Lindsell Train Investment Share Discussion Threads

[steve3sandal] 17/1/2022 09:23

Not a chance. He would be doubling down if LTI had cash. Fixed capital I haven't looked. I'm hoping for more weakness in the share price as I've only got a small holding at the moment and I do like the portfolio still.

[spectoacc] 17/1/2022 08:11

Let's see if Train sells ULVR. My guess is - not.

[nicd] 07/1/2022 15:24

What is this green shoot?With the US markets heading back down, I feared the worst for LTI

[shstt1] 05/1/2022 23:42

Don’t give up your day job Porshey boy, every stock you have tipped on here has been plummeting since. Christ no bloody wonder you are so angry.

[steve3sandal] 01/1/2022 19:52

I'm watching the SP-NAV everyday and a little cross that I didn't nibble at £1202 I got quoted a couple of weeks ago. I had Limit Orders a little below. The latest Factsheet suggests that all things being equal, there will be a little pop in the NAV from a LT dividend to LTI early Jan so that Offer may well have been at NAV. Grrrr. Portfolio seems fine at these levels, sentiment coming back in favour of sensible large cap profitable companies even without the word Technology in them.

[shouldhavesold] 27/12/2021 21:55

The one man crusade continues across multiple boards

[undervaluedassets] 15/12/2021 13:48

Er.. since 2009 LTI is still up 700% and has beaten the S&P 500 comfortably ... and that is after recent 30% falls as well ...

not sure that the S&P has a 4% yield either..

16/12/21 update:-The asset value has been going up past few days and yet the share price has been going down

not often you see the value of something going up and the price going down .. have nibbled a few more

[porsche1945] 15/12/2021 11:56

Really? You wouldn’t have preferred to be in the S&P or Nasdaq and 4 x’d your money over same time period? Most people use trackers not stock picking so of course the index performance is critical you mug. People like you deserve to stay poor. Brexit ( self harming ) UK and its dogsxxt indexes going nowhere, even worse problems coming down the tracks and this trust full of the junk it is will be under a tenner soon.

[wtacraig1] 09/12/2021 16:52

The index 400 points above 1999 level isn't so important as the churn and cycles of the companies within it.

[porsche1945] 07/12/2021 23:40

From The Times; Nick Train, one of the City’s most experienced and high profile fund managers, has warned that his investment firm Lindsell Train, is suffering from its worst performance in two decades.
Was thinking if he just stopped buying U.K. listed companies and sticks to just US his performance may improve. U.K. now a graveyard for shareholders, index only 400 points above where it was in Dec 1999, pathetic.

[spectoacc] 30/11/2021 06:58

@steve3sandal - agree re premium. Thanks re LT North America, be interesting to know what's in it - hopefully not the "perpetual growth forever" US big tech.

@pashanger1 - absolutely agree. But the unimpressive thing is how he can't seem to change his mind - PSON the big example, but not the only one - and how he still seems to be on the last decade's Bond Proxy trade, being OK with big p/e's even on things now struggling for growth (eg ULVR, BRBY, LSE).

Terry Smith a lot more impressive IMO - doesn't churn, but isn't afraid to reverse course (in the case of Dominoes Pizza, in, out, back in again over years).

[panshanger1] 29/11/2021 23:04

The impressive thing with Train and FGT Is the top 10 normally make up about 80% of his fund- that is definitely pinning your colours to the mast !!

[steve3sandal] 29/11/2021 18:16

I’m comfortable with both LTI and FGT portfolios featuring stocks at 52 week highs and 52 week lows. Good TU from little BAG today. What I think is struggling is the LT Ltd as AUM hasn’t grown for 1 or 2 years as many of their themes derated. I’m a buyer of LTI around NAV but there isn’t a justification for a large premium at the moment.

[steve3sandal] 29/11/2021 18:12

Off the top of my head ………;LT North America is a relatively new vehicle which LTI, Lindsell, Train and selected others seeded over 12 months ago. It was funded by LTI from selling their own LTI Japan UT which they seeded a decade ago. Neither Train nor Lindsell are involved. It’s run by the team to help prove themselves. It holds the usual collection of US large cap growthy companies with an overlap to the Lindsell Train philosophy and process.

[spectoacc] 29/11/2021 15:48

Just out of interest, Train's Top 10 in FGT:

DGE - RELX - LSE - Mondelez - ULVR - BRBY - SDR - HL - SGE - Remy Cointreau


vs LTI (ignoring L-T):

LF North American Eq Acc (is this new??) - LSE - PayPal - DGE - Nintendo - ULVR - RELX - Mondelez - BAG


Not sure what if anything to take from that - more conviction in the ones held in size in both?

[spectoacc] 24/11/2021 16:30

Remember the L-T Ltd gearing effect tho - if LTI/Train doing well, L-T's value deemed far higher. If Train doing poorly (as of late), then maybe L-T due a down-value. So share price in theory looking ahead to next valuation.

But that would explain say a 10% discount vs 10% premium, rather than the comedy premium it's regularly been on. And no - I don't particularly see value in L-T once Mr L and Mr T have departed. It'll be a fund management co limping along trying to follow the previous method, that already looks old hat (ie that benefitted hugely from the bond proxy trade, and 30 years of falling yields).

Not forgetting Mr Train's own view - that L-T is valued correctly.

[essentialinvestor] 24/11/2021 16:26

Got to me honest and say it makes no sense to me paying that fat % over NAV.

But then LTI has traded at near double NAV at one point,
which was beyond strange, so WTFDIK.

[gateside] 24/11/2021 16:23

People buying at 1365p when they could have got way cheaper a couple of days ago.The psychology of buying/selling shares is always intriguing.

[steve3sandal] 23/11/2021 22:24

OK OK a bounce from yesterday’s closing. But against a corresponding NAV uplift (not) it’s just the spread I tell myself.

[essentialinvestor] 23/11/2021 10:43

I've recently bought back in to BAG!, or sag more appropriately ATM.

[spectoacc] 23/11/2021 08:56

Hard to believe the premium topped out at 80%. But at current price, premium looks about normal for LTI.

Edit - if I was better with charts, I'd post the recent performance of their Top 10 (excluding the geared-to-performance L-T Ltd).

But basically:

LSE - poor
PayPal - poor
DGE - good
Nintendo - not sure, would have to work out the Yen/£ too
ULVR - poor
RELX - good
Mondelez - neutral (I think - see Nintendo)
BAG - poor

CityWire's recent comment may read better :) -

"Trying times for Train
Lindsell Train’s (LTI) lacklustre year means this week’s 5.4% fall, putting it in ninth place in our table, leaves it down nearly 5% in 2021 in contrast to the 24.5% gain in 2020. However, despite seeing holdings Nintendo and Paypal take a hammering in recent weeks, shares in the £269m trust, which hold a big chunk of Train’s fund management company, have hung on to a 14% premium and 3.5% yield. While the volatile trust has been overtaken by many growth and tech funds in the pandemic, it remains one of the UK’s best long-term performers with a 616% shareholder return over 10 years."


Have bought one of the holdings today, one of the poor performers. Not sure I'd trust the likes of PayPal and Nintendo in the coming (maybe) correction, & DGE starting to look fully valued IMO.

[essentialinvestor] 22/11/2021 22:18

Tbf Nick T repeats continually - do not pay over NAV for LTI.

[gateside] 22/11/2021 21:48

Disaster of an investment this.Bought some earlier in the year for my wife's SIPP.If I ever break even, I'll dump the shares.

[steve3sandal] 22/11/2021 19:08

In fact RSI is 27.45 today. Not quite at revulsion but getting close here.