Finsbury Growth & Income Trust PLC on Thursday reported that its share price discount shrank during the first half, though overall performance was lukewarm.
The London-based investor in UK-quoted companies said shares traded at a 7.0% discount to net asset value at March 31, compared with 8.7% at September 30, thanks in part to buyback activity.
During the six-month period, the discount averaged 7.5%, compared with 7.4% over the course of the previous financial year.
NAV per share total return dropped slightly to 2.1%, compared with the firm’s benchmark, the FTSE All-Share Index, which rose 4.1% during the period.
However, NAV per share at March 31 was 952.4 pence, up 1.0% from 943.4p at September 30.
Finsbury Growth left the dividend per share unchanged at 8.8p.
Portfolio Manager Nick Train noted the trust was still waiting to bear the fruit of increased exposure to UK software and data analytics firms.
‘That shift has not yet produced the sustained improvement in investment performance that all FGT Shareholders want to see,’ he said.
‘However, I am sure that relatively speaking it has meant your portfolio is better prepared to withstand the effects of tariffs and possible trade wars than it otherwise would have been.
‘I look at FGT’s portfolio and I think - here is a collection of outstanding, predominantly global, companies, with obvious growth opportunities. Then I look at our NAV performance and wonder why it isn‘t better,’ Train continued.
‘I do hope all Shareholders will be rewarded for their patience, including me.’
Finsbury Growth shares were down 0.6% at 904.00p each on Thursday morning in London.
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