Key Highlights

• F&C Investment Trust PLC (LSE:FCIT) purchased 150,000 of its own ordinary shares on 1 June 2026, to be held in treasury.

• Shares were bought through J.P. Morgan Securities plc at prices ranging from 338.80p to 340.00p, with a weighted average price of 339.7467p.

• The trust now holds 361,795,724 shares in treasury following the transaction.

• Shares in issue excluding treasury shares stand at 1,885,480,340 — the new DTR denominator.

• The buyback is part of the trust's ongoing capital management strategy to manage the share price relative to net asset value (NAV).

Company and RNS Summary

Introduction — Why This RNS Matters

On 1 June 2026, F&C Investment Trust PLC (LSE:FCIT) published a Regulatory News Service announcement disclosing a Transaction in Own Shares: the purchase of 150,000 ordinary shares at prices between 338.80p and 340.00p per share, via J.P. Morgan Securities plc, to be held in treasury. The filing was made in accordance with Listing Rule 9.6.6, which requires listed companies to disclose purchases of their own shares.

For investors tracking FTSE investment trusts, this is the kind of announcement that forms a regular part of buyback programme disclosures. It is not breaking news in the dramatic sense, but it carries real information about F&C Investment Trust's capital management priorities, its stance on the relationship between its share price and net asset value (NAV), and the mechanics of how the trust manages its share count over time.

Unlike Scottish Mortgage (LSE: SMT), which on the same date was issuing treasury shares into the market at a premium to NAV, F&C Investment Trust was taking the opposite action: purchasing shares in the open market. This framing is important. F&C's buyback implies the trust's shares were available at a price that its board judged to be at or below NAV — a different set of market conditions to those prevailing for SMT. This article explains what happened, why it matters for investors in UK shares, and what to watch next.

Company Background: F&C Investment Trust (LSE:FCIT)

F&C Investment Trust PLC is one of the oldest and largest investment trusts listed on the London Stock Exchange. It has the distinction of being the world's oldest collective investment fund still in existence, having been launched in 1868. Today it is managed by Columbia Threadneedle Investment Business Limited, part of Columbia Threadneedle Investments, which serves as the company secretary and investment manager.

The trust invests globally, aiming to provide long-term growth in capital and income by holding a diversified portfolio of international equities. Its broad mandate spans geographies and sectors, making it a widely held vehicle for investors seeking diversified exposure to global stock markets through a single London-listed investment. FCIT is included in the FTSE All-Share index and is a prominent constituent of the investment trust universe tracked by UK stock market investors.

As a closed-ended investment trust, F&C Investment Trust's shares trade on the London Stock Exchange at a price determined by supply and demand, which may be above or below the trust's net asset value per share at any given time. The trust's board — advised by Columbia Threadneedle — actively manages the share count through both buybacks and, where appropriate, issuances to keep the share price as close to NAV as possible and to act in the best interests of shareholders.

Columbia Threadneedle Investment Business Limited acts as company secretary, with Jonathan Latter serving as the named contact in this particular RNS. The trust's shares each have a nominal value of 6.25 pence, as confirmed by the RNS disclosure.

What the RNS Said — Plain-English Summary

The 1 June 2026 RNS from F&C Investment Trust is a standard Transaction in Own Shares disclosure, required under Listing Rule 9.6.6 of the FCA's Listing Rules. It states that the company purchased 150,000 ordinary shares of 6.25p each through J.P. Morgan Securities plc, to be held in treasury.

The shares were purchased at prices ranging from 338.80p (the lowest price per share paid) to 340.00p (the highest price per share paid). The weighted average price across the entire transaction was 339.7467p per share.

Following this purchase, F&C Investment Trust holds 361,795,724 shares in treasury. The total shares in issue excluding treasury shares — the figure that represents the active voting population of the trust — is now 1,885,480,340. This figure is also the denominator that shareholders must use when calculating whether they are required to notify the company of an interest in, or change in interest in, its shares under the FCA's Disclosure Guidance and Transparency Rules.

The Most Important Details

The following numbers from this RNS are the key reference points for investors:

• Shares purchased: 150,000 ordinary shares of 6.25p each.

• Lowest price paid: 338.80p per share.

• Highest price paid: 340.00p per share.

• Weighted average price paid (VWAP): 339.7467p per share.

• Broker executing the purchase: J.P. Morgan Securities plc.

• Treasury shares held post-transaction: 361,795,724.

• Shares in issue excluding treasury: 1,885,480,340 (new DTR denominator).

• Total voting rights: 1,885,480,340.

Why Investors May Be Watching FCIT

Share buybacks by investment trusts are typically undertaken when the trust's shares are trading at a discount to NAV — when buyers in the market can acquire the trust's shares for less than the underlying portfolio is worth per share. By purchasing its own shares and holding them in treasury, the trust removes those shares from public circulation, which reduces the supply of shares available in the market and can help to support the share price or narrow the discount.

