Big oil bumps Finsbury Growth & Income NAV down 2% in September

FTSE All-Share index gained 1.8%

Nick Train’s £1.8bn Finsbury Growth & Income (FGT) trust reported a 2% net asset value drop in September, as the manager said a strong showing by oil companies hurt relative performance.

The trust's share price was also down by 2.2% on a total return basis, while the FTSE All-Share index gained 1.8% during the month.  Over a three-month period, FGT's NAV is down 3.8%, compared to a 1.9% return for the index. The NAV is up 7% in the year-to-date, failing to beat the index's 10.4% return. In the trust's latest factsheet, Train said the last three months were "unhelpful" for the portfolio, and attributed this to the knock-on effect of oil and some metal companies' share price rises, which hurt relative performance due to FGT's lack of exposure to commodities.  Ruffer ...