Portfolio Manager Factsheet

June 2017

With historic operating margins of 60% for Hargreaves and c30% for Rathbone and Schroders there is scope for narrowing of margins that would still leave this trio much more profitable than the average quoted company in the FT All Share. Schroders sells at 1.5% of its AUM, Rathbone at 3.3% and Hargreaves at 7.5% - below what we regard as full strategic value.

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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.