F&C Investment Trust (FCIT) AGM 2026 summary

Opening remarks and agenda

• Presentation began with an overview of interim results and a review of performance drivers, followed by discussion of market outlook, opportunities, and risks.

Financial performance review

• Shareholder return for the first half was 12.8%, slightly ahead of the benchmark at 12.6%, with NAV return at 12.4%.

• Net revenue return per share increased by 8.4%; ongoing charges remained flat at 0.45%.

• Exceptional returns from individual stocks, notably Sandisk (+872%), SK Hynix (+284%), and Applied Materials (+186%).

• Private equity holdings returned 9%, lagging listed equities but still positive.

• Portfolio allocations shifted, with increased exposure to emerging markets and global strategies, and reduced U.S. core holdings.

Dividend announcements

• Interim dividend announced at GBP 0.99 per share; board committed to a 56th consecutive annual rise in 2026.

• Revenue reserves remain high, supporting future dividend growth.