Lindsell Train Limited

Overview

Established in 2000 by Michael Lindsell and Nick Train, Lindsell Train Limited is a UK-based investment management firm specializing in equity portfolios. The firm focuses on managing UK, Global, Japanese, and North American equity mandates, all adhering to an identical investment approach. Lindsell Train Limited employs a concentrated portfolio strategy, typically holding 20-35 stocks, and maintains low portfolio turnover to minimize transaction costs. The firm's investment philosophy centers on identifying 'exceptional' companies with durable competitive advantages and sustainable high returns on capital. As of May 2025, Lindsell Train Limited manages assets totaling £12.8 billion. The firm's ownership structure includes the founders and The Lindsell Train Investment Trust plc, a London-listed closed-end fund established in 2000 to support the business and provide investors with the opportunity to share in Lindsell Train Limited's growth. The trust is listed on the London Stock Exchange and its Board comprises four independent Directors together with Michael Lindsell. Lindsell Train Limited's investment approach has been influenced by the founders' previous experience at GT Management and Mercury Asset Management, where they developed a shared investment philosophy. The firm emphasizes a long-term, buy-and-hold strategy, focusing on companies with strong, enduring competitive advantages. This approach has historically delivered exceptional returns and cemented their standing in the investment community. The firm's portfolio includes holdings in companies such as Burberry, Nintendo, and Diageo, reflecting its focus on established businesses with loyal customer bases. Lindsell Train Limited's investment process involves constructing portfolios without reference to benchmarks, resulting in portfolios that look very different from market indices. The firm conducts primary research to identify companies with durable competitive advantages and values them using various approaches, including discounted cash flow calculations. Once an investment is made, the firm is extremely reluctant to sell it unless the stock price moves sufficiently beyond its intrinsic value or the investment thesis is no longer valid. This reflects the firm's conviction that owning great companies for the long haul makes sense and that transaction costs are a tax on clients' capital that can be minimized by dealing infrequently. The firm's investment philosophy is heavily influenced by a long-term, buy-and-hold approach, akin to Warren Buffett’s strategy, where the ideal holding period for a stock is 'forever.' Lindsell Train Limited's focus on investing in businesses with strong, enduring competitive advantages has historically delivered exceptional returns and cemented their standing in the investment community. The firm's investment approach has been influenced by the founders' previous experience at GT Management and Mercury Asset Management, where they developed a shared investment philosophy. The firm emphasizes a long-term, buy-and-hold strategy, focusing on companies with strong, enduring competitive advantages. This approach has historically delivered exceptional returns and cemented their standing in the investment community. The firm's portfolio includes holdings in companies such as Burberry, Nintendo, and Diageo, reflecting its focus on established businesses with loyal customer bases. Lindsell Train Limited's investment process involves constructing portfolios without reference to benchmarks, resulting in portfolios that look very different from market indices. The firm conducts primary research to identify companies with durable competitive advantages and values them using various approaches, including discounted cash flow calculations. Once an investment is made, the firm is extremely reluctant to sell it unless the stock price moves sufficiently beyond its intrinsic value or the investment thesis is no longer valid. This reflects the firm's c

Investment Focus

• Focus on companies with durable competitive advantages
• Long-term investment horizon

Portfolio Companies