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NT

Nick Train

T3InvestorsQuality and growth compounders

Co-founded Lindsell Train in 2000; manages its UK equity portfolios and jointly its global portfolios.

Lindsell TrainFinsbury Growth & Income TrustLindsell Train Investment Trust

Lindsell Train Investment Insights

No book, but a long run of manager commentaries that make an unusually concentrated brand-and-franchise case in public.

137 letters · 8 articles · 13 appearances

Letters 137Writing 8Appearances 13
July 2026 Monthly Manager ReportLindsell Train reports a July 2026 rotation out of semiconductor and AI stocks into data, software and consumer staples, with RELX up 10% and PayPal up 32% on a bid from Stripe and Advent.3 2026Lindsell Train Limited, PayPal, RELX, London Stock Exchange Group, Nintendo, eBay, Unilever, Diageo, A.G. Barr, Mondelez International, Fair Isaac (FICO), Universal Music Group, Uber
June 2026 Monthly Manager ReportLindsell Train's trust returned -4.9% in Q2 2026 against the MSCI World's +13.0% as data and software owners kept falling, while Heineken, Diageo and Unilever recovered.2 2026Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, A.G. Barr, Mondelez International, Heineken Holding, Universal Music Group
May 2026 Monthly Manager ReportLindsell Train explains buying FICO in Q1 2026 on AI-disruption fears, arguing the credit scorer has beaten competitive threats such as Upstart before.2 2026Fair Isaac (FICO), Lindsell Train Limited, London Stock Exchange Group, Upstart Holdings, RELX, Nintendo, Unilever, Diageo, A.G. Barr, Mondelez International, Universal Music Group
April 2026 Monthly Manager ReportNick Train weighs Unilever CEO Fernando Fernandez's case for merging Unilever's food business with McCormick, and what it says about where new investment gains lie.2 2026Lindsell Train Limited, Unilever, McCormick, London Stock Exchange Group, RELX, Nintendo, Diageo, A.G. Barr, Mondelez International
March 2026 Monthly Manager ReportLindsell Train's portfolio of software, data, entertainment and luxury franchises lagged in Q1 2026 as war with Iran lifted oil and energy stocks; it trimmed Unilever.1 2026Lindsell Train Limited, Unilever, London Stock Exchange Group, Fair Isaac (FICO), Nintendo, RELX, Diageo, A.G. Barr, Mondelez International, Universal Music Group, McCormick, PayPal, Laurent-Perrier, Brown-Forman
February 2026 Monthly Manager ReportLindsell Train notes a shift away from the Nasdaq and S&P toward cyclicals and banks it does not own, while its consumer staples holdings held up in early 2026.1 2026Lindsell Train Limited, Unilever, London Stock Exchange Group, Fair Isaac (FICO), RELX, Nintendo, Diageo, A.G. Barr, Mondelez International, Heineken Holding, PayPal, Schroders
January 2026 Monthly Manager ReportLindsell Train reports LSEG and RELX falling 9% and 15% in January 2026 on fears of AI disruption, which pulled the trust's stake in Lindsell Train Limited down over 8%.1 2026RELX, Lindsell Train Limited, London Stock Exchange Group, Nintendo, Unilever, Diageo, Mondelez International, A.G. Barr, Alphabet
December 2025 Monthly Manager ReportLindsell Train admits little went right in 2025, as rallies came from companies without the traits it seeks, and asks whether to rebuild the portfolio or hold.4 2025Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Mondelez International, Heineken Holding, A.G. Barr, Universal Music Group
November 2025 Monthly Manager ReportLindsell Train examines why LSEG and RELX fell 20% and 15% in 2025 on fears that AI threatens incumbent data providers and platforms.4 2025London Stock Exchange Group, Lindsell Train Limited, RELX, Microsoft, Nintendo, Unilever, Diageo, A.G. Barr, Mondelez International, Heineken Holding, Laurent-Perrier, Alphabet
