F&C Investment Trust (FCIT) Investor update summary

Portfolio strategy and performance

• Maintains a diversified global portfolio focused on listed and private equity, with a market cap around £6 billion and a long-term record of rising dividends above inflation.

• Shifted from a UK-biased to a global approach in 2013, resulting in strong shareholder returns and outperformance versus UK indices.

• Achieved a 14.6% shareholder return last year and 12.0% NAV growth in 2025, outperforming benchmarks and ranking in the second quartile among global peers; five-year NAV return is the strongest among peers.

• Ongoing cost focus with an OCF of 0.45% (45 basis points), and low-cost fixed-rate debt averaging 2.4% interest, immunizing against recent rate rises.

• Majority of assets are in North America, with technology as a significant sector; top holdings include NVIDIA, Microsoft, Alphabet, Apple, and Amazon.

Investment objectives and approach

• Aims for long-term growth in capital and income, with exposure to both listed and unlisted global growth assets.

• Employs a blend of focused active strategies and is committed to a net zero carbon portfolio by 2050 or earlier.

• Consistent management history with only 11 managers in 150 years and 54 consecutive years of dividend increases.

Financial structure and cost efficiency

• Market capitalization stands at £5.9bn, with total assets of £6.6bn and £580m in fixed-rate debt at a blended rate of 2.4%.

• Management fees are based on market capitalization to align with shareholder interests.