Finsbury Growth & Income Trust delivered a share price total return of 2.3% for the year ended 30 September 2025, trailing the FTSE All-Share Index’s 16.2% return by nearly 14 percentage points, according to its annual financial report.
The trust’s NAV total return was -0.1% for the same period, against +8.2% in the prior year. Active Share stood at 86.4% (2024: 84.1%), reflecting a highly differentiated portfolio relative to its benchmark.
Performance Gap Widens Against the FTSE All-Share
The figures cover a year in which UK equities broadly rallied. The trust invests in shares of predominantly UK-listed companies with the objective of achieving capital and income growth, but its concentrated, quality-growth style lagged a wider market recovery.
As at 28 February 2026, the trust held net assets of £951.9m, a NAV (cum income) of 792.00p, and a net yield of 2.5%, according to its February 2026 factsheet.
The NAV had edged higher by the end of June. As of 29 June 2026, the last published NAV was 803.00p per share, with shares trading at a discount of 6.96% to NAV as of 1 July 2026, according to Hargreaves Lansdown data. The 12-month average discount was 6.84%.
Finsbury Growth Income Trust Holds Concentrated Portfolio
London Stock Exchange Group PLC was the trust’s largest holding as of 31 May 2026, at 12.91% of the portfolio, according to Fidelity data. Unilever PLC followed at 10.69%, with Schroders PLC at 10.56% and Experian PLC at 10.39%. RELX PLC rounded out the top five.
The top four holdings alone accounted for more than 44% of the portfolio, underscoring the trust’s conviction-led approach.
An investor presentation held via Investor Meet Company in June 2026 cited resilient global brands such as Diageo and structural growth opportunities in Experian as key drivers of future performance.
Portfolio manager Nick Train and deputy portfolio manager Madeline Wright run the strategy from Finsbury Growth & Income Trust, which was launched in 1926 and is in its centenary year. Lindsell Train has managed the portfolio since December 2000.
An FCA-hosted factsheet as at 31 January 2025 put the trust’s ongoing charges ratio at 0.6%.
The trust’s discount to NAV has been a persistent feature: the 12-month average of 6.84% sits close to the current reading, suggesting limited near-term catalyst for re-rating. Progress on narrowing that gap is likely to hinge on whether the portfolio’s quality-growth holdings can close the return differential with the broader index in the year ahead.
