fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

Lindsell Train Global Equity B

  • 393.78p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.65%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.74%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.80%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 08 July 2020, fund data last updated 13 January 2017

This fund targets capital and income growth from a concentrated portfolio of equities. Management duo Michael Lindsell and Nick Train fund invest worldwide, but focus primarily on developed markets. As with their other funds, they buy what they view as durable, cash-generative business franchises and hold them for the long term. They find the bulk of these companies in the food and alcohol, internet/media/software, financials and healthcare industries. The portfolio mainly consists of larger companies and has historically carried an overweight to Japan.

Fund summary

Sector Global
Structure OFFSHORE FUND
Launched
Size £7,850m
Yield 0.80%
Charging basis Income
Dividends paid 31 Jan, 31 Jul

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.65%
Ongoing charges figure 0.74%

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Investment process

The fund aims to achieve capital and income growth over the long term by investing in a concentrated portfolio of global equities, primarily those listed in developed countries. Despite the focus on developed markets, the managers believe that a company's location can be irrelevant given the increasing level of globalisation. The managers look for durable, cash-generative businesses that will still be profitably in business in 20 years’ time. A sustainable high return on equity and low capital intensity are important fundamentals in identifying potential buys, before the managers calculate an intrinsic value relative to the share price. They believe that companies that are properly researched along these criteria offer relatively low risk, therefore they form a highly concentrated portfolio. This will typically be focused on consumer franchises, but will also include owners of intellectual property and marketplaces. Stock turnover is very low as the managers are relatively insensitive to changes in valuation, considering the quality of the business more important. The portfolio will typically look very different from the index so performance is likely to substantially deviate from its benchmark.

Lindsell Train was established in 2000 by Michael Lindsell and Nick Train and was founded on the shared investment philosophy they developed while working together in the early 1990s. They have a distinct investment style, taking large positions in a small number of high conviction businesses. Given the quality and stability of these businesses this does not necessarily increase risk, and in fact their funds have typically offered a degree of protection in falling markets. Both portfolios and performance have little in common with the index and they have often lagged rising markets, but over time they have outperformed

Manager research

Average monthly relative returns

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  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Track record

Periods of worst performance

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Relative 0.00% ()

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Portfolio

20-35 companies. Initial position sizes typically 3-6% for major companies, 1-3% for smaller companies.

Key Investor Information

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