London, UK, 27 January 2021
Edison issues review on Finsbury Growth & Income Trust (FGT)
Finsbury Growth & Income Trust (FGT) is celebrating its 20th anniversary under the management of Nick Train. While underperforming in recent months, the trust is ahead of the broad UK market over the last one, three, five and 10 years. Stock market volatility in 2020 afforded the manager an opportunity to add another new name to the fund, credit bureau Experian, which he considers a rare example of a globally significant UK company that is benefiting from the optimisation of its vast database. Train is sticking to his tried-and-tested process that incorporates three rules of thumb: 'if a company's products taste good, buy the shares; the world will never be bored of being informed or entertained; and the pros are always too cautious about the stock market'.
FGT regularly trades close to NAV. The trust is currently trading at a 1.9% share price discount to cum-income NAV, which compares with a range of a 0.4% average premium to a 0.2% average discount over the last one, three, five and 10 years. FGT has a progressive dividend policy, although during FY20 the annual distribution was held steady due to portfolio companies' dividend cuts as a result of the global pandemic. The trust currently offers a 1.9% yield.
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