Finsbury Growth & Income Trust highlights portfolio value in May

FGT

Finsbury Growth & Income Trust PLC (LON:FGT) has announced its Fact Sheet as at 31 May 2026:

Commentary

In May, the NAV was -1.7% on a total return basis and the share price was -1.8% on a total return basis, while the index
was +1.2%.

Global testing and assurance provider Intertek’s share price rose 15% in May (after +30% in April) as takeover negotiations with private equity firm EQT continued. Since its initial rejected cash offer of £51.50 in April, EQT has made a series of takeover approaches at incrementally higher prices, with the latest – at £60 per share, a +60% premium to the undisturbed price – prompting Intertek’s board to engage with the offer. EQT has until mid-June to make a firm offer and we await further developments with interest.

Regardless, this underlines the value that we – and, clearly, others – see in Intertek. This is a globally significant business
with a deeply embedded position throughout its many customers’ supply chains in product testing and, increasingly, assurance. Customer relationships are incredibly sticky – usually spanning 20+ years – and Intertek’s stamp of approval is a recognised marque of quality and trust. Indeed, for many of its customers, Intertek’s certification is a stated requirement, including behemoths of retail such as Walmart. We can absolutely understand why EQT would want to own such an asset.

As we observed in last month’s commentary, Intertek is not the only high-quality company we own that has attracted
takeover bids, new activist investor stakes or engaged in M&A activity of its own. More than 50% of the portfolio is now
invested in companies that have been subject to corporate activity so far in 2026. A sign, in our view, that value may be
building in parts of the portfolio.

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. 

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