Train: M&A has forced us to look off-benchmark

Nick Train has a growing level of M&A activity in recent years has forced him to add non-benchmark holdings to his UK equity portfolios.

In an update for investors in his Finsbury Growth and Income trust, Train (pictured) struck a bullish note on the outlook for mergers and acquisitions - but suggested existing activity in the space had already forced him to look away from UK equities. The manager highlighted positions in both Heineken and Cadbury as examples of businesses which he is no longer able to find in the domestic equity market. "There are outstanding global businesses, representing great industries, in the UK. But, maybe thanks to takeovers, those are dwindling. There are some ideas I cannot invest in purely ...