F&C Investment Trust – Latest Annual Financial Report

F&C INVESTMENT TRUST PLC

Audited Statement of Results for the year ended 31 December 2021.

10 March 2022 

F&C Investment Trust PLC ('FCIT'/'Company') today announces its results for the year ended

31 December 2021.

• FCIT's share price at the year end was 926.0 pence. The share price total return was 19.4%, in line with the return of 19.5% from the benchmark, the FTSE All-World Index.
• FCIT's Net Asset Value ('NAV') total return of 21.7%, with debt at market value, was ahead of the benchmark.
• The difference between the strong gains reflected in FCIT's NAV total return and the share price total return was the effect of the discount widening over the year, from 5.4% to 7.3%.
• Our private equity holdings outperformed against listed market equivalents, with both our recent commitments and our older holdings producing strong gains.
• Our portfolios of listed investments delivered strong absolute returns, led by North American equities.
• The Company has delivered a total shareholder return of 291.9% over the ten-year period to the end of 2021, equivalent to 14.6% per annum .
• The final dividend will be 3.8 pence per share, subject to shareholder approval, and will bring the total dividend for the year to 12.8 pence per share. This will be a 5.8% increase, the 51^st consecutive annual increase, and ahead of the Consumer Price Index of 5.4% for the 12 months to 31 December 2021.
• The Company holds very limited exposure to two Russian securities which was approximately 0.3% of total assets as at the end of the year. They have been written down and,once liquidity permits, we will seek to divest all direct exposure to Russian equities.
• FCIT is committed to transition its portfolio to net zero carbon emissions by 2050, at the latest.

The Chairman, Beatrice Hollond, said:

“2021 was a good year for our shareholders, despite a very uncertain backdrop, and our objective remainsfirmly focused on the delivery of growth in both capital and income for shareholders over the long-term.”

Commenting on the markets, Paul Niven, Fund Manager of FCIT, said:

“The Russian invasion of Ukraine is an historically significant event which is exerting a terrible toll on the Ukrainian people. Events are fast moving and causing significant volatility in markets and creating challenges to the fundamental outlook for the global economy.”