October 2025 Monthly Manager ReportLindsell Train contrasts RELX's sell-off after its Q3 update with LSEG's rebound on raised guidance and its first AI-powered products.4 2025London Stock Exchange Group, Lindsell Train Limited, RELX, Microsoft, Nintendo, Mondelez International, Unilever, Diageo, A.G. Barr, Alphabet
September 2025 Monthly Manager ReportLindsell Train's quoted holdings drove underperformance in Q3 2025 as gains concentrated in a narrow set of stocks; its Lindsell Train Limited stake held at 24% of NAV.3 2025Lindsell Train Limited, London Stock Exchange Group, RELX, Diageo, Mondelez International, Laurent-Perrier, Microsoft, Nintendo, Unilever, A.G. Barr, Heineken Holding, Universal Music Group
August 2025 Monthly Manager ReportNick Train uses 185 years of Guinness volume growth to show the kind of durable brand Lindsell Train wants to own, through Diageo.3 2025Diageo, Lindsell Train Limited, Fevertree Drinks, London Stock Exchange Group, RELX, Nintendo, Unilever, Mondelez International, Universal Music Group, A.G. Barr, Nvidia
July 2025 Monthly Manager ReportLindsell Train's stake in Lindsell Train Limited fell to 23.5% of NAV in July 2025, close to Nintendo at 13.8% and LSEG at 11.4%, while still supplying much of the trust's revenue.3 2025Lindsell Train Limited, London Stock Exchange Group, Nintendo, RELX, Microsoft, Unilever, Diageo, A.G. Barr, PayPal, Mondelez International, Laurent-Perrier
June 2025 Monthly Manager ReportNintendo rose 17% in June 2025 to 14.5% of NAV on the Switch 2 launch, and Lindsell Train says it will trim any holding above 15%.2 2025Nintendo, Lindsell Train Limited, London Stock Exchange Group, Diageo, PayPal, RELX, Unilever, A.G. Barr, Mondelez International, Nvidia, Heineken Holding, Laurent-Perrier, Universal Music Group
May 2025 Monthly Manager ReportLindsell Train apologises for an 18.4% cut in the trust's 2025 dividend, caused by weak results at Lindsell Train Limited.2 2025Lindsell Train Limited, London Stock Exchange Group, Nintendo, PayPal, RELX, Unilever, Diageo, A.G. Barr, Mondelez International, Universal Music Group
April 2025 Monthly Manager ReportLindsell Train applies the Lindy Effect, that older ideas and products tend to last longer, to its preference for long-established businesses.2 2025Lindsell Train Limited, Nintendo, London Stock Exchange Group, RELX, A.G. Barr, Mondelez International, Unilever, Diageo, PayPal, Thermo Fisher Scientific
March 2025 Monthly Manager ReportLindsell Train sees a turnaround as LSEG, Nintendo and RELX rose 23%, 28% and 19% in 2024 and kept gaining in Q1 2025.1 2025Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Diageo, Unilever, Mondelez International, PayPal, A.G. Barr, Heineken Holding, Laurent-Perrier
February 2025 Monthly Manager ReportLindsell Train defends Diageo after 18 disappointing months, arguing its brands are strong and its problems largely temporary despite tariff risk.1 2025Diageo, Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Mondelez International, Unilever, PayPal, Heineken Holding, Microsoft, A.G. Barr
January 2025 Monthly Manager ReportLindsell Train starts a 2% position in Thermo Fisher, which it expects to benefit from well-funded drug research and development.1 2025Lindsell Train Limited, Nintendo, London Stock Exchange Group, RELX, Diageo, Mondelez International, Unilever, A.G. Barr, PayPal, Thermo Fisher Scientific
December 2024 Monthly Manager ReportLindsell Train argues dividend growth drives portfolio value under buy-and-hold investing, and reviews each quoted holding's latest dividend.4 2024Lindsell Train Limited, London Stock Exchange Group, Nintendo, Diageo, Mondelez International, RELX, Unilever, Heineken Holding, A.G. Barr, PayPal, Laurent-Perrier, Universal Music Group, Microsoft
November 2024 Monthly Manager ReportLindsell Train explains why it seeks low capital intensity with high margins, citing software companies as the least capital-intensive models it owns.4 2024Lindsell Train Limited, London Stock Exchange Group, Nintendo, Diageo, Mondelez International, RELX, Unilever, A.G. Barr, PayPal, Heineken Holding, Microsoft, Meta Platforms, Laurent-Perrier, Universal Music Group, Alphabet
