Finsbury Growth & Income Trust PLC (LON:FGT) has announced its Fact Sheet as at 31 August 2026.
Commentary
In August, the NAV was +4.5% on a total return basis and the share price was +4.0% on a total return basis, while the index was +0.7%.
We have been set a reinvestment challenge, as a result of the two bids for major portfolio holdings, Intertek and Schroders, which are moving toward completion in Q3 or Q4 2026.
We have decided to deploy the capital released from these two takeover situations into two new holdings and to build up another relatively new holding, where recent share price weakness has offered an opportunity to resume accumulation. In all three cases, we have stuck to our stock selection criteria – of investing in world class London-listed companies, preferably with global reach and scale. In addition, we look for businesses with unique intellectual property (IP), in terms of brand, data or franchise.
The existing holding we have been adding to is Games Workshop (GAW). Here, shares have fallen more than 15% from recent highs and we are keen to take advantage. The weakness appears to be little more than profit-taking, admittedly after a strong run. Recent results confirm, though, that GAW’s extraordinary IP – Warhammer and associated universes – continues to hold the attention of its growing legions of fans. There are not many pure global entertainment IP franchises listed around the world and certainly very few of the calibre of GAW. We think of the growth and investment returns delivered over time by two of our long-standing holdings in the Lindsell Train Global Equity Strategy, Nintendo and TKO (owner of WWE and
UFC). GAW has a similar opportunity to demonstrate longevity and increasing returns from global scale in our view; the US is already its biggest market and far from mature. Back at launch in 1996, people might have thought Pokémon, partially owned by Nintendo, was just a fad. It has turned out to be one of the most valuable pieces of entertainment property on the planet. Warhammer too is anything but a flash in the pan, first released in 1987 and more popular today in more parts of the world than ever before.
Finsbury Growth & Income Trust Plc (LON:FGT) invests in the shares of predominantly UK-listed companies, with the objective of achieving capital and income growth.
