3rd Aug 2026 11:12
(Alliance News) - F&C Investment Trust PLC on Monday reported a positive total return despite a volatile geopolitical backdrop, and announced the appointment of a new chair.
The London-based investor, which is focused on long-term growth in capital and income from its global portfolio, reported a net asset value per share of 375.18 pence as of June 30.
This was up from 335.84p at December 31, restated to reflect F&C's four-to-one stock split which took effect in May. NAV per share at June 30, 2025, before the share split, was 1,210.8p.
F&C shares were 0.9% higher at 334.00p each on Monday morning in London.
F&C reported a positive 12.4% NAV total return for the first half of 2026, slightly behind plus 12.6% from its benchmark, the FTSE All-World Index. For the first half of 2025, the trust's total return was 0.0%, behind plus 0.8% from the FTSE All-World.
"The US and Israeli conflict with Iran took investors by surprise and created substantial volatility in markets," now-former chair Beatrice Hollond noted. Nonetheless, she said: "We delivered positive returns from all our listed strategies and made encouraging gains from our private equity holdings.
"While several strategies outperformed their respective benchmarks, overall returns were held back by underweight positions in a small number of semiconductor and memory-related stocks whose share prices rose dramatically and whose increasing index weights made a disproportionate contribution to benchmark returns."
Hollond concluded: "The first half of the year has been another positive period for shareholders, thanks largely to a narrow group of stocks where returns have been driven by investors following the money flow relating to planned AI infrastructure spending."
F&C previously declared a 0.99p per share first interim dividend, and said it aims to again increase its total dividend for 2026, from 16.6p per share for 2025.
Looking ahead, Hollond commented: "We continue to see a broadening opportunity set beyond past market leaders and we retain conviction in our diversified approach."
Also on Monday, F&C announced that Hollond retired from its board on Friday, July 31.
James Williams, previously an independent non-executive director, has succeeded Hollond as chair with effect from Saturday, August 1.
By Emma Curzon, Alliance News reporter
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