Lindsell Train Investment Share Discussion Threads

[spectoacc] 08/10/2024 11:32

Gone a bit quiet on here - were a few small trades below £700 today (or is it £70, or £7,000, am never sure ;) ).

[spectoacc] 30/9/2024 11:19

Triumph of hope over experience @giltedge1, good luck. I'm suspicious RR may come up with some UK-market boosting cunning plan like making ISAs UK-only, which could definitely help, but otherwise money continues to leave the market, and will continue to leave L-T even faster, due to poor performance.

RMV bid been dropped fwiw, re #1161.

[flyer61] 29/9/2024 11:20

MHN is another one you might like to look at giltedge1. It really should be wound up. Investments fine apart from the unlisted...but board and manager a disgrace. 1.7% plus TER.

LTI dividend I am presently modelling at £44. Remember LTL year end January so a fair bit bagged already. Of course they could go same again.....

[giltedge1] 29/9/2024 10:13

Can I add, looks like a turn around, Funds & FGT pushing up to new highs. Rightmove takeover on UK funds & DGE, BURB increases. I got lucky after selling LTI at a loss, in July & reinvesting in PRS, made 40% in 3 months, all good things come to an end, so taking profits & looking for a home after market rise LTI looked attractive & as I know the company, dear I say it started buying back LTI at £770 (must be mad, but 20% discount looks excessive, & div after probably cut to £40, looks attractive). But only reinvesting profits, NT is not getting my hard earned capital!. Have done well with NT in past selling at £1400/£1500 a few years ago, but as posted last trade large loss at £800. Like his strategy, solid blue chip growth, but mixed up his allocation last few years & hold at all costs can be costly (BURB, DGE, Paypal). Hopefully third time lucky.

[spectoacc] 27/9/2024 11:54

Been some bounce on BRBY on China stimulus, albeit doubt that will either save the Chinese property bubble economy, nor BRBY. Market likes it tho.

On flipside, RMV looking far from a done deal (can't recall if any in LTI, or just FGT).

[spectoacc] 22/9/2024 14:14

Biggest winners were probably getting too concentrated even for Train. Which is the flipside of some of the others doing so badly, when the portfolio's already concentrated.

[giltedge1] 21/9/2024 19:16

Reviewing FGT HY, NT made a couple of errors, sold 3 biggest winners Exp,Relx,Lseg to fund buybacks I assume (sold winners not losers). But did not sell any Burb, biggest mistake, added to Dge another mistake. If he had liquidated Burb & Dge he would have seemed very capable.

[spectoacc] 18/9/2024 15:26

Let's give Mr Train some credit for (I believe) selling PZC again - albeit not sure why he picked it in the first place. Has avoided further drops by doing so.

Mind you - BRBY -72% in 12 months. DGE -21%.

[andyadvfn1] 16/9/2024 07:58

You would need a decent sized holding to be able to recycle any divis. I added on Friday ( not from divi cash though )

[flyer61] 15/9/2024 08:40

Looking at the share price action on Friday people were not cycling their dividend in here for more stock.

Apart from Mr Lindsell of course....

[steve3sandal] 05/9/2024 13:07

For what it is worth I have reduced my holding significantly post the XD and taking a hit on that position rebuilt in the last couple of years. Series of limit orders did catch some of the recent bounce. I see falling AUM which is battling poor performance, general funds flow out of UK equities and mandate losses. I still like the quoted portfolio and on a c9% discount have rolled much of my proceeds into FGT. It seemed a Rightmove on Monday (ha) when the bid noise appeared. I sincerely hope they are not taken over anytime soon. FGT will be XD in October which suits me.

[flyer61] 05/9/2024 11:53

giltedge1

when you say fully priced at least they have growth runways in front of them.

FUM is the key, sadly. If they were to increase (I know I know) then NAV would pivot on a dime. Not to mention the increased dividends the trust would receive.

Could sell yesterdays buys for a profit today but will hold on a little longer.

