Portfolio Manager Factsheet

September 2018

We were surprised by the sudden dismissal of Stephen Kelly as CEO of Sage in late August and therefore not surprised by the weakness of the company’s shares in the aftermath. Our current thinking is this: incumbency is not necessarily a bad thing. Sage still has powerful competitive advantages and every opportunity and incentive to exploit them.

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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.