October 2024 Monthly Manager ReportOver half the trust's quoted portfolio sits in data and entertainment companies; LSEG, Nintendo and RELX all rose by double digits in 2024.4 2024Lindsell Train Limited, London Stock Exchange Group, Nintendo, RELX, Unilever, Diageo, PayPal, Microsoft, A.G. Barr, Mondelez International
September 2024 Monthly Manager ReportLindsell Train shows how its rarely traded trust's weights move with prices: Lindsell Train Limited went from under 1% of NAV to 47% in 2020 and 30% now.3 2024Lindsell Train Limited, Nintendo, Heineken Holding, Diageo, London Stock Exchange Group, RELX, A.G. Barr, Unilever, PayPal, Mondelez International, Laurent-Perrier
August 2024 Monthly Manager ReportNick Train reviews the trust's 11 direct equity holdings at the 2024 AGM, ten held long-term plus Universal Music Group, a position still being built.3 2024Lindsell Train Limited, Nintendo, London Stock Exchange Group, Diageo, RELX, Unilever, A.G. Barr, PayPal, Mondelez International, Laurent-Perrier, Heineken Holding, Universal Music Group
July 2024 Monthly Manager ReportLindsell Train discusses Diageo's poorly received 2024 results, with the shares about 40% below their early-2022 peak.3 2024Lindsell Train Limited, Heineken Holding, Diageo, London Stock Exchange Group, Unilever, A.G. Barr, RELX, Nintendo, PayPal, Mondelez International, Universal Music Group
June 2024 Monthly Manager ReportLindsell Train notes that June 2024's best and worst performers were both UK companies: RELX rose 6% to a record, Diageo fell 5% to 36% below its peak.2 2024Lindsell Train Limited, Diageo, RELX, London Stock Exchange Group, Nintendo, Unilever, A.G. Barr, Mondelez International, Heineken Holding, Laurent-Perrier
May 2024 Monthly Manager ReportLindsell Train Limited supplied 78% of the trust's revenue in the year to March 2024, and falling assets under management may cut that income further.2 2024Lindsell Train Limited, London Stock Exchange Group, Nintendo, Diageo, A.G. Barr, Mondelez International, RELX, Unilever, Heineken Holding
April 2024 Monthly Manager ReportLindsell Train weighs fears that slower U.S. premium spirits spending is a lasting retrenchment rather than a cyclical dip, as Diageo fell 5% more in April 2024.2 2024Lindsell Train Limited, Diageo, London Stock Exchange Group, RELX, Nintendo, Unilever, Mondelez International, A.G. Barr, PayPal, Heineken Holding
March 2024 Monthly Manager ReportThe trust's NAV rose 0.6% in Q1 2024 against 9.9% for the MSCI World, as a narrow group of AI-linked technology companies led markets.1 2024Lindsell Train Limited, A.G. Barr, London Stock Exchange Group, RELX, Nintendo, PayPal, Mondelez International, Heineken Holding, Nvidia, Unilever, Diageo, Universal Music Group, Coca-Cola
February 2024 Monthly Manager ReportNick Train says returns need better results from non-tech, non-U.S. holdings and from companies offering proxy exposure to the U.S. technology boom.1 2024Lindsell Train Limited, London Stock Exchange Group, RELX, Diageo, Mondelez International, Nintendo, Unilever, A.G. Barr, Heineken Holding, Walt Disney, Universal Music Group, Fevertree Drinks, Netflix
January 2024 Monthly Manager ReportLindsell Train explains its new 1.5% position in Universal Music Group, the world's leading music company, built through generations of consolidation.1 2024Lindsell Train Limited, Universal Music Group, London Stock Exchange Group, Nintendo, A.G. Barr, RELX, Unilever, Diageo, Mondelez International, Heineken Holding, Apple
December 2023 Monthly Manager ReportNick Train is glad to see the end of 2023, another year when Lindsell Train's strategy and long-held stocks lagged, with turnover of about 5% a year.4 2023Lindsell Train Limited, London Stock Exchange Group, Nintendo, Heineken Holding, RELX, Diageo, Mondelez International, Fair Isaac (FICO), Microsoft, Unilever, A.G. Barr, Intuit, LVMH
