F&C INVESTMENT TRUST PLC - Update

F&C Investment Trust delivered a strong interim investor update, reporting a 12.8% shareholder total return for the first half of the year, marginally outperforming its benchmark as global equity markets benefited from resilient corporate earnings, AI-driven technology investment and selective stock outperformance. Net asset value (NAV) total return reached 12.4%, while net revenue per share increased 8.4%, supporting the Board’s commitment to a 56th consecutive annual dividend increase. Portfolio performance was driven by diversified exposure across global listed equities and private equity, with standout contributions from semiconductor and AI-related holdings, although the Trust continued to actively rebalance by reducing US exposure, increasing allocations to emerging markets and quality global strategies, and selectively adding investments during periods of market volatility. Management highlighted the long-term benefits of its diversified, actively managed investment approach, which has consistently outperformed sector peers over one, three, five and ten years while maintaining a competitive 0.45% ongoing charges ratio. Looking ahead, the Trust remains constructive on global equities despite geopolitical uncertainty, believing resilient economic growth, improving corporate earnings, continued AI investment, and attractive emerging market valuations provide a supportive backdrop. While acknowledging risks from Middle East tensions, inflation and interest rate uncertainty, management expects strong earnings momentum and disciplined portfolio positioning to continue underpinning long-term capital growth and rising income for shareholders.