F&C Investment Trust (FCIT) H2 2025 earnings summary

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.