Launched in 1868, the Trust was the first ever investment trust and has since gone on to amass an impressive track record and grow into one of the largest of its kind. Its aim is to generate long-term growth and income by investing primarily in an international portfolio of listed equities. The Trust is highly diversified and cautiously managed, with exposure to around 600 individual companies from around the world.

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Key points

The first and perhaps the best-known investment trust in the sector, launched more than 140 years ago. Principally designed for private investors to gain access to international investment opportunities, the portfolio invests in quoted and unquoted (private equity) companies domiciled in both developed and emerging economies. While the focus is on steady, long term capital growth, the trust has increased its dividend every year for the past 42 years!

Past performance is not a guide to future performance.

Fund facts
Investment manager F&C Management Limited
Benchmark FTSE All World TR index (Pre 01/01/2013 60% FTSE World ex UK TR Index/40% FTSE All Share TR Index).
AIC sector Global Growth
Launch date 1868
Total assets £2.6 billion (as at 30.04.13)
Currency Sterling
ISIN GB0003466074
SEDOL 0346607
Key dates
Annual general meeting Tuesday 23 April 2013
Year end 31 December
Dividend payment date(s) February, May, August, November
Ex-dividend date(s) January, April, July, October
Announcement dates Final results - Monday 4 March 2013
Half year results - Monday 5 August 2013

Highlights

  • Founded in 1868 – the first ever investment trust
  • A diversified portfolio provides exposure to most of the world's stock markets
  • Invests in more than 490 listed companies in 29 countries

Fund manager commentary

April was another good month for markets. The UK has now risen for eleven consecutive months, the Japanese market eight and the US six. This seems to be almost entirely due to the actions of central banks as economic growth remains subdued by past standards and companies have to work hard to increase profits.

We became more cautious in January and reduced our gearing and if markets carry on rising we will reduce gearing again.

As a result of strong markets we are seeing an acceleration in cash distributions from our maturing private equity funds, principally from sales of companies that have gone public in recent years. We expect this positive trend to continue in the second quarter.

We are now paying dividends quarterly; the final dividend for 2012 of 2.50 pence was paid on 1 May and the next dividend will be paid on 1 August. We plan to increase the total dividend for 2013 by 5.9% to 9.00 pence. This should be the forty third consecutive annual increase.

As at 30 April 2013

Current share price

Jeremy Tigue

Fund manager

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