## Finsbury Growth & Income Trust PLCAnnual Financial Report Summary (Year Ended 30 September 2025)
**Key Highlights**
* **Disappointing Performance** The trust underperformed its benchmark (FTSE All-Share Index) with a share price total return of 2.3% compared to 16.2% for the index. NAV total return was -0.1%.
* **Continuation Vote** Shareholders will vote on whether the trust should continue its current investment strategy at the upcoming AGM, marking the trusts centenary.
* **Share Buybacks** The trust actively bought back shares to manage the discount to NAV, purchasing 34.7 million shares (20.7% of issued shares) at an average discount of 7.5%.
* **Dividend Increase** Dividends increased by 3.1% to 20.2p per share.
* **Portfolio Focus** The portfolio remains concentrated in high-quality, cash-generative UK companies with global reach.
* **ESG Integration** The trust continues to integrate ESG factors into its investment process and is committed to net zero emissions by 2050.
**Detailed Summary**
**Performance**
Despite a challenging year, Finsbury Growth & Income Trust PLC maintained its commitment to its long-term, high-conviction investment approach. However, performance lagged behind the market, with a share price total return of 2.3% compared to the FTSE All-Share Indexs 16.2%. NAV total return was -0.1%. The Board acknowledges the underperformance and has scrutinized the portfolio managers strategy. They remain confident in the long-term potential of the portfolios high-quality companies.
**Continuation Vote**
A significant event this year is the continuation vote at the AGM. This vote allows shareholders to decide whether the trust should continue its current investment strategy. The Board unanimously recommends continuation, highlighting the trusts long history and the portfolio managers commitment to delivering sustainable value.
**Share Buybacks**
The trust actively managed its discount to NAV through share buybacks, purchasing 34.7 million shares (20.7% of issued shares) at an average discount of 7.5%. This strategy aims to enhance value for remaining shareholders and provide liquidity for those wishing to exit.
**Dividends**
The trust increased its dividend by 3.1% to 20.2p per share, demonstrating its commitment to returning value to shareholders.
**Portfolio**
The portfolio remains concentrated in high-quality, cash-generative UK companies with global reach. The trust believes these companies have durable competitive advantages and will ultimately deliver strong returns.
**ESG Integration**
Finsbury Growth & Income Trust PLC continues to integrate ESG factors into its investment process. The portfolio manager engages with companies on ESG issues and is a signatory to the Net Zero Asset Managers initiative, committing to net zero emissions by 2050.
**Outlook**
The Board remains confident in the trusts long-term strategy and believes it will deliver sustainable returns for shareholders. They acknowledge the recent underperformance but are committed to navigating the challenging market environment and creating value for investors.
**Additional Notes**
* The trusts centenary AGM will be a significant event, marking a milestone in its history.
* The continuation vote highlights the trusts commitment to shareholder engagement and transparency.
* The focus on high-quality, global UK companies differentiates the trust from its peers.
* The commitment to ESG integration demonstrates the trusts responsibility towards sustainable investing.