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 15 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.
Performance
as of Aug 31, 2026 · net of fees · GBP · Acc
- YTD+3.7%index +11.9%
- 1Y−5.0%index +21.3%
- 3Y · /yr−0.4%index +16.9%
- 5Y · /yr0.0%index +11.2%
- 10Y · /yr+4.5%index +8.5%
- Inception · /yr+8.4%index +7.1%
Index: FTSE All-Share TR Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Lindsell Train UK Equity Fund | +3.7% | −5.0% | −0.4% | 0.0% | +4.5% | +8.4% |
| FTSE All-Share TR Index | +11.9% | +21.3% | +16.9% | +11.2% | +8.5% | +7.1% |
Calendar years
- 2025−7.2%index +24.0%
- 2024+2.4%index +9.5%
- 2023+4.6%index +7.9%
- 2022−6.1%index +0.3%
- 2021+12.7%index +18.3%
Disclaimer
These figures are copied from the manager’s latest letter, as of Aug 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
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).
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.