Portfolio Manager Factsheet

June 2015

Diageo was our best contributor up over 1% against a horrible market backdrop (it actually makes for a 7% swing in relative performance for Diageo in just a month). Unilever was down 5.4%, nearly as much as the All Share, highlighting that Diageo’s resilience was everything to do with bid rumours, rather than its defensive qualities. This year’s deal run rate, if maintained, will almost certainly mean that 2015 will set a new record for the value of global M&A. There have been two deals in 2015 to date at about $80 billion of value (Shell/BG and Time Warner/Charter). Diageo’s current market capitalisation is $74 billion. So you never know.

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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.