Highlights

  • Delivered +14.6% share price total return in 2025, outperforming the benchmark (+14.2%).
  • Achieved strong long-term performance, including +12.6% per annum share price total return over ten years.
  • Continued focus on global diversification and disciplined stock selection amid evolving market leadership and increased volatility.

F&C Investment Trust plc (NZX:FCT) reported a strong performance for the year ended 31 December 2025, with a share price total return of +14.6%, outperforming its benchmark index. Markets experienced volatility during the year, particularly following US tariff announcements and concerns over global trade tensions, but equities recovered strongly as conditions stabilised, ending the year at record highs. Performance was influenced by currency movements, notably a weaker US dollar, and a broadening of equity market leadership beyond large US technology stocks.

While artificial intelligence remained an important investment theme, investors became more selective amid rising capital expenditure and profitability concerns. The global economic backdrop was supportive, with resilient growth, moderating inflation, and continued interest rate reductions from major central banks. The Company remains focused on delivering long-term growth in both capital and income through a diversified global investment strategy.

Long-Term Performance

The Company continues to demonstrate strong long-term compounding of returns. Over the ten years to the end of 2025, it delivered a share price total return of +12.6% per annum, reflecting consistent performance with limited annual losses. Over twenty years, returns have been similarly robust, with substantial growth in net asset value and shareholder total returns. Dividends have increased steadily over both the ten- and twenty-year periods, underlining the importance of income reinvestment and disciplined capital allocation. These results reinforce the strength of the Company’s long-term investment approach and commitment to shareholders.

Outlook

Looking ahead, markets are expected to remain volatile amid geopolitical developments, shifting trade policies, and evolving global relationships. The balance of equity market leadership is changing, with opportunities broadening beyond traditional US technology dominance. The rapid expansion of artificial intelligence investment presents both opportunities and risks, with returns likely to vary across the value chain. In this environment, disciplined stock selection and global diversification remain critical. The Company believes its broad mandate and long-term investment horizon position it well to capture structural opportunities while managing risk, supporting continued value creation for shareholders over time.

FAQs

  1. How did FCT perform in 2025?

The Company delivered a +14.6% share price total return, outperforming its benchmark, which returned +14.2%, despite periods of market volatility.

  1. What were the main factors influencing performance?

Performance was supported by strong corporate earnings and a broadening of global market leadership, though returns were affected by currency movements and short-term volatility linked to trade tensions.

  1. What is the Company’s long-term performance record?

Over the past ten years, the Company achieved a +12.6% per annum share price total return, reflecting consistent long-term growth in both capital and income.