Star manager Nick Train has piled more money into publishing company Pearson, despite acknowledging the stock had given him “heartache” in the past.
The conviction-led equity manager has also upped his stake in football club Manchester United, according to the Financial Times, after originally purchasing it last August as one of the only three new stocks to join his Finsbury Growth & Income Trust in the past seven years.
While profit warnings and record losses had caused Train to debate holding Pearson, the manager famed for his “buy and hold” strategies has decided to put more into the stock when he was given a new UK segregated mandate.
Train tells the FT: “Pearson has been a source of considerable bother for longer candidly than I care to consider…We had to make a decision about whether or not to buy Pearson with new capital. It’s one thing to own it and have owned it for years, but quite different when someone gives you cash.”
Train has not sold any Person between 2015 and the trust’s most recent annual report, but the proportion of the stock in his portfolio has fallen from 5.4 per cent to 2.5 per cent as the trust has grown and the shares have dropped in value.