Title: URL Source: https://is.gd/D39gT1 Published Time: Fri, 20 Jun 2025 21:12:54 GMT Markdown Content: # F&C INVESTMENT TRUST PLC As at 31 May 2025 FUND MANAGER PAUL NIVEN SUSTAINABILITY LABEL This product has some sustainability characteristics which are explained in the Consumer Facing Document. It does not pursue a sustainability objective and does not meet the criteria for a sustainable investment label. As such, this product does not have a UK sustainable investment label. Sustainable investment labels help investors find products that have a specific sustainability goal. MORNINGSTAR RATING †† MANAGER COMMENTARY KEY FACTS AS AT 31.05.25 TRUST AIMS: TRUST HIGHLIGHTS: The objective of the trust is to secure long -term growth in capital and income through a policy of investing primarily in an internationally diversified portfolio of publicly listed equities, as well as unlisted securities and private e quity, with the use of gearing. The first ever investment trust, launched in 1868. A diversified portfolio gives exposure to most of the world markets. Invests in more than 350 companies in 35 countries. Among the largest investment trusts in its sector. Benchmark: FTSE All World TR Index Fund type: Investment Trust Launch date: 1868 Total assets: £6.1 billion Share price: 1082.00p NAV: 1182.88p Discount/premium( -/+): -8.53% Dividend payment dates: Feb, May, Aug, Nov Net dividend yield †: 1.4% Net gearing*: 5.3% Management fee rate**: 0.30% p.a. based on Market Capitalisation up to £3.5 billion, 0.25% between £3.5 billion and £6.0 billion and 0.20% above £6.0 billion Total expenses: 0.43% Ongoing charges**: 0.45% Year end: 31 December Sector: Global Currency: Sterling Website: fandc.com | fandc.co.uk > † * See page 4 **Ongoing charges calculated in accordance with AIC recommendations. inv.trusts@columbiathreadneedle.com 0345 600 3030 fandc.com fandc.co.uk Proudly managed by During May, our NAV return was 4.2% and shareholder returns were 4.7% in comparison to the FTSE All World return of 4.7%. Global markets rebounded in May following April's volatility, as trade tensions eased, and economic data remained resilient. While concerns lingered early in the month following President Trump’s sweeping tariff announcements, diplomatic progress led to a significant de -escalation in tensions, particularly between the US and China. A breakthrough came on 8 May with the announcement of a new US -UK trade deal, followed on 12 May by a 90 -day reduction of US -China tariffs to 30%, down from 145%. Regional equit y markets posted broad -based gains, supported by stronger economic data and reduced US -China trade friction. The US performed strongly (5.4%), followed by Europe (3.9%) and the UK (3.8%), while Emerging Markets also advanced (3.0%). Within Europe, technolo gy (+7.6%) and energy (6.9%) led gains, with healthcare ( -1.2%) the only sector to decline. Economic indicators showed resilience to start the month, with US employment data and the ISM services index demonstrating robust growth, helping alleviate concern s of an immediate economic impact from the prior month's trade tensions. Inflation data in the US was also a cause for optimism, as the headline year -on -year rate fell to 2.3%. Amid these economic reports, the Federal Reserve held rates steady in its May m eeting. However, the month's positive momentum was tempered by mounting concerns over US fiscal health, with uncertainty surrounding the extension of the previous Trump administration’s tax cuts which would add significantly to the budget deficit. In a not able development, Moody's downgraded US government debt, becoming the last major rating agency to remove its highest credit rating on US debt. These concerns pushed the US 30 -year Treasury yield above 5%. Bond yields also rose in other regions, with 30 -yea r yields rising in German and Japanese government bonds. Indeed, during the month, Japan's 30 -year bond yield reached its highest level since these long -dated securities were first issued, in 1999. The underweight position in Apple ( -6.3%), was the top co ntributor to excess returns in the Trust. Despite the easing in announced tariffs, Apple manufactures a significant number of iPhones in China, and trade uncertainty has raised investor concerns. The overweight in NRG Energy (41.5%) was also a positive con tributor. NRG announced an acquisition of 18 gas -fired power plants for around $12 bn, with the fuel seen as key to meet electricity demand for data centres. The underweight in Microsoft (15.6%) was the largest detractor for the Trust. The company reported third -quarter results that beat expectations, with the cloud business continuing to be a beneficiary from demand for AI services. We ended the month at a discount of 8.5%, narrowing modestly from 9.0% in April. Net gearing remained conservative, at 5.8% (with debt at fair value) at month end. F&C INVESTMENT TRUST PLC As at 31 May 2025 inv.trusts@columbiathreadneedle.com 0345 600 3030 fandc.com fandc.co.uk Proudly managed by KEY RISKS Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Where investments are made in emerging markets their potential volatility may increase the risks to the value of and the income from the investment. Political or economic change may be mor e likely to occur and have a greater effect on the economies and markets of the emerging countries. Smaller companies carry a higher degree of risk and their value can be more s ensitive to market movement; their shares may be less liquid and performance may be more volatile. The fund may invest in private e quity funds which are not normally available to individual investors, exposing the fund to the performance, liquidity and valuation issues of these funds. Such funds typically have high minimum investment lev els and may restrict or suspend redemptions or repayment to investors. The asset value of