The Company and Frostrow have jointly appointed Lindsell Train Limited (“Lindsell Train”) as the Portfolio Manager.
Nick Train co-founded Lindsell Train Limited in 2000. He is the portfolio manager for UK equity portfolios and jointly manages Global portfolios.
Nick has over 40 years’ experience in Investment Management. Before founding Lindsell Train, he was Head of Global Equities at M&G Investment Management, having joined there in 1998 as a Director. Previously he spent 17 years (1981 – 1998) at GT Management which he left soon after 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.
Nick has a BA Honours Degree in Modern History from Queen’s College, Oxford.
Nick Train
Portfolio Manager
Approach to investing:
Nick’s approach is based on that of Warren Buffett’s and involves building a concentrated portfolio of “quality” UK companies that have strong brands and/or powerful market franchises. This leads to a very different portfolio when compared to the benchmark FTSE All-Share Index.
Nick tries to buy stocks which are priced below his estimate of the Company’s true worth and then holds them for the long term, regardless of short-term volatility. In this way he hopes to hold stocks long enough for them to double or better in value over time. He only sells them if he no longer considers them quality companies or when their rise in value causes them to become too large a proportion of the portfolio. This investment approach results in extremely low turnover and saves transaction costs, which over the long term can significantly detract from performance.
Over the past several years, the portfolio has evolved to have a significant emphasis on companies executing ambitious and credible tech-led growth opportunities. This exposure has included increasing positions in long-term holdings RELX, London Stock Exchange Group and Sage, and adding newer holdings Experian, Autotrader, Rightmove and Clarksons. These seven tech-enabled companies are major holdings, meaning FGT’s portfolio offers a unique opportunity to own these “growth” businesses when compared to their relative exposures as part of the FTSE All Share Index.
Nick also maintains a high exposure to what he terms investment diamonds. These are high-quality companies often offering premium consumer goods or services which own assets that are highly likely to stand the test of time. This includes holdings ranging from Burberry, Diageo and Fever-Tree, to Intertek, Schroders and Unilever.
“We hope the combination of these investment diamonds with our collection of UK-listed digital growth companies will both protect shareholders’ wealth and drive the creation of fabulous new wealth over time.”
Nick Train, FGT Portfolio Manager
December 2025
Please see Investment Policy and Trust Characteristics for more information.
