It was a fascinating — and long — mea culpa I read today from top London stock picker Nick Train, director of Lindsell Train, which manages the portfolio for the listed Finsbury Growth & Income Trust.
The trust invests largely in UK equities, three cheers for that, but has underperformed its benchmark, the FTSE All-Share Index, over the six months to the end of March. No wonder Mr Train admitted that his half-year review was “difficult” to write.
No one likes to be the bearer of bad news, not least to investors. The review starts with an expression of frustration at “the malaise gripping the UK Equity market”. At this point I was expecting to read the usual string of complaints about the lack of liquidity and low valuations on this side of the Pond, perhaps ending with a plea to be allowed to invest more in…
