Finsbury Growth & Income Trust proved "defensive" in difficult circumstances but as the economy reopens some safe havens are underperforming, according to portfolio manager Nick Train.
The fund's outperformance last year was generated during a period when markets were weakest and concerns about the pandemic were high, with the UK strategy beginning to underperform right around the time of the vaccine announcements in Q4 2020 - a theme that has spilled over into 2021. "Simply stated, having held up during the worst of 2020, our returns have lagged as economic and investor confidence recovered," Train said. Train gives the performance of Unilever's share price, a key holding in the portfolio, as an example. In 2020, Unilever was a safe haven for investors as the busin...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes