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Lindsell Train Global Equity B

Bestinvest LogoTargets long term capital and income growth from developed market equities worldwide. Concentrated portfolio with a low turnover.

PRICE (INC)

378.22p

PRICE (ACC)

-

INITIAL CHARGE

0%

ANNUAL MANAGEMENT CHARGE

0.65%

ONGOING CHARGE

0.65%

YIELD

1.1%

1 YEAR
-7.83%

Prices as at 24 Jun 2022.

Fund commentary last updated 05 Nov 2021.

Past performance is not an indication of future performance.

Capital at risk.

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

SectorGlobal
StructureOFFSHORE FUND
LaunchedMarch 2011
Size£6,355m
Yield1.1%
Charging BasisIncome
Dividends paid31 Jan, 31 Jul

Charges

Standard Initial Charge0%
Initial Charge Via BestInvest0%
Additional Bid/Offer Spread0%
Annual Management Charge0.65%
Ongoing Charges Figure0.65%
Equity
Equity
99%
99%
High Yield Bonds
High Yield Bonds
0%
0%
Quality Bonds
Quality Bonds
0%
0%
Property
Property
0%
0%
Commodities
Commodities
0%
0%
Hedge
Hedge
0%
0%
Fund Cash
Fund Cash
1%
1%

Investment Process

A company must have a particular set of characteristics to be considered for the Global Equity Fund. These include heritage, with the average age of its holdings being a remarkable 123 years, and predictable earnings through pricing power and/or intellectual property. The managers also look for companies with low capital intensity and sustainably high returns on capital. The team find most of their investments in a select group of industry categories – consumer branded goods and internet/media/software as people will never tire of being entertained or informed. Other strong categories include financials and pharmaceuticals, but the team avoids heavy, old industry and particularly cyclical sectors. The managers value their target firms using a variety of approaches, the most important being a discounted cash flow calculation. They will only look to sell a holding if there is a ‘significant breach’ of the valuation target or when the investment premise is no longer valid. This is because the team believes that owning great companies for the long haul makes sense and that transaction costs are a tax on clients’ money. The portfolio typically holds between 20 and 35 stocks and its biggest sector exposure is to consumer staples. Its holdings are typically found in the UK, the US, Japan and Europe.

The information on this website is not intended to be advice or a recommendation to buy, sell or hold any investment mentioned. The value of investments and the income from them can go down as well as up and you may not get back the amount invested.

Past performance is not a guide to future performance. View full risk warning