F&C Global Smaller Companies : FCS – annual results

F&C Global Smaller Companies has published its results covering the year that ended 30 April 2014. On a net asset value basis returns were broadly in line with the benchmark – 12.3% generated by the portfolio, rising to 12.6%, calculating the effect of marking the company’s debt to fair value, and a 12.4% return on the benchmark (MSCI All Country World ex UK Small Cap Index (70%) and Numis UK Smaller Companies (excluding investment companies) Index (30%)). The discount widened a little but the dividend for the year rose from 6.5p to 8.0p.

Regionally, the portfolio did best in the UK and Japan but underperformed in Europe and Asia and to a greater extent in Latin America.

As F&C Global Smaller’s debenture falls due for repayment this year, the Board, let by Anthony Townsend (pictured) is considering a possible issue of up to £40m of new Convertible Unsecured Loan Stock.

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