Lindsell Train
Lindsell Train Japanese Equity Fund
Japan
Dec 2024 → Aug 2026
Our archive holds 9 letters from this strategy, behind 7 investment theses and positions in 5 companies. Every quote below is copied verbatim from the letter it came from.
9 letters in 3 years — follow all of Lindsell Train for every strategy.
What it bought and sold
- AddedOBIC Business ConsultantsJul 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.
Also held
- Tsutsumi Jewellery
- Milbon Co
- Takeda Pharmaceutical
- Kao Corp
- Sysmex
- Square Enix
- Yakult
- Nintendo
- Shiseido
- Astellas Pharma
- Medikit Co
- ITO EN
- Broadleaf
- OBIC Business Consultants
- Pigeon
- Kirin Holdings
- Takeda
- Calbee
Its investment theses
- NintendoJul 2026Nintendo benefits from proprietary media content that provides a barrier to AI disintermediation and can be enhanced by AI for better customer experiences.
- Square EnixJul 2026Square Enix benefits from proprietary media content that helps protect it from AI disintermediation and can support improved products and services.
- 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.