F&C Investment Trust (FCIT) H1 2025 earnings summary

Executive summary

• Net Asset Value (NAV) total return was 0.0% for the half year, trailing the FTSE All-World Index benchmark return of +0.8%; share price total return matched the benchmark at +0.8%.

• NAV per share decreased to 1,210.8p from 1,219.6p at 31 December 2024; share price remained at 1,108p.

• Revenue reserve remains strong, supporting a 55th consecutive annual dividend increase.

• 1.35 million shares were repurchased, modestly accretive to NAV total return.

• Board remains focused on long-term growth, resilience, and sustainability amid global uncertainty.

Financial highlights

• Net revenue return per share rose 8.6% to 10.47p compared to 9.64p in the same period last year.

• Full year dividend for 2024 was 15.60p, up 6.1% year-over-year and fully covered by earnings of 17.01p per share.

• Special dividends received totaled £1.1m, down from £1.2m in the first half of 2024.

• Gearing increased slightly from 5.0% to 5.2% during the period.

• Discount to NAV narrowed from 9.2% to 8.5% over the six months.

Outlook and guidance

• Board expects another rise in total dividend for 2025, maintaining a record of annual increases.

• Constructive backdrop for global equities anticipated, with expected interest rate cuts and signs of improving growth in 2026.

• US exposure being reduced at the margin due to risk of underperformance, but attractive stock opportunities remain.

• Diversified approach expected to provide resilience amid ongoing geopolitical and economic uncertainty.