For F&C Investment Trust (LSE:FCIT), buybacks serve several purposes simultaneously. They demonstrate board confidence in the underlying portfolio's value. They reduce the total shares in issue, which can improve NAV per share for remaining holders. And they signal to the market that the trust's capital management framework is actively working in shareholders' interests.

The price range of 338.80p to 340.00p and the tight spread between lowest and highest price suggest the transaction was executed in an orderly, liquid market with relatively stable pricing on the day. J.P. Morgan Securities plc acts as the authorised intermediary, a common arrangement for investment trusts conducting buyback programmes under their shareholders' authority.

Investors tracking FCIT shares will note that the trust's treasury holding of 361,795,724 shares is substantial. This pool of repurchased shares does not carry voting rights, and its existence provides the trust with flexibility to reissue shares at a future point if market conditions shift and the shares move to a premium — though there is no indication in this RNS that any reissuance is planned.

Market Context

The investment trust sector on the London Stock Exchange has experienced a prolonged period of discount widening in recent years. Rising interest rates, shifts in investor risk appetite, and structural changes in how retail investors access global equity markets have all contributed to many trusts trading at persistent discounts to their NAV. In this environment, buyback programmes have become a key tool for trust boards seeking to demonstrate value and return capital to shareholders.

F&C Investment Trust's purchase of 150,000 shares on 1 June 2026 forms part of what is presumably an ongoing buyback programme, though the RNS does not specify the total size or remaining authority of any such programme. Investors interested in the full parameters of the buyback authority granted to the FCIT board should refer to the trust's most recent annual general meeting resolutions and any prior RNS announcements outlining the programme's terms.

For context within the broader UK stock market, it is worth noting that on the same date — 1 June 2026 — Scottish Mortgage Investment Trust was issuing treasury shares at a premium to NAV, highlighting how different market conditions can prevail simultaneously even within the same investment trust sector. FCIT's buyback and SMT's issuance tell two different but equally valid stories about trust-level capital management responses to different supply-demand dynamics.

The tight pricing range (338.80p to 340.00p) over 150,000 shares suggests FCIT's shares traded in a narrow band on the day, which is characteristic of a liquid, well-followed trust. The VWAP of 339.7467p gives investors and analysts a reference price point for the transaction.

Industry Context

Investment trust buybacks are governed by shareholders' authorisations, typically granted at the annual general meeting. These authorisations specify the maximum number of shares that can be repurchased and the price limits within which purchases may be made. The board can then execute buybacks in tranches as market conditions warrant, publishing a Transaction in Own Shares RNS each time a purchase is made in line with Listing Rule 9.6.6.

Holding repurchased shares in treasury, rather than cancelling them outright, is a common choice for larger investment trusts because it preserves flexibility. Treasury shares can be reissued at a future date if the trust moves to a premium to NAV, potentially allowing the trust to effectively sell shares at a profitable price for existing shareholders. This cyclical dynamic — buying at a discount and reissuing at a premium — is a legitimate and shareholder-friendly use of the closed-ended structure's built-in flexibility.

F&C Investment Trust's ordinary shares carry a nominal value of 6.25p each, a legacy of the trust's long history and various restructurings over its 150-plus-year existence. The large shares-in-issue figure — over 1.88 billion shares excluding treasury — reflects both the trust's scale and its history as a widely accessible, mass-market investment vehicle. With a total treasury holding of over 361 million shares, the trust retains a large reserve for potential future reissuance.

The use of J.P. Morgan Securities plc as executing broker is standard practice for listed investment trusts in the UK. Major brokers act as authorised agents for buyback programmes, providing the trust with execution capability across various trading venues while ensuring compliance with FCA rules on market purchases.

Potential Opportunities

For investors considering F&C Investment Trust shares, the ongoing buyback programme provides certain data points worth considering. Buybacks at prices consistent with the trust's discount levels suggest the board is actively deploying capital to manage the relationship between share price and NAV — a positive governance signal.

The removal of 150,000 shares from the investable pool means that each remaining share represents a fractionally larger proportion of the underlying portfolio, assuming the portfolio's value is unchanged. Cumulatively, a sustained buyback programme can have a meaningful impact on NAV per share over time, particularly if purchases are consistently made at a discount to the portfolio's worth.

For income-focused or long-term investors interested in UK stock market exposure via a diversified global equity trust with a very long track record, F&C Investment Trust's disciplined capital management — as evidenced by this type of Transaction in Own Shares RNS — may be a factor in assessing the quality of the trust's governance framework.

Investors should also note that F&C Investment Trust's global equity mandate, managed by Columbia Threadneedle, means the trust's NAV is influenced by a wide range of international markets, currency movements, and sector performance. The buyback programme is a domestic capital management tool, but its effectiveness in narrowing any discount ultimately depends on the underlying portfolio performing well.

