Key Highlights

  • F&C Investment Trust PLC (LSE:FCIT) is in focus on 9 November 2026 as global equities rebounded after a sharp technology-led sell-off.
  • The FTSE 100 trust's latest actual net asset value was 367.68p on 4 November and the shares trade around 327p, a discount of about 7.8%.
  • First-half 2026 NAV total return was 12.4%, against 12.6% for the FTSE All-World Index, and the share price total return was 12.8%.
  • The board aims for a 56th consecutive annual Dividend increase, with a 0.99p Interim Dividend paid on 2 November.
  • The FTSE 100 closed up 1.02% at 10,782.87 on 9 November 2026.

Why F&C Investment Trust (LSE:FCIT) Is in Focus Today

F&C Investment Trust PLC (LSE:FCIT), the world's oldest investment trust and a long-standing FTSE 100 member, is in focus on Monday 9 November 2026 as global equities rebounded. The FTSE 100 closed up 1.02% at 10,782.87 and Wall Street recovered strongly, easing the pressure from last week's technology sell-off in which the Nasdaq fell 5.5% in a day.

With top holdings dominated by large US technology names, including Nvidia, the trust is sensitive to such moves, though its broad portfolio of more than 400 companies and its exposure to Private Equity make it less concentrated than many peers.

Half-Year Performance

For the first half of 2026, net asset value total return was 12.4%, slightly behind the FTSE All-World index at 12.6%, while share price total return was 12.8%. All listed strategies delivered positive returns, and private equity holdings also made encouraging gains. Net Assets rose to £6.86 billion at 30 June from £6.17 billion at the end of 2025.

Gearing, measured with Debt at fair value, edged down to 4.5%. A four-for-one share split completed in May 2026 reduced the share price per share, lifting accessibility for retail investors.

NAV, Discount and Valuation

The latest actual net asset value was 367.68p on 4 November, while the shares traded around 327p, a discount of about 7.8% that is close to the 12-month average of roughly 8.2%. The share price has ranged between about 293p and 356p over the past year.

A discount offers investors exposure to the portfolio at less than the value of its assets, but it can persist or widen in volatile markets. Narrowing could add to returns.

Dividend Record

F&C has raised its dividend for 55 consecutive years and the board expects another annual increase in 2026, which would extend the run to 56 years. Total dividends for 2025 rose 6.4% to 16.6p before the share split, and a first interim for 2026 of 0.99p per post-split share was declared, with payment on 2 November and the next on 1 February 2027.

The Yield is modest, around 1.2%, because the trust focuses on total return, but the consistency of dividend growth above Inflation is a key appeal.

Portfolio and Strategy

Manager Paul Niven, who has led the trust since 2014, invests in global equities primarily through a combination of direct holdings and specialist managers, with developed markets in the United States, Europe and Japan as the main focus and a smaller allocation to emerging markets and private assets. Nvidia is the largest holding at about 5% of assets, and a Pantheon private equity vehicle is second.

The trust is moderately overweight Nvidia but underweight other mega-cap technology stocks, a stance management says reflects selectivity rather than avoidance.

Risks to Consider

Valuation in US technology, geopolitical tension and policy changes after the US midterms could weigh on markets. Private equity valuations are less transparent than listed shares, and gearing, though modest, adds risk in falling markets.

Currency movements also affect returns for a sterling-based investor in global assets, and the discount can fluctuate.

The Oldest Trust in the World

Founded in 1868 as the Foreign & Colonial Investment Trust, the company was created to let ordinary investors pool resources and access overseas markets. Now managed by Columbia Threadneedle Investments, it has grown into one of the largest trusts in the United Kingdom, with a record of rising dividends that spans more than five decades.

Its low ongoing charge of around 0.7% and broad Diversification are frequently cited by analysts as reasons it suits core, long-term portfolios.

What Investors Are Watching Next

Investors will track daily net asset value announcements, the discount, the next dividend and any changes in portfolio allocation. The full-year results in the new year will give an update on 2026 performance and the dividend decision.

Wider catalysts include AI sector earnings, interest rates, US policy and the direction of global growth. A stable market backdrop would support the trust's long-term compounding record.