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F&C investment Trust undershoots benchmark in H1 on weaker private equity performance

By BFN News | 08:36 AM | Monday 29 July, 2019

F&C Investment Trust half-yearly net asset value return undershot its benchmark weighed down by weaker performance in its private equity portfolio. Net Asset Value total return gained 14.4%, below the 16.4% return from FCIT's benchmark, the FTSE All-World Index, with the company blaming weaker performance in its private equity portfolio. 'The sharp recovery in the public equity markets has yet to feed through to valuations in the private equity market and therefore the Private Equity portfolio returns of -1.4% were detrimental to the relative returns of the total investment portfolio,' the company said. The company declared an interim dividend of 2.9p a share. 'Looking forward, equity markets remain supported by reasonable valuations and fundamentals. Policymakers have shifted to a more accommodative stance given still low inflation and rising risks to growth,' the company said. 'Investors have so far viewed this move positively, considering the reduction of interest rates as warranting higher valuations on future earnings, despite the increased risks.' At 8:36am: (LON:FCIT) share price was +1p at 724p Story provided by

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