Edison review of F&C Managed Portfolio Trust

RNS Number : 8877U

F&C Managed Portfolio Trust PLC

27 October 2017

 

London, UK, 27 October 2017

Edison issues review on F&C Managed Portfolio Trust (FMPG, FMPI)

F&C Managed Portfolio Trust (FMPT) is an investment trust with a differentiated structure. It consists of two listed investment portfolios: an income portfolio (FMPI) and a growth portfolio (FMPG). A unique feature of FMPT is that income generated by FMPG is transferred to FMPI in exchange for capital, boosting the income prospects of FMPI and the potential capital growth prospects for FMPG. Although both listed portfolios are benchmarked against the FTSE All-Share index, the manager follows an unconstrained investment approach, with each portfolio generally holding c 40 investment companies. Both FMPI and FMPG have outperformed the benchmark over one, three and five years (to 30 September) and since they were launched in April 2008. FMPI's annual dividend has increased every year since 2012; its current yield is 3.9%.

Renewed annually, FMPI and FMPG have the authority to repurchase up to 14.99% and issue up to 10% of shares outstanding, aiming to ensure that their shares trade close to NAV. FMPT's unique structure means that FMPG does not pay a dividend, while FMPI has a current dividend yield of 3.9%, which compares favourably to the current 3.7% yield of the FTSE All-Share index. The manager notes a good level of income at FMPI, and is hoping for another dividend increase in FY18.

Click here to view the full FMPI report.

Click here to view the full FMPG report.

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