What Is Behind the Latest Move in F&C Investment Trust Plc Shares?

F&C Investment Trust Plc (LSE:FCIT) shares moved 0.65% lower to 338.0p today, a change of 2.2p. The global investment trust remains in focus following its half-year report, which showed a double-digit net asset value return.

For the first half of 2026, the net asset value total return was 12.4%, and the trust declared a first Interim Dividend of 0.99p per share.

About F&C Investment Trust Plc

F&C Investment Trust Plc is widely regarded as the world's oldest investment trust, launched in 1868. It invests in a diversified portfolio of global companies, combining listed holdings with private markets investments, with the aim of delivering Long-term Growth in Capital and income.

The trust is a constituent of the FTSE 100, and LSE:FCIT has a 0.25% weighting in the index.

Half-Year Performance

Net asset value per share was 375.18p at 30 June 2026, compared with 335.84p at the end of 2025, after adjusting for a four-for-one share split in May. The 12.4% net asset value total return compares with a global benchmark return of 12.6%, so the trust was slightly behind in a period when a small group of large technology companies led the market.

In the prior-year period, the net asset value total return was 0.0%, which highlights the pace of improvement.

Portfolio Approach

The trust reported positive returns from all of its listed strategies. Its underweight positions in a small number of semiconductor and memory-related stocks held back overall returns, but the chair said the trust sees a broadening opportunity set beyond past market leaders.

Diversification across regions, sectors and styles is intended to help the trust deliver steady returns over time without relying on a few themes.

Private Markets

The chair noted encouraging gains from private markets holdings. Allocations to unlisted companies can offer exposure to businesses that are not available through public markets and can provide diversification. They typically require a long-term approach and careful selection.

Dividend

A first interim dividend of 0.99p per share has been declared, and the company aims to raise its total dividend for 2026 above the 16.6p paid for 2025. If achieved, it would mark the 56th consecutive year of dividend growth, a record that few trusts can match.

Share Split

The four-for-one share split in May reduced the share price per share, making units more accessible to individual investors. A split does not change the value of an investor's holding, but it can make buying and selling smaller amounts easier.

Governance

James Williams succeeded Beatrice Hollond as chair on 1 August 2026. Board changes of this type are planned to maintain continuity while bringing fresh perspectives.

Why Investment Trusts Appeal

Investment trusts offer professional management, Diversification and the ability to hold Illiquid Assets such as private companies. Their closed-ended structure allows managers to invest with a long-term view, and many have built records of rising income through good and difficult markets.

Long-Term Record and Approach

The trust's long history reflects a consistent approach of investing for the long term in a broad range of companies. Its managers draw on a global team of analysts and a flexible approach that allows them to adjust the portfolio as opportunities change. Combining listed holdings with private markets exposure is intended to provide a wider range of return drivers.

Income Characteristics

Dividend growth is a defining feature of the trust. By retaining part of its income in good years, the trust can maintain a progressive dividend even if market returns vary. Shareholders can choose to receive dividends in cash or reinvest them, depending on their objectives.

Factors to Monitor

Investors following LSE:FCIT may watch performance relative to the benchmark, broadening of market leadership, the development of private markets holdings, the share price relationship with net asset value and future dividend announcements.

Conclusion

F&C Investment Trust Plc moved 0.65% lower to 338.0p today following a half-year report with a 12.4% net asset value return, a 0.99p first interim dividend and an aim to extend its record of dividend growth. Diversification and long-term investing remain central. The next dividend announcement is a key date for investors. Future company announcements should provide further detail on operating progress, capital allocation and management priorities.