November 2023 Monthly Manager ReportRELX keeps hitting new highs and reached 5.7% of the trust by November 2023, on steady results and the value of its data combined with AI.4 2023Lindsell Train Limited, London Stock Exchange Group, RELX, Unilever, Diageo, Nintendo, A.G. Barr, Mondelez International, Heineken Holding
October 2023 Monthly Manager ReportLindsell Train sets out why RELX, over 5% of the trust and a top holding across its UK and global portfolios, is so important to it.4 2023RELX, Lindsell Train Limited, London Stock Exchange Group, Diageo, Nintendo, Unilever, A.G. Barr, PayPal, Mondelez International, Heineken Holding, Finsbury Growth & Income Trust
September 2023 Monthly Manager ReportLSEG has become the trust's largest quoted holding at 10% of NAV, ahead of Diageo and Nintendo, purely through price moves, despite the Blackstone consortium's selling.3 2023Lindsell Train Limited, Nintendo, Diageo, London Stock Exchange Group, RELX, Mondelez International, Unilever, A.G. Barr, Heineken Holding, LVMH
August 2023 Monthly Manager ReportLindsell Train reviews Diageo's goal of raising its share of global alcohol from 4% in 2020 to 6% in 2030 without hurting its high returns.3 2023Diageo, Lindsell Train Limited, London Stock Exchange Group, A.G. Barr, RELX, Nintendo, Unilever, PayPal, Mondelez International, Heineken Holding
July 2023 Monthly Manager ReportLindsell Train notes six U.S. tech giants drove most of the S&P 500's 21% gain in 2023, while LSEG and RELX rose 20% and 16%.3 2023Lindsell Train Limited, London Stock Exchange Group, RELX, Microsoft, Nintendo, A.G. Barr, PayPal, Amazon, Alphabet, Meta Platforms, Apple, Unilever, Diageo, Mondelez International, Heineken Holding
June 2023 Monthly Manager ReportNick Train asks what to do when holdings lag in the first half of 2023, and argues for keeping faith only in those still able to meet return goals.2 2023Lindsell Train Limited, London Stock Exchange Group, Unilever, Nintendo, Diageo, Heineken Holding, RELX, A.G. Barr, PayPal, Mondelez International, Microsoft, Laurent-Perrier, eBay, Apple
May 2023 Monthly Manager ReportLindsell Train expects all its companies to gain from AI, with LSEG and RELX built on data and PayPal and Nintendo gathering data from customers.2 2023Lindsell Train Limited, PayPal, London Stock Exchange Group, Nintendo, RELX, Diageo, Unilever, A.G. Barr, Mondelez International, Heineken Holding, Apple
April 2023 Monthly Manager ReportLindsell Train notes Mondelez, inherited from its Cadbury stake, hit an all-time high and is over 7% of the trust's listed securities.2 2023Lindsell Train Limited, Mondelez International, London Stock Exchange Group, Nintendo, Unilever, A.G. Barr, RELX, Diageo, PayPal, Heineken Holding, Finsbury Growth & Income Trust
March 2023 Monthly Manager ReportLSEG rose 10% in Q1 2023 on good results and a partnership with Microsoft, which took a 4% stake.1 2023Lindsell Train Limited, Heineken Holding, RELX, Nintendo, Mondelez International, London Stock Exchange Group, Microsoft, Diageo, A.G. Barr, Unilever, Laurent-Perrier
February 2023 Monthly Manager ReportLindsell Train notes new names on the share registers of Diageo, Heineken, LSEG and Nintendo, including Berkshire Hathaway's 1.6% stake in Diageo.1 2023Lindsell Train Limited, Heineken Holding, Nintendo, Diageo, London Stock Exchange Group, RELX, A.G. Barr, Microsoft, Unilever, PayPal, Mondelez International
January 2023 Monthly Manager ReportPayPal, the trust's only pure technology holding, rose 14% in January 2023 as the Nasdaq rebounded 11%.1 2023Lindsell Train Limited, Diageo, PayPal, London Stock Exchange Group, Nintendo, Mondelez International, RELX, Unilever, Laurent-Perrier, A.G. Barr
December 2022 Monthly Manager ReportNick Train reproduces James Bullock's 2022 review of Lindsell Train's Global Equity Fund and its strategic choices in a year of sector swings.4 2022Lindsell Train Limited, London Stock Exchange Group, PayPal, Walt Disney, Diageo, RELX, Nintendo, Unilever, Mondelez International, Laurent-Perrier, Fair Isaac (FICO), Microsoft, A.G. Barr, Heineken Holding, Apple
