Fund Research

Finsbury Growth & Income

09 July 2018 View latest version

Finsbury Growth & Income has a highly concentrated 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, a major shareholder in the trust, 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 which have shown themselves to be resilient over various cycles and exhibit steady earnings growth over the long term.

He runs a highly-concentrated portfolio which currently stands at just 25 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 5 years (to the end of May) the trust has delivered an NAV return of 90.6%, beating the AIC UK Equity Income sector by a considerable margin and doubling the returns of the FTSE All Share. It’s returns over the longer term have been equally as strong, with the trust having beaten the index in 9 out of the past 10 calendar years.

Finsbury Growth & Income has a rigorous discount control mechanism. Strong demand for the shares has allowed the board to raise c.£70m of assets over the course of 2017.

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Fund History: Finsbury Growth & Income

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