Lindsell Train
Lindsell Train UK Equity Fund
UK
Dec 2024 → Aug 2026
Our archive holds 7 letters from this strategy, behind 7 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 3 years — follow all of Lindsell Train for every strategy.
What it bought and sold
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.
The existing holding we have been adding to is Games Workshop (GAW).
- New positionTP ICAPAug 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.
We are replacing Intertek with another IP-rich UK industrial company, Spirax Group, which we have followed for 25 years or more.
Also held
Its investment theses
- Games Workshop GroupAug 2026Games Workshop benefits from exceptional global entertainment IP, with Warhammer showing enduring fan engagement, global scale potential, and long-term compounding opportunities.
- Spirax GroupAug 2026Spirax Group combines mission-critical industrial solutions, high margins, recurring demand, green-transition tailwinds, and an emerging data-driven moat.
- TP ICAP GroupAug 2026TP ICAP benefits from a dominant OTC broking position, proprietary market data, recurring data revenues, and structural growth in global trading activity.
- DiageoSep 2025Diageo is a leading spirits company facing mixed consumer trends, but its strong premium brand portfolio and growing market opportunities position it well for future growth.
- SchrodersMar 2025Schroders is considered highly undervalued with a strong future potential, despite recent disappointing net outflows, but it has plans for cost savings aimed at boosting profits and growth.
- ClarksonDec 2024Clarkson’s dominance in shipbroking, resilient revenue model, and growing data services position it as a compelling long-term investment
- IntertekDec 2024Intertek is a leading global testing and assurance company poised to benefit from increasing regulatory demands and the green transition, supported by high barriers to entry and a growing focus on quality assurance.