November 2022 Monthly Manager ReportUnilever ended 2022 up 9%, one of the trust's best holdings, after its abandoned bid for GSK's consumer health arm; Lindsell Train notes its position in India.4 2022Lindsell Train Limited, Unilever, London Stock Exchange Group, RELX, Diageo, PayPal, Nintendo, A.G. Barr, Mondelez International
October 2022 Monthly Manager ReportMondelez reported steady Q3 2022 growth from volume and pricing power, which Lindsell Train sees as proof chocolate is a staple.4 2022Lindsell Train Limited, Mondelez International, Nintendo, London Stock Exchange Group, RELX, Unilever, Diageo, PayPal, Heineken Holding, A.G. Barr
September 2022 Monthly Manager ReportThe trust's NAV is held back by Lindsell Train Limited, whose funds under management fell from about £23 billion amid two years of weak performance and outflows.3 2022Lindsell Train Limited, Nintendo, London Stock Exchange Group, Unilever, Diageo, RELX, A.G. Barr, PayPal, Mondelez International
August 2022 Monthly Manager ReportLindsell Train discusses the structure of its Global Fund, which shares many holdings with the trust and drives Lindsell Train Limited's results.3 2022Lindsell Train Limited, London Stock Exchange Group, RELX, Unilever, Heineken Holding, Walt Disney, Nintendo, Diageo, A.G. Barr, PayPal, Mondelez International, Netflix
July 2022 Monthly Manager ReportHeineken Holding fell from 4.0% to 2.6% of NAV over five years despite a 19% rise in shares owned, as Covid hit its business.3 2022Lindsell Train Limited, Heineken Holding, London Stock Exchange Group, Diageo, PayPal, Mondelez International, RELX, Nintendo, Unilever, A.G. Barr
June 2022 Monthly Manager ReportLindsell Train, not macro investors, notes oil down 14.5% from its March 2022 high and falling speculative asset prices, and asks what they mean.2 2022Lindsell Train Limited, Diageo, Unilever, London Stock Exchange Group, Mondelez International, RELX, PayPal, Heineken Holding, Nintendo, A.G. Barr, Laurent-Perrier
May 2022 Monthly Manager ReportLindsell Train reviews Dirk Van de Put's five years as Mondelez CEO, shifting focus from margins to sales growth, market share and local brands.2 2022Lindsell Train Limited, Mondelez International, London Stock Exchange Group, Unilever, Diageo, RELX, Nintendo, A.G. Barr, PayPal, Laurent-Perrier
April 2022 Monthly Manager ReportDiageo, AG Barr, Unilever, Mondelez and Heineken were the trust's top performers in April 2022, rising 4% to 9% on reassuring updates.2 2022Lindsell Train Limited, Diageo, Unilever, A.G. Barr, Mondelez International, Heineken Holding, London Stock Exchange Group, Nintendo, PayPal, RELX
March 2022 Monthly Manager ReportLindsell Train notes PayPal's fall and energy's gains hurt Q1 2022, while Diageo and other core holdings, each about 7% of NAV, recovered.1 2022Lindsell Train Limited, Nintendo, London Stock Exchange Group, Diageo, Pearson, Unilever, PayPal, Mondelez International, RELX, A.G. Barr, Laurent-Perrier
February 2022 Monthly Manager ReportPayPal fell most in February 2022 despite cash flows compounding 18% a year since 2015 and volumes topping $1 trillion.1 2022Lindsell Train Limited, PayPal, London Stock Exchange Group, Nintendo, Diageo, RELX, Unilever, A.G. Barr, Mondelez International, Heineken Holding, eBay
January 2022 Monthly Manager ReportTechnology falls hit PayPal in January 2022 and Diageo and RELX reversed, while LSEG, Mondelez and Nintendo rose.1 2022Lindsell Train Limited, Nintendo, Unilever, London Stock Exchange Group, Diageo, PayPal, Mondelez International, RELX, Microsoft, A.G. Barr
December 2021 Monthly Manager ReportDiageo, Heineken, LSEG and Mondelez rose in December 2021, which Lindsell Train reads as investors looking beyond the tech and Covid winners.4 2021Lindsell Train Limited, London Stock Exchange Group, Diageo, PayPal, Mondelez International, RELX, Nintendo, A.G. Barr, Heineken Holding, Unilever
