Lindsell Train Investment Share Discussion Threads

[jaws6] 09/12/2024 09:55

The Lindsell Train Investment Trust plc - Director BUY

[flyer61] 09/12/2024 09:54

One other thing on the horizon. FGT wind up vote in 2026.....that would be potentially £1.5B out the door....feel it is in the present LTI share price.

[flyer61] 03/12/2024 18:09

Well we will have to comfort ourselves with the £105M quid of cash that LTIT has on the books....I actually believe (probably naively) that Nick Train bats with a straight bat when it comes to LTIT and LTI.

Your point Spec about AUM in a nose dive within the UK market is noted.

[spectoacc] 03/12/2024 17:46

I can't see a scenario where the AUM stabilises - at least, absent a big rally.

Money continues to leave the UK market, and L-T now have a highly blemished record. 1 year, 3 years, 5 years. Did great in the bond proxy era, but that's not coming back.

Wonder if an eventual bursting of the US bubble would help - tho probably wouldn't help the "tech winners" they claim to have.

Would they even get a vote to pass at 90% - if not, you're likely right - less money for those two, and presumably less buying by Mr L as a result.

Quite enjoyed this from Mr T in the main Citywire article:
"...Even he felt impatient about the disappointing returns from several long-term holdings..".

You don't say.

[flyer61] 03/12/2024 17:28

My guess Spec is Mr Lindsell and Train would reduce their salaries to fettle their proteges. They would need to be very careful if they tried to up the salaries as AUM was going out the window....would certainly have a very bad smell about it.....I doubt Nick Train wants to go the same way as Woodford albeit for different reasons.

Noteworthy was post 30 Sept in 5 weeks AUM was down another £600M. Until the AUM stabilises the big discount is here to stay.....

[spectoacc] 03/12/2024 17:16

Citywire raise an interesting point, referencing this article from nearly a year ago:



Basically, a couple more billion off the AUM (if that) & the salary/bonus cap of 26% of annual turnover at L-T Ltd may have to be raised, requiring a 90% approval vote.

I'd like to know why anyone there is getting a bonus, but still. Another nail into LTI if it were to happen.

[giltedge1] 01/12/2024 17:21

Good to see Nintendo up 5% on Friday, also LSEG had a good month up 6% odd. Sage up 30% good for FGT & UK Fund, all we need is an increase in November AUM to help sentiment.

[spectoacc] 29/11/2024 14:17

Got to compare LTI ex-L-T Ltd to FGT discount, which is 9%.

If the UK ever starts regaining AUM in size, and if some of that went to underperforming L-T...

[giltedge1] 29/11/2024 13:23

Should receive final div from LT soon, will add to NAV, £3m odd, I sold at £820, so great to buy back at £712, all blue chips, hopefully fund mgt can recover....

[flyer61] 29/11/2024 12:24

It is hard to believe but we are getting near where the whole FM business is worth zero to us but it has £100M cash on the balance sheet.

Welcome to loopy Britain!

[giltedge1] 29/11/2024 11:58

LSEG, RELX, EXP at or near all time highs, ULVR, US Fund doing well & Nintendo on a upturn. Soon at a point if LT stake was valued at NIL, you would still get your investment stake back on liquidation. Must be great value here at £712.

[wskill] 25/11/2024 08:47

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.

[cc2014] 25/11/2024 08:28

Bot now finished.

One would assume that it's not a problem with LTI but someone was in a hurry this morning to switch into something else

It's pretty obvious that it's much easier to just stick your money on Bitcoin and ride the trend rather than try and catch this falling knife. ;-)

[spectoacc] 25/11/2024 08:21

Persistent 25 bot at 700 offer this morning.

[giltedge1] 22/11/2024 13:42

Portfolio up 1 - 2%, today, should be well above £720.

[chinahere] 21/11/2024 20:17

I like that idea - it's buyback time!!

[giltedge1] 21/11/2024 20:05

Good to see Sage jump almost 20% on results & LSEG at all time high. Global fund is almost at all time high too. One day sentiment will change!!! should sell 5% of winners RELX or LSEG & do a buyback to mop up liquidity.

[essentialinvestor] 14/11/2024 13:51

I questioned last year the rationale of LTI as a safe investment, because it no longer looked that way to me.

None of us have a crystal ball, etc and this was for years, a great holding.

[spectoacc] 14/11/2024 13:24

Sold the kids' LTI, that was a short LTBH. Mind you - they do say the definition of a long-term hold is a short-term hold gone wrong.

Put it into FGEN instead, at higher than current s/p.

Really think the AUM falls have to end at L-T before LTI is much of a long - and can't see that on the horizon.

[wskill] 11/11/2024 09:15

Interesting fact sheet from MNL bemoaning Labours hate of investing and pension schemes ,Did read a report that labour were trying to access SIPP accounts but baulked at it due to them being held in trust by providers which would have meant a change in the law.

Do not think we can blame LTI for present problems this will not change until we have a government who are intelligent enough to see the benefit of private savings and pensions.


Europe's economy


to most logical observers, is clearly doomed. However, it is worth noting that a
key Rubicon was crossed in the month with a UK government which has taken an aggressive stance
against personal savings and against personal investment. As we have stated before, it is mostly a
myth that valuations drive markets; it is monetary flows that move markets. It seems inevitable that
the inflows into UK Equities will wither further. As such valuations may drop and liquidity may dry
up. For Investment Trusts, ceteris paribus, that means larger discounts and wider Market Maker
spreads.
So please don't email us asking why WE have allowed this to happen and what we are going to do
about it. We are not in the business of coup d’etats. Besides, we will be far too busy filling in evermore bureaucratic forms.
The conclusion is clear, you may decide to live in a country that gets relatively weaker but you must
surely invest in Technologically Advanced countries that get relatively stronger.

[cc2014] 11/11/2024 09:13

I do not normally like to get into politics on ADVFN but the fund flow out of the UK reflects bad decision after bad decision by various UK governments and the BOE

[ricardo montalban] 11/11/2024 08:31

Same price it was in 2015, shocking, LT another Woodford. Outflows from all U.K. asset managers, started in 2016 and has been getting worse, terminal, just like the UK’s prospects.

[essentialinvestor] 08/11/2024 15:58

SDR, oh my. FGT hold.

[giltedge1] 08/11/2024 15:28

Agree drop in Fum disconcerting, 2025 div based on LT YE 31/01/25, so most earnings accumulated already. 26 & after the worry. NT right on LSEG, RELX, EXP, ULVR wrong for now on DGE, SDR (fall seems overdone). Most businesses invested in, been around 100+ years or have competitive advantages.

[spectoacc] 07/11/2024 15:52

Indeed. 4.4% L-T Ltd valuation fall in a month.

When does the AUM drop end..


Edit:
"UK EQUITY FLOWS/AUM UPDATE. UK Equity funds have been in net outflow consistently since 2016, at a cumulative level of approximately -£60bn, or 25% of 2016 AuM. The latest IA data show that this continued in September, at -£1.0bn (equivalent to a 7% annualized net outflow), similar to the 2024 YTD monthly average of -£1.1bn. We estimate that flows may have weakened in October, at an initial estimate of -£1.5bn"

And that includes the ones that actually make money ;)

Still - does the discount already account for that? Dunno.