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Lindsell Train Global Equity - Distributing Class D - Income (GBP)

Sell:296.67p Buy:296.67p Change: 0.68p (0.23%)
Prices as at 17 September 2021
Change: 0.68p (0.23%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 17 September 2021
Change: 0.68p (0.23%)
Prices as at 17 September 2021
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

Please note the fund currently holds shares in Hargreaves Lansdown PLC.

Nick Train and Michael Lindsell have managed lots of funds over the years. They've regularly beaten their benchmarks over their long careers. Our analysis suggests stock-picking has been the main driver of returns.

Since the launch of their Global Equity fund in 2011, performance has been helped by investments in the consumer goods sector. This has been one of the strongest performing sectors over recent years.

The team's fairly conservative investment approach means some of their best performance has been during falling markets. When the market's got tough that's where they've often added the most value. In the rising markets of recent years though, the fund's also done exceptionally well. This doesn't indicate how it'll do in the future though.

Our view on the sector

It's natural for UK investors to focus on funds investing in their home market. But as the world has become more connected, so has the investment landscape. There are lots of funds investing across the globe, and these can be a great way to diversify an investment portfolio. Funds in the global sector can invest anywhere in the world. But they go about this in different ways. They vary in how much they can invest in certain types of companies, sectors, countries, or regions. Some focus on developed markets or large multinational corporations, while others invest more in higher-risk emerging markets or smaller companies. Some target companies with higher-growth expectations and others search for unloved companies with the potential to recover.

Performance Analysis

Nick Train and Michael Lindsell have managed a number of funds over the years, consistently out-performing the IA Global sector average. Our analysis suggests stock selection has been the key driver of returns. Since the launch of the Global Equity Fund in 2011, performance has also been aided by a healthy weighting to the consumer goods sector, which has been one of the strongest performing sectors over recent years. The duo's relatively conservative investment approach tends to come into its own in falling markets, and, historically, tough market conditions are where they have tended to add the most value relative to the benchmark.

Investment Philosophy

Lindsell Train's main philosophy is to run their clients' money as they'd run their own. They do this by taking a truly long-term view. The team believe there are a small number of exceptional companies with strong brands, excellent franchises and unique market positions. These can reward investors handsomely over the long term, in their view.

Process and Portfolio Construction

Train, Lindsell and Bullock search for well-run companies that are steadily growing and they think will keep growing. They've found most of these companies in industries like consumer goods, packaged foods and specialised finance services.

They invest in around 25-30 companies so that each one has the potential to make a meaningful contribution to performance, although this approach also increases risk. Once they've invested in a company they'll usually stay invested for the long-term. This means they rarely sell or make new investments.

The managers invest in companies from developed countries like the US, UK and Japan. They don't have any limits on how much to invest in a country though. They're focused purely on where they can find the best opportunities, regardless of where the company's based.

As an offshore fund you're not normally entitled to compensation through the UK Financial Services Compensation Scheme.

question mark Manager Track Record Based on HL Quantitative Research

  • Lindsell Train Global Equity A
  • IA Global

Fund Track Record

17/09/16 to 17/09/17 17/09/17 to 17/09/18 17/09/18 to 17/09/19 17/09/19 to 17/09/20 17/09/20 to 17/09/21
Annual return 17.93% 28.62% 17.89% 0.96% 9.15%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Lindsell Train specialises in the management of UK Equity, Japanese Equity and Global funds and investment trusts. The group was established in 2000 by Michael Lindsell and Nick Train, whose central philosophy is to manage their clients' money as they would their own, and to take the long-term view on investment performance as well as the development of their business.

Lindsell Train continues to be majority owned (73%) by the two founders, with a further 2% owned by staff. This is important because it allows them to maintain the integrity of the business principles on which the firm was founded.

Information about the fund

Fund manager biography

manager photo
Manager Name: James Bullock
Manager start date: 30 April 2015
Manager located in: London

James is an Investment Adviser to the Lindsell Train Global Equity Funds. James joined Lindsell Train in October 2010. He has a Masters degree in Physics from the University of Oxford and a doctorate in Biomechanics from the University of Cambridge. James is Portfolio Manager for global equity accounts and is responsible for coordinating and steering our company research efforts for all strategies. He passed the Investment Management Certificate in 2012.

manager photo
Manager Name: Nick Train
Manager start date: 18 March 2011
Manager located in: London

Nick Train is Investment Adviser to Finsbury Growth & Income Trust PLC, and Investment Adviser to the CF Lindsell Train UK Equity Fund and Lindsell Train Global Equity Fund. Nick Train was with GT for 17 years where he successfully managed the GT Income Fund for some 13 years. Subsequently he spent two years with M&G (and was appointed Head of Global Equities), leaving to form Lindsell Train with Michael Lindsell in December 2000.

manager photo
Manager Name: Michael Lindsell
Manager start date: 18 March 2011
Manager located in: London

Michael Lindsell is the Investment Adviser to the Lindsell Train Japanese Equity and Global Equity Funds. Michael's career and interest in Japanese equities started over 20 years ago at Lazard Brothers. Successful roles as a Japanese equities fund manager and Head of Japanese equities followed at Scimitar Asset Management Hong Kong, Warburg Asset Management and GT Management's Tokyo office followed over the next 15 years. After relocating to the UK in 1997, he was appointed head of the combined global product team following the acquisition of GT by INVESCO in 1998. 18 months later, Michael left to establish Lindsell Train Limited, together with Nick Train in 2000.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account