Lindsell Train
Lindsell Train Japanese Equity Fund
Japan
Dec 2024 → Oct 2026
Our archive holds 11 letters from this strategy, behind 10 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.
11 letters in 3 years · follow all of Lindsell Train for every strategy.
Performance
as of Oct 31, 2026 · net of fees · JPY · B Yen
- YTD+19.6%index +18.8%
- 1Y+20.9%index +21.7%
- 3Y · /yr+12.7%index +23.6%
- 5Y · /yr+7.4%index +17.5%
- 10Y · /yr+8.3%index +13.7%
- Inception · /yr+5.8%index +6.3%
Index: TOPIX Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Lindsell Train Japanese Equity Fund | +19.6% | +20.9% | +12.7% | +7.4% | +8.3% | +5.8% |
| TOPIX Index | +18.8% | +21.7% | +23.6% | +17.5% | +13.7% | +6.3% |
Calendar years
- 2025+10.1%index +25.5%
- 2024+6.7%index +20.5%
- 2023+4.2%index +28.3%
- 2022+3.2%index −2.5%
- 2021−9.0%index +12.7%
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
An excellent set of first quarter results from OBC seemed to get investors’ attention, helping the shares to rally more than 30% last month.
Also held
Its investment theses
- OBIC Business ConsultantsOct 2026OBIC Business Consultants is a trusted software intermediary with only 25% of on-premise customers migrated to the cloud, giving it room to grow as it embeds AI in its products.
- NintendoOct 2026Nintendo owns franchises such as Mario, Zelda and Pokemon, and successful software releases plus AI-driven development cost savings should drive hardware sales and margins.
- Square EnixOct 2026Square Enix owns the Final Fantasy and Dragon Quest franchises, has brought game development in-house, faces activist pressure for change, and trades at 2.6x sales versus higher multiples for peers.
- Square Enix HoldingsSep 2026Square Enix Holdings is improving execution under greater management focus, and the stock still looks undervalued versus peers.
- Tsutsumi JewelrySep 2026Tsutsumi Jewelry has an extraordinarily strong balance sheet, with cash reserves equal to most of its market capitalisation, and profits are expected to recover.
- BroadleafJul 2026Broadleaf serves automotive aftermarket business customers and is benefiting from cloud migration, improved earnings guidance, and greater demand driven by cybersecurity concerns.
- Astellas PharmaJul 2026Astellas Pharma has a promising pipeline, strong current cash flow, attractive valuation, and the ability to generate high operating margins.
- TakedaJul 2026Takeda has a promising pipeline, strong current cash flow, attractive valuation, and the potential to sustain high operating margins.
- SysmexJul 2026Sysmex has repeatable business dynamics, a dominant global market share in haematology, a leading position in haemostasis, and exposure to growing diagnostic demand.
- Kirin Holdings Co LtdFeb 2026Kirin 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.