Edison reviews Finsbury Growth & Income Trust

RNS Number : 7606W

Finsbury Growth & Income Trust PLC

16 November 2017

 

London, UK, 16 November 2017

Edison issues review on Finsbury Growth & Income Trust (FGT)

Finsbury Growth & Income Trust (FGT) aims to generate long-term capital and income growth from a concentrated portfolio of primarily UK equities. Manager Nick Train has recently initiated a position in Manchester United, which is FGT's first new holding since 2015. He believes that the football club has a very strong and valuable franchise, along with a history of generating positive returns for shareholders. FGT has a long-term track record of outperformance versus its FTSE All-Share index benchmark, with higher returns over the last one, three, five and 10 years. The trust has a progressive dividend policy; the FY17 dividend was 8.4% higher than in FY16, despite a meaningful dividend cut at portfolio company Pearson.

FGT aims to ensure that its shares trade close to NAV, and as a result of strong ongoing investor demand, there is regular share issuance. The trust is currently trading broadly in line with its cum-income NAV, which compares to the 0.5% average premiums of the last one, three and five years. FGT's progressive dividend policy has led to an average 7.7% increase in the annual dividend over the last five years. The current dividend yield is 1.9%.

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