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F&C Managed trust outperforms FTSE in first half
F&C Managed Portfolio Trust saw a net asset value total return of 2% for income shares and 6.3% for its growth shares over the course of its first trading half, outperforming the FTSE with its total return of -0.2%.
In terms of its growth portfolio, FMPI identified two evident themes in the outperformance, chiefly its exposure to Japanese and Asia Pacific markets as they both performed strongly.
In the case of Japan, the stock market moved ahead following the re-election of Prime Minister Shinzo Abe in October, benefiting FMPI's long-time holding Baillie Gifford Japan Trust where the focus on medium and small growth companies in Japan has been the driver to the trust's 27% share price gain.
Schroder Asian Total Return Investment Company rose 20% helped by strong performances from a number of markets in the Asia Pacific region.
FMPI highlighted a second theme of the portfolio's continued exposure to the biotechnology and technology sectors with leading gainers such as Syncona, ahead by 24%.
For the income portfolio, the best performer was the Zurich-listed BB Biotech which rose 15%.
Net revenue for the six months came in at £1,42m, or 3.36p per Income share compared to 2.91p per share a year earlier.
FMPI declared a first and second interim dividend for the year ended 31 May 2018, each of 1.3p per income share, up from 1.25p per share for the corresponding periods a year earlier.
"The global outlook for equity markets remains constructive," said chairman Richard Martin. "That said it would be wrong to ignore that markets have had a remarkable run since the great financial crash nearly ten years ago and that geopolitical risks abound. Valuations in certain markets, especially the US are elevated, stretched even.
"However, neither age nor valuation are, when viewed in isolation, reasons why further positive returns cannot be achieved. The economic recovery has broadened out through Europe, Asia Pacific and many emerging markets."
As of 1020 GMT, shares had lost 1.79% to 137.00p.