Stock-picker Nick Train has doubled down on his approach despite a slump in the fortunes of the fund he manages.
Finsbury Growth & Income Trust delivered a dismal return of minus-14.1 per cent for the six months to the end of March, by share price value – well short of its stated aim of beating the FTSE All-Share Index, which delivered a return of 8.9 per cent.
Its returns have languished as consumer stocks faced difficulties and software shares have been hit by AI-related fears.
Software holdings including Experian and Relx represent 58Â per cent of the portfolio.
Yesterday Train told investors: ‘Your portfolio is comprised of a collection of outstanding, in most cases world-class, UK-listed companies that have, for a variety of reasons, fallen out of favour with investors.
‘We believe the sell-off in London-listed data, software and platform companies could offer a once-in-a-decade opportunity to access exceptional growth assets at fundamentally the wrong price.’
Dismal returns: Stock picker Nick Train’s software shares have been hit by fears that their business models will be disrupted by artificial intelligence
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