Finsbury Growth & Income Share Discussion Threads

[spectoacc] 04/12/2024 17:28

Good luck. Seems not a bad hold, but triumph of hope over experience :)

Difficult to know if mean reversion, or continuation of poor returns.

[steve3sandal] 04/12/2024 17:25

I thought it was a brave but correct call to introduce a continuation vote following the next Sept FYE. We’re not talking in xplus years or subject to. The 1/3/5 year return is below most relevant benchmarks and they’ve bought back c18% of the shares against a rising discount so 18% of holders have voted already. It came out if the blue to me and very definitely reputations, board places, and fund manager assets are on the line here. No hiding place and I respect that.
There is now a catalyst for the discount to close (beyond the daily buybacks) or at least not to get wider. There is some momentum for the NAV to rise, some holdings making ATHs, others in the bargain bin, cash being deployed which will create a frisson of excitement around the edges. Expect much puffing with NT never off our screens. I’m a firm holder and in deep so fingers crossed.

[spectoacc] 04/12/2024 16:46

Don't get your hopes up - it's not until 2026.


"...A 12.7% total return including dividends over five years poorly with the 33.8% UK Equity Income sector average return and the All-Share’s 36.5%"


Poorly! I'll say - that's total return, you'd have done way, way better in cash.

Is it time someone other than Train ran FGT?

[bmcollins] 22/11/2024 12:06

@Specto
Excellent analogy, no change to rolling stock, I forgot that one !

[steve3sandal1] 22/11/2024 12:05

873p .....there she blows.

[spectoacc] 22/11/2024 11:41

One of those two-carriage diesel trains, smells a bit, still in operation as there's been no change to rolling stock for so long :)

[bmcollins] 22/11/2024 11:33

@steve
Indded, momentum is not the word, more like Train is either in the sidings or perhaps a small branch line, certainly not the main line yet, far from being an intercity 125 or a TGV and a seemingly impssible leap to being the Japanese bullet train !
Please excuse my cynicism but I can not help it...

[steve3sandal] 22/11/2024 09:56

52 week high is 872p so we’re very close. on the chart it’s been a slog to get over 860p. I noted the buybacks are now c250k a day rather than 150k and the discount has closed a little so perhaps making a difference. Oct factsheet hints at adding a couple of new UK a listed holdings which will probably need to happen anyway when they get cash for HL. I hardly dare use the word momentum.

[onwego] 19/11/2024 08:01

'Record year for takeovers in investment trust world'

hxxps://www.thetimes.com/business-money/money/article/record-year-for-takeovers-in-investment-trust-world-g89283ns2

"The once sleepy world of investment trusts is now in overdrive. London’s listed funds are having a record-breaking year, with unprecedented levels of mergers, takeovers and buybacks...."

[edwardt] 12/11/2024 05:11

Relx , lse and Experian putting in a shift now .

[spectoacc] 05/11/2024 09:55

BRBY only positive due to recent bid rumour (unconfirmed).

[giltedge1] 07/10/2024 07:15

Burb looks a lost cause should have been exited long ago, DGE now low growth previous ceo loaded up with debt buying back shares at £40. Recent news from DGE no buyers for Pimms, so much for valuable brands. Rest of portfolio looks sound.

[spectoacc] 08/9/2024 17:28

Eventually - I'd tongue-in-cheek suggest about 18 months ago - people will get sick & tired of hearing Train talking his failing book.

The UK may be cheap, but Train's picks, less so.

[bmcollins] 08/9/2024 10:19

Train is featured in AJ Bell money & markets podacast this weekend & is in full "special needs" teacher's accent firstly saying he has a meeting in 10 days with Burberry after which he'll decide what to do (shades of Pearson as another poster pointed out recently) & is spouting on about Rightmove, which is one he did get right, but then he switched to Diageo which is still full of growth for him, apparently.
I accept his argument that as people prosper they buy a better quality brand of alcohol but what he failed to mention was how many people now appear to drink less or indeed, none at all.
Smithson announced last week that they had exited Diageo, presumably for the reduced growth prospects.
He has a lot to say on UK stocks so they are featuring the rest of his thoughts on next weeks AJ Bell podcast...

[bmcollins] 02/9/2024 11:08

@edwardt
True enough, but one swallow doesn't make a summer does it...

[edwardt] 02/9/2024 10:38

Well at least he made a decent move with rightmove

[bmcollins] 18/8/2024 19:38

@Specto
You've hit the nail on the head today !
Indeed what is he being paid for

[spectoacc] 18/8/2024 18:51

I'll give him PZC as (I think) a decent sell decision, albeit was an odd buy call in the first place.

But the one he did tie himself in knots with, and eventually sell after defending it for so long, was a disaster - PSON. Sold just before it went way back up.

That IMO has affected subsequent decision-making on sells. Again, wouldn't expect him to call the top on eg DGE, BRBY, but also isn't rocket science to recognise the original buy case as having changed.

Or put another way - what are we* paying him for?

(*Not a holder).

[giltedge1] 18/8/2024 16:52

Not selling has been NT,s big mistake, ULVR £50 5 years ago, Burb £23 a year ago, DGE £40, few years ago & PayPal $300. You can always buy back. If he had sold DGE & BURB, we would be saluting him.

[spectoacc] 14/8/2024 13:46

That's the nail on the head. We don't expect him to trade in & our of positions, but we do expect him to buy shares that generally go up, and more importantly, to recognise when the narrative has changed.

It changed some time ago on BRBY, could be a very long road back.

[bmcollins] 14/8/2024 12:27

And for doing nothing other than watch his "enduring & unique brand" crater whilst he does nothing other than be paid a 0.61% fee.
Nice work if you can get it, eh ?

[mjames20] 14/8/2024 12:13

Monthly factsheet out today. [...] Mr. Train still sees value in the Burberry brand: "we have stuck to our view that with Burberry we have invested our clients’ capital in an enduring and unique brand, that has generated attractive financial returns in the past and can do so again. Accordingly, we have not sold"

[essentialinvestor] 09/8/2024 14:11

With respect that's a simplistic perspective on the fashion business.

There is no guarantee your brand remains as desirable/relevant - people may be getting wealthier, it does not necessarily follow BRBY benefit.