The F&C Investment Trust (FCIT) is as close to a household name as a fund can be. Founded in the 19th century, its global stocks “one-stop shop” nature has made it a favourite for investors for decades, and despite changing managers and fund houses, it’s remained true to its aim.

Val Cipriani sits down with current manager Paul Niven, who discusses the trust’s approach to using other fund managers, where he sees value in stock markets, the pros and cons of a concentrated portfolio and why, despite cutting back on US companies, he believes there’s still value to be found.

Timestamps

00:00 Intro

00:21 What is F&C

01:45 How the trust is structured

05:01 Use of 3rd party managers

7:31 Trying to beat the benchmark

10:02 Why F&C is so diversified

14:21 Reacting to the war in Iran

20:32 Is the market too optimistic?

22:46 Emerging markets

25:17 Trends away from the US

28:05 Magnificent seven

32:05 Nvidia

35:11 Private equity

42:15 Software exposure and AI disruption

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'Conviction does not increase the probability of outperformance' - Paul Niven of F&C

Investors' Chronicle

'Conviction does not increase the probability of outperformance' - Paul Niven of F&C