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Trust Insider: Foreign & Colonial risks being left behind by investor fashion
by James Carthew on Jan 21, 2014 at 00:01
In FRCL’s asset allocation at the end of November the biggest equity exposures were to the US (28%), UK (21%) and Europe (10%). Private equity investments made up 15% and net gearing was 9% but they had been reducing this.
FRCL is good at disclosing how the regional portfolios have performed against its local benchmarks so it is easy to see where it has been adding value. The European portfolio was doing well at the interim stage and we will get figures to the end of December 2013 in the annual report to be published in March.
In November 2013, British Assets, a stable mate of FRCL, announced it would shift from operating a collection of regional portfolios to using one global portfolio. FRCL’s highly diversified approach is now quite unusual.
I can see how it might still appeal to some cautious private investors, however. It will be interesting to see whether FRCL’s board feels it needs to make a change.
James Carthew is a director of Sapient Research
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