UPDATE: FGT's returns have continued to lag the market in 2025 and 2026, leading to shareholders being offered a continuation vote at its 2026 AGM, which was passed with 97% in favour. The trust is increasing its dividend and its gearing, and has cut its management fee.
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 h...
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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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UPDATE: A revised version of this profile was published in March 2025.
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 dec...
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