Lindsell Train LTD
Lindsell Train Limited is a London-based asset manager founded in 2000 by Michael Lindsell and Nick Train. The firm manages equity portfolios focused on the UK, global, Japanese, and North American markets for institutional and retail clients. It is known for its concentrated, long-term investment approach and maintains a small, flat organizational structure to encourage deep analytical research and minimal bureaucracy. The company has a reputation for delivering strong returns historically, though recent fund performance has lagged sector peers. Lindsell Train employs a buy-and-hold philosophy reminiscent of Warren Buffett, and supports its investment trust, listed on the London Stock Exchange, giving investors exposure to both public equities and the asset manager itself. The firm was created to serve clients seeking high-conviction equity strategies and aims to build positive, long-term client relationships.
Investment Strategy
Lindsell Train Limited pursues a concentrated, long-term buy-and-hold strategy focused on investing in 'exceptional' companies with enduring competitive advantages. Their philosophy centers on deep, fundamental research and avoiding conventional data-driven investing, preferring thorough analysis and a strong focus on business quality. The firm believes risk is better managed through conviction in a small number of durable companies rather than broad diversification. They invest globally, with a bias toward UK and Sterling-based assets, and often hold investments for many years. This approach is designed to maximize returns over the long term while protecting capital.
Top Holdings
Equity Positions (29)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
T TKO | TKO GROUP HOLDINGS INC | 13.61% | $577.4M | 3,173,662 | $84.06 | $181.95 | +$58.8M |
I INTU | INTUIT | 12.36% | $524.4M | 665,786 | $137.34 | $787.63 | +$69.4M |
D DIS | DISNEY WALT CO | 11.95% | $506.9M | 4,087,276 | $102.68 | $124.01 | +$84.3M |
F FICO | FAIR ISAAC CORP | 9.61% | $407.8M | 223,114 | $453.96 | $1827.96 | -$35.3M |
M MDLZ | MONDELEZ INTL INC | 9.07% | $385.0M | 5,709,287 | $42.51 | $67.44 | -$23.3M |