Please see below the annual results of F&C Global Smaller Companies, released to the London Stock Exchange today.The results cover the 12 months ended 30 April 2011. F&C Global Smaller Companies is an investment trust managed by Peter Ewins at F&C Investments in London. It is a member of the Association of Investment Companies' Global Growth sector. The Company is the largest specialist global smaller companies investment trust, with £250m of assets under management, and aims to achieve a high total return by investing in smaller companies worldwide. Its total return focus is underlined by the fact it has increased its dividend in each of the last 40 years. Key points of the results are as follows:
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Net asset value total return of 17.4%, ahead of the 16.2% return from the Company's benchmark, a blended index of the returns from the MSCI All Country World ex UK Small Cap Index (70%) and Hoare Govett UK Smaller Companies (excluding investment companies) Index (30%).
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Share price up 26.6% over the year, reflecting a narrowing of the discount as demand for the shares, particularly from F&C savings scheme investors, was strong.
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Dividends per share of 5.1p, a 2% increase on 2009/10. Following the payment of a final dividend of 3.5p on 8 August, the Company's dividend will have risen for 41 consecutive years.
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Total expense ratio fell slightly, from 0.78% at 30 April 2010 to 0.76%, based on average net assets.
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The Company is the top performer in the AIC's Global Growth sector over the three years since it was classified in this sector.
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Outperformance during the year came mainly from positive stock selection within the UK, Europe and Rest of the World (Pacific ex Japan and Latin America) portfolios.
Commenting on the outlook for the Company, F&C Global Smaller Companies Chairman Anthony Townsend said: "Smaller company equities have done well now for a protracted period on a global basis. At some point in time, however, if sectors in which large stocks dominate, such as banking, come back into favour, then we could see smaller stocks lag. However, over the long term, the superior growth attributes and the wide range of opportunities from an ever expanding universe of smaller companies around the world should mean that the Company's mandate can continue to provide attractive returns to shareholders."
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