Nick Train adds to Experian in wake of SVB and Credit Suisse

Banking turmoil impact

Nick Train, portfolio manager of the Finsbury Growth and Income trust, said he used the market turmoil of March as an opportunity to add to his Experian holding, which suffered a "temporary share weakness" as a result of the Silicon Valley Bank and Credit Suisse woes.

In the trust's factsheet for March 2023, Train noted the market turmoil caused by the collapse of Silicon Valley Bank and the saga surrounding Credit Suisse, and praised authorities for acting "so quickly and make depositors' assets safe". He continued: "We are not invested in any mainstream banks, but these events are not irrelevant for your portfolio." One of the biggest detractors to the trust's quarterly performance was Experian, which comprises 6.1% of the trust, and saw its shares fall 5% because of its role as the largest credit bureau in the world and the "correlation between ...