Portfolio Manager Factsheet

March 2019

RELX fell as news emerged of a handful more universities cancelling subscriptions to Elsevier’s scientific journals. To date, the cancellations have had the effect of slowing Elsevier’s growth, rather than putting the division into reverse. We met with senior RELX management last month and, as always, were impressed by the considered and disciplined way they run the company. We were also impressed by the passionate defence they make of Elsevier’s position in global science and its commitment to remain a friend to and facilitator of scientific progress – just as it has over the last 140 years.

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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.