F&C outperforms benchmark in first half of 2024 aided by US large-cap exposure

13.2% NAV total return

The F&C (FCIT) investment trust beat its benchmark in the first six months of 2024 thanks to a strong showing within the portfolio's US large-cap growth strategy.

In its half-year results published today (1 August), the £6bn trust posted a net asset value total return of 13.2%, against the FTSE All-World index's 12% gain.  US large-cap companies within F&C's North American portfolio returned 25.7%, compared to the 21.9% recorded by the Russell 1000 growth index, with top performers such as Eli Lilly and Meta contributing the most to the vehicle's returns. "While the fundamental backdrop is constructive and the US recession has been avoided, global equity markets, dominated by the US, continue to trade at historically elevated valuation levels,"...