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Nick Train

Portfolio Manager, Finsbury Growth & Income Trust; co-founder, Lindsell Train, Finsbury Growth & Income Trust

Search every verified Nick Train interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Nick Train, portfolio manager of Finsbury Growth & Income Trust, has recently discussed the trust's performance and strategy in several appearances. In an October 2026 interview, he highlighted his large personal stake in the trust and explained his belief that proprietary data businesses, including RELX, London Stock Exchange Group, Rightmove, and Sage Group, are positioned to benefit from artificial intelligence. He also discussed recent investments in Clarkson, TP ICAP, Spirax Group, and Games Workshop Group, describing them as examples of undervalued, world-class London-listed companies. In a September 2026 portfolio update, Train noted improved performance from consumer brands such as Unilever and said the trust had initiated or added to holdings in Spirax, TP ICAP, and Games Workshop. He also mentioned that successful bids for portfolio holdings Intertek and Schroders would return about 10% of the portfolio to cash by the fourth quarter of 2026, with plans to redeploy that capital. In a September 2026 podcast, Train reflected on his 40-year career, describing his approach to concentrated portfolios and the importance of patience. He expressed a belief that AI is a transformative technology and that London-listed data and software businesses could see accelerated growth from AI tools. He also stated that individual exposure to equities is "tragically low" and advocated for greater equity ownership, while cautioning that investors should consider Finsbury as part of a diversified set of strategies rather than their sole UK exposure.

Recent appearances

Verified interview transcripts

Notable quotes

“There are three components to the AI phenomenon. There's the chips and the computing power. There's the LLMs competing against each other for efficacy and attention. And then there's the data. Now, it's a big overarching concept, the data. But everybody agrees that LLMs are only as good as the data that they can train on. Now our perspective is that as I said we can't own Nvidia in the UK but actually in the London s”

“We're believers in AI as a transformative technology. I mean, it's in a sense the same as saying, you know, we're believers in the internet. I mean, in a sense, AI is just the internet on steroids, isn't it? We're believers in it. We think that it's creating enormous opportunities for industries and companies. We think it's going to generate a lot of wealth. At some point in time, it's going to be very very right to ”

“I think one of the clearest trends in the world throughout my career, God knows how long that is now, but one of the clearest trends has been more assets traded more frequently um in more jurisdictions than ever before. Just trading of financial assets has been in a long-term upward trajectory. And there seems to be no reason to believe that that is going to come to an end. And what that means is that those companies”

“It's our thesis that the advent and advanced development of AI tools is going to accelerate the growth rates of the data software and platform businesses that we've deliberately chosen to tilt Finsbury's portfolio towards. So you better believe that we watch their results very very closely for evidence that that expected acceleration of their business is actually happening. As I remarked, it's clear in Sage's results”

“The question I ask myself is can I construct a portfolio made up of London listed UK companies that offer my clients access to the big money-making themes in global markets? And actually I think we can, and there are any number of truly world-class business franchises listed on the London stock market, very often with digital assets, digital strategies that it's not difficult to look at them and say you are as compet”

“I think that individuals exposure to equity is tragically low. I really wish more people in Great Britain had exposure to the stock market and to a degree to the UK stock market because I just think it would be so beneficial for the economy but also probably for people's long-term savings outcomes to have greater exposure to equity as an asset class. And absolutely I would not have any compunction about arguing that ”

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