Finsbury Growth & Income Trust (FGT)

FGT is oneof the UK market’s largest and most established investment trusts, aiming todeliver long-term capital growth and a growing income stream from aconcentrated portfolio of predominantly UK-listed companies. Managed since 2000by Nick Train, the trust follows a distinctive conviction-ledphilosophy, investing in high-quality businesses with strong brands, durablecompetitive advantages, and the ability to generate sustainable cash flows overdecades. The closed-ended investment trust structure allows the manager to holdsuccessful investments for the long term without being forced sellers,supporting a patient approach that has underpinned the trust’s long-term trackrecord across multiple market cycles.

In thisinterview, recorded three years after we first spoke to Mr Train in December2022, he reflects on his 25 years at the helm and the trust’s 100-year history,before addressing the recent period of underperformance. He discusses why theportfolio has struggled amid sector headwinds, notably in consumer brands suchas Diageo and Burberry, and explains why he remains committed to theseholdings. The conversation also explores a growing portfolio emphasis on dataand information businesses, including London Stock Exchange Group, and MrTrain’s conviction that artificial intelligence represents a long-termopportunity for such businesses rather than an existential threat. Throughout,he reiterates the importance of patience, discipline, and belief in enduringbusiness quality.