# Lindsell Train Limited

Lindsell Train Limited is an Asset Manager based in London, United Kingdom.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, England, United Kingdom
- **Founded:** 2000
- **Assets under management:** ~£15B (per Morningstar, 2025)
- **Website:** www.lindselltrain.com
- **LinkedIn:** https://www.linkedin.com/company/lindsell-train-limited

## Regulatory record

- **CRD number:** 158323
- **SEC file number:** 801-72541
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/158323

## About

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.

## Sectors

- Equity
- Consumer Goods
- Media & Entertainment
- Financial Services

## Offices

- San Francisco, California, United States
- Tokyo, Japan

## People

- Nick Train — Investment Director and Co-Founder
- Michael Lindsell — Investment Director and Co-Founder
- James Bullock — Investment Director

## 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.

## Related profiles

- [Twin Securities](https://altss.com/profile/twin-securities-inc)
- [Bellecapital International](https://altss.com/profile/bellecapital-international)

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Last updated: 2026-08-11T15:07:19.634Z

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