F&C lags behind benchmark in 2023 after missing out on mega-cap tech rally

Annual results

The F&C investment trust underperformed its benchmark in 2023 after missing out on the mega-cap technology rally and posting poor returns from its private equity holdings.

In its annual results published today (8 March), the £5.9bn trust posted a net asset value total return of 11.3%, lower than its FTSE All-World index benchmark, which gained 15.1% over the period.  "Our portfolio, having navigated volatile markets relatively successfully during the prior year, began 2023 with a greater weighting to more lowly-rated value stocks relative to the more expensive, faster growing growth stocks," chair Beatrice Hollond said. "This stance was adjusted during the early part of the year to provide a more balanced exposure. Growth stocks subsequently delivered m...