LINDSELL TRAIN GLOBAL EQUITY B

  • 376.46p Price (Inc)
  • - Price (Acc)
  • 0.00% 0.00%

    Initial charge
  • 0.65% Annual management charge
  • 0.74% Ongoing charges
  • 1.00% Yield

Prices as at 13 January 2017 , fund data last updated 15 November 2019

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 £8,909m
Yield 1.00%
Charging basis Income
Dividends paid 31 Jan, 31 Jul

Charges

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

Bestinvest MRI

14/15 15/16 16/17 17/18 18/19 3 years 5 years Career 3 years 5 years Career
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 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.

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Portfolio

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

Key Investor Documents

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