Finsbury Growth & Income (FGT), the underperforming UK equity income trust run by Nick Train, had a “challenging” September with net asset value (NAV) and the share price falling 7.9% and 7.8% against a 1.9% decline in the FTSE All-Share index. Despite that, both NAV and shares outperformed in the third quarter with respective gains of 3.7% and 4.2% ahead of the benchmark’s 2.4%. Sage, the accounting software provider that Train said had been in the “crosshairs” of the debate over the threat from artificial intelligence, rallied 19% to stand 30% above their lows in July. This made it the biggest holding in the £808m portfolio at 11.2% of net assets. Clarkson, the world’s biggest shipping broker which Train also regards as a data play, was the best performer in the three months to 30 September, advancing 22%. It ranks ninth with a 5% weighting. FGT itself ranks second from bottom in its AIC sector over five years with a 3.25% total shareholder return including dividends against a peer group average return of 59.7%.
Greencoat UK Wind (UKW) has acquired full ownership of a 96.4MW portfolio of five operational UK wind farms from EDF Invest. The investment company spent £10.5m buying the remaining 20% stake to take it to 100%. It will enter a joint development arrangement with the French energy giant to look into repowering, or modernising, the assets. The announcement yesterday came ahead of a capital markets event in the City where UKW was expected to discuss the prospect of these assets, the work underway to extend their operational life and its broader capital allocation strategy. Shares in the £2.5bn closed-end fund that is part of the Schroders stable yield 9.4% and stand on a 15% discount to net asset value.
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