F&C Investment Trust (FCIT) Investor update summary

Portfolio Overview and Strategy

• Maintains a diversified global portfolio focused on listed and private equity, with a market cap around £6 billion and a long-term growth and income objective.

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

• Top holdings are dominated by US technology stocks, including Nvidia, Microsoft, Alphabet, Apple, and Amazon.

• Uses low-cost, fixed-rate debt (average 2.4%) to enhance returns, with significant revenue reserves supporting a covered and rising dividend.

• Ongoing charges are 45 basis points, reflecting a focus on value for money and cost efficiency.

Performance and Market Context

• Delivered a 14.6% shareholder return last year, with 12.0% NAV growth in 2025, outperforming the benchmark and ranking in the second quartile among global peers.

• Over five years, achieved the strongest NAV return among peers, with consistent long-term outperformance above UK equities.

• Portfolio is diversified by region and sector, with significant holdings in technology and North America.

• Portfolio is balanced between growth and value exposures, with recent reallocation of emerging markets assets to a value-oriented manager.

• Maintains a focus on total return, balancing income and capital growth.

Financial Structure and Dividend Policy

• 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.

• Committed to real rises in dividends over the long term, with dividends paid every year since 1868 and 54 consecutive years of increases.