manager of f&C us smaller companies trust focuses on insurers, seeing banks as overpriced
The F&C US Smaller Companies Investment trust is to continue with a discount narrowing policy that has seen it buy in some 25% of its shares since December 2002. Chairman Gordon Grender underlined the board's commitment to the process, which has a stated policy of trying to keep its long-term discount to NAV at about 10%. It now has a market cap of £58m with total assets of £63m. The policy appears to be working with shares trading at a discount to NAV of 8.3% as of 8 September compared with a weighted average for the US smaller companies sector of 16.2%, according to research by HSBC....
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