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  • Changes to the Wealth 50 list of favourite funds

    We have taken the decision to remove the Lindsell Train UK Equity Fund and the Lindsell Train Global Equity Fund from the Wealth 50 list at the end of the month because of their increasing holding in Hargreaves Lansdown plc shares.

    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

    We have taken the decision to remove the Lindsell Train UK Equity Fund and the Lindsell Train Global Equity Fund from the Wealth 50 list of our favourite funds at the end of the month.

    We continue to have high conviction in managers James Bullock, Nick Train and Michael Lindsell and their ability to outperform in the future. This is not a decision based on a change in our view of the managers or a reflection of their performance.

    Both Lindsell Train UK Equity and Lindsell Train Global Equity have delivered significant returns for our clients since they were put on our favourite funds list. Our analysis suggests stock selection has been the key driver of returns, and we continue to believe in the managers’ talent.

    Lindsell Train UK Equity was added in September 2013 and has returned 102.4% compared to 42.8% for the FTSE All Share over that time.

    Lindsell Train Global Equity was added at launch in March 2011, since which it has returned 306.6% to investors, compared to 155.9%* for the FTSE World Index.

    Please note past performance is not a guide to the future. Investments will fall as well as rise in value, so you could get back less than you invest.

    Annual percentage growth
    June 14 -
    June 15
    June 15 -
    June 16
    June 16 -
    June 17
    June 17 -
    June 18
    June 18 -
    June 19
    LF Lindsell Train UK Equity 14.3% 6.8% 21.3% 14.5% 13.4%
    FTSE All-Share 2.6% 2.2% 18.1% 9.0% 0.6%

    Past performance is not a guide to the future. Source: Lipper IM to 30/06/2019.

    LF Lindsell Train UK Equity Key Investor Information

    MORE INFORMATION ON LF Lindsell Train UK Equity INCLUDING CHARGES

    Annual percentage growth
    June 14 -
    June 15
    June 15 -
    June 16
    June 16 -
    June 17
    June 17 -
    June 18
    June 18 -
    June 19
    Lindsell Train Global Equity 24.5% 18.2% 27.4% 24.1% 18.8%
    FTSE World 9.9% 14.6% 22.9% 9.3% 10.4%

    Past performance is not a guide to the future. Source: Lipper IM to 30/06/2019.

    Lindsell Train Global Equity Key Investor Information

    MORE INFORMATION ON Lindsell Train Global Equity INCLUDING CHARGES

    Why are you removing the funds from the Wealth 50?

    We have policies and procedures in place to help us manage the Wealth 50 list of our favourite funds. As part of this, we keep under review the proportion of Hargreaves Lansdown plc shares owned by a fund, or multiple funds controlled by a single manager, on the Wealth 50.

    We do this to protect the interests of our clients and shareholders, the independence of our investment process, and the service we provide to our clients.

    Hargreaves Lansdown plc shares are held in both the Lindsell Train UK Equity and Lindsell Train Global Equity funds. As the funds have grown in size, the investment in Hargreaves Lansdown plc shares has grown too.

    Given the continued popularity of the funds we anticipate the investment in Hargreaves Lansdown plc shares could grow further and we are therefore removing them from our favourite funds list at the end of the month in line with our procedures.

    We have no influence over whether a fund manager buys or sells Hargreaves Lansdown plc shares within their fund, it is the manager’s decision alone.

    The decision to remove these funds is not an investment-based decision. Both have performed very well and we believe have the potential to do so in the future.

    Should I sell these funds?

    We continue to believe the Lindsell Train UK Equity and Lindsell Train Global Equity funds are among the best in their sectors. Nick Train and Michael Lindsell have managed a number of funds over the years, consistently outperforming their benchmark. 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. If the funds continue to meet your investment objectives we see no reason to sell, or alter any future investments you had planned.

    The funds remain open for investment.

    Are there any other funds on the Wealth 50 which own HL?

    Yes. Where a fund on the Wealth 50 holds Hargreaves Lansdown plc shares, we make this clear on the online fund fact sheet and in our fund research. Other than the Lindsell Train funds, the actively managed funds on the Wealth 50 with Hargreaves Lansdown plc shares in their portfolio are:

    • Ballie Gifford Managed
    • Kames Ethical Equity

    Both funds own less than 1% of Hargreaves Lansdown plc shares.

    Will you be replacing the funds with others?

    The Wealth 50 constituents are reviewed on an ongoing basis. Additions to the list can either be undertaken as part of the twice-yearly fund sector reviews or on an ad hoc basis and any nomination must be proposed, seconded, challenged and voted on by the investment team.

    We will be considering the UK and Global fund sectors in due course and will inform clients of any decisions once they have been made.

    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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