There is something inexplicable about the investment success of Finsbury Growth & Income. Even Lindsell Train, manager of the near-£1.6 billion investment trust, admits in its most recent annual report to shareholders that it can’t reasonably account for the phenomenon and that it has the hallmarks of being unsustainable. That’s not to say that managers wouldn’t be on the hook for it if things started to go wrong.
Finsbury Growth & Income Trust was established in 1926 and is a constituent of the FTSE 250 index. Managed by Lindsell Train since 2000, it invests almost exclusively in UK-listed equity securities and aims to generate both capital and income growth ahead of its benchmark, the FTSE All-Share. By choice, turnover in the portfolio is extremely