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F&C Managed Portfolio Trust F&C Managed Portfolio Trust Initiation of coverage Diverse exposure with income and growth options Investment trusts 22 March 2017 F&C Managed Portfolio Trust (FMPT), launched in 2008, comprises two listed investment portfolios – an income portfolio (FMPI) and a growth FMPI; FMPG portfolio (FMPG) – this is a differentiated structure for an investment trust. Price 136.0p; 177.0p These portfolios provide investors with a long-term savings vehicle. Both Market cap £57m; £60m portfolios hold at least 25 investments (currently concentrated portfolios of c 40 investment companies); they are benchmarked against the FTSE AUM £59m; £60m All-Share index, however, there are no maximum levels set for underlying NAV* 132.0p; 179.0p exposures to geographic regions or sectors. A unique feature of FMPT is Premium(+)/discount(-) to NAV +3.0%; -1.1% that any net income generated by FMPG is transferred to FMPI in exchange NAV** 132.9p; 179.0p for capital, which benefits the income prospects for FMPI and potential Premium(+)/discount(-) to NAV +2.4%; -1.1% capital growth prospects for FMPG. NAV total returns for both portfolios *Excluding income. **Including income. As at 17 March 2017. have outperformed the benchmark over one, three and five years. Yield 3.9%; 0.0% Ordinary shares in issue 41.6m; 33.7m 12 months FMPI share FMPI NAV FMPG share FMPG NAV FTSE All-Share Code FMPI; FMPG ending price (%) (%) price (%) (%) (%) 28/02/13 18.7 18.4 17.0 17.6 14.1 Primary exchange LSE 28/02/14 13.6 10.3 19.4 17.8 13.3 AIC sector Global Equity Income; Global 28/02/15 8.7 8.4 7.0 5.0 5.6 29/02/16 (7.7) (7.2) (4.7) (3.9) (7.3) FMPI one-year performance 28/02/17 24.7 24.9 22.1 23.7 22.8 140 4 Note: Twelve-month rolling discrete total return performance. 130 2 (%)Discount 120 0 Investment strategy: Potential for income and growth price Share 110 -2 Manager Peter Hewitt draws on his considerable experience in closed-end funds to 100 -4 construct two relatively concentrated portfolios aiming to deliver an attractive level Jul/16 Apr/16 Oct/16 Jun/16 Jan/17 Mar/16 Feb/16 Feb/17 Nov/16 Dec/16 Aug/16 Sep/16 of income with some capital growth (FMPI) or capital growth (FMPG). F&C’s multi- May/16 FMPI Equity Discount manager team provides input on the macro environment, although portfolio FMPG one-year performance holdings are selected by Hewitt on a bottom-up basis based on an absolute-return 185 6 mentality. Currently, the manager is pursuing a value-led bias, preferring overseas 175 4 to UK equities. Gearing is not normally expected to exceed 20% of the total assets (%)Discount 165 2 of FMPI and FMPG. 155 0 Share price Share 145 -2 Market outlook: Stocks supported by earnings 135 -4 Jul/16 Apr/16 Oct/16 Jun/16 Jan/17 Mar/16 Feb/16 Feb/17 Nov/16 Dec/16 Aug/16 Sep/16 Despite significant total returns from both UK and overseas equities in 2016, share May/16 FMPG Equity Discount prices have continued to appreciate so far in 2017, hitting new highs in the UK and US. The consensus outlook for corporate earnings growth is robust, and while likely FMPI gearing to move higher over the course of the year, interest rates remain very low versus Net gearing* 6.8% history. For investors wanting exposure to global equities, these portfolios offering FMPG gearing diversified exposure with the potential for above-average income or above-average Net cash* 2.1% capital growth, may be of interest. *As at 28 February 2017. Analysts Valuation: Shares generally trade close to NAV Mel Jenner +44 (0)20 3077 5720 The board ensures that shares trade close to NAV by an active programme of Sarah Godfrey +44 (0)20 3681 2519 buybacks when appropriate. This enables issuance of shares to meet demand, [email protected] ensuring good liquidity. The unique structure of FMPT means that FMPG does not Edison profile page pay a dividend, while FMPI’s current 3.9% dividend yield compares favourably with its peers in the AIC Global Equity Income sector. F&C Managed Portfolio Trust is a research client of Edison Investment Research Limited Exhibit 1: FMPI at a glance Investment objective and fund background Recent developments F&C Managed Portfolio Trust Income Portfolio (FMPI) aims to provide an 8 March 2017: Announcement of third interim dividend of 1.25p per share attractive level of income, with the potential for income and capital growth from a versus 1.20p in the prior year. diversified portfolio of investment companies. Underlying investment exposure is 19 January 2017: Interim results for six months ending 30 November 2016. across a range of regions and sectors – the focus is on offering an income yield NAV TR +10.0% versus benchmark TR +9.6%. above the benchmark FTSE All-Share index. 