FINSBURY GROWTH & INCOME TRUST PLC
Interim Management Statement - 3 months to 31 December 2010 (unaudited)
Finsbury Growth & Income Trust PLC invests principally in the shares 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.
The 3 month period ended 31 December 2010 was a strong one for markets. The
Company's net asset value total return was 7.5% and the share price total
return was 6.6%. These results compare to the total return from our benchmark
index, the FTSE All-Share Index, of 7.4% over the same period. Post the period
end, to 26 January 2011, the Company's net asset value total return was 8.4%
and the share price total return was 5.8%. The total return from the benchmark
index was 8.6%.
The Company paid a second interim dividend of 4.4p per share (2009: 5.1p per
share) on 1 November 2010 to shareholders on the register on 1 October, making
8.8p per share for the year (year ended 30 September 2009: 9.5p per share). In
paying this total dividend of 8.8p per share the Company used £170,000 of
brought forward revenue reserves. The principal reason behind the fall in the
Company's income during the year was the significant reduction in the level of
income from the Company's holding in Lloyds preference shares. The Board has
confirmed that the lower level of dividend for the financial year ended 30
September 2010 does not alter its long term objective of a progressive dividend
policy.
During the period and up to the date of this report the Company neither
repurchased shares for nor issued shares from treasury and no new shares were
issued. As at 31 January 2011 the Company had 52,947,423 shares in issue with
no shares being held in treasury.
All of the resolutions proposed at the Company's Annual General Meeting, held
on 27 January 2011, were passed. Details of the level of proxy votes received
can be found on the Company's website at www.finsburygt.com.
Trust Characteristics
31 December 2010 30 September 2010
Number of holdings 25 24
Net assets (£m) 169.0 157.2
Yield 2.8% 3.0%
Gearing (AIC basis) 107 107
Share price (p) 317.50 297.75
Net asset value per share (p) 319.17 296.86
(ex income)
320.68 296.86
Net asset value per share (p)
(inc income)
(Discount)/premium of share (0.5)% 0.3%
price to net
asset value per share (ex
income)
Source: Frostrow Capital LLP
Sector Analysis
% of portfolio % of portfolio
at 31 December 2010 at 30 September 2010
Financials 17.6 14.9
Consumer Services 30.6 29.2
Consumer Goods 38.8 41.3
Technology 10.9 11.8
Preference Shares 2.1 2.8
Total 100.0 100.0
Source: Frostrow Capital LLP
10 Largest Investments
Name % of portfolio % of portfolio
at 31 December 2010 at 30 September 2010
Diageo 10.5 10.4
Unilever 9.7 9.6
A.G. Barr 8.7 11.1
Pearson 7.0 7.1
Fidessa 5.7 6.1
Schroders 5.6 4.7
Rathbone Brothers 5.3 4.5
Sage 5.2 5.7
Reed Elsevier 4.4 4.7
Kraft Foods 4.0 4.2
Total 66.1 68.1
Source: Frostrow Capital LLP
Total Return Performance (to 31 December 2010)
1 Month 1 Year 3 Years 5 Years
Share Price +7.1% +34.6% +26.7% +37.0%
Net asset value +6.9% +29.4% +20.3% +41.6%
per share
Benchmark* +7.1% +14.5% +4.4% +28.4%
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
For further information contact: Mark Pope on 0203 008 4913
Frostrow Capital LLP
Company Secretary
31 January 2011
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
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;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
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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