November 2021 Monthly Manager ReportThe trust's NAV rose 0.7% from April 2021 against 16.1% for its new MSCI World benchmark, with PayPal its only pure technology holding.4 2021Lindsell Train Limited, Diageo, PayPal, London Stock Exchange Group, RELX, Nintendo, A.G. Barr, Unilever, Mondelez International, Laurent-Perrier
October 2021 Monthly Manager ReportNintendo and PayPal both fell 11% in October 2021 as reopening slowed the gaming and online-shopping surge of 2020.4 2021Lindsell Train Limited, Nintendo, PayPal, London Stock Exchange Group, RELX, Unilever, Diageo, A.G. Barr, Mondelez International, Heineken Holding, Tesla
September 2021 Monthly Manager ReportThe trust's NAV rose 7.2% in six months against 10.2% for the MSCI World, as low weights in technology missed the market's main driver.3 2021Lindsell Train Limited, RELX, Nintendo, London Stock Exchange Group, PayPal, Diageo, A.G. Barr, Unilever, Mondelez International, Laurent-Perrier, Pearson, Heineken Holding, Alphabet, Adobe
August 2021 Monthly Manager ReportLindsell Train notes rising commodity and logistics costs hit its consumer stocks in August 2021, Heineken most, and asks whether inflation has arrived.3 2021Lindsell Train Limited, Unilever, Heineken Holding, London Stock Exchange Group, Diageo, Nintendo, RELX, A.G. Barr, PayPal, Mondelez International, Laurent-Perrier
July 2021 Monthly Manager ReportPayPal, Nintendo and LSEG fell in July 2021 while Diageo rose 3%, up 28% for the year on home sales of premium spirits.3 2021Lindsell Train Limited, Nintendo, PayPal, London Stock Exchange Group, RELX, Diageo, A.G. Barr, eBay, Unilever, Mondelez International
June 2021 Monthly Manager ReportLindsell Train Limited, about 45% of NAV, saw all four of its strategies beat benchmarks in Q2 2021 but trail them for the year.2 2021Lindsell Train Limited, London Stock Exchange Group, PayPal, Nintendo, Diageo, A.G. Barr, RELX, Unilever, Mondelez International, Finsbury Growth & Income Trust
May 2021 Monthly Manager ReportLindsell Train calls its consumer franchises, Diageo, Unilever, Mondelez, AG Barr, Heineken and Laurent-Perrier, the biggest disappointment of 2021 so far.2 2021Lindsell Train Limited, Diageo, Unilever, London Stock Exchange Group, Mondelez International, Heineken Holding, Nintendo, A.G. Barr, PayPal, Laurent-Perrier, RELX, Finsbury Growth & Income Trust
April 2021 Monthly Manager ReportDiageo, Heineken and Laurent-Perrier rose 8% to 13% in April 2021 as Covid cases fell, suggesting the beverage companies were recovering.2 2021Lindsell Train Limited, Heineken Holding, Diageo, London Stock Exchange Group, A.G. Barr, PayPal, Laurent-Perrier, RELX, Nintendo, Unilever, Mondelez International
March 2021 Monthly Manager ReportLSEG, bought in February 2009, returned 33% a year for 12 years to become a 7% holding, before falling in March 2021.1 2021Lindsell Train Limited, London Stock Exchange Group, Nintendo, Unilever, Diageo, Mondelez International, RELX, A.G. Barr, PayPal
February 2021 Monthly Manager ReportUnilever fell 11% after 2020 results showed Covid hurt its laundry, ice cream and food service businesses.1 2021Unilever, Lindsell Train Limited, London Stock Exchange Group, RELX, Diageo, PayPal, Nintendo, A.G. Barr, Mondelez International, L'Oréal, Kraft Heinz
January 2021 Monthly Manager ReportPayPal and Nintendo both reported pandemic-boosted results, but PayPal rose 21% while Nintendo fell 5% in early 2021.1 2021Lindsell Train Limited, Nintendo, PayPal, London Stock Exchange Group, Diageo, RELX, Unilever, A.G. Barr, Mondelez International, Heineken Holding, Pearson
December 2020 Monthly Manager ReportNick Train reflects on a challenging 2020 and how to protect clients' savings in unprecedented circumstances.4 2020Heineken Holding, Lindsell Train Limited, London Stock Exchange Group, Nintendo, Unilever, Diageo, PayPal, Mondelez International, RELX, A.G. Barr, Laurent-Perrier
