20th Jun 2018 08:27
LONDON (Alliance News) - F&C Global Smaller Cos PLC on Wednesday said it outperformed its benchmark in its most recently ended financial year, but warned on economic uncertainties.
The trust's net asset value total return as at the end of April was 9.3%, this was ahead of the benchmark, which returned 7.9%.
The company's benchmark is a blend of the returns from two indices, the MSCI All Country World ex UK Small Cap Index and the Numis UK Smaller Companies Index. The proportion is 70% and 30%, respectively.
NAV per share grew during the year to 1,368.80 pence from 1,263.50p reported the prior year.
Share price total return was 9.1%. The company said its share price rose for the ninth consecutive year ending at 1,375p and representing a 0.5% premium to NAV.
F&C Global upped final dividend by 21% to 10.00p, taking the total payout to 14.40p per share, up 18% year-on-year.
The company said that its UK portfolio was the strongest performer during the year, despite the UK small cap market lagging most of the other global small cap indices.
F&C Global's US portfolio also outperformed, albeit by a less significant margin. In financial 2017, the US small cap market had been the best performer, but in the past year it delivered more modest returns, despite the reduction in corporate tax rates.
In the other markets, the portfolio performance ended the year behind the relevant comparative small cap indices, the company said.
"Current economic momentum is supportive for markets heading into the new year but as usual, there are many uncertainties looking forward at the macro level both on a global and more local level," said Chairman Anthony Townsend.
Shares in F&C Global were trading up 0.2% at 1,418.00 pence each early on Wednesday.
Related Shares:
FCS.L