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The top 10 stocks in Lindsell Train UK Equity account for approximately 84% of the portfolio, with the largest holding, information and analytics publisher Relx, making up around 10%. Train highlights the liquidity inherent in his approach, which leads him to invest predominately in well-established companies with multi-billion-pound market capitalisation. The fund has no unquoted/unlisted holdings and never has.
The manager stresses that he cares more about maintaining or growing the real value of investors’ capital and income over time than outperforming a stock market index. The investment process he uses across all his funds is based on his conviction that inefficiencies exist in the valuation of exceptional quoted companies. In his opinion, “excellent companies tend to create great wealth for their patient owners over time” – this is the effect he is aiming to capture with this strategy. Train finds most of his candidate investments in a select group of broad industry categories – financial services, beverages, personal goods and media.
Past performance of the underlying constituents is not a guarantee of future performance. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest.
Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab.
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