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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Lindsell Train Investment Trust Plc | LTI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -20.00 | -2.43% | 802.00 | 12:48:15 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 802.00 | 802.00 | 802.00 | 822.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 08/2/2025 16:42 by giltedge1 Hello Farmers Son, reason being FUM of fund mgt coy declining, from a peak of £22B to £12.7B, which market does not like, as finances most of the dividend £51.5 last year. Most BB posters are estimating £45 this year still good at share price £830, but worry is further cut in 2026. Rest of portfolio excluding holding in LT has performed well, being mostly solid multinational companies. So the big question is can Nick Train reverse FUM decline?. Funds have performed better last 12 months, but investors keep withdrawing funds. Of course if FUM starts to grow share price will recover closer to NAV. |
Posted at 09/1/2025 08:59 by giltedge1 LSEG, RELX, SAGE surging to new highs, US investors like these expensive data analytical shares, think I will hold, graph looks good, rising trend. |
Posted at 25/11/2024 08:47 by wskill Pity that the shares were not at a sensible level for the UK market £700 is not a normal level so not marketable to UK investors .While the management are at this they could start quarterly dividends which would also help look at JPM and its trusts. |
Posted at 05/11/2024 10:04 by ricardo montalban Schroders getting vaporised today, at 13 year lows, another Nick Train “ winner “😂 |
Posted at 21/10/2024 15:27 by spectoacc Mr Lindsell still averaging down I see.Discount: if, as @EI says, the discount on the holdings ought to be c.10%, then with the shrinking L-T Ltd making up c.31% of the NAV (acc to HL), then it's being valued at 2/3rds of what Mr Train says it's worth. [Edit - but see below.] I agree with others who point out the chunky cashflow from L-T, but there's no question it's on a continuing downward trend in AUM atm, partly down to total AUM falling, partly down to Mr T not being able to pick stocks if you paid him (you are). Actually, my maths is wrong, someone else will do a better job. If c.68% of LTI is the stocks, then c.6.8% of the discount is to match the FGT discount, so L-T Ltd is only being given 3.2 percentage points, which is also 10% (obviously) of it, so the market is valuing it at 90% of what Mr T says it's worth? To be clear, I think L-T Ltd is worth what they say it is as of now, but because it's on the slide, the discounted future value should be lower, ie what you'd pay for it now, and by more than 10% IMO. To believe otherwise, you either have to disagree with Mr T's valuation now, or to believe in some magical reversal in AUM/fees. Which means both believing investors will flock back to a proven 5 year loser, and/or that overall market AUM will come roaring back (some argument that money leaving the market recently will be from CGT selling, but UK AUM has been shrinking for several straight years). In conclusion - LTI seems overpriced here to me. FGT may be underpriced but why not just buy the holdings? Top 10 all appear to be UK-listed, and make up 87% of the Trust (again, acc. HL). Save c. 0.7% pa (again HL) in fees, and isn't like Mr T trads much (& when he does it's often a mistake). Interesting. I could own RELX, EXPN, LSEG, SGE, ULVR, maybe SDR from that top 10, and avoid DGE (cheaper, but where's the growth), HL (being taken out), RMV (not coinvinced & only 4%) & BRBY (silly rally on Chinese stimulus). Edit #2 - OK, the point of FGT instead is the c.10% discount, so if holding for say less than 10 years, it's probably better than holding the shares directly. More than 10 years & the compound. 0.7% pa catches up with the discount. Tho you do end up with BRBY/DGE ;) Food for thought - been considering change to kids' ISAs/SIPPs/whatevers |
Posted at 05/9/2024 11:29 by giltedge1 Hello Steve, yes retired gentlemen investor, sorry couldn't attend this year. Last year reported downbeat, but didn't follow own advice. Going forward expect slow reduction in fum another 1 B, then slow recovery. Dividend cut to mid 40 s. Okay as long as salary cap kept. Portfolio solid except as highlighted Dge (slow growth) & Burb (held by uk funds) terminal imo. Made back LTI losses on HL, ULVR, & my own pick PRS. Can t see anymore NT laggards flying all fully priced Relx,Exp,Lseg. Will keep my residue holding & only add if turnaround in FUM data. |
Posted at 11/8/2024 11:19 by flyer61 giltedge1.....you have my sympathy along with all private investors here.The AUM is the biggie and I have been trying to model a bottom, with no success I might add. On the dividend front (FYend for LTL is Jan) I can see £44 going forward but this assumes the AUM stay around the £13B mark. LTL is stuffed with cash and cash related instruments (greater than £100M) plus about £7M in their American fund. The BOD seem bereft of any original thought. This is so atypical of the FM industry in this country. I hold HHI as it seems a good substitute for not buying an annuity. It never traded at a discount but since the merger it now has one. I'm thinking of buying more..... |
Posted at 09/8/2024 09:22 by purplepelmets Turning out to be a bit of a horror show. Ego and hubris in the boardroom = sorry investors |
Posted at 13/5/2024 07:54 by giltedge1 Presume £1B fall in AUM a US mandate loss, can,t imagine UK investors pulling that amount in 1 month from Global/UK. Shouldn'tthere have been a RNS?, I am sure a mandate gain would have been reported. Problem I have is Relx,Sage,Exp,Lseg over 20% in some cases, had a great 2023 but funds NAV barely nudged yoy. So for 2024 unlikely a repeat. We also have Witan mandate loss, to come looks line Year end AUM £12B if lucky. As I have mentioned other competitors are gaining AUM in comparison. Can,t fault quality of portfolio but seems UK investors are not going to wait for turn around & vote with their feet. |
Posted at 12/5/2024 06:44 by spectoacc They've always been single approach investors, worked brilliantly during the bond proxy years, been predictably naff since.Can't see why it won't continue to be naff, tbh. You chose FICO, Experian, UMG, I'd choose PZC, RMV (the last pick I think?), FEVR. The FGT Top 10 - being much less skewed by the L-T Ltd business in LTI: RELX LSEG EXPN SGE DGE ULVR Mondelez BRBY (oops) SDFR (oops) Heineken Generally speaking, I've no problem with that portfolio, but why pay 0.6% pa for it when I could buy direct (with a possible divi withholding tax issue to deal with on two). It's hardly going to change much. Performance over 5yrs ex divi is -2.3%, over 3 years is -6%, over a year is -4.8%. Sorry to be always banging the same drum, but can't be a surprise that L-T Ltd are losing mandates & AUM, particularly in a market where all are. At the right discount, LTI or FGT I'd be (& was twice) fine with. But uber investors they are not. |
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