Lindsell Train

Lindsell Train was co-founded in 2000 by Nick Train and Michael Lindsell, two veteran UK fund managers who share a deep conviction in the enduring power of great brands and franchise businesses. The firm manages a small number of concentrated strategies — both UK and global equity — with a philosophy of buying exceptional businesses and holding them almost indefinitely. Portfolio turnover is extraordinarily low, with the firm sometimes holding positions for 15–20 years.

Nick Train is one of the most distinctive voices in UK fund management, known for his passion for media, spirits, and consumer brand businesses. His global equity fund has held companies like Diageo, Nintendo, and London Stock Exchange for many years, believing these asset-light, brand-driven businesses compound capital at rates that justify premium valuations. The firm experienced a difficult period from 2021–2023 as its UK and global funds underperformed due to the fund's relatively limited exposure to energy and resources, but long-term track records remain strong.