Last checked at 
13 Jun 2019 13:24
London, UK, 13 June 2019
Edison publishes review on Finsbury Growth & Income Trust (FGT)
Finsbury Growth & Income Trust (FGT) has been managed by Nick Train since 2001. His strategy of running a highly concentrated portfolio (currently 20 names) - focused on just three business areas - has proved to be very successful, as illustrated in the 10-year relative NAV chart below. FGT has outperformed the FTSE All-Share Index over the last one, three, five and 10 years, helped by a recent step-up in capital appreciation, and has outpaced the performance of all of its larger-cap peers in the AIC UK Equity Income sector over these periods. Train remains optimistic about the outlook for selected UK equities, focusing on high-quality companies that can grow regardless of the stage of the economic cycle.
FGT regularly issues shares to satisfy unfulfilled buy orders in the market. It consistently trades close to NAV; over the last 12 months, the trust's shares have traded in a narrow range of a 1.3% premium to a 0.5% discount. The current 0.5% share price premium to cum-income NAV is broadly in line with the 0.5% to 0.6% range of average premiums over the last one, three and five years. FGT has a progressive dividend policy and offers a yield of 1.8%. The manager employs a modest level of leverage (net gearing of 1.2% at end-May 2019).
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