Portfolio Information

Approach to investing

Nick and Madeline's approach is based on that of Warren Buffett and involves building a concentrated portfolio of “quality” UK companies that have strong brands and/or powerful market franchises. This leads to a very different portfolio when compared to the benchmark FTSE All-Share Index.

Nick and Madeline try to buy stocks which are priced below their estimate of the Company’s true worth and then hold them for the long term, regardless of short-term volatility. In this way they hope to hold stocks long enough for them to double or better in value over time. They will only sell them if they no longer consider them to be quality companies or when their rise in value causes them to become too large a proportion of the portfolio. This investment approach results in extremely low turnover and saves transaction costs, which over the long term can significantly detract from performance.

Over the past several years, the portfolio has evolved to have a significant emphasis on companies executing ambitious and credible tech-led growth opportunities. This exposure has included increasing positions in long-term holdings RELX, London Stock Exchange Group and Sage, and adding newer holdings Experian, Autotrader, Rightmove and Clarksons. These seven tech-enabled companies are major holdings, meaning FGT’s portfolio offers a unique opportunity to own these “growth” businesses when compared to their relative exposures as part of the FTSE All Share Index.

Nick also maintains a high exposure to what he terms investment diamonds. These are high-quality companies often offering premium consumer goods or services which own assets that are highly likely to stand the test of time. This includes holdings ranging from Burberry, Diageo and Fever-Tree, to Intertek, Schroders and Unilever.

Portfolio overview

As at 31 May 2026