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Finsbury Growth & Income Trust

Strong record of capital and dividend growth

Review | Investment trusts | 10 Dec 2018

Finsbury Growth & Income Trust (FGT) has a distinguished track record of outperformance – its NAV total returns are above those of the FTSE All-Share index benchmark over one, three, five and 10 years. It also ranks first over these periods when comparing its performance with that of its 10 larger-cap peers in the AIC UK Equity Income sector. Manager Nick Train highlights the trust’s 7.7% dividend growth in FY18, which was fully covered by revenue. He says this growth rate is very encouraging compared to the much lower levels of UK inflation and interest rates, and illustrates the strong cash flow being generated by portfolio companies, which he argues should continue to support FGT’s annual distributions.

Finsbury Growth & Income Trust

Adding to positive performance track record

Review | Investment trusts | 10 May 2018

Finsbury Growth & Income Trust (FGT) is managed by Nick Train, who runs a concentrated portfolio of primarily UK equities, aiming to generate long-term capital and income growth. A key feature is the trust’s low portfolio turnover – initiating a new holding or a complete disposal of a position happens very infrequently. FGT is invested in just four out of 10 sectors of its benchmark FTSE All-Share index. Shareholders have benefited from the manager’s focused, long-term investment approach, with the trust having significantly outperformed its benchmark over the last one, three, five and 10 years. Train remains optimistic on the outlook for FGT’s portfolio companies and has been taking advantage of individual share price pullbacks, adding to some of his largest positions, such as Burberry.

Finsbury Growth & Income Trust

Glory, glory, Man United

Review | Investment trusts | 16 Nov 2017

Finsbury Growth & Income Trust (FGT) aims to generate long-term capital and income growth from a concentrated portfolio of primarily UK equities. Manager Nick Train has recently initiated a position in Manchester United, which is FGT’s first new holding since 2015. He believes that the football club has a very strong and valuable franchise, along with a history of generating positive returns for shareholders. FGT has a long-term track record of outperformance versus its FTSE All-Share index benchmark, with higher returns over the last one, three, five and 10 years. The trust has a progressive dividend policy; the FY17 dividend was 8.4% higher than in FY16, despite a meaningful dividend cut at portfolio company Pearson.

Finsbury Growth & Income Trust

Performance record remains intact

Review | Investment trusts | 09 May 2017

Finsbury Growth & Income Trust (FGT) has been managed by Nick Train since 2000; he runs a concentrated portfolio of 25-30 primarily UK equities, aiming to generate growth in capital and income. Despite a period of underperformance in CY16, as result of the outperformance of cyclical companies where FGT has minimal exposure, its performance track record remains intact. It has outperformed its benchmark, the FTSE All-Share index, over one, three, five and 10 years. FGT has a progressive dividend policy and the 2016 annual dividend was increased by 8.3% versus the prior year. As a result of continued capital appreciation and investor demand, FGT's assets under management now exceed £1bn.

Finsbury Growth & Income Trust

Highly concentrated portfolio, strong performance

Review | Investment trusts | 26 Oct 2016

Finsbury Growth & Income Trust (FGT) aims to generate long-term growth in capital and income from a concentrated portfolio of primarily UK equities, which are held for the long term. FGT is benchmarked against the FTSE All-Share index, but is not constrained by its composition; c 70% of the portfolio is invested in consumer stocks. The trust has a progressive dividend policy and annual dividends have compounded by 7.3% pa since FY11; the current dividend yield is 2.0%. FGT has outperformed its peers and the benchmark over one, three, five and 10 years. Strong investor demand along with capital appreciation means the size of the trust has grown significantly; assets under management now approach £1bn.

Finsbury Growth & Income Trust

Outperformance from a concentrated portfolio

Review | Investment trusts | 29 Mar 2016

Finsbury Growth & Income Trust (FGT) is a concentrated portfolio of 25-30 stocks chosen for their quality and potential for long-term growth in total return. Turnover is very low; the last complete disposal was in 2013 and the purchase of Remy Cointreau in 2015 was the first new position in the portfolio for more than four years. Performance has been very strong; FGT has outperformed the peer-group average over one, three, five and 10 years. Although not targeting a high income, FGT has a progressive dividend policy and the 2015 dividend was increased by 7.1%.

Finsbury Growth & Income Trust

A measure of optimism (and one of cognac)

Review | Investment trusts | 09 Oct 2015

Finsbury Growth & Income Trust (FGT) is a focused portfolio of 25-30 stocks, mainly large cap and focused on the UK, although up to 20% at the time of acquisition (currently c 18%) may be held in overseas companies. Manager Nick Train is known for his long-term, low-turnover approach; the last complete exit from the portfolio was in 2013 and until the recent purchase of Rémy Cointreau, no new stocks had been bought since 2011. Long-term performance has been strong, with NAV and share price total returns in excess of 10% a year over 10 years, and the trust is ranked in the top quartile of its peer group over one, three, five and 10 years.

Finsbury Growth & Income Trust

A short stock list with a long investment horizon

Update | Investment trusts | 22 Jan 2015

Finsbury Growth & Income Trust (FGT) is a concentrated portfolio of mainly UK stocks chosen for their enduring quality and total return potential. Manager Nick Train takes a very long-term view and has made no new purchases or full exits in the past year, although significant share issuance has allowed him to top up holdings in certain stocks. While not targeting a high income, the trust increased its dividend by 7.6% in FY14. Performance has been strong and FGT is ranked first for NAV total return over five and 10 years in the AIC's UK Equity Income sector.

Finsbury Growth & Income Trust

A concentrated portfolio with a convincing record

Update | Investment trusts | 12 Jun 2014

Finsbury Growth & Income Trust (FGT) is differentiated by its concentrated portfolio, low turnover (c 6% a year over 13 years) and strong long-term record of outperformance. Manager Nick Train looks to buy mainly UK companies with strong brands and intellectual property, and hold them for the very long term to achieve growth in both capital and income. The trust has increased in size significantly over the past three years, with an active programme of share issuance to manage the premium to net asset value.

Finsbury Growth & Income Trust

Another good year for FGT

Review | Investment trusts | 21 Jan 2014

2013 was another strong year for Finsbury Growth & Income Trust (FGT) building on its successful long-term record; over the year NAV total return was 35.1% versus the FTSE All-Share benchmark return of 20.8% (10 years 292.3% versus 131.6%). Investor demand has seen the trust issue £70.3m of new shares during the year to manage the premium to NAV (average during the year 1.3%). This has provided cash flow to gradually increase holdings in the trust's media and telecom investments, while allowing weightings in FGT's more market-sensitive financial sector investments, strong performers over the past year, to naturally reduce.

JPMorgan Indian Investment Trust

Investment Trusts Quarterly: Asia

Sector Commentary: | - | 12 Jun 2013

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Finsbury Growth & Income Trust

Consistent long-term outperformance

Review | Investment trusts | 20 May 2013

Finsbury Growth & Income Trust (FGT) maintains a relatively concentrated portfolio of 25-30 stocks, with a focus on well-managed businesses with strong franchises. FGT has an experienced management team, which uses a bottom-up strategy to select positions that are held for the long term (turnover is just over 6% per year). It is moderately geared, aims to provide an above-average dividend yield, and its strong record of outperformance has continued during the last year. During the last 10 years, FGT has outperformed its benchmark, the FTSE All-Share, by 159.6% and 227.7% in terms of NAV and share price total return respectively.