Finsbury Growth Company Research (FGT)

Finsbury Growth & Income Trust (FGT) is celebrating its 100-year anniversary. For the last 25 years the trust has been managed by Nick Train, who delivered 20 years of steady outperformance by investing primarily in UK quality growth companies, with a bias towards the consumer sectors. The last five years have seen a reversal in the trust’s fortunes as investors have favoured cyclical/value stocks, which are not featured in FGT’s portfolio, and a few long-term holdings have faced operational challenges. In late 2025, the board announced the introduction of a continuation vote, to gauge shareholder support for FGT given the steep drop-off in relative performance in recent years. It was held at the January 2026 AGM, and there was an overwhelming vote in favour of the trust continuing. Train and deputy manager Madeline Wright (since 2019) have maintained their strategy of buying high-quality companies with durable business models, high returns on equity and low capital intensity/high free cash flow generation. FGT’s board has scrutinised the managers and their process and fully supports them and their investment approach.