Finsbury Growth & Income Trust - Looking forward to improved relative performance
Finsbury Growth & Income Trust (FGT) has been managed by Nick Train since the beginning of 2001 and in 2019 Madeline Wright was appointed as the trust’s deputy portfolio manager. Despite an impressive long-term record – during Train’s tenure to the end of 2023, FGT’s NAV generated a 9.0% annual total return versus the UK market’s 5.1% annual total return – there have now been three consecutive years of underperformance. The managers will continue to employ the long-term successful strategy of running a concentrated fund, investing in quality growth businesses, with high returns and low capital intensity, which can thrive throughout the economic cycle. Train and Wright believe that the market will reward FGT’s shareholders over time. Portfolio names change infrequently in keeping with the fund’s very low turnover, but in September 2023, property platform Rightmove entered the portfolio; this was the first new holding since 2020.Finsbury Growth & Income Trust is an investment trust company. Co.'s investment policy is to invest principally in the securities of U.K. listed companies, whilst up to a maximum of 20.0% of its portfolio, at the time of acquisition, can be invested in quoted companies worldwide. The portfolio will normally comprise up to 30 investments. Co. has appointed Frostrow Capital LLP (Frostrow) as alternative investment fund manager to provide company management, company secretarial, administrative and marketing services. Co. and Frostrow have jointly appointed Lindsell Train Limited as portfolio manager.
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