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Currency in GBP
Last close As at 25/03/2023
GBP8.79
▲ 7.00 (0.80%)
Market capitalisation
GBP1,822m
Finsbury Growth & Income Trust’s investment objective is to achieve capital and income growth and provide shareholders with a total return above that of the broad UK market index. It invests principally in the securities of companies either listed in the UK or otherwise incorporated, domiciled or having significant business operations within the UK, while up to a maximum of 20% of the portfolio, at the time of acquisition, may be invested in companies not meeting these criteria.
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Director, Investment Trusts
Nick Train
Fund manager
Simon Hayes
Chairman
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (1.2) | 4.9 | 6.9 |
| Relative | 3.6 | 3.8 | 8.1 |
| 52 week high/low | 900.0p/734.0p |
Finsbury Growth & Income Trust (FGT) has been managed by Nick Train for more than two decades. The trust’s 2021 and 2022 underperformance should be put into perspective, as during his tenure, the manager has outperformed FGT’s UK benchmark in 18 out of 22 years. Train is adhering to his long-term strategy of investing in high-quality companies that can grow regardless of the economic cycle, have high returns and low capital intensity, and can generate strong cash flows to support dividend growth. The trust’s historical annual portfolio turnover is around 3%, illustrating that the manager really does have a long-term perspective. FGT’s standing within the AIC UK Equity Income sector is commendable, with its NAV total return ranking first out of 20 funds over the last decade and third over the last five years, while its shorter-term rankings are also improving.
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