Fund Research

Finsbury Growth & Income

Last update 06 November 2018
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Finsbury Growth & Income is a highly concentrated investment trust with a portfolio of mainly UK stocks, aiming to achieve capital and income growth in excess of that produced by the FTSE All-Share.

Fund manager Nick Train ignores the benchmark entirely - investing in companies which he believes will perform well regardless of their weighting in the index. The trust tends to invest in companies that have been resilient over various cycles and exhibit steady earnings growth over the long term.

He runs a highly concentrated portfolio which currently stands at just 24 stocks and Nick is renowned for his very long-term, low-turnover approach. For example, the most recent addition to the portfolio was Manchester United last summer, and prior to this he had only added one new stock to the portfolio over the past four years. This, along with his focus on high quality, cash generative companies with strong franchises means his portfolio is highly differentiated to his peers in the AIC UK Equity Income sector.

Over the past five years (to the end of May) the trust has delivered an NAV return of 73%, beating the AIC UK Equity Income sector by a considerable margin and doubling the returns of the FTSE All Share. Its returns over the longer term have been equally as strong, with the trust having beaten the index in nine out of the past 10 calendar years.

The premium has fallen to around 0.5% in the recent market sell-off, with the board committed to buying back shares if the trust moves to a 5% discount.

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Fund History: Finsbury Growth & Income

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