Lindsell Train Limited

Lindsell Train Limited

Lindsell Train Limited was co-founded in 2000 by Nick Train and Michael Lindsell, who had previously worked together at M&G and later at their own boutique, Castlefield. The firm's structure is a pure equity long-only asset manager with a single-minded focus on high-quality consumer franchises, a mandate that has held since inception. The firm's strategy is extreme concentration: typically 20–25 holdings across two primary funds — the CF Lindsell Train UK Equity fund and the Lindsell Train Global Equity fund (per Morningstar, 2025). Asset classes are exclusively public equities, with no private, fixed-income, or alternative allocation. Core positions disclosed in regulatory filings include Diageo, Unilever, London Stock Exchange Group, PepsiCo, and Nintendo, with geographic focus on UK, US, and Japanese exchanges. The firm rarely trades; average holding period is over 10 years. Lindsell Train employs a team of 13 investment professionals (per the firm's 2024 regulatory filing), operating from offices in London, San Francisco, and Tokyo. The firm is regulated by the UK Financial Conduct Authority. In June 2024, the CF Lindsell Train UK Equity fund reported net outflows of £750M for the prior 12 months, reflecting ongoing redemption pressure after sustained underperformance versus the FTSE All-Share index (per Financial Times, June 2024). The structural differentiator is the firm's deliberate isolation from the asset-gathering norm: Lindsell Train capped fund sizes and closed the UK Equity fund to new investors in 2023, prioritizing strategy capacity over fee income. It has no separate institutional business, no hedge fund, no private markets vehicle — a purity of execution that is increasingly rare among UK equity boutiques.