Lindsell Train Investment Share Discussion Threads

[andyadvfn1] 07/4/2022 08:31

Nonetheless, there has been some heavy buying the last few days. Possibly what was seen as boring and tired portfolio uptil recently just might be a safer place in the future.There's also the new valuation methodology announcement out today also.

[andyadvfn1] 01/4/2022 12:32

A lot of selling here yesterday so took the opportunity to add a few. Premium at its lowest for a long time.

[steve3sandal] 28/3/2022 16:19

I did read ….not.

[spectoacc] 28/3/2022 15:45

Are they double-dipping the fees, ie charged on the US holding, as well as within LTI? Caveated by part-owning L-T Ltd of course! :) But no wonder Mr Train's worth over a quarter of a billion quid if so....

[steve3sandal] 28/3/2022 12:51

Cheers! I think LTI have so much of it as they seeded it together with Mr T and Mr L personally. Only recently opened for Joe Public. The original plan was to retain in house until James and Madeline had established a track record. That’s usually 3 years. They did this seeding thing with Japan a long time ago and exited that holding a couple of years back. I have no particular concern with those US holdings as they are similar to some of my other trusts. The early launch to retail investors looks a little hurried .

[spectoacc] 28/3/2022 12:02

Good luck. I'd be concerned at the recent performance of Mr L & Mr T, and what that says about L-T's valuation.

Seems nothing particularly offensive in the Top 8 equity holdings - DGE, LSEG, Nintendo, ULVR, RELX, PayPal, Mondelez, BAG, other than that several have been dogs.

But almost half (47%) is LT Ltd, and I'm suspicious of the North American fund in no.2, 7.7% of LTI. Feels like a departure. Contains Estee Lauder, American Express, Alphabet, Equifax, Nike, Intuit, Disniey, S&P Global, Pepsico, Oracle. Just can't particularly see the point of LTI having so much of it?

[steve3sandal] 28/3/2022 11:58

Hi ge1. Pleased to see your Good News but did you know there is a more active thread under Lindsell Train Investment Trust. Cheers.

[steve3sandal] 28/3/2022 11:52

FWIW and having fessed up to earlier sales, I'm back in. Bought last week at £1127 which I reckoned was about at NAV. We will see. Catalyst? Around NAV again. US UT opened for retail subscriptions, only £27m AUM, I think a relatively easy win to attract new funds. The larger LTI holding generally look to me to be pushing 52w highs and lows so we'll done the winners and some hope for recovery amongst the laggards. YE 31 Mar and I think the dividend could surprise as the LT business is very profitable and substantially funds the special dividend. Not backed up any trucks but holding and then more recently trading LTI has been one of my profitable games. GLA.

[spectoacc] 23/2/2022 08:35

Well done @EI, in profit already :)


Dog with a bone, but this from 4th Feb IC (only really the last sentence):


"Train and his colleagues target quality companies rather than what are traditionally considered to be value plays – a reason why their funds have lagged recently. But the manager believes “that a number of our quality investments have become so undervalued they could do extraordinarily well. We're not exposed to more overtly cyclical businesses [such as] commodity, manufacturing or oil companies. But I'd say that Schroders (SDR), for instance, at the current price looks like a classic value stock, [though] I absolutely still see it as a very high-quality company with significant secular growth potential. But you're definitely not paying for that secular growth potential currently. And I think the same is probably true of Hargreaves Lansdown (HL.), which has derated enormously over the past couple of years despite very strong business growth.”"


Well, he did put a "...Probably..." at the start of the HL comment :))

No commods or oils - which is fine, as long as what you've actually punted performs.

Edit - full article hopefully readable here, & already discussed above:

[essentialinvestor] 22/2/2022 09:07

spec, off topic - had some GPE near the open fwiw!.

[spectoacc] 22/2/2022 09:05

I've been banging that drum for longer than L-T been going downhill :) And wrong, for a while.

L-T rode the bond proxy trade brilliantly - made money for investors, and a fortune for themselves (Nick Train supposedly worth a quarter of a billion quid - where are the customers' yachts?).

Whilst they might say valuation doesn't matter, that it's quality, I'd argue valuation is ultimately all that matters, whether valuation today or tomorrow.

Whether a co's valued at 25x or 12x makes a massive difference to share price when the growth stops, & a lot of the steady eddies went to historically silly p/e's in the world of ZIRP.

[essentialinvestor] 22/2/2022 08:44

is Nick losing his touch? - asking for a friend.

I hold a very small amount of FGT!, unfortunately.



For me it looks to be an overvaluation unravelling on HL.

High multiple stocks demand flawless execution, anything less and the hit is hard.

[spectoacc] 22/2/2022 08:41

Yes sorry, should have made that clear. A Train favourite in the articles above (along with eg SDR), but not (at last declaration) in LTI.

[steve3sandal] 22/2/2022 08:39

Indeed but not held in LTi.

[spectoacc] 22/2/2022 08:11

HL. off 14% this morning on results. They're going to start calling it "The curse of Nick Train" before long.

[roguetraderuk] 16/2/2022 09:57

EI, ive dug up those interviews from nick and posted below. in there are his newest thoughts.





and the last ones focuses on his fund, the recent agm

[essentialinvestor] 14/2/2022 10:43

Spec, that's a good point - because zyz stock may be valued at a higher
level if listed stateside does not necessarily make it great value.

[spectoacc] 14/2/2022 09:05

His recent advertorials said he'd been constantly buying LSEG and FEVR with the DMGT cash - continuing his recent run of form :)

He's def keen on EXPN too - ranks it with RELX as UK world-beater.

Never convinced by the constant comparison to US valuations, by so many people with so many stocks. Surely it must occur to them that the US might be in a bubble.

Not a holder of EXPN - gets hit by regulatory things too often - but not anti it either. p/e of 32 but like RELX, seems a genuinely good co at the right valuation.


Edit - HL & SDR also got a good "mention" in one of the articles.

[essentialinvestor] 14/2/2022 08:56

Nick has been buying EXPN recently reportedly. I have it on a watchlist,
getting likked atm.

[gateside] 11/2/2022 11:21

Agree there. NAV is only £1133I see no reason to buy this at all.

[essentialinvestor] 11/2/2022 10:39

You can buy FGT at a discount, why pay a premium for this?.

[gateside] 11/2/2022 10:36

This has missed out by not having any miners or oil companies.Strange mix of shares in the portfolio.

[spectoacc] 10/2/2022 16:03

I think LTI's significantly overvalued - more so once L-T gets down-valued on poor fund performance - but really isn't any reason it should be down far more than FGT today IMO.

[spectoacc] 10/2/2022 09:13

Not sure he mentioned BAG in either article too, the one holding I've in common with Mr Train.

LTI holders should be glad their exposure to ULVR & RELX is only c.7% of the fund (inc L-T) - they're nos. 2 & 4 in FGT, with both down single-digit %'s on results.

RELX a good co IMO, but current year p/e 28, they don't need to miss by much.

Both announced buy-backs, often the sign of a lack of investment opportunities.

Doubtless Mr Train will be adding - let's hope he doesn't get too many redemptions, what does he sell after PSON?