Nick Train, lead manager of Finsbury Growth & Income (FGT), has increased his stake in the investment trust to 4.9%. The move comes just ahead of this month’s crucial continuation vote.
Train bought 25,000 shares at an average price of 824p, taking his holding to 5.785 million shares. According to the AIC (Association of Investment Companies), the trust’s NAV per share as of 6 January was 874.91p.
Must do better
The latest factsheet shows that in the 11 months to November 2025, FGT’s NAV declined 7.5%. Meanwhile, its share price declined 6.8% compared to a 6% gain for the FTSE All Share Total Return index.
The manager has repeatedly cited the importance of proprietary data to justify some of the trust’s largest investments. These include Sage Group (SGE), Experian (EXPN), London Stock Exchange Group (LSEG) and RELX (REL), which account for more than 45% of the portfolio.
However, this group of stocks, together with Rightmove (RMV), another data-centric pick, have failed to resonate with the market or investors.
We salute Nick Train for ‘eating his own cooking’ and some of his picks make sense to us, particularly on a valuation basis. However, as we have said before, valuation by itself isn’t enough, stocks need a catalyst to outperform.
Unsurprisingly, given the trust’s poor performance, the board has agreed to hold a continuation vote. This allows shareholders to express their views on whether or not the trust should continue with its current investment strategy.
Proxy voting began on 3 December 2025 and will close at midday on Tuesday 13 January 2026. The result of the vote to be published at the annual general meeting on Thursday 15 January.
Read the press release here: https://www.finsburygt.com/
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