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Lindsell Train

Dec 2024 → Aug 2026 · Publishes monthly · 4 funds

Our archive holds 34 letters from Lindsell Train, behind 22 investment theses and positions in 42 companies. Every quote below is copied verbatim from the letter it came from.

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Lindsell Train’s own letters page
34
Letters
42
Companies
5
Moves
22
Theses

4 strategies

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

What they bought and sold · 5 moves

  • 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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  • AddedGames Workshop
    August 2026
    “The existing holding we have been adding to is Games Workshop (GAW).”
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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 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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  • 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.”
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Companies held · 42

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

Theses · 22

  • Games Workshop Group
    August 2026

    Games Workshop benefits from exceptional global entertainment IP, with Warhammer showing enduring fan engagement, global scale potential, and long-term compounding opportunities.

    Read the full thesis
  • Spirax Group
    August 2026

    Spirax Group combines mission-critical industrial solutions, high margins, recurring demand, green-transition tailwinds, and an emerging data-driven moat.

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  • TP ICAP Group
    August 2026

    TP ICAP benefits from a dominant OTC broking position, proprietary market data, recurring data revenues, and structural growth in global trading activity.

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  • SAP
    July 2026

    SAP is a mission-critical ERP leader benefiting from a highly accretive cloud transition and strong AI positioning.

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  • KKR
    July 2026

    KKR has a diversified alternatives platform with recurring fees, scale benefits, and multiple underappreciated growth engines.

    Read the full thesis
  • Nintendo
    July 2026

    Nintendo benefits from proprietary media content that provides a barrier to AI disintermediation and can be enhanced by AI for better customer experiences.

    Read the full thesis
  • Square Enix
    July 2026

    Square Enix benefits from proprietary media content that helps protect it from AI disintermediation and can support improved products and services.

    Read the full thesis
  • Broadleaf
    July 2026

    Broadleaf serves automotive aftermarket business customers and is benefiting from cloud migration, improved earnings guidance, and greater demand driven by cybersecurity concerns.

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  • Astellas Pharma
    July 2026

    Astellas Pharma has a promising pipeline, strong current cash flow, attractive valuation, and the ability to generate high operating margins.

    Read the full thesis
  • Takeda
    July 2026

    Takeda has a promising pipeline, strong current cash flow, attractive valuation, and the potential to sustain high operating margins.

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  • Sysmex
    July 2026

    Sysmex has repeatable business dynamics, a dominant global market share in haematology, a leading position in haemostasis, and exposure to growing diagnostic demand.

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  • Kirin Holdings Co Ltd
    February 2026

    Kirin Holdings appears at least 50% undervalued on a sum-of-the-parts basis, with portfolio simplification and buybacks after the Four Roses sale offering a path to improved returns.

    Read the full thesis

Letter archive · 34

2026

2025

2024

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