FINSBURY GROWTH & INCOME TRUST PLC
Interim Management Statement - three months to 30 June 2012 (unaudited)
Finsbury Growth & Income Trust PLC invests principally in the securities of UK
listed companies with the objective of achieving capital and income growth and
providing a total return in excess of that of the FTSE All-Share Index. A
maximum of 20% of the Company's portfolio, at the time of acquisition, can be
invested in quoted companies worldwide.
In the 3 month period ended 30 June 2012 the Company's net asset value total
return was -0.35% and the share price total return was +0.50%. These results
compare to the total return from the FTSE All-Share Index, the Company's
benchmark, of -2.63% over the same period. Post period end, to 17 July 2012 the
Company's net asset value total return was +1.52% and the share price total
return was +1.00%. The total return from the benchmark index was +1.01%.
The Company paid a first interim dividend of 4.6p per share (first interim
dividend 2011: 4.4p per share) on 4 May 2012 in respect the year ending 30
September 2012.
During the 3 month period the Company issued 2,841,216 new shares at a premium
to the Company's cum income net asset value per share prevailing at the time of
their issue raising £10.7m. Following the period end, to 17 July 2012, the
Company has issued a further 485,000 new shares at a premium to the Company's
cum income net asset value per share prevailing at the time of their issue
raising a further £1.7m. As at 17 July 2012 the Company had 66,643,381 shares
in issue.
Trust Characteristics
30 June 2012 31 March 2012
Number of holdings 26 26
Net assets (£m) 229.3 217.4
Net yield 2.7% 2.7%
Gearing (AIC basis) 107 106
Share price (p) 349.50 347.75
NAV (p) per share 346.67 345.03
Premium of share price to NAV per 0.8% 0.8%
share
Source: Frostrow Capital LLP
Sector Analysis
% of % of
investment portfolio investment portfolio
at 30 June 2012 at 31 March 2012
Financials 16.8 17.2
Consumer Services 28.9 28.6
Consumer Goods 44.3 43.6
Technology 9.5 9.8
Preference Shares 0.5 0.8
Total 100.0 100.0
Source: Frostrow Capital LLP
Portfolio
Name % of % of
investment portfolio investment portfolio
at 30 June 2012 at 31 March 2012
Diageo 11.6 11.3
Unilever 9.1 9.0
Pearson 8.3 7.3
Heineken Holdings (A Shares)* 7.4 6.7
A.G Barr 7.1 7.3
Fidessa 4.9 4.9
Rathbone Brothers 4.5 5.0
Sage Group 4.5 4.9
Schroders 4.3 4.5
Kraft Foods^ 3.7 3.7
Top 10 Investments 65.4 64.6
London Stock Exchange 3.5 3.5
Reed Elsevier 3.3 3.7
Daily Mail & General Trust (A 3.3 3.1
Shares)
3.3 3.2
Greene King
3.2 3.0
Hargreaves Lansdown
2.8 3.0
Euromoney Institutional
Investor 2.8 3.3
Burberry Group 2.6 2.6
Marston's 2.5 2.4
Dr Pepper Snapple^ 2.0 1.8
Young & Co's Brewery 94.7 94.2
(non-voting)
2.0 2.2
Top 20 Investments
1.4 1.5
Fuller Smith & Turner
1.0 0.9
Thomson Reuters~
0.5 0.8
Lindsell Train Investment Trust
0.2 0.2
Lloyds Banking Group 9.25%
0.2 0.2
(non cum preference)**
- -
Celtic
100.0 100.0
Frostrow Capitall LLP+
Celtic 6% (cum preference)**
Total Investments
Source: Frostrow Capital LLP
* Listed in the Netherlands
^ Listed in the United States
~ Listed in Canada
** Non-Equity - Preference Shares
+ Unquoted Partnership Interest
Total Return Performance % (to 30 June 2012)
3 Months Calendar 1 Year 3 Years
Year to date
Share Price +0.50 +10.3 +5.0 +101.9
NAV per share -0.35 +9.2 +4.9 +95.2
Benchmark* -2.63 +3.3 -3.1 +47.4
Source: Morningstar
* Benchmark - FTSE All-Share Index measured on a total return basis.
Past performance is not a guide to future performance.
This Interim Management Statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.
This Interim Management Statement is available on the Company's website
www.finsburygt.com.
The Company's Net Asset Value per share is announced daily and is available,
together with the share price, on the TrustNet website at www.trustnet.com
SEDOL Code:
Ordinary Shares - 0781606
ISIN -
Ordinary Shares GB0007816068
Bloomberg - FGT LN
Epic - FGT
For further information contact:
Victoria Streater on 0203 170 8732
Frostrow Capital LLP
Company Secretary
19 July 2012
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Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
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Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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