Finsbury Growth & Income (ticker: FGT) was launched in 1926 and has been managed by Nick Train of Lindsell Train since December 2000. Lindsell Train is famous for its highly concentrated, low-turnover portfolios and the trust's current top ten makes up over 90% of its net assets. Over the last 24 years, its NAV per share has compounded at 8.4% a year, which is well ahead of the 5.3% a year generated by the FTSE All-Share. FGT has also beaten its benchmark by nearly two percentage points a year over the last decade, over which time it lies second out of seventeen trusts in the UK Equity Inc...
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The past week has afforded an opportunity to catch up with the results of some of the best known equity investment trusts, including Scottish Mortgage and Finsbury Growth and Income. Stuart Watson's profile this week is of 3i Infrastructure, and there is a new contributor in the person of Reg Hoare, who explains the principles that underpin the management of his personal pension portfolio. Equity markets continue to fall in what increasingly looks like developing into a full-blown bear market, very much as I feared, with the S&P 500 down the thin end of 20% from its high.
Scottish Mortg...
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Nick Train has managed Finsbury Growth & Income for 21 years and has handsomely beaten the UK market during that time with the trust's net assets growing from just under £100m to over £2bn, helped by lots of regular share issuance. As with other Lindsell Train funds, this trust holds a very concentrated portfolio of 'quality growth' shares that are seldom traded. However, 2021 was a difficult year for this style of investing and the discount at Finsbury Growth & Income has widened to 5%, its largest level for a decade, and its board has taken the rare step of buying back some shares. N...
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