Train: There is nowhere to hide from technology

Optimistic on outlook for equities

Nick Train has told shareholders of his £977m Finsbury Growth & Income trust the key factor driving business performance across all sectors at the moment is technology.

In the annual report for his trust, the manager said he also believes that "in the future, all companies will be internet companies", repeating the words of the late Andy Grove, CEO of semiconductor manufacturer Intel. Train (pictured) said: "This is an exciting but scary proposition. But the companies doing interesting things with digital - whether they are tech companies or far removed - are the ones making progress." Though his trust holds only 9% in telecom, media & technology stocks, almost all of the portfolio's holdings have exploited technology as a theme, he said. He added...