Finsbury Growth & Income Share Discussion Threads

[topvest] 09/2/2022 20:52

EssentialInvestor - I agree that it was a good idea, but the timing was wrong and because the timing was wrong then the top end price was also wrong. It might have been possible if Unilever share price was 50% higher. Simple numbers, they were offering 50% of the Unilever market cap for a business a quarter of the size. Crazy to be giving away equity for something valued so much higher than their own great business. I think Terry Smith summed it up better.

Unilever probably needs a Board reset as they have had a poor 5 year period. They also need to get their own house in order as the performance has been lacklustre. Terry Smith is spot on, as ever.

Nick Train is a very good investor, but is sometimes a tad over loyal to his holdings. £50bn was a very full price.

I am not sure what planet GSK are on, but surely anything around £50bn is a very good price for a £10bn turnover £2bn profit business. I would be very surprised if the market cap on IPO is anywhere near that and more possibly £40bn.

[essentialinvestor] 09/2/2022 19:49

With the respect to Nick, the Unilever bid for GSK CH was a good idea
but at a very bad price. Timing not really an issue, unless he tied price
to that bad timing rational.

[steve3sandal] 09/2/2022 19:38

Thanks p56. I was hoping there would be a recording of the managers presentation in due course.

[peckers56] 09/2/2022 18:28

Attended today's AGM. NT quized on (1) HL - margins may shrink but volume should increase to offset this (e.g overall, fees of 0.5% from 10,000 trades is better than 1% from only 1,000 trades), (2) Unilever bid for Glaxo - right idea but timing wrong, (3) Selling Pearson - needed cash for other purchases (4) Holdings of less than 1 % of portfolio - aim to sell ALL "at the right time/price". PS1: Wine still being served after AGM closed!!! PS2: NT still clean-shaven after mishap with beard-trimmer late last year!!!!

[essentialinvestor] 08/2/2022 22:45

Bought a few today.

[shieldbug] 08/2/2022 12:15

Then you need to have a 5 year investment horizon for FGT.

Why do investors pick managers - and then expect them to change their process to suit their personal preferences?

[spangle93] 07/2/2022 18:10

Over 5 years, yes, it's a good observation, though the FTSE has been held back by its constituents.

Over 3 years FTSE 250 wins, FTSE 100 and FGT comparable

Over 1 year, every index outperforms Train

[thruxie] 07/2/2022 12:23

Spangle, FGT has beaten the FTSE 100 and 250 over 5 years with 29% growth plus another 15% if you include divs reininvested. Admittedly not as good as the S&P 500 but still 9% per year. I'd argue that the S&P is also overvalued compared to FGT holdings right now.

Train has a game plan and he's sticking to it.

[spangle93] 07/2/2022 11:25

Wish he'd do fewer interviews and spend more time identifying companies that will grow the share price

For all the fact that he's lauded by every investment platform, his track record over recent years is hardly stellar

[shieldbug] 07/2/2022 11:04

Interview with Nick Train on II. hxxps://www.youtube.com/watch?v=Vv_ojJlwrvw

[shieldbug] 24/1/2022 13:46

Buying GAW would have been just dandy. Down around 40% in a month. ULVR looking interesting today though.

[mozy123] 10/12/2021 12:36

A global tracker would have indeed been better (most of the companies in FGT are global)- hindsight and all that.

With a rare 4% discount, and many of the solid companies off more than 20% while the world is at ATH's, I have been nibbling.

I wish train would buy GAW. Its the perfect stock for his thinking on investment.

Love all the holdings in FGT, all should do well over the long term.

Unilever needs a MGT change! Thats a real dog of late.

[chc15] 04/11/2021 18:45

I have also owned this dog for a while, it's underformed badly recently, a cheap tracker would be much better.

[spangle93] 03/11/2021 18:55

I don't care if he makes Eeyore look like one of the Chuckle Brothers if he makes investors money.

However, I've held this through crash and rebound, growth periods and value periods, for more than 3 years, and I'm exactly 6% up. I keep holding, [1] because of his reputation for sagacity, pumped in the media, and [2], a combination of FOMO and a wavering view that at some point, (because of [1]) its day will come.

But it's a patience tester, that's for sure

I'll let you know if I sell, so you can pile in, because for sure it will go up then

[sinzu] 03/11/2021 16:34

I like his approach and infectious enthusiasm generally, but I do wonder about his choice of some of his holdings, such as HL, LSE & Unilever. My preferred UK focused trusts are ASEI and DIG. I hold Experian separately as I do like that stock.

[123ct] 03/11/2021 16:26

It is his enthusiasm that makes him such a good presenter and easy to listen to, what I am trying to establish is why the discount has opened up, as if he was simply just buying rubbish stocks then the share price would fall but it isn't so what is it that is making Investors not wanting to buy FGT and so lead to the discount opening up, I know FGT operate a 5% discount buy back so it shouldn't widen any further

[123ct] 03/11/2021 13:30

I am watching this trust, not invested in it yet but a bit baffled at the discount, I know it has gone nowhere for several years but its two biggest holdings Diageo and Relx are hitting 52 week highs and I watched Mondelez on CNBC last night reporting results,its the the fourth biggest holding and it jumped after hours about 4% despite the HGV shortage in USA...consumer discretionary should be booming as the pandemic unwinds but FGT not reflecting this...am I missing something ?

[steve3sandal] 07/7/2021 15:57

That should read between 666p and 860p.

[steve3sandal] 07/7/2021 13:04

You’ve been unlucky here. They have indeed gone nowhere for 2 years. Well nowhere for holders. Being a little more trigger happy I sold a number 2 years ago for 929p and was fortunate to buy them all back between 666p and 800p. I don’t think the holdings are dull at all but that’s what makes a market. I’m currently holding more than I’ve ever done and believe that £10/£11 will come along in due course. Lots of holdings are well below their peak SPs and largely their businesses are earning more. Nick Train recently said as much.
Good luck where ever you go next.

[andyadvfn1] 07/7/2021 10:09

It was so dull that I decided to sell out. I wanted to top up Some other underperforming holding and needed to sell something to do so. I went through portfolio and unfortunately FGT seemed the dullest and had to go. Break even after 2 years.

[shieldbug] 05/7/2021 14:45

Its become so dull that I was able to buy at a discount. Good.