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Lindsell Train Limited
Lindsell Train is a long-term investment manager focused on quality and value, aiming to protect the real value of clients' capital over the long term.
Lindsell Train Limited
Lindsell Train is a long-term investment manager focused on quality and value, aiming to protect the real value of clients' capital over the long term. Established in 2000 by Michael Lindsell and Nick Train, it manages UK, Global, Japanese and North American equity portfolios with an identical long-term approach. The firm keeps a small, simple organisational structure so investment professionals can concentrate on investment issues.
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.
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.
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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