Finsbury Growth & Income Trust (FGT) has been managed by Lindsell Train since the beginning of 2001. During his long tenure, approaching a quarter of a century, lead manager Nick Train has steadily acquired a significant 2.9% personal holding in the trust, which is a considerable amount of ‘skin in the game’. From the beginning of 2001 until the end of 2023, FGT’s 9.0% annual NAV total return was comfortably ahead of the UK market’s 5.1% annual total return. However, Train and deputy manager Madeline Wright, who was appointed in 2019, have underperformed for the last three years. The managers will continue with their successful long-term strategy of running a concentrated portfolio; Train’s philosophy is that wealth creation requires a concentrated approach, while diversification is necessary for wealth protection.
