London investment firm founded in 2000 by Nick Train and Michael Lindsell, known for holding a handful of "perpetual" brands for very long periods.
Life story
Lindsell Train was founded in 2000 by Michael Lindsell and Nick Train; the name combines their surnames. The two met while working at GT Management. In 2022 Train was 63 and Lindsell 62.
Little is publicly known about either founder's childhood or family.
How they got started
The firm's first external client came at the end of 2000, when it was appointed to manage the Finsbury Growth & Income Trust (FGT) — which Nick Train has run for more than 25 years. In 2001 the London-listed Lindsell Train Investment Trust was launched (it also owns a stake in the firm itself).
A Japanese equity fund (run mainly by Lindsell), a UK equity fund (2006) and a global equity fund (2011) followed. Since 2010 the founders have been building a small team to succeed them; in 2022 both pledged to keep managing money for at least another seven years.
Investment style
Lindsell Train picks very few stocks and holds them for years, even decades. The focus is durable, predictable businesses with loyal customers — names such as Diageo, Unilever, Burberry, Nintendo, London Stock Exchange Group and RELX — while avoiding speculative and cyclical sectors like energy and banks.
Train argues that "steady dependability" is undervalued because investors are too busy hunting for the next Tesla. The approach has also led to long stretches of lagging the index.
Best decisions
Small team, big firm
Started by two people in 2000, the firm managed £12.8 billion with only about 30 staff by 2025 — the result of an approach that won long-term client trust.
Long-term bets on consumer brands
The firm became a model of low-turnover investing by holding brands such as Diageo, Unilever, Nintendo and Burberry for many years. Its stake in Manchester United football club reflected the same philosophy.
Biggest mistakes
Prolonged underperformance (2021–2025)
Light exposure to technology, energy and financials left the funds behind the index for several years. FGT returned -0.1% on NAV in the year to September 2025 versus +16.2% for the FTSE All-Share, and 2.3% a year over five years versus 10.0%. Train has publicly apologised to shareholders more than once.
Client outflows
The firm saw £743 million of outflows in 2021 and £2.6 billion in 2024. Long-held large positions such as Diageo have been especially painful in recent years.
Today
2025 was difficult: FGT's management fee was cut from January 1, 2026, Train increased his personal stake, and a continuation vote was put to the January 2026 AGM.
Lindsell Train invests mainly in UK and global equities; the 13F on our page shows only its US-listed positions.
What to learn from following the portfolio
- Lindsell Train trades very rarely — so a NEW position is an uncommon, meaningful signal, while long-held names show which businesses the firm considers "perpetual".
- The 13F shows only US stocks with a 45-day lag; the firm's core UK and Japanese holdings are not here.
- This style can trail the index for years — it requires long-term patience, and copying it is not a short-term strategy.
- Halal lens: the firm favours consumer brands, data and software companies — these may often be halal, but alcohol producers (such as Diageo) are not. Check each position's halal status in the Portfolio tab.
An introduction based on public sources — not investment advice. Spotted an error? Let us know.