7 December 2016: Announcement of second interim dividend of 1.25p per share versus 1.20p in the prior year. 7 September 2016: Announcement of first interim dividend of 1.25p per share versus 1.20p in the prior year. Forthcoming Capital structure Fund details AGM September 2017 Ongoing charges 1.09% Group BMO Global Asset Mgmt (BMO) Final results July 2017 Net gearing 6.8% Manager Peter Hewitt Year end 31 May Annual mgmt fee 0.65% (see page 11) Address 80 George St, Edinburgh, Dividend paid Quarterly Performance fee Yes (see page 11) EH2 3BU Launch date April 2008 Trust life Indefinite Phone +44 (0)131 718 1000 Continuation vote 2018, then five-yearly Loan facilities £7m (FMPT) Website fcmanagedportfolio.co.uk Dividend policy and history (financial years) Share buyback policy and history (financial years) Dividends are paid quarterly in October, January, April and July. Renewed annually, the ability to repurchase up to 14.99% and allot up to 10% per year. 6 10 5 8 4 6 DPS (p) 3 5.00 5.20 4 4.50 4.60 4.80 2 3.75 Costs/proceeds (£m) Costs/proceeds 2 1 0 0 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 Full year dividend payment 2017 ytd Repurchases Allotments Shareholder base (as at 31 January 2017) Portfolio look-through exposure by geography (as at 28 February 2017) F&C Savings Plans (72.2%) UK (44.0%) North America (17.0%) Hargreaves Lansdown (4.5%) Far East & Pacific (13.0%) Philip J Milton (2.9%) Europe (12.0%) Fixed interest (8.0%) Alliance Trust Savings (2.6%) Japan (3.0%) WH Ireland Group (1.4%) Russia (1.0%) South America (1.0%) A J Bell Securities (1.1%) China (1.0%) Other (15.3%) Other (1.0%) Top 10 holdings (as at 28 February 2017) Portfolio weight % Trust Sector 28 February 2017 29 February 2016* Murray International Trust Global Equity Income 3.7 N/A Law Debenture Corporation Global 3.6 3.3 NB Private Equity Partners Private Equity 3.3 N/A BB Biotech Biotech & Healthcare 3.2 N/A City of London Investment Trust UK Equity Income 3.2 3.3 Temple Bar Investment Trust UK Equity Income 3.2 N/A Perpetual Income & Growth Investment Trust UK Equity Income 3.1 N/A Schroder Oriental Income Trust Asia Pacific - Excluding Japan 3.1 N/A Henderson International Income Trust Global Equity Income 3.1 N/A Invesco Perpetual UK Smaller Companies UK Smaller Companies 3.1 2.8 Top 10 32.6 32.4 Source: F&C Managed Portfolio Trust Income Portfolio, Edison Investment Research, Bloomberg, Morningstar. Note: *N/A where not in February 2016 top 10. F&C Managed Portfolio Trust | 22 March 2017 2 Exhibit 2: FMPG at a glance Investment objective and fund background Recent developments F&C Managed Portfolio Trust Growth Portfolio (FMPG) aims to provide capital 19 January 2017: Interim results for six months ending 30 November 2016. growth from a diversified portfolio of investment companies. Underlying NAV TR +10.0% versus benchmark TR +9.6%. investment exposure is across a range of regions and sectors aiming to 27 July 2016: Annual results for 12 months ending 31 May 2016. NAV maximise total returns, primarily through capital growth. FMPG is benchmarked TR -4.5% versus benchmark TR -6.3%. against the FTSE All-Share index. Forthcoming Capital structure Fund details AGM September 2017 Ongoing charges 1.09% Group BMO Global Asset Mgmt (BMO) Final results July 2017 Net cash 2.1% Manager Peter Hewitt Year end 31 May Annual mgmt fee 0.65% (see page 11) Address 80 George St, Edinburgh, Dividend paid None Performance fee Yes (see page 11) EH2 3BU Launch date April 2008 Trust life Indefinite Phone +44 (0)131 718 1000 Continuation vote 2018, then five-yearly Loan facilities £7m (FMPT) Website fcmanagedportfolio.co.uk Dividend policy and history Share buyback policy and history (financial years) No dividends paid – net income is reallocated to the income portfolio in Renewed annually, the ability to repurchase up to 14.99% and allot up to 10% exchange for capital. per year. 6.0 10 5.0 8 4.0 6 DPS (p) 3.0 4 2.0 Costs/proceeds (£m) Costs/proceeds 1.0 2 0.0 0 2012 2017 2013 2014 2015 2016 2012 2015 2016 2017 2013 2014 Full year dividend payment Special dividends Repurchases Allotments Shareholder base (as at 6 December 2016) Portfolio look-through exposure by geography (as at 28 February 2017) UK (29.0%) F&C Savings Plans (83.4%) North America (24.0%) Europe (17.0%) WH Ireland Group (3.2%) Far East & Pacific (9.0%) Japan (5.0%) Hargreaves Lansdown (2.2%) Fixed interest (4.0%) China (2.0%) Alliance Trust Savings (2.2%) Russia (1.0%) South America (1.0%) Other (9.0%) Africa (1.0%) Other (7.0%) Top 10 holdings (as at 28 February 2017) Portfolio weight % Trust Sector 28 February 2017 29 February 2016* Polar Capital Technology Trust Sector Specialist: Tech Media & Telecom 3.7 2.7 Monks Investment Trust Global 3.2 N/A Allianz Technology Trust Sector Specialist: Tech Media & Telecom 3.0 N/A Scottish Mortgage Investment Trust Global 3.0 N/A RIT Capital Partners Flexible Investment 2.9 N/A Baillie Gifford Japan Trust Japan 2.8 N/A Mid Wynd International Investment Trust Global 2.8 N/A Syncona Flexible Investment 2.7 N/A Fidelity Special Values UK All Companies 2.6 N/A Impax Environmental Sector Specialist: Environmental 2.6 N/A Top 10 29.3 30.3 Source: F&C Managed Portfolio Trust Growth Portfolio, Edison Investment Research, Bloomberg, Morningstar.
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