F&C Investment Trust (FCIT) H1 2026 earnings summary

Executive summary

• NAV total return for H1 2026 was +12.4%, slightly trailing the FTSE All-World Index at +12.6%, while share price total return was +12.8%.

• All listed strategies delivered positive returns, with private equity holdings also making encouraging gains.

• A four-for-one stock split was completed in May 2026, and the NAV per share rose to 375.18p from 335.84p at end-2025.

• The first interim dividend for 2026 of 0.99p per share was declared, with the Board aiming for the 56th consecutive annual dividend increase.

Financial highlights

• Net assets increased to £6,863.8m at 30 June 2026 from £6,171.0m at 31 December 2025.

• Net revenue return per share rose 8.4% year-over-year to 2.84p.

• Total return per share for H1 2026 was 41.07p, compared to -0.09p in H1 2025.

• Special dividends received totaled £1.3m, up from £1.1m in H1 2025.

• Gearing (debt at fair value) slightly reduced to 4.5% from 4.7% at the start of the year.

Outlook and guidance

• The Board expects another annual dividend increase, maintaining a long-term record of dividend growth above inflation.

• Management anticipates continued volatility due to geopolitical risks and the concentration of returns in AI-related stocks.

• A broadening of market leadership is expected, with opportunities beyond recent AI-driven winners.