Lindsell Train Investment Share Discussion Threads

[flyer61] 04/3/2024 11:42

FAIR ISAAC CORP 7.60%
S&P GLOBAL INC 5.71%
EQUIFAX 5.63%
INTUIT 5.22%
ALPHABET INC 5.17%
AMERICAN EXPRESS COMPANY 4.77%
ADOBE 4.64%
WALT DISNEY COMPANY(THE) 4.53%
ORACLE CORPORATION 4.47%
VISA

All stuff I'm happy to own.....

[wskill] 04/3/2024 10:44

Looking at the North American holding in the Trust what is it invested in cannot see it listed in funds /etfs or trusts

[flyer61] 02/3/2024 14:32

Seemed to fall off a cliff in the last hour of trade. Apart from one trade of 46 (and that is actually small) they were all single digit trades. Someone is selling at almost any price...Do they know something we don't??

I am reminded of Manchester and London when it was at a discount to NAV of 25% a year or so ago. I was minded to buy as 30% of the fund was Microsoft and I like buying MSFT at a discount. Didn't pull the trigger but have here as I feel the set up is the same. A collection of good Companies that are highly liquid at a substantial discount...more study of LTL required....maybe our board will say something but I am not holding my breath.

[giltedge1] 02/3/2024 08:26

Has been some good performers last 12 months RELX, SAGE, EXP, NINTENDO but underperformers negated these 20%+ gainers. Need LSEG back to £100, DGE to £35 & ULVR back to £45, to get Funds performance back on track, not impossible. Expect shakeup on announcement date in June. Unfortunately a big seller still around.

[jamielein] 01/3/2024 10:15

LTI may have the authority to buy back shares but they're not going to do it, if history is anything to go by.

They have 200,000 shares in existence and this has never changed.

There's obviously been a large seller here and they've been forced to sell at a sizeable discount due to lack of liquidity. Maybe they're worried about the long term future of Lindsell Train Limited, or maybe they're selling for completely unrelated reasons.

My hope is that LTI continue to pay out a similar dividend. I'm not here for the income, but I would like them to maintain their track record because I feel that the market will take that into account in the future.

When there's some more optimism, and if they can steadily increase their AUM over the next few years, then I would hope that LTI would return to a premium.

Just as a disclaimer, I have a large holding here. My view is that LTL is significantly undervalued. That's why I hold LTI. I don't feel strongly either way about the other portfolio holdings. I also have no idea whether I'm right or not.

[raj k] 01/3/2024 09:15

No idea why they persist with their Japanese Fund. Seems to have been a dog.

[giltedge1] 01/3/2024 08:43

Yes looks very cheap at £800 would like to buy more but my partner would strangle me, as already have a large holding. As a comparison Polar Capital a similar business as LT valued at £420M. As an aside the Japanese Fund run by ML has been abysmal, I think he has been a passenger all these years.

[raj k] 01/3/2024 08:06

I would hazard a guess that as Lindsell investment Trust contains a large stake in Lindsell Train Limited, the market is concerned that their profits will dwindle due to fund outflows/poor performance etc. Finsbury has svery small stake in LTI with the rest of the holdings being easier to value.

[dickiehhh] 29/2/2024 23:56

Thanks Papillon. This doesn't explain the divergence between FGT and LTI though does it?

[flyer61] 29/2/2024 21:53

From memory LTI a has an authority to buy back as well.

[essentialinvestor] 29/2/2024 21:41

* FGT continue to buy back shares,
having checked their recent RNS's.

[dickiehh] 29/2/2024 20:26

An anyone explain to me how LTI is down 12 percent or so over the past 3 months but FGT is up nearly 10 percent. The main UK holdings are the same - yes, LTI has US and Japan holdings but these have been the best stock markets over this period?What exactly is the concern about LTI?

[raj k] 29/2/2024 15:09

Oops bought a few more.....

[spectoacc] 29/2/2024 14:33

Similar logic here, and would be glad of some lower.

Biggest problem for all the asset managers is there's no end in sight to money leaving the market - but perhaps ISA season will provide a fillip.

[essentialinvestor] 29/2/2024 14:33

FGT sits on an approximate 7% NAV discount, thought they would buy back shares around this level, but nothing for awhile.

[jamielein] 29/2/2024 14:29

I bought a few more today (seems I was too early buying some at £818) - maybe too early again. But I am happy to wait it out. Don't think I'll buy any more unless it falls to another 10% discount from here (and assuming NAV is increasing)

LTL is being valued at 1% of current AUM, which is historically very cheap. The average over the last 74 months that I've been tracking it is c.2.6%.

The price of LTI is purely based on supply/demand so I'm not expecting any significant strength here while someone is getting rid of a load of stock.

[flyer61] 29/2/2024 14:20

Sellers.....Fallout from St James(if it is, totally illogical here), risk free still attractive, family trust being liquidated......it's not the Directors...

[flyer61] 29/2/2024 14:18

Question , is FGT in our books at it's NAV or at the market price?? If the latter you are buying it at a double discount here!

[spectoacc] 29/2/2024 14:05

"If we're all buying, who's selling" - agree if that 780 goes, it'll get interesting.

Where's Mr Lindsell, waiting on his next paycheque from us?

[glavey] 29/2/2024 14:02

Oops, I think I've just averaged down again. :-/

[flyer61] 29/2/2024 13:54

FABIUS1 I agree with you.

[essentialinvestor] 29/2/2024 13:54

* you also get a discount on FGT ..

Or many other IT's atm.

[spectoacc] 29/2/2024 13:50

Lol. You've turned into me, @Flyer61.

I'd make the bear point that a multiple of 8 on a declining NAV might be the same thing as a multiple of 6 now.

But L-T Ltd has a value, and hence you're getting a discount on some very liquid other holdings. Not that there's necessarily a catalyst, beyond sentiment and the current seller finishing, to turn it around.

[flyer61] 29/2/2024 13:45

4 would be bearish ;-)!