FundInfo

Fund Manager Biography
Robert has over 25 years of industry experience and is Head of US Smaller Companies. He joined F&C in 2001 from Gartmore where he was Head of US Equities. Robert has a MA and DPhil from the University of Oxford and is a qualified Chartered Accountant.
Fund Manager
Robert Siddles
Fund Manager Commentary
	The F&C US Smaller Companies Fund allows investors to participate in a portfolio consisting principally of securities traded on United States Stock Exchanges or NASDAQ. Investment policy is directed towards achieving long-term capital growth through investment in small and medium sized companies. The Fund typically looks for companies that generate free cashflow, solid returns, have a strong market position and where management have significant equity ownership. The investment process comprises three stages: idea generation, stock selection and portfolio construction. It uses a risk-adverse approach because we believe it is the best way to achieve long-term returns from US Smaller Companies. The approach is active, long term and value-oriented. We favour companies with limited downside risk where we can make a long-term commitment and in particular we look at companies that generate excess cash flow. The Fund tends to have a lower than average PE ratio and lower volatility. We consider absolute as well as relative performance which contrasts with other small company investors that focus on popular companies in fast growing industries, where companies consume cash and their shares have high valuations and risk. The Portfolio is largely constructed through bottom-up analysis within defined sector parameters.(As at 31 December 2009)

Fund	US Smaller Companies Fund
Fund manager	Robert Siddles

Fund Manager Biography	Robert has over 25 years of industry experience and is Head of US Smaller Companies. He joined F&C in 2001 from Gartmore where he was Head of US Equities. Robert has a MA and DPhil from the University of Oxford and is a qualified Chartered Accountant.
Fund aim
Fund company	F&C Fund Management Limited
Fund size	£28.12m
Fund currency	Sterling
Launch date	01 Sep 1983
IMA sector	North American Smaller Companies
Price	885.2 (Inc)
Initial Charge %	5.00%
Annual Charge %	1.50% p.a.
Benchmark	Russell 2000 TR GBP
ISIN	GB00B06PF580
SEDOL	B06PF58

Performance

Fund performance since inception/over 5 years

All data as at 31.12.09. This factsheet is intended for Financial Advisers and existing investors only. Reference to investment activity is not intended as a recommendation of any investment action.

Standardised performance % as at 31.12.09

	2008/ 2009	2007/ 2008	2006/ 2007	2005/ 2006	2004/ 2005
Fund	28.57	-5.15	-11.05	-3.56	26.97
Benchmark	27.17	-33.79	-1.57	18.37	4.55

Cumulative performance %

	1 Mth	YTD	1 Yr	3 Yrs	5 Yrs
Fund	10.01	28.57	28.57	8.47	32.82
Benchmark	9.81	13.22	13.22	0.45	21.95

Past performance is not a guide to the future performance. Source: Lipper, percentage growth total return in Sterling, with no initial charges. For past performance data, updated quarterly, for the full range of F&C funds visit www.fandc.com.

Top 10 Holdings

Holdings	%
IShares Russell 2000	4.30%
Allegheny Technologies	2.41%
Amedisys	2.08%
CRA International	1.92%
Amerigroup Corp	1.87%
Actuant 'A'	1.84%
Orbital Sciences	1.80%
GATX	1.78%
Flowers Foods Inc	1.77%
Flir Systems	1.77%
TOTAL	21.54%

Fund sector breakdown

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