The Company was founded in 1926 and Nick Train has managed the portfolio since his firm, Lindsell Train, was appointed as Portfolio Manager in 2000.

Nick’s approach is based on that of Warren Buffett’s and involves building a concentrated portfolio of “quality” companies that have strong brands and/or powerful market franchises. The bulk of these are UK companies. This leads to a very different portfolio when compared to the benchmark FTSE All-Share Index.

The characteristics that define a quality company for Lindsell Train are:




Companies that can prosper through business cycles for many years to come.


High return on equity

Companies with the ability to grow earnings year-in, year-out are favoured over those with rapid short-term growth, but uncertain long term prospects.


Low capital intensity/high free cash flow generation

Companies that do not have to make heavy balance sheet investment to generate earnings growth.

The portfolio has a heavy emphasis on branded consumer goods and services (Diageo, Unilever, AG Barr), media (Pearson, Sage) and financial services (Fidessa, Schroders, Rathbones, Hargreaves Lansdown).

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 then 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.

Portfolio Manager

Lindsell Train Limited
5th Floor,
66 Buckingham Gate,
London SW1E 6AU

Telephone: 0207 802 4700

Authorised and regulated by the Financial Conduct Authority.

AIFM, Company Secretary and Administrator

Frostrow Capital LLP
25 Southampton Buildings,
London WC2A 1AL

Telephone: 0203 008 4910

Authorised and regulated by the Financial Conduct Authority.

Registered Office

Registered Office
50 Lothian Road,
Festival Square,
Edinburgh EH3 9WJ

Company Registration Number

13958 (Registered in Scotland)

The Company is an investment company as defined under Section 833 of the Companies Act 2006.

Identification Codes

Shares: SEDOL: 0781606

ISIN: GB0007816068



Foreign Account Tax Compliance Act ("FATCA")
IRS Registration Number (GIIN): QH4BHO.99999.SL.826

Legal Entity Indentifier


Link Asset Services
The Registry,
34 Beckenham Road,
Kent BR3 4TU

Telephone (in UK): 0871 664 0300
Telephone (from overseas): +44 20 8639 3399 
Facsimile: +44 (0) 1484 600911


Please contact the registrars if you have a query about a certificated holding in the Company’s shares.


Bank of New York Mellon Trust & Depositary (UK) Ltd
160 Queen Victoria Street,
London EC4V 4LA


Winterflood Investment Trusts
The Atrium Building,
Cannon Bridge,
25 Dowgate Hill,
London EC4R 2GA

Lending Banker

Scotiabank Europe PLC
201 Bishopsgate, 6th Floor
London EC2M 3NS

Independent Auditor

PriceWaterhouseCoopers LLP
7 More London Riverside,
London SE1 2RT