Finsbury Growth & Income
Company Notes
High-conviction portfolio with strong pricing power
Summary
- Finsbury Growth & Income* invests principally in large-cap UK-listed companies, although up to 20% of the portfolio (at the time of acquisition) can be invested outside of the UK. As at 30 September 2022, 19% of the portfolio was invested overseas.
- Nick Train has managed the fund since December 2000. His investment approach involves building a concentrated portfolio of ‘quality’ companies that have strong brands and/or powerful market franchises. The portfolio contained 22 stocks at the end of 2022, with the top ten holdings accounting for 83%. The active share relative to the FTSE All Share is 86%.
- Under Nick Train’s stewardship, the fund has delivered a NAV total return of +602%, considerably outperforming the +203% return of the FTSE All Share. However, it has underperformed in the last two calendar years (2021: +13% vs +18%; 2022: -6% vs +0%).
*Denotes a corporate broking client of Winterflood Securities
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