FINSBURY GROWTH & INCOME (FGT) – Investment Trusts
| Price: 800p -1.2% | NAV: 923.5p |
| Market Cap: £1.2bn | Yield: 2.23% |
October’s FGT factsheet has landed and it doesn’t make particularly happy reading, as if that’s a surprise to most people.
The trust’s NAV (net asset value) rose 1.3% last month but the shares were down 0.1% against a 3.7% rise in the FTSE All-Share total return index.
That means year-to-date the trust’s NAV is down 1.8% and the share price is down 2.9% compared with a 20.9% rise in the benchmark.
One of the best-performing holdings was LONDON STOCK EXCHANGE GROUP (LSEG), which gained 11% after raising guidance and rolling out its first wave of AI-powered products, although that still leaves the shares down 15% year-to-date.
Among the big losers were Anglo-Dutch media group RELX (REL), which met but didn’t beat Q3 earnings forecasts reigniting fears rapid AI adoption could disrupt its business.
Meanwhile, November got off to a rocky start with shares in UK housing portal RIGHTMOVE (RMV) dropping 25% at one stage after it announced it would step up spending on AI.
Our View:
Manager Nick Train is, and has been for some time, wedded to the concept of owning ‘data-centric’ companies in the belief they will become more valuable over time.
So far, that doesn’t seem to be the case, as the trust’s top four holdings SAGE GROUP (11.9% of the portfolio), EXPERIAN (11.5%), RELX (11.3%) and LSEG (11.2%) have demonstrated.
The fund has now underperformed over one, three, five and 10 years, and the trend shows no sign of changing for the time being.
Read the latest factsheet here: https://www.finsburygt.com/application/files/2117/6337/6796/FGT_Factsheet_October_2025.pdf
Disclaimer: This content is for information only and is not investment advice. Always do your own research before investing. Click here to see full disclaimer.
