Lindsell Train
Lindsell Train Global Equity Fund
Global
Dec 2024 → Oct 2026
Our archive holds 15 letters from this strategy, behind 13 investment theses and positions in 32 companies. Every quote below is copied verbatim from the letter it came from.
15 letters in 3 years · follow all of Lindsell Train for every strategy.
Performance
as of Oct 31, 2026 · net of fees · GBP · B Dist.
- YTD−5.1%index +11.3%
- 1Y−7.7%index +9.9%
- 3Y · /yr+4.3%index +18.3%
- 5Y · /yr+1.6%index +11.0%
- 10Y · /yr+7.1%index +11.9%
- Inception · /yr+11.0%index +12.3%
Index: MSCI World Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Lindsell Train Global Equity Fund | −5.1% | −7.7% | +4.3% | +1.6% | +7.1% | +11.0% |
| MSCI World Index | +11.3% | +9.9% | +18.3% | +11.0% | +11.9% | +12.3% |
Calendar years
- 2025−0.7%index +12.8%
- 2024+13.5%index +20.8%
- 2023+6.3%index +16.8%
- 2022−4.4%index −7.8%
- 2021+0.6%index +22.9%
Disclaimer
These figures are copied from the manager’s latest letter, as of Oct 31, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
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.
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.
Also held
Its investment theses
- Fair Isaac Corporation (FICO)Oct 2026FICO 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.
- FICOSep 2026FICO is described as a long-term compounder with deeply embedded credit scoring infrastructure, pricing flexibility, and continued share buybacks despite regulatory pressure.
- Universal Music GroupSep 2026Universal Music Group is viewed as a durable streaming and IP business with tailwinds from user growth, monetization, and potential premiumisation.
- IntuitSep 2026Intuit is presented as a trusted software platform with domain expertise, sticky customer relationships, and attractive valuation and margins.
- JuventusSep 2026Juventus is framed as a live sports franchise asset with strategic backing from Exor and exposure to rising trophy-asset valuations.
- Thermo Fisher ScientificSep 2026Thermo Fisher Scientific is positioned as a beneficiary of broad biotech and pharma demand as well as AI-driven process efficiencies.
- SAPJul 2026SAP is a mission-critical ERP leader benefiting from a highly accretive cloud transition and strong AI positioning.
- KKRJul 2026KKR has a diversified alternatives platform with recurring fees, scale benefits, and multiple underappreciated growth engines.
- Games WorkshopAug 2025Games Workshop is a uniquely durable compounder with strong pricing power, iconic IP, and significant growth potential, having achieved impressive financial metrics and a passionate global fanbase around its Warhammer franchises.
- DisneyJun 2025Disney is transforming its video and film distribution to streaming, growing its subscriber base and profitability while launching a direct-to-consumer ESPN product for live sports.