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Lindsell Train Limited
Lindsell Train Limited is a London-based SEC-registered investment adviser since 2011. The firm manages approximately $9.3 billion in regulatory assets.
Lindsell Train Limited
Lindsell Train Limited is a London-based SEC-registered investment adviser since 2011. The firm manages approximately $9.3 billion in regulatory assets. It has 30 employees and 6 investment advisers.
General information
Firm type
Asset Manager
Year founded
2000
AUM
~£15B (per Morningstar, 2025)
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, England, United Kingdom
Additional offices
San Francisco, California, United States · Tokyo, Japan
Principals
Nick Train
Investment Director and Co-Founder
Michael Lindsell
Investment Director and Co-Founder
James Bullock
Investment Director
Sector focus
Frequently asked questions
Who runs investment decisions at Lindsell Train?
Nick Train and Michael Lindsell are co-founders and co-lead portfolio managers. Train manages the Global Equity fund; Lindsell manages the UK Equity fund. James Bullock serves as a third investment director on the team (public record).
How does Lindsell Train source proprietary deal flow?
Lindsell Train does not source proprietary deal flow in the traditional private-market sense. It invests exclusively in publicly traded equities, building positions through secondary market purchases on exchanges. The firm's edge is research depth on a small set of consumer and media franchises, not exclusive access to issuance.
Is Lindsell Train structured as a single family office or does it operate more like a venture firm?
Lindsell Train is a regulated asset management firm, not a family office. It manages pooled funds for external retail and institutional investors through unit trusts. The firm has no family-office overlay or private capital vehicles.
What investment stages does Lindsell Train typically target?
The firm invests in listed equities typically at any stage — including mature large-cap shares like Diageo and Unilever. It is not stage-focused in the private-market sense; instead, it targets 'high-quality, cash-generative, durable franchises' (per the firm's prospectus).
Which sectors does Lindsell Train explicitly avoid?
The firm avoids extractive industries, cyclical manufacturing, commodity-linked businesses, banks, and most technology hardware. Its disclosed holdings cluster in consumer staples, beverages, publishing, and exchange groups — sectors with pricing power and long-run demand stability.
Does Lindsell Train maintain philanthropic structures, and how are they separated?
Lindsell Train as a firm does not operate a philanthropic vehicle. Co-founders Train and Lindsell maintain personal charitable giving outside the investment business, but no corporate foundation exists (per public record).
What is Lindsell Train's known posture on co-investments alongside external GPs?
The firm does not engage in co-investments, direct deals, or any private-market structures. Its mandate is exclusively public equity, and it has never deviated from that focus since inception.
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