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Lindsell Train Global Equity Class D - Income (GBP)

Sell:275.38p Buy:275.38p Change: 0.16p (0.06%)
Prices as at 1 December 2023
Change: 0.16p (0.06%)
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 1 December 2023
Change: 0.16p (0.06%)
Prices as at 1 December 2023
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 »

The fund was set up in 2011 by Michael Lindsell and Nick Train, who both have more than three decades of investment experience. Lindsell spent much of his earlier career in the Japan sector and worked in Tokyo and Hong Kong. He became responsible for all global funds at GT Management, and when GT was bought by Invesco in 1998, became head of the combined global product team. Train was previously head of Global Equities at M & G Investment Management, where he'd worked since 1998. Before that he spent 17 years at GT Management in various senior roles including investment director and chief investment officer for Pan-Europe.

James Bullock joined them as co-manager in 2015, having previously worked with Lindsell and Train as an analyst for several years. The bulk of the team's experience comes from Lindsell and Train, so our conviction lies with them, although Bullock is building a strong track record of his own too.

The managers are also responsible for several regional funds and trusts, with a focus on areas such as the UK and Japan.

Although we rate the managers highly, the fund isn't currently on the Wealth Shortlist. It was previously on the Wealth 50, a predecessor of the Wealth Shortlist, but we made the decision to remove it as the Lindsell Train business owns a significant number of shares in Hargreaves Lansdown plc. This was done to avoid any potential conflict of interest.

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 and our analysis suggests stock selection has been the key driver of returns. Since the launch of the Global Equity Fund in 2011, their outperformance has been aided through their allocation to consumer discretionary and financial companies. 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.

More recently the fund's performance has been weaker, lagging behind the broader global stock market and peers in the IA Global sector. Our analysis suggests this is a combination of both their style and stock selection. Consumer staples in particular have been some of the biggest laggards.

Investment Philosophy

The manager's philosophy stems from their belief that there are only a handful of great companies in the world. These are the ones they want to invest in, particularly when their true value is not realised by other investors. They run their clients' money as they'd run their own and take a long-term view when making any investment.

Process and Portfolio Construction

The managers invest in financially robust companies with characteristics that are hard to copy, such as strong brands, heritage or sports franchises. Whilst not a requirement, many of their investments have high levels of founder family ownership, which can help align the interests of all investors.

These strict criteria reduce their investable universe to around 170 companies, compared to over 1,500 for the benchmark. This is whittled down to a final portfolio of 20 to 35 stocks. This means each investment can have a significant impact on performance, both positively and negatively, which can increase risk.

Most of these 'exceptional' companies tend to be larger and are based in developed markets. While the fund currently invests more in the UK and Japan, and less in the US, than the global benchmark, that's a result of where the managers are finding the best opportunities, not a call on the prospects for those regions. The managers also have the flexibility to invest in higher-risk smaller companies.

They find the most opportunities within consumer-focused businesses, which currently account for around half of the fund. The managers don't invest much in pure technology companies, preferring to invest in heritage companies that can exploit technology to improve their service.

Please note charges can be taken from capital which can increase the yield but reduces the potential for capital growth. This is an offshore fund so investors aren't normally entitled to compensation through the Financial Services Compensation Scheme.

question mark Manager Track Record Based on HL Quantitative Research

  • Lindsell Train Global Equity A
  • IA Global

Source: Refinitiv Lipper

Fund Track Record

01/12/18 to 01/12/19 01/12/19 to 01/12/20 01/12/20 to 01/12/21 01/12/21 to 01/12/22 01/12/22 to 01/12/23
Annual return 14.87% 7.89% 1.43% 1.26% -0.68%

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