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F&C Managed Portfolio Trust income and growth shares both beat benchmark

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F&C Managed Portfolio Trust Income and Growth shares outperformed the benchmark FTSE All-Share Index on a net asset value total return basis over the six months ended 30 November 2010.

 

 

According to the latest half-yearly figures released to the London Stock Exchange on Wednesday, income shares are up 12.3% and growth shares up 11.1% (NAV total return) compared with 8.6% from the FTSE All-Share. The FTSE Equity Investment Instruments Index (a proxy for the investment trust sector as a whole) was up 11.1%.

 

In addition, dividend yield on Income shares (based on the historic annual rate of 4.4p per share) was 4.5% at 30 November 2010, while strong demand for F&C Managed Portfolio Trust shares meant that during the period the company sold all the Income and Growth shares held in treasury as a result of previous buybacks and issued new shares of both types. Over the six months to 30 November 2010, Income shares traded at an average premium of 3.3% and Growth shares at an average premium of 1.8%.

 

Several underlying holdings also performed particularly strongly over the six-month period. In the Growth Portfolio, Montanaro UK Smaller Companies was up 35% and Jupiter European Opportunities Trust rose 26.9%. In the Income Portfolio, Utilico Emerging Markets rose 20.6% while the largest holding, the F&C-managed British Assets Trust, gained 19.7%.

 

F&C Managed Portfolio Trust, set up in April 2008, is an innovatively structured investment trust that invests in other closed-ended funds. Investors can choose between Income and Growth portfolios according to their investment objectives. The two portfolios are separate and have different underlying holdings. However, any net income generated by the Growth Portfolio is transferred to the Income Portfolio in return for an equal amount of capital growth from the Income Portfolio. F&C Managed Portfolio Trust is managed by Peter Hewitt at F&C Investments in Edinburgh.

 

“Capital markets face a number of challenges, of which inflation in Asia and also the UK are of immediate concern, however economic growth is widely established and fears of deflation have receded," says Richard Martin, Chairman, F&C. "Equities remain attractive, particularly in comparison with cash and bonds. We retain a wide spread of investments across many regions and sectors."

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