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Business 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 companies listed in America or other “more fashionable” stock markets.



Not a bit of it. Train is a believer in the fundamental strength, potential and investment cases of a number of British-based businesses. Where, he admits, he went badly wrong was being under-invested in Britain’s quoted tech sector — yes it does exist — as well as “world class” British brands.

As a result he has bet heavily on three stocks, Experian, Rightmove and Fever-Tree. Consequently, the allocation to tech or data companies has grown from 30% to 55%, with other big holdings in RELX, Sage and, of course, the Stock Exchange’s owner LSEG. It is a big punt but Tra.

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