November 2020 Monthly Manager ReportVaccine news lifted markets 9.2% in November 2020; Pearson rose over 20%, but the trust gained 7% as cyclicals led.4 2020Pearson, London Stock Exchange Group, RELX, Lindsell Train Limited, Nintendo, Diageo, PayPal, Heineken Holding, Unilever, A.G. Barr, Mondelez International
October 2020 Monthly Manager ReportNick Train lists company facts that struck him in 2020, such as Nintendo Switch becoming the top-selling U.S. console.4 2020Nintendo, Heineken Holding, Lindsell Train Limited, London Stock Exchange Group, RELX, Manchester United, Unilever, Diageo, A.G. Barr, PayPal, Mondelez International, Laurent-Perrier
September 2020 Monthly Manager ReportAG Barr fell 61% from its 2019 high, which Lindsell Train treats as an example of Ben Graham's Mr. Market.3 2020Lindsell Train Limited, London Stock Exchange Group, A.G. Barr, RELX, Nintendo, Unilever, Diageo, PayPal, Mondelez International, Heineken Holding, Laurent-Perrier, Pearson
August 2020 Monthly Manager ReportFive of 12 quoted holdings rose in 2020 to August, led by PayPal's 89%, while AG Barr, Diageo, Heineken and others fell.3 2020Unilever, RELX, Diageo, Heineken Holding, Lindsell Train Limited, London Stock Exchange Group, Nintendo, PayPal, Mondelez International, Pearson, Laurent-Perrier, A.G. Barr, Finsbury Growth & Income Trust
July 2020 Monthly Manager ReportLindsell Train reviews Q2 2020 results: five good, five bad, with Nintendo's Switch sales surging on homebound living.3 2020Lindsell Train Limited, London Stock Exchange Group, Nintendo, Unilever, Diageo, PayPal, Heineken Holding, RELX, Mondelez International, Pearson, A.G. Barr, Laurent-Perrier
June 2020 Monthly Manager ReportLindsell Train tells a banker how companies should handle results season in 2020: survival first, equity issuance if needed, but equity is precious.2 2020Lindsell Train Limited, London Stock Exchange Group, Nintendo, Diageo, PayPal, Mondelez International, RELX, Unilever, A.G. Barr, Heineken Holding
May 2020 Monthly Manager ReportThe trust's NAV nearly regained its August 2019 high by May 2020, helped by PayPal, up 43% year to date and now 5.8% of the portfolio.2 2020PayPal, Lindsell Train Limited, London Stock Exchange Group, Nintendo, Unilever, A.G. Barr, Diageo, Mondelez International
April 2020 Monthly Manager ReportLindsell Train asks its companies how they will avoid wasting the Covid crisis, expecting strong cash flows and balance sheets to win.2 2020Lindsell Train Limited, London Stock Exchange Group, Nintendo, Diageo, PayPal, RELX, Unilever, A.G. Barr, Mondelez International, Pearson
March 2020 Monthly Manager ReportThe trust's NAV fell 6.9% in March 2020 as the board cut its valuation of Lindsell Train Limited, whose funds fell to £18.2 billion.1 2020Lindsell Train Limited, London Stock Exchange Group, Nintendo, Diageo, PayPal, Unilever, Mondelez International, Heineken Holding, RELX, Laurent-Perrier, Pearson, A.G. Barr, eBay
February 2020 Monthly Manager ReportWith the trust's shares at a discount to NAV for the first time in years, Nick Train and Michael Lindsell bought shares and plan to buy more.1 2020Lindsell Train Limited, London Stock Exchange Group, Nintendo, Diageo, Unilever, A.G. Barr, PayPal, Mondelez International, Heineken Holding, Laurent-Perrier, eBay, RELX, Pearson, Finsbury Growth & Income Trust, Tesla
January 2020 Monthly Manager ReportThe London Stock Exchange kept rising in January 2020 to over 9% of NAV, while Lindsell Train Limited's value stagnated.1 2020PayPal, Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Mondelez International, Heineken Holding, eBay
December 2019 Monthly Manager ReportThe trust's NAV returned over 32% in 2019 against about 23% for the MSCI World, yet its shares returned only 2% as the premium fell.4 2019Lindsell Train Limited, London Stock Exchange Group, Unilever, RELX, Nintendo, Diageo, PayPal, Mondelez International, Heineken Holding, Laurent-Perrier, Pearson
