In July 2014, the Company adjusted its operational arrangements to ensure compliance with the Alternative Investment Fund Managers Directive (AIFMD). Frostrow Capital was appointed as the designated Alternative Investment Fund Manager for the Company. Under a portfolio management agreement with Frostrow Capital, Lindsell Train was appointed to manage the Company’s portfolio of investments.  These arrangements were put in place to ensure that the relationship between the Company, Lindsell Train and Frostrow Capital is compliant with the requirements of AIFMD.

Lindsell Train Limited

Michael Lindsell and Nick Train, who worked together at GT Management from 1992 through GT’s takeover by INVESCO in 1998, formed Lindsell Train Limited in December 2000. Both Michael and Nick went on to fulfil senior roles at INVESCO and M&G plc respectively, where they continued to develop an in-depth knowledge of investment processes and the world’s stock markets. Their shared investment philosophy is to invest in durable businesses that are significantly under-priced, or less durable businesses that are valued by the market at a significant discount to their net balance sheet financial assets. This is achieved by choosing a concentrated portfolio of a small number of stocks with the intention of holding them for the medium to long term.

Nick Train began his career as an Investment Manager at GT Management in 1981, having graduated from Queen’s College, Oxford with a second class honours in Modern History (1977–1980). He left GT in June 1998, after 17 years, on its acquisition by INVESCO. At his resignation he was a Director of GT Management (London), Investment Director of GT Unit Managers and Chief Investment Officer for Pan-Europe. He joined M&G in September 1998, as a Director of M&G Investment Management. In June 1999 he was appointed as Head of Global Equities at M&G. He left M&G in April 2000 to co-found Lindsell Train Limited. He is investment adviser to the Worshipful Company of Saddlers.

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