Finsbury Growth & Income Trust FGIT on Wednesday said it remains optimistic despite “disappointing” annual results.
The London-based trust, which invests in shares of predominantly UK-listed companies, said net asset value per share as at September 30 was 943.4 pence, up 5.9% from 891.2p a year before.
Finsbury Growth & Income shares were trading at £8.86, down 0.1% in London on Wednesday morning.
Finsbury reported an 8.2% net asset value total return for the financial year that ended Sept. 30, up from 7.2% in financial 2023.
However, the company underperformed the FTSE All-Share index benchmark, whose total return was 13%.
Finsbury attributed this to continuing uncertainty due to global inflation and interest rates.
Around 32% of the company’s portfolio is made up of consumer brands, including Burberry Group PLC, Diageo PLC and Unilever PLC, which have been disproportionately affected by uncertain economic conditions.
Burberry’s share price has fallen 55% between Sept. 30, 2020 and Sept. 30, 2024, the investment trust noted.
Finsbury Growth & Income paid a dividend of 19.6p per share during the recent year, up 3.2% from 19.0p the year before.
Looking ahead, Finsbury said it remains optimistic and will continue to invest for the long term in “high quality companies that own both durable and cash generative franchises.”
By Lydia Doye, Alliance News reporter
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.
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