Key Risks and Uncertainties

Investors should be aware of several risks associated with F&C Investment Trust shares and this RNS.

Buybacks do not guarantee share price performance. Even if the trust purchases shares consistently, the share price will ultimately be driven by the performance of the underlying global equity portfolio, and by broader conditions in the UK stock market and international equity markets.

The trust's shares can continue to trade at a discount to NAV despite buybacks, particularly if negative sentiment towards investment trusts, global equities, or the trust's specific holdings persists.

The level of treasury shares — 361,795,724 — is substantial. If and when the trust chooses to reissue treasury shares (should it move to a premium), this could increase supply in the market, which might put pressure on the share price relative to NAV.

The trust's global mandate means NAV fluctuates with currency exchange rates as well as equity market movements. Sterling appreciation relative to other major currencies would, all else being equal, reduce the sterling-denominated NAV.

Investors considering F&C Investment Trust shares should read the full RNS, review the trust's most recent annual report and accounts, and consider seeking advice from a qualified financial adviser.

What Could Move the Share Price Next

For investors tracking F&C Investment Trust (LSE:FCIT) shares, several developments could influence the share price outlook in the coming period.

Continued execution of the buyback programme will be disclosed via future Transaction in Own Shares RNS announcements. The pace and scale of purchases will be one indicator of how aggressively the board is pursuing share count reduction and discount management.

Regular NAV updates from Columbia Threadneedle will reflect the performance of the underlying global equity portfolio. Strong NAV growth that narrows the percentage discount at the current share price would be a positive development; significant NAV declines could widen the discount even with buyback support.

Broader conditions in global equity markets — particularly in the major markets where F&C's portfolio is invested — will be a key driver of both NAV and investor sentiment towards the trust. Risk-on or risk-off shifts in international markets can quickly be reflected in FCIT's share price.

Any changes to the buyback programme's terms, including the total authority approved by shareholders, the choice of executing broker, or the price limits within which purchases may be made, would be disclosed via further RNS announcements. Investors should monitor the trust's RNS feed for updates.

F&C Investment Trust's annual and half-yearly reports provide the most detailed picture of the portfolio's composition and performance. Any significant changes to the portfolio, the investment approach, or the trust's management arrangements would also be relevant developments to watch.

Long-Term Outlook

F&C Investment Trust (LSE:FCIT) has a unique distinction in the investment world: it is the world's oldest surviving collective investment fund, having operated continuously since 1868. That longevity reflects both the durability of the investment trust structure and the trust's ability to adapt its investment approach and governance practices over many decades.

The trust's core proposition — diversified global equity exposure through a single London-listed vehicle, managed by experienced professionals at Columbia Threadneedle — is as relevant today as it was when the trust was founded. For long-term investors, the global equity asset class has historically been a significant contributor to real wealth over extended time horizons, and FCIT provides access to this asset class in a tax-efficient, closed-ended structure.

The buyback programme highlighted by this RNS is a feature of responsible investment trust management in the current environment. By purchasing shares when they are available below NAV, the board is acting as a steward of shareholder capital in a way that should, over time, support returns for long-term holders.

However, long-term outcomes for FCIT investors will depend primarily on the portfolio's ability to generate returns from global equity markets, and on the evolution of the premium or discount at which the trust's shares trade. These are driven by fundamental investment performance, management quality, and investor sentiment — factors that extend well beyond the mechanics of any single Transaction in Own Shares announcement.

Conclusion

The 1 June 2026 RNS from F&C Investment Trust PLC (LSE:FCIT) confirms a purchase of 150,000 ordinary shares at prices between 338.80p and 340.00p, with a weighted average of 339.7467p, executed through J.P. Morgan Securities plc and held in treasury. Following the transaction, 361,795,724 shares are held in treasury and 1,885,480,340 shares remain in issue — the new DTR denominator.

This is a Transaction in Own Shares disclosure made in accordance with Listing Rule 9.6.6, representing part of the trust's ongoing capital management programme. It is the opposite of an equity issuance: F&C Investment Trust is reducing, rather than expanding, its investable share count — a response to market conditions in which the board judges it appropriate to support the share price relative to NAV.

Contrasting this with Scottish Mortgage's simultaneous issuance at a premium to NAV on the same date illustrates how dynamically investment trust boards manage capital in response to market conditions. Both actions — issuing when shares trade at a premium and buying back when they trade at or below NAV — are rational, shareholder-friendly responses to different supply-demand circumstances.

Investors are encouraged to read the full RNS and to consider F&C Investment Trust's broader investment proposition, including its global equity portfolio and long track record, alongside the mechanics of this capital management filing before forming any view on the shares.