Jeremy Tigue's £2.2bn Foreign & Colonial investment trust has underperformed its benchmark in the first quarter.
The world's oldest investment trust saw its share price jump 1.39% in Q1 to 313.9p, lagging the rise in the company's composite benchmark index of 1.8%. The trust's board, which recently appointed ex Threadneedle CIO Sarah Arkle and Nicholas Moakes as directors, said it had been forced to write down the value of its largest unlisted investment, Caithness Petroleum, from £34.3m to £19.5m as a result of the worsening political climate in North Africa and increasing North Sea oil taxes. The group also announced its savings scheme - which invests in the trust - recorded £5.4m of net outfl...
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