Fact sheet: Finsbury Growth & Income IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
UK EQUITY INCOME
Sector
IT UK Equity Income
Fund type
Investment Trust
Primary aim
GROWTH & INCOME
Why Money Observer Rates Finsbury Growth & Income IT

Rated Fund 2014-2017. Investing in quality brands for the long term

This trust is a good long-term hold and was highly commended in the UK Equity category in Money Observer's 2015 awards. As its name suggests, it is not purely income-oriented, so its yield is a modest 2 per cent although its dividends have grown by 6 per cent a year on average for the past five years.

It has been managed since 2000 by Nick Train, whose philosophy is to invest mainly in high-quality UK but also some overseas companies, which own both durable and cash-generative brands that are under-priced on his valuation analysis.

He runs a concentrated portfolio of around 30 stocks and his long-term approach means that turnover is extremely low. He does not take general economic and political developments into account as he says they eventually wash through.

At the same time he concedes that macroeconomic concerns can throw up useful opportunities, and it was as a result of such volatility that in early 2016 he made his first new share purchase for the trust for several years. He added a stake in Remy Cointreau whose share price had suffered as a result of the slowdown in China, where it is very popular.

His main concern is looking at how much confidence companies have in the future, which he thinks can partly be judged by the volume of takeover activity going on. His main reason for selling shares is when he loses confidence in the company or a brand's potential for future growth, or when valuations become excessive.

3 Year Performance
Fund Performance52.5%
Average of Rated Funds Group32.6%
Sector Performance22.6%
Fund information
Fund name
Finsbury Growth & Income Trust PLC
Fund manager company
Frostrow Capital LLP
Fund type
Investment Trust
Fund manager
  • Nick Trainsince 11/12/2000
Accolades
Highly Commended - UK Mainstream Equity Trust
Fund objective
This fund invests principally in the securities of UK listed companies with the objective of achieving capital and income growth and providing a total return in excess of that of its benchmark, the FTSE All-Share Index (net dividends reinvested).
Benchmark
  • FTSE All Share TR
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
25.6%
1 Year rank in sector
5/24
Sector
IT UK Equity Income
Yield
1.9%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.8%
Fund size
£1,139m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
99
Mid price
740
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
734.84
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
+0.70
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
100
Top in this sector
Fund name1 Year
Chv Small Cos Div Tst plc31.7%
Shires Income plc29%
Murray Inc Tst PLC28.6%
F&C Cap & Inc IT PLC27%
Finsbury Growth & Inc Tst PLC25.6%
...more in IT UK Equity Income

Performance snapshot

Holdings snapshot

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund1.6%7.6%15.8%25.6%52.5%142.4%
Sector-0.1%5.9%10.8%19.6%22.6%85.7%
Rank within sector5 / 247 / 243 / 245 / 241 / 242 / 24
Quartile1st2nd1st1st1st1st
Calendar performance
 YTD - 20172016201520142013
Fund14.9%12.6%12.4%5.9%35%
Sector10.2%6.9%3.8%3%29.8%
Rank within sector3 / 247 / 246 / 2410 / 249 / 24
Quartile1st2nd1st2nd2nd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
6.5
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.04
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
10.72
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
6.94
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.94
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.57
Price movement
52 week high745.5
52 week low562.5
Current bid price738
Current offer price739.5
Current mid price740
Region
1UK100%
Industry sector
1Consumer Goods48.4%
2Financials23.7%
3Consumer Services19.5%
4Technology8.4%
Asset type
1UK Equities100%
Individual holdings
1UNILEVER10.4%
2RELX NV9.6%
3DIAGEO PLC9.3%
4LONDON STOCK EXCHANGE GROUP7.9%
5BURBERRY GROUP7.2%
6HEINEKEN HLDG6.6%
7HARGREAVES LANSDOWN PLC6.3%
8SCHRODERS PLC6%
9SAGE GROUP PLC (THE)5.7%
Management
Fund manager group
Frostrow Capital
Fund manager company
Frostrow Capital LLP
Fund type
Investment Trust
Fund objective
This fund invests principally in the securities of UK listed companies with the objective of achieving capital and income growth and providing a total return in excess of that of its benchmark, the FTSE All-Share Index (net dividends reinvested).
Benchmark
  • FTSE All Share TR
Investment style
No data available.
Investment method
No data available.
Fund manager
NameSinceBiography
Nick Train11/12/2000Nick Train co-founded Lindsell Train Limited in 2000. He is the portfolio manager for UK equity portfolios and jointly manages Global portfolios. Nick has over 30 years experience in investment management. Before founding Lindsell Train he was head of Global Equities at M&G Investment Management, having joined there in 1998 as a director. Previously he spent 17 years (1981 – 1998) at GT Management which he left soon after its acquisition by Invesco. At his resignation he was a director of GT Management (London), Investment Director of GT Unit Managers and Chief Investment Officer for Pan-Europe. Nick has a BA honours degree in Modern History from Queen’s College, Oxford.
Compliance
AIC Member, UCIS
Domicile
No data available.
Fund for sale in
United Kingdom
Finsbury Growth & Income Trust PLC
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price734.84
CurrencyGBX
Price updated22/06/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNJJG
Data provided by

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