Nick Train: My 'jaw-dropping' outperformance is unlikely to continue

Nick Train has warned investors in his Finsbury Growth & Income trust not to expect a repeat of 2013 returns this year, saying his "jaw-dropping" outperformance may be about to end.

The £454m trust returned 34% in 2013, well above the 20% total return produced by the FTSE All Share. Speaking at the trust's AGM, Train (pictured) said that while some major holdings still represented significant value opportunities, the trust would find it more difficult to rise sharply in value this year. "We managed a jaw-dropping 14 percentage point outperformance in 2013, and from that you might conclude that Lindsell Train is entirely populated by investment geniuses," he said. "The truth is we are just as prone to mistakes as everyone else. Can we continue [with similar out...