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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
|
|
|---|---|---|---|---|
| 17.00 | 2.13% | 816.00 | 16:35:17 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 794.00 | 794.00 | 802.00 | 816.00 | 799.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 24/4/2024 15:33 by giltedge1 ABDN & Jupiter have announced increase in AUM YOY March 24, both considered poorly managed in the city. We have gone from 18.5B to 15.3B -18% in comparison!. So -3B, there is some market gain in there, so assume -4B withdrawn by clients. Can't see this changing any time soon, with Witan AUM going soon. ML Japanese fund lamentable, any normal employee would have been sacked, but as an 'owner' has kept his position, anyway not long till all funds drained out I think down 50% at half year. I have been 'fire fighting', got out of ULVR (held for 10 years) at £40, DGE £30, SDR £ 4.20, & FGT £8.50, all good profits, left with LTI down 20%, although sold some at £1500 in the good old days. Can't quite pin down main reasons for poor performance last 5 years, not selling at highs, Paypal $200 was a give me, HL at £22, & ULVR up to £ 50, come to mind, selling Pearson at the time was turning around. Another reason Including UK shares, quite a good percentage in the Global Fund seems odd, as reason for Investors going into Global Fund is diversification from UK. Anyway deciding what to do with LTI is hard to take a loss, but can see AUM continuing the decline & dividend cut. All we hear is need to raise salaries so staff won't leave. What so if not, they can underperform elsewhere?. Any thoughts of turnaround, or moving elsewhere as fully cashed up. |
Posted at 22/3/2024 12:19 by wskill Pity they have not considered a normal sized share price while they are at it £800 is a tad too high for UK investors ,and as you say performance is abysmal why reward poor performance with more shares for losing investors their savings.Unfortunately its about all British management is good at awarding themselves far too high salaries for no good reason I read recently UK managers should be paid USA type salary scales are they joking most UK management do not deserve the salary that is paid today never mind any increase. |
Posted at 20/3/2024 09:50 by spectoacc Michael still buying - does this show he's a bad investor? ;) |
Posted at 14/1/2024 15:41 by spectoacc I'm not the cynic I was when LTI was on an 80% premium, but I'm ever a cynic of gurus :)Citywire said this yesterday in their IT review, fwiw (which often isn't much - highly geared?): "Lindsell’s dog spell Lindsell Train (LTI), the highly geared £174m play on Michael Lindsell and Nick Train’s fund management business, is buckling under the pressure from results showing investors pulling money out of the boutique’s underperforming quality growth funds. The trust’s shares have lost a third of their value in the past three years to stand on a 15% discount and -2 Z-score. This former top performer once stood on a huge premium of over 100% four years ago so, as I’ve said before, the derating could have further to go." Agree re @s3s1's point about the L-T business being probably fairly valued - in fairness, what Train said all along. Key man risk remains, as does the absence of an end in sight to money leaving the markets - could well last for years, taxes aren't going down anytime soon, living costs aren't falling (even supposing inflation hits 2% target, that's a slowing in the rate of increase). Always thought a 20% discount would be a good buy, but would I pull the trigger if it went there.. Wasn't BRBY another Train favourite? He'll be averaging down like crazy as per usual. Works until it doesn't. (Edit - BRBY 6th largest holding in FGT, isn't in LTI Top 10 acc HL. Have a feeling I've had this discussion before, tho possibly about HL itself). LTI isn't untempting down here, I'll admit, on yield & discount. Good luck holders, even if I'm not one. Edit #2 - at risk of flogging a horse: the IC have a table of CAGR for past 5 years for 10 FTSE 100, & 10 S&P co's. Interesting that DGE managed just 2.4% pa CAGR, ULVR 2.2% CAGR. Yes, RELX managed a strong 16.7%, but even they were beaten by RIO. You could have got 16.6% in AZN, 4.2% in HSBC for eg. But of course it's the S&P where the big figures are - without picking any obvious tech leaders, there was 42% CAGR to be had in Eli Lilly, 38.4% in Apple, 14% in VISA. Don't even ask about Nvidia. How good a stock picker is Mr Train? The past 5 years say "really not very good". I've been in none of the US top 10 either, but then neither have I been in arguably ex-growth, too high p/e DGE & ULVR. Your turn, @Flyer61 ;) |
Posted at 22/10/2023 21:17 by giltedge1 Yes AUM is critical to maintain dividend, at 51.50. They have enough in reserves to hold gor 1 year. Also accounts clean write off 100% mgt fees in p&l, none of this 50% mgt fees to capital wease. I note last 5 years distributed 90,%, so why not hold? That was the reason for doing so, to top up to maintain. Main problem is decreasing retail funds, retail investors are fickle & some sitting on big gains on LT trusts, last 5 - 10 years, so sell profitable ones ie LT funds & keep those underwater No logic but that's how it goes. Main portfolio holding up Relx, Ulvr, Sage ,LSE. But need a dramatic turnaround to maintain & increase Aum. Seems a tough call, but never say never. What can change? an emergency interest cut for example. |
Posted at 29/8/2023 16:13 by giltedge1 More positive today sales at 900, need to get retail investors back on board.Yes I am going to AGM, going to raise a few points made on this board, transfer to staff no hurdle rate, share split (LT split why not LTI?) & buyback, as low liquidity ideal candidate. unfortunately need 1000 to break even on his trade???. |
Posted at 25/8/2023 10:06 by steve3sandal They’ve certainly shot one foot off giving away % of our LTL asset each year without a performance related hurdle. Not an attractive background to draw retail investors which is probably the main marginal buyer seller here. Individual holdings all under current £growth challenges reading reports, Ex RELX. So ….contrarian. Current NAV maybe £950 Offer £900. Im not doing a Michael Lindsell again just yet. If we see 20% discount at the offer then I’d certainly have a look under the hood again. |
Posted at 13/6/2023 09:37 by steve3sandal I can help with that. Jan 22 Salaries were about £25m to Lindsell and Train if I remember correctly. There’s a brief unaudited but undoubtedly correct insight into LTL numbers as part of this announcement. PTP LTL Jan 23 was £55m down from £65m. The FUM have gone down very significantly from retail withdrawals and they’ve lost a mandate too though that wasn’t the cause of the recent devaluation. I suspect the methodology change was more about succession and the creating an effective stake in LTL for key staff. I totally get that but the most important thing in investment management is to be right. Unfortunately they haven’t been right for several years now and retail investors generally switch to alternate performing strategies. There’s a lot of comfort in the quoted portfolio in that several shares are now around ATH and there’s nothing fundamentally wrong with the others which would prevent them from getting back there. Except PayPal which whilst not broken is finally more realistically priced. Hopefully we are wiser and will eventually be right! |
Posted at 09/11/2022 10:27 by giltedge1 Hello Essential investor, yes HL & SDR long term holdings in various funds, mainly UK fund. LT one of largest shareholders in HL. Both seem to be recovering after recent dips, both are considered buys by various brokers based on long term wealth accumulation outlook. LTI has broken back over £ 1000 & looks on a positive path now. |
Posted at 05/10/2022 16:53 by giltedge1 Good to see Chairman Julian Cazalet buying on 30/09, a safe pair of hands. Performance 5 years, & 10 years, top quartile, last 3 years held back, but if you analyze all holdings over 10 years excellent. LTI state on website they are long term investors, preservation of capital important & not be judged over short periods. Stats distorted due to takeover approaches to LSE & ULVR meaning they peaked 3 years ago or so. Quality holdings & mainly USD earners, so dividends from holdings keep increasing. |
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