Train defends concentration despite persistent Finsbury Growth & Income underperformance

Finsbury Growth & Income

Finsbury Growth & Income manager Nick Train has sought to reassure shareholders over the high concentration of the trust, despite the £1.8bn vehicle enduring its third consecutive year of underperformance.

While according to the latest factsheet the trust's net asset value and share price total return in December rose 3.8% and 5%, respectively, with the FTSE All-Share index gaining 4.5% over the month, the fund has now underperformed its index for three consecutive years.  Train said the main contributors to underperformance over the last three years have sprung from not owning the oil and mining sector, and also due to the trust's exposure to companies where his confidence in their earnings power and undervaluation has been "misplaced". Nick Train pledges to 'keep faith' in Lindsell Tr...