Portfolio Manager Factsheet

July 2017

Diageo generate c30% operating margins and turn most of their operating income into cash.  But when a company has intrinsic advantages such as these, shareholders’ expectations ratchet up. We are watching very closely the capital allocation decisions taken by the boards of the companies we hold – knowing that cumulatively and over time it is the calibre of those decisions that will determine the long term success of our own investment decision.

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Finsbury Growth & Income Trust PLC conducts its affairs so that its shares can be recommended by independent financial advisers (IFAs) to retail private investors. The shares are excluded from the Financial Conduct Authority's (FCA's) restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust.