How the FTSE changed

Finsbury Growth & Income Trust's Nick Train says changes to the makeup of the UK stockmarket mean investing in overseas companies is more important now than ever

At Finsbury Growth & Income Trust’s (FGIT) AGM earlier this year shareholders approved a resolution to allow Lindsell Train Limited (LTL), the investment adviser, to invest up to 20% of the company’s portfolio outside the FTSE All Share Index, its benchmark – specifically to invest overseas. We believe shareholders made the right decision. Nonetheless it was not a request we tabled lightly and we are conscious of the risks of straying away from benchmark. At the very least, for instance, we would sympathise with the righteous anger of any FGIT owner who discovered his UK investment had d...