposes a four-for-one share split to improve liquidity and accessibility.
Financial highlights
NAV per share (with debt at market value) rose from 1,219.6p to 1,343.4p; share price increased from 1,108p to 1,252p.
Gross income reached a record £113.2m (+1.3% YoY); net revenue rose to £86.2m (+2.0% YoY).
Net return attributable to shareholders was £664.9m (2024: £999.8m), with EPS of 138.56p (2024: 201.11p).
Ongoing charges ratio remained at 0.45%, highly competitive within the sector.
Gearing reduced to 8.0% (2024: 8.6%), with total borrowings of £581.2m at a blended interest rate of 2.4%.
Outlook and guidance
Expect continued market volatility in 2026 due to geopolitical events, including US trade policy shifts and Middle East conflict.
Anticipate a more balanced global opportunity set, with leadership broadening beyond US technology stocks.
Remain committed to long-term growth in capital and income, with a diversified approach across public and private markets.
- Strong global returns, rising dividends, and tech focus support a resilient outlook.FCIT
Investor update3 Feb 2026 - NAV total return was 13.2%, outpacing the benchmark, but shareholder return was 6.4%.FCIT
H1 20242 Feb 2026 - Outperformed benchmark with strong returns, higher dividend, and lower costs amid global uncertainty.FCIT
H2 202426 Dec 2025 - NAV total return lagged the benchmark, but dividend growth and portfolio resilience remain strong.FCIT
H1 202511 Aug 2025
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