저자: NickTrain · 외국인
요약 보기
Finsbury Growth and Income Trust의 목표는 영국 주식시장 대비 초과수익이며, 최소한 통화팽창과 세금을 상회하는 방어, 궁극적으로는 NAV 대폭 상승을 추구한다고 설명. 워런 버핏·찰리 멍거 방식으로 20개 미만의 고집중 포트폴리오를 운용. 영국 상장 우량주가 동종 대비 터무니없이 싼 밸류에이션에 거래되는 '10년에 한 번, 어쩌면 한 세대에 한 번'의 기회라고 주장. 출연 목적은 영국 주식 매수 관심을 불러일으키는 것. 개별 수치 근거는 제시되지 않음.
다듬은 글
Hello, I'm Annabel Brody Smith. I'm the communications director of the Association of Investment Companies. Today we're looking ahead to our investment company showcase on October the 10th and I'm delighted to be joined by Nick Train who's the manager at Finsbury Growth and Income. Nick, great to have you here.
Can you explain the investment objective of your trust and how you achieve that please? Annabelle um thanks uh it's great to be here too. Um yes I will do my best to do that and as succinctly as possible on the tin it says that the objective of this investment trust is to do better than the UK equity market.
Um but I think the way I look at it is this. Um I've been now managing this investment trust for basically a quarter of a century. And over that period I've been persistently adding to my personal or family's holding in Finsbury Growth and Income Trust. It's now actually quite a sizable part of my family's uh financial affairs.
And when I think about that, what what I think about is that at a minimum, at a minimum, I want to protect that investment I've made in this company against the effects of monetary inflation and tax. That's at a minimum. But at the same time, I mean, actually, you know, to make it worth everybody's while, what I really want to do is make the NAV of this investment trust go up a lot, you know, so I and fellow shareholders can make a lot of money out of it, you know.
That's basically what uh what we're trying to do. And how do we do it? Well, I was influenced at a uh impressionable age in terms of my career by Warren Buffett and ever since then I've sought to copy Warren Buffett and Charlie Munger and by and large by and large with some ups and downs that's worked for me.
Um, so Finsbur's portfolio today, as it's always been, is invested in not very many holdings. It's a highly concentrated portfolio, less than 20, but 20 outstanding businesses. And it's my expectation and belief that the successful business performance of those companies that we're invested in will create wealth for shareholders and ultimately for me.
Thanks very much, Nick. And it was very interesting to hear about your family investing because I always say I invest for my children's children quite honestly and in investment trust it's for me but also for the family and sort of the future proof the family for any occasions anything that could come up.
So it's very interesting to hear that. Um, they are, as you know, and as I'm sure will be conveyed at this showcase event, they are an ideal vehicle for private wealth. I won't go into the reasons for that now, but they truly are. So, you've made a right a right decision for your children and grandchildren.
I hope I have for mine. I Well, I will fully agree with you that touching word, but I'm pretty pretty sure that I have made a good decision. Now, how did you actually become a fun money gem? Luck to a significant extent, just being at the right place at the right time. Um, I was working for a small to midsize fund management company that was growing quickly and needed and needed all hands on deck.
And I I I had an opportunity and I grabbed that opportunity. Um, I mean I do think to an extent it it was my destiny, Luke, to be uh to to to be a fund manager. I I I do think that I have some of the characteristics, probably not all of them, but I have some of the characteristics that give you a chance to make a living out of out of what I've done.
And can I tell you what I think those characteristics are or the ones that I feel most strongly in me personally? I really want to know. Go on, tell me your destiny. I I I'd say three things. Um first, I'm fascinated by history just in general in history. What what made the world change in the past and what might make it change in the future?
It helps I actually studied history at university. But but I've always, you know, had that that curiosity about the way that the world is. Second thing I would say say is that I think I'm quite a patient person. Some people might say a stubborn person. Um, but I do think that patience, you know, willing to, you know, ride through the rough times to to to stick to a to a a theory that that is a help.
Then the last thing I'd say, and actually I don't think I'm proud of this, but it's just a piece of selfawareness. I think that there's a there's a streak of misliness in me. I do, you know, I like I like building wealth. I like building wealth for shareholders. I like to see things compounding and growing in wealth over time.
I I find that satisfying. I don't know that that's a particularly praiseworthy personality trait, but maybe it makes sense in doing what I've done. Well, I think it does make sense. You know, that obsession with history, patience, so you can ride it out, and as you put it, misily, but wanting to grow wealth for people, they all seem like very important characteristics for a fund manager to me.
Here I am after 25 years. Well, after 40 years plus actually in the industry, but 25 years on Finsbury. Excellent. So now tell us uh what are you going to be speaking about at this investment company showcase? I haven't finally decided um maybe a little bit about um the sort of personality types that you you need to have to maybe make a success out of out of investing.
Uh so maybe I will I will cover some of that that that territory. But I suppose, listen, I I'm I'm an optimist. Um, and I think that's a huge competitive advantage, by the way. I'm an optimist and I happen to be a British citizen. I'm actually quite proud of being a British citizen. And I have to say I I do think that there is a once- in a decade, maybe once in a generation opportunity to access the shares of absolutely outstanding London listed UK companies at ridiculous valuations relative to their peers.
Uh it it feels like a big big opportunity to me and at the very least I'd like to discuss with your audience the caliber and the opportunity that of the businesses that we're invested in for Finsbury's portfolio. Well, I'm sure our audience are very much going to appreciate that once in a lifetime opportunity.
You have to commit. I didn't say once in a lifetime. I said once in a decade. Maybe once in a generation. But let's take once in a lifetime. Let's hope that's right as well. Okay. And what are you looking forward to most about the showcase? I'd hope that I might unleash a wave of buying interest in the UK stock market and particularly in the shares of Finsbury Growth and Income Trust.
Um, I I think candidly what I most look forward to on on these occasions are receiving questions receiving questions from the audience. That that's always the most stimulating, surprising and unexpected aspect of this. I I I have to say in all seriousness I need to be careful. Um, I guess the moderator won't allow the questions to go on for too long, but I it's it's actually a source of new investment ideas for me and my colleagues.
The the questions we receive from the sort of smart audiences that you attract, um, they either make us think hard about what we own and wonder, should we carry on owning it? And sometimes you you get ideas for new names. So, I'm always open to that. Um, that would be a big bonus if uh that was something else that we got out of the session.
Well, I can assure you that we've got a lot of sophisticated investors and I'm sure they're going to have an awful lot of questions for you. So, who knows, they might even have some investment ideas, too. Uh, Nick, thanks so much for talking to me today. And just to remind our audience, uh, the AIC's investment company showcase is taking place on October the 10th, and you can join us in person in London, but you can also join us online. Thanks so much. See you then.
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