Nick Train, manager of IC Top 100 Fund Finsbury Growth & Income Trust (FGT), has initiated a holding in drinks company Remy Cointreau (Fr:RCO) for access to a theme not directly represented in the UK market.
"I have taken advantage of the summer/autumn correction to start a new holding," says Mr Train, who is known for his long-term, low-turnover investment approach. "The stock is Remy Cointreau and this means I am adding to the permitted allocation of up to 20 per cent to non benchmark stocks (Finsbury Growth & Income's benchmark is the FTSE All-Share Index).
"The previous new holding - from four years ago - was also non UK - I have been unable to find a new UK candidate in a long time. The stock I bought in 2011 was also a drinks company - Heineken (NL: HEIO) - and also accessed during a period of intense investor macroeconomic worry.