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Lindsell Train

Dec 2024 → Oct 2026 · Publishes monthly · 6 funds

Our archive holds 47 letters from Lindsell Train, behind 43 investment theses and positions in 61 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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47
Letters
61
Companies
14
Moves
43
Theses

6 strategies

Lindsell Train publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 14 moves

  • TrimmedFICO
    October 2026
    “Having initiated a position in FICO in January 2022, we soon found our valuation tolerance tested as the company embarked on a series of substantial and swift, albeit long overdue price increases, which were well received by the market.”
    Read the letter
  • New positionSpirax
    September 2026
    “New holdings Spirax and TP ICAP are examples, initiated and built up over the quarter.”
    Read the letter
  • New positionTP ICAP
    September 2026
    “New holdings Spirax and TP ICAP are examples, initiated and built up over the quarter.”
    Read the letter
  • AddedSAP
    September 2026
    “The holding in the Fund is now 2.5%, with the bulk bought at lower prices in May and June, following the indiscriminate sell-off in software earlier in the year.”
    Read the letter
  • AddedGames Workshop
    August 2026
    “The existing holding we have been adding to is Games Workshop (GAW).”
    Read the letter
  • New positionSpirax Group
    August 2026
    “We are replacing Intertek with another IP-rich UK industrial company, Spirax Group, which we have followed for 25 years or more.”
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  • New positionClarkson
    August 2026
    “One example of such a data-rich portfolio company is Clarkson, the world’s biggest shipping broker, which we initiated a position in 18 months ago and which has made steady share price gains subsequently.”
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  • New positionTP ICAP
    August 2026
    “Encouraged by the experience of investing in a world-leading brokerage business, where the leadership position generates proprietary data that further consolidates the leadership position, we have also begun a holding in TP ICAP.”
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  • New positionWarner Music Group
    July 2026
    “we also began accumulating stakes in two new companies.”
    Read the letter
  • New positionKKR
    July 2026
    “we also began accumulating stakes in two new companies.”
    Read the letter
  • AddedOBIC Business Consultants
    July 2026
    “An excellent set of first quarter results from OBC seemed to get investors’ attention, helping the shares to rally more than 30% last month.”
    Read the letter
  • AddedThermo Fisher Scientific
    August 2025
    “we have used the proceeds to help build up our two most recent additions, Thermo Fisher and CPKC, which we believe may offer superior return potential compared to Hershey.”
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  • ExitedHershey
    August 2025
    “Finally, we exited our position in Hershey last month, shortly after the company reported its Q3 results which beat analyst expectations.”
    Read the letter
  • AddedCanadian Pacific Kansas City
    August 2025
    “We have been steadily building the Fund’s position in Canadian Pacific Kansas City (CPKC), which we first added to the portfolio in January.”
    Read the letter

Companies held · 61

Every company Lindsell Train has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 43

  • RELX
    October 2026

    RELX is a data and analytics company whose proprietary data and AI-enhanced services (Protégé, LeapSpace) are accelerating revenue growth, making it a multi-year AI beneficiary.

    Read the full thesis
  • London Stock Exchange Group
    October 2026

    London Stock Exchange Group is a critical global markets infrastructure provider whose AI strategy and fixed-income acquisitions are improving its growth potential and valuation upside.

    Read the full thesis
  • Clarkson
    October 2026

    Clarkson provides crucial liquidity and data services to global shipping markets, making it strategically valuable in the AI era and modestly valued.

    Read the full thesis
  • Unilever
    October 2026

    Unilever is a consumer company with better-than-expected Q3 revenue growth and steady growth prospects that could attract investors if the AI boom subsides.

    Read the full thesis
  • Fair Isaac Corporation (FICO)
    October 2026

    FICO is the deeply embedded incumbent in US mortgage credit scoring, and despite competitive threats from VantageScore, its entrenched position and pricing flexibility should let it keep growing revenues and profits at highly accretive rates.

    Read the full thesis
  • FICO
    September 2026

    FICO is described as a long-term compounder with deeply embedded credit scoring infrastructure, pricing flexibility, and continued share buybacks despite regulatory pressure.

    Read the full thesis
  • Universal Music Group
    September 2026

    Universal Music Group is viewed as a durable streaming and IP business with tailwinds from user growth, monetization, and potential premiumisation.

    Read the full thesis
  • Intuit
    September 2026

    Intuit is presented as a trusted software platform with domain expertise, sticky customer relationships, and attractive valuation and margins.

    Read the full thesis
  • Juventus
    September 2026

    Juventus is framed as a live sports franchise asset with strategic backing from Exor and exposure to rising trophy-asset valuations.

    Read the full thesis
  • Thermo Fisher Scientific
    September 2026

    Thermo Fisher Scientific is positioned as a beneficiary of broad biotech and pharma demand as well as AI-driven process efficiencies.

    Read the full thesis
  • Sage
    September 2026

    Sage is positioned as a business-critical enterprise software provider benefiting from AI as a tailwind, with proprietary data and in-house AI agents supporting faster revenue growth.

    Read the full thesis
  • RELX
    September 2026

    RELX is presented as a proprietary-data incumbent whose most exposed legal data division has accelerated growth through AI-enhanced insights.

    Read the full thesis

Letter archive · 47

2026

2025

2024

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