F&C ASSET MANAGEMENT
F&C Managed Portfolio Trust ('the Company') has announced a period of positive net asset value ('NAV') total returns in its annual results to 31 May 2014. The Growth portfolio delivered NAV total returns of 9.3%, driven by holdings with exposure to UK mid-caps, property and technology. The Income portfolio delivered NAV total returns of 6.0% and a dividend yield of 3.9% for the year, with top performing holdings covering mid and small caps and property.
The best performing holdings in the Growth portfolio during the period were TR Property Investment Trust, which gained 33%, and Schroder UK Mid Cap Fund which rose by 32%. Technology focused holdings, RCM Technology Trust and Herald Investment Trust were both ahead by 23%. The top performing holding in the Income portfolio was Schroder Real Estate Investment Trust, which returned 31% with a dividend yield of nearly 5%. Companies with exposure to mid and small caps, including European Assets Trust, Mercantile Investment Trust and Lowland Investment Company, delivered 24%, 20% and 20% respectively. Holdings that detracted from performance in both portfolios were largely from the Asia Pacific region, as a slowdown in growth in China and weak corporate profits caused most of the main stock markets in the region to underperform.
For the year to 31 May 2014, the total return for the FTSE All-Share Index, the benchmark, was 8.9%, and the dividend yield for the benchmark was 3.3%. The Investment Company sector, as measured by the FTSE Equity Investment Instruments Index, returned 6.9%. Over the three and five years to 31 May 2014, the Income shares NAV total return is 32.9% and 104.9% respectively, outperforming the respective benchmark returns of 30.3% and 92.8%. Over these periods the NAV total return of the Growth shares is 26.9% and
95.5%.
Commenting on the global outlook, fund manager, Peter Hewitt, said:
"The UK should continue to experience robust growth and although there is the likelihood of a change in direction of interest rates, the overall backdrop remains positive. Similarly, the US economy is growing, albeit at a slower pace. Encouragingly, there are indications that this will increase over the balance of the year. The Eurozone remains a mixed bag, however; a return to growth is more likely with even some of the countries worst hit by the financial crisis showing signs of recovery. Valuations for equities have moved above fair value, however; provided overall corporate earnings and dividends grow as anticipated, then that should support further progress in equity markets."
The annual dividend for Income shares increased by 4.3% to 4.8p per Income share. For the year ended 31
May 2014, four interim dividends have now been paid totalling 4.8p per Income share. This represents an increase of 0.2p or 4.3% from the prior year to 31 May 2013. The fourth interim dividend was paid after the year end on 4 July 2014. In the absence of unforeseen circumstances, the Board intends to declare three interim dividends, each of 1.15p per Income share, payable in October 2014, January 2015 and April 2015 (previous year: 1.1p per Income share). It is intended that a fourth interim dividend will be paid to Income shareholders in July 2015 with the amount determined as a clearer view emerges of income for the year.
During the year to 31 May 2014, the Company maintained an average premium of 0.2% for the Income shares and an average discount of 0.6% for the Growth shares. The level of gearing over the year ranged between approximately 1% and 3.5% in the Income Portfolio and 0% to 2% in the Growth Portfolio.
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A period of positive net asset value total returns; 9.3% for the Growth shares and 6.0% for the
Income shares
Dividend yield on the Income shares of 3.9%
The annual dividend for Income shares increased by 4.3% to 4.8p per Income share
About F&C Managed Portfolio Trust: F&C Managed Portfolio Trust has two classes of shares - Income shares and Growth shares each with distinct investment objectives, investment policies and underlying asset portfolios.
The objective of the Growth Portfolio is to provide Growth shareholders with capital growth from a diversified portfolio of investment companies. The Growth Portfolio invests in at least 25 investment companies.
The objective of the Income Portfolio is to provide Income shareholders with an attractive level of income with the potential for income and capital growth from a diversified portfolio of investment companies. The Income Portfolio invests in at least 25 investment companies.
The benchmark index for both the Income Portfolio and the Growth Portfolio is the FTSE All-Share
Index.
- ends - The full results statement is attached.
F&C is focused exclusively on managing money for its clients. It manages assets for a combination of insurance clients, institutional investors, intermediaries and private individuals. F&C invests across all major asset classes - equities, fixed income and property - and has specialist expertise in asset allocation, alternative investments, liability driven investments, multi-manager, private equity funds and Environmental Social and Governance (ESG) Investing. The F&C Group includes F&C REIT, a global real estate asset manager.
F&C has a strong footprint in the U.K. and the rest of Europe with assets under management of approximately £83 billion as at 31 March 2014. F&C has a rich heritage that dates back almost 150 years and can be traced back to the founding in 1868 of the Foreign & Colonial Investment Trust.
F&C is part of Bank of Montreal (BMO) Global Asset Management, a global investment manager with more than US$269 billion in assets under management as of 31 December 2013. BMO Global Asset Management is a part of BMO Financial Group (NYSE:BMO), a fully diversified financial services organization with C$582 billion total assets and more than 45,500 employees as of April 30, 2014.
Disclaimer
Past performance should not be seen as an indication of future performance. The value of investments and income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. The information, opinions estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time. F&C Group Companies may from time to time deal in investments mentioned herein on
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behalf of their clients. The source of information in all graphs is F&C unless otherwise stated. F&C Management Limited is authorised and regulated by the Financial Conduct Authority FRN: 119230 F&C Management Limited is a member of the F&C Group. The F&C Group is wholly owned by BMO Global Asset Management (Europe) Limited, which is itself a wholly owned subsidiary of the Bank of Montreal. F&C, the F&C logo, REO and the 'reo' logo are registered trademarks of F&C Asset Management plc. F&C Investments and the F&C Investments logo are trademarks of F&C Management Limited. © Copyright F&C Management Limited 2014. All Rights Reserved. Neither this document nor any part of it may be reproduced by any party whether by photocopying or storing in any medium by electronic means or otherwise without the prior approval of F&C Management Limited.
F&C Management Ltd accepts no liability in respect of the information or any views expressed herein which may be subject to change without notice at any time.
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