The oldest trust in Britain

F&C Investment Trust holds more than £7 billion, sits in the FTSE 100, and has raised its dividend 55 years running. It buys listed equities and private equity, globally spread and run conservatively.

“55 consecutive years of rising dividends”

Who is picking the stocks

Paul Niven has run the trust since mid-2014, pairing it with specialist stock-pickers at Columbia Threadneedle and beyond. The point is exposure across geographies, styles and sectors rather than one house view.

Mastercard takes a toll

It earns fees on transaction volumes and values without carrying credit risk. That makes it asset-light, with exceptional capital returns as spending moves from cash to cards and digital.

A network rivals cannot copy

Shoppers want cards accepted everywhere, retailers want the cards shoppers already carry. That loop locks in scale and makes Mastercard's network close to impossible for a newcomer to rebuild.

“making Mastercard's network difficult for new competitors to replicate”

Room left to grow

Developed markets are still shedding cash, and emerging markets have barely started. On top of that, Mastercard is selling cybersecurity, data analytics and open-banking services.

Infineon powers the switch

It is the global leader in power semiconductors, the parts that manage electricity in electric vehicles, renewables and grid upgrades. Decades of work built that position.

AI needs efficient power

Data centres training and running big models burn enormous electricity, so power management matters more than ever. That market barely existed a few years ago, and the shares look cheaper than the potential.

“the current valuation does not fully reflect the potential”

Live Nation owns the night

Revenues have grown 15% a year on average since the pandemic as spending shifts from goods to experiences. Ticketmaster, the promotion arm and the venues mean it collects at every step of one night out.