Lindsell Train Investment Share Discussion Threads

[giltedge1] 11/8/2022 19:42

xd £53 & share price still £1240, to cap a good week LSE,DGE,HL strong & latest man united up 10%, another LT core holding;
Security MANU / Manchester United PLC
Institution Lindsell Train Ltd
Latest Disclosed Ownership 10,847,340 shares
Ownership 20.55%

[spectoacc] 03/8/2022 11:33

Has indeed been on a tear, somewhat bizarrely considering last NAV (22nd July) was all of £1,092, & you'd struggle to see more than a % or two since that on the major holdings.

[giltedge1] 03/8/2022 11:03

Going Great, exceeded expectations sales at £1250 today, hope posters came on board at £ 1060 when I indicated great buy on 10/06. xd 11/08 £53. Apologies decimal place in wrong place in post below.

[giltedge1] 29/7/2022 09:16

LT shares doing well today sales £11.70, DGE, LSE, ULVR, RELX, SDR etc excellent results in these inflationary times, Over 5 years from £8.20 to £ 11.70 + dividends, say 70%. I am happy to be fully invested with LT.

[spectoacc] 25/7/2022 15:28

Why didn't I think of that? ;)

Trading around NAV atm, probably about right.

[my retirement fund] 25/7/2022 15:07

Is this Nick Train wreck ?

[giltedge1] 22/7/2022 11:04

LT favourite stocks building positive momentum last few weeks, LSE, HL, DGE, Mondelez, ULVR, EXP, I am slightly down on this trade but can see good signs & great yield for these Bluechips. Next AUM should be up.

[essentialinvestor] 05/7/2022 10:15

I tried to buy a few this morning, it was showing 998 on the offer
and could not get an online quote

[steve3sandal] 04/7/2022 18:11

Nibbled again today. Assuming NAV is around the 28/6/22 this would be £1095, down 1.5% from 31/3/22. It’s just about been stable through Q2 which beats me and most indices. I’m speculating the share price is an opportunity. Lindsell and Train once said not to buy at a premium but that they would be interested at 8% discount. I’m hoping to increase my September dividend of c5% between now and Aug XD if this next presents with a 9.

[daler1966] 04/7/2022 17:46

This is in discount territory

[essentialinvestor] 04/7/2022 14:17

Trading under NAV and by a few % atm.

[essentialinvestor] 01/7/2022 15:55

FGT well off recent lows, whether it lasts .. to be fair it was and still is trading
at a discount to NAV.

[spectoacc] 01/7/2022 10:35

Timing, not believing the hype, not buying at a premium, buying when the market's weak and you want to sell, not buying when everything's going up & you want to join in.

Can never call the top or the bottom, but amazes me how many are super-keen on funds that are doing very well (thinking SMT/BG more than L-T).

Mean reversion is a powerful thing, and we're currently seeing a lot of it.

[nicd] 01/7/2022 10:21

Am I the only investor that has bad experiences with funds?Clearly timing is everything

[essentialinvestor] 29/6/2022 11:35

If we do get some larger down days will buy a few LTI again as it
seems to back quickly every time. Have held it twice previously in just small amounts, might buy a few more if available lower down.

[spectoacc] 29/6/2022 10:57

AUM would likely go up if performance did, so yes - finger-crossing seems the best hope :)

Train not ramping FEVR so much now I notice.

[steve3sandal] 29/6/2022 10:55

Interesting PP, I was beginning to wonder if this was still the LTI board. Some have the payout under question due to planned increase in costs but I’ve got my fingers crossed AUM might go up one day. Other investment techniques are also available.

[purplepelmets] 29/6/2022 09:11

must be looking at a 4% yield here at this level??

[essentialinvestor] 29/6/2022 08:23

mk, I asked on the WTB board last week ..has everyone given up on this.

Don't particularly rate the CEO fwiw, the aggressive German expansion arguably
raises the risk profile, however if they can replicate the UK success of PI,
there is a clear value creation opportunity - very early days yet in that market.

[spectoacc] 29/6/2022 08:15

We've gone a bit OT, but the one that could be interesting is Asda & the Issa Brothers' hugely geared punt. Currently only the raised petrol station margins as an obvious plus (Asda no longer the price leader, quelle surprise).

Boots - what a poisoned chalice, who on earth would want it? High St, been doing minimal CapEx, consumer downturn.

WTB not yet down enough for me, but agree it's at the quality end.

[m_kerr] 28/6/2022 18:13

EI - the market took fright after the UKR/RUS conflict. then they bounced back, until target and walmart reported margin pressure. both the s&P500 and UK cyclicals have dipped a bit since then. the most stark example for me of a company that's been marked down yet is currently trading very well is whitbread.

the key one for me is that debt financing has become more difficult (expensive) to obtain, so buyers need to pay less to get the same return. the number of acquisitions by UK reits for instance has fallen off a cliff since february. the boots disposal by walgreens has been abandoned because buyers can't obtain cheap finance on the same terms anymore. morrisons' bonds trade at roughly a 15% discount to what they were issued at.

sainsbury is down roughly 25% YTD and m&s around 40%. both traded at frothy multiples (SBRY, for instance rose to a value that made a takeover that the market was pricing in highly unlikely - and i said so on here at the time) prior to the correction.

[essentialinvestor] 22/6/2022 18:15

Should have bought a few EXPN this morning! hindsight eh, was not feeling brave enough so no excuses.
I bought a small amount of IMI and 3i (iii).



Steve, thanks for the reply and appreciated.

[steve3sandal1] 22/6/2022 18:06

I'll pass you onto the LTI team for their views. I'm sure they wrote it up in some detail in one of their long insights. If you have a stab around the website it's there. Madelaine was credited with the idea. It hasn't not gone great yet.

[essentialinvestor] 22/6/2022 12:08

Do any of you storied investors have a view on Experian?.

It's at my buy price buy price but not feeling optimistic on wider markets atm
and there is also this:

[essentialinvestor] 21/6/2022 13:05

Many cyclicals have fallen hard while trading updates have by and large remained resilient.

Would guess by late summer in to early autumn fundamentals will begin to
close that gap and profit warnings a plenty will follow.

In terms of value v value trap, that perhaps depends on the degree of macro hit
in store, which none of us know for sure.

In HB's my favourite is VTY fwiw, with a large less cyclical partnership division.
PSN with £1.2 BN of net cash should ride out the next 12-18 months relatively easily.