F&C's Kent optimistic despite 24.3% drop in NAV

Capital & Income Trust chairman sees stresses on company profits as catalyst for share-price falls and key driver of fund's underperformance

F&C Capital & Income Trust chairman Pen Kent believes continued stresses on company profits are now being discounted in their share prices. The trust's six-month results to 31 March took hits to its profits, assets under management and share value over the period. Kent says a significant Rio Tinto holding has been the key underperformance driver, along with exposure to the building and motor industries. The company's net assets declined 22.4%, from £158.2m to £122.8m, between 30 September 2008 and 31 March 2009. Net asset value per share was down 24.3% over the same period, from 200...