Nick Train apologises again and bemoans 'painful' UK market

Investment seminar

At a London investment seminar today (18 May), Nick Train, manager of Finsbury Growth and Income trust, apologised to investors again for the trust’s recent performance, while expressing frustration at the UK market’s divergence from the US.

Train started his presentation to the investment community by apologising. While he acknowledged that it was not going to make clients feel better, he said it would make him feel "marginally better". "The performance of this trust over the last 18 months has not met my expectations," he said. "I am sorry for that…All I can say is that I sincerely hope that performance is going to improve soon." So far this year to 17 May, the £1.9bn trust has lost 12.2% and been worse off than both the FTSE All Share, which is only down 0.02%, and its fellow UK Equity Income trusts, down 3.5%, accordi...