Buying at a 20% discount to declared NAV seems to be a reasonably safe bet here.

[spectoacc] 05/9/2024 11:32

Can't see much reason why AUM would ever recover - performance would have to significantly improve over an extended time frame (3/5 years), or there'd need to be a sea change in attitudes to the UK.

R Reeves could yet deliver the latter perhaps. A ban on holding anything foreign-listed in ISA maybe.

Otherwise, it's continued decline for the former stars, and more (unfair) comparisons to Woodford.

[giltedge1] 05/9/2024 11:29

Hello Steve, yes retired gentlemen investor, sorry couldn't attend this year. Last year reported downbeat, but didn't follow own advice. Going forward expect slow reduction in fum another 1 B, then slow recovery. Dividend cut to mid 40 s. Okay as long as salary cap kept. Portfolio solid except as highlighted Dge (slow growth) & Burb (held by uk funds) terminal imo. Made back LTI losses on HL, ULVR, & my own pick PRS. Can t see anymore NT laggards flying all fully priced Relx,Exp,Lseg. Will keep my residue holding & only add if turnaround in FUM data.

[flyer61] 04/9/2024 14:54

Tactical buying by me today in the £770's.

There is an outside chance the sloths (BOD) might actually talk at todays AGM about the discount and have a plan to reduce it. So don't see much downside apart from a mega mandate loss but potential for an uptick. It was over £800 to sell a few days back.

Stocks here not really affected by the tech sell off even though we are continuously told how that we are at the forefront of it with some of the holdings.

Wish me luck!

[steve3sandal1] 03/9/2024 17:17

I think we benefited from ge1 in attendance last year but he she they has have substantially sold down.
I suspect we won't get anything other than all resolutions passed if we aren't prepared to go on the expedition to London.

[flyer61] 03/9/2024 16:45

Hopefully someone who posts here will be in attendance tomorrow. It will be very interesting to see if the new Chairman has an ounce of independent thinking about him.

[spectoacc] 03/9/2024 12:36

I'm sure Mr Train will mea culpa once more, whilst continuing to grow wealthier by the month. And confirm that he still really likes all the stocks held.

That Rightmove bump came along at the right time - "proves" their strategy, eh. HL, RMV, just don't mention the overall performance, even vs the market.

[giltedge1] 03/9/2024 12:20

Anyone attending AGM tomorrow?, great to get some feedback. Sure there will be a few fireworks! about performance or lack of it.

[riskvsreward] 02/9/2024 14:13

Not sure it is now the right time and the right price to exit dge and do the same as with pson. I don’t like the look of brby though, as its
fan base in China seems to have disappeared and won’t be back soon if ever.

[mozy123] 02/9/2024 14:01

Terry Smith has sold DGE?

Edit - so he has

Portfolio Comment for August 2024
We exited our position in Diageo during the month. The top 5 contributors in the month were Meta Platforms, Fortinet, Stryker, Novo Nordisk and Philip Morris. The top 5 detractors were Alphabet, Mettler-Toledo, Microsoft, PepsiCo and L'Oréal.

[giltedge1] 02/9/2024 08:18

Yes good to hear RMV approach, but v small holding in UK fund I believe. Burb looks a lost cause, Dge x growth, so NT should have jettisoned these 2, Terry Smith would have. It is okay not to be 100% correct, but when outlook changes take action!.

[riskvsreward] 02/9/2024 07:18

Perhpas lti’ time is coming, with many of its major holdings turning around like lse, Ulvr and now even takeovers like rmv.

[giltedge1] 29/8/2024 08:20

Got lucky see post 10/08, sold & reinvested prs & hhi recovered all my losses! My remaining 25% at breakeven, NT can make me a profit for a change.

[cc2014] 16/8/2024 13:12

It's a puzzle. The share price is acting like there is definitely a mandate loss coming along but Mr Lindsell keeps buying suggesting there is not.