Edison review on Finsbury Growth & Income Trust

RNS Number : 8130B

Finsbury Growth & Income Trust PLC

09 October 2015

 

London, UK, 9 October 2015

Edison issues research review on Finsbury Growth & Income Trust

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.

Demand for FGT's shares has remained robust and at 7 October the shares were trading at a 0.3% premium to cum-income net asset value, compared with an average premium of between 0.4% and 0.6% over one, three and five years. The trust has a defined process for managing supply and demand and will tend to buy back shares if the discount exceeds 5% (which it has not in the past five years) and issue new shares if there are unfulfilled buy orders in the market. So far in 2015, 17.7m shares have been issued, raising a little over £100m.

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