these private equity funds and prospects may be more difficult to assess. If market s fall, gearing can magnify the negative impact on performance. Fund performance as at 31.05.25 Cumulative performance as at 31.05.25 (%) 1 Month YTD 1 Year 3 Years 5 Years NAV 4.17 -1.83 7.32 32.49 76.79 Share price 4.74 -1.57 8.75 35.57 75.18 Benchmark 4.68 -1.95 7.46 32.29 71.59 Discrete annual performance as at 31.05.25 (%) 2025/24 2024/23 2023/22 2022/21 2021/20 NAV 7.32 20.25 2.67 6.13 25.72 Share price 8.75 15.84 7.62 -0.31 29.62 Benchmark 7.46 20.03 2.56 5.14 23.37 Past performance is not a guide to future performance. Source: Lipper and Columbia Threadneedle Investments. Basis: Percentage growth, Total return, net income reinvested. The discrete annual performance table refers to 12 month periods, ending at the date shown. -10 0 10 20 30 40 50 60 70 80 90 1 Month YTD 1 Year 3 Years 5 Years % NAV Share price Benchmark F&C INVESTMENT TRUST PLC As at 31 May 2025 inv.trusts@columbiathreadneedle.com 0345 600 3030 fandc.com fandc.co.uk Proudly managed by 20 largest listed equity holdings (%) Percentage of total Investments Nvidia 3.5 Microsoft 2.9 Apple 1.8 Amazon 1.7 Meta Platforms 1.7 Alphabet 1.6 Mastercard 1.5 SAP 1.2 Visa 1.0 Booking Holdings 1.0 Walmart 0.9 Broadcom 0.8 Netflix 0.7 Marathon Petroleum 0.7 Taiwan Semiconductor Manufacturing Company 0.7 Bank of America 0.6 American Tower 0.6 Morgan Stanley 0.6 Costco 0.6 Tesla 0.6 Net dividend distributions pence per share (paid)/(declared) 2020 2021 2022 2023 2024 2025 February 2.90 2.90 3.00 3.20 3.40 3.60 May 2.90 3.40 3.80 3.90 4.50 4.80 August/September 2.90 3.00 3.20 3.40 3.60 - November 2.90 3.00 3.20 3.40 3.60 - Total 11.60 12.30 13.20 13.90 15.10 8.40 Asset allocation including Private Equity (%) UK equity 10.3 Europe ex UK equity 10.0 North America equity 62.4 Japan equity 5.8 Pacific ex Japan equity 3.4 Emerging markets equity 7.1 Liquidity 1.0 Total 100.0 All figures are subject to rounding. Trust codes Stock exchange FCIT Sedol 346607 Legal Entity Identifier 213800W6B18ZHTNG7371 GLOSSARY BID PRICE DIVIDEND NET ASSET VALUE Investment trust shares are sold via the stock exchange at the bid price. This price is determined by supply and demand. Income paid to shareholders by the company they invest in. A key measure of the value of a company or trust – the total value of assets less liabilities, divided by the number of shares. F&C INVESTMENT TRUST PLC As at 31 May 2025 All information is sourced from Columbia Threadneedle Investments, unless otherwise stated. All percentages are based on gros s assets. †The yield is calculated on an historic basis using the actual dividends paid during the last twelve months and the clos ing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage o f shareholders funds after any offset against gearing. **Ongoing charges and management fee information as at the end of 31 D ecember 2024. Please refer to the latest annual report as to how the fee is structured. The share price may either be below (at a d iscount) or above (at a premium) the NAV. Discounts and premiums vary continuously. Performance information excludes any product charges which can be found in the Key Investor Document (“KID”) fo r the relevant product. © 2025 Columbia Threadneedle Invest ments. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. This financial promotion is issued for marketing and information purposes only by Columbia Threadneedle Investments in the UK . F&C Inv estment Trust PLC is an investment trust and its Ordinary Shares are traded on the main market of the London Stock Exchange. English language copies of the key information document (KID) can be obtained from Columbia Threadneedle Investments, Cannon Place , 78 Cannon Street, London EC4N 6A. Email: inv.trusts@columbiathreadneedle.com or electronically at www.columbiathreadneedle.com. Please read before taking any i nvestment decision. The information provided in the marketing material does not constitute, a nd should not be construed as, investment advice or a recommendation to buy, sell or otherwise transact in the fund. The manager has the right to terminate the arrangements made for marketing. FTSE International Limited (“FTSE”) © FTSE 2025. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express writ ten consent. Financial promotions are issued for marketing and information purposes; in the Un ited Kingdom by Columbia Threadneedle Management Limited, which is authorised and regulated by the Financial Conduct Authority; in the EEA by Columbia Threadneedle Netherlands B.V., which is regulated by the Dutch Aut hority for the Financial Markets (AFM); and In Switzerland: Issued by Threadneedle Portfolio Services A.G, acting as representative office of Columbia Threadneedle Management Limited. In the Middle East: This document is distri buted by Columbia Threadneedle Investments (ME) Limited, which is r egulated by the Dubai Financial Services Authority (DFSA). For Distributors: This document is intended to provide distributor s with information about Group products and services and is not for further distribution. For Institutional Clients: The informatio n in this document is not intended as financial advice and is only intended for persons with appropriate investment knowledge and who meet the regulatory criteria to be classified as a Professional Client or Marke t Counterparties and no other Person should act upon it. > †† © 2025 Morningstar. All Rights Reserved. Ratings are latest available at time of publication and may be lagged 1 month. The i nformation contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible fo r any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more deta iled information about Morningstar Rating, including its methodology, please click here . inv.trusts@columbiathreadneedle.com 0345 600 3030 fandc.com fandc.co.uk Proudly managed by