November 2019 Monthly Manager ReportThe trust's NAV began to lag world markets in late 2019, with Lindsell Train Limited now over 50% of net assets.4 2019Lindsell Train Limited, London Stock Exchange Group, Nintendo, PayPal, Pearson, RELX, Unilever, Diageo, A.G. Barr, Mondelez International, Heineken Holding, eBay
September 2019 Monthly Manager ReportSterling's recovery on Brexit-deal hopes hit Diageo and Unilever in September 2019, while PayPal and eBay also fell.3 2019Pearson, Lindsell Train Limited, London Stock Exchange Group, Unilever, Diageo, PayPal, RELX, Nintendo, Mondelez International, Heineken Holding, eBay
August 2019 Monthly Manager ReportNick Train reports the 2019 AGM presentations on the trust's performance and the business of Lindsell Train Limited, its biggest holding.3 2019Lindsell Train Limited, London Stock Exchange Group, Unilever, Heineken Holding, RELX, Nintendo, Diageo, PayPal, Mondelez International, Pearson
July 2019 Monthly Manager ReportAG Barr fell 26% on a profit warning in July 2019, blamed on weather, tough comparisons and problems with its Rubicon juice brand.3 2019London Stock Exchange Group, Lindsell Train Limited, Nintendo, PayPal, Meta Platforms, RELX, Unilever, Diageo, A.G. Barr, Mondelez International, Heineken Holding, Laurent-Perrier, Microsoft, Amazon, Alphabet
June 2019 Monthly Manager ReportLindsell Train shares its fund report with trust holders, because the trust owns nearly 25% of Lindsell Train Limited and trades at a high premium.2 2019Lindsell Train Limited, London Stock Exchange Group, Heineken Holding, Hargreaves Lansdown, RELX, Nintendo, Unilever, Diageo, PayPal, Mondelez International, Laurent-Perrier
May 2019 Monthly Manager ReportThe trust's NAV rose 4.2% in May 2019 while the MSCI World fell 2.5%, helped by a 4.7% rise in Lindsell Train Limited.2 2019Lindsell Train Limited, London Stock Exchange Group, A.G. Barr, Nintendo, Unilever, Diageo, Heineken Holding, RELX, PayPal, Mondelez International, Pearson, eBay
April 2019 Monthly Manager ReportLindsell Train lists facts it found important: Unilever's Magnum growing 7% a year and Heineken's volume up 8.3% in Q1 2019.2 2019Lindsell Train Limited, London Stock Exchange Group, Nintendo, Heineken Holding, Unilever, PayPal, RELX, Diageo, A.G. Barr, Mondelez International, Laurent-Perrier, Pearson, Walt Disney
March 2019 Monthly Manager ReportLindsell Train credits the Federal Reserve's dovish turn for the strong start to 2019 in world stock markets.1 2019Heineken Holding, Lindsell Train Limited, Diageo, London Stock Exchange Group, Unilever, PayPal, RELX, Nintendo, A.G. Barr, Mondelez International, Pearson, eBay
February 2019 Monthly Manager ReportLindsell Train answers shareholders' worry that its global consumer companies are overvalued or deteriorating and could drag on returns.1 2019Unilever, Lindsell Train Limited, London Stock Exchange Group, Heineken Holding, Diageo, Mondelez International, Nintendo, PayPal, RELX, A.G. Barr, Pearson, Burberry
January 2019 Monthly Manager ReportPearson rose 30% in 2018 but trades where it did in 2010, as its digital transformation continues.1 2019Pearson, Lindsell Train Limited, London Stock Exchange Group, Unilever, RELX, Nintendo, Mondelez International, Heineken Holding, Diageo, A.G. Barr, PayPal, Finsbury Growth & Income Trust
December 2018 Monthly Manager ReportThe trust's shares ended 2018 up over 46% while the MSCI World fell 3%, a result that depended on Lindsell Train Limited.4 2018Lindsell Train Limited, London Stock Exchange Group, Unilever, PayPal, Heineken Holding, Laurent-Perrier, RELX, Nintendo, Diageo, A.G. Barr
November 2018 Monthly Manager ReportLindsell Train notes that Lifebuoy soap and Horlicks, faded in Britain, are growing in India, in the context of Unilever's deal for GSK's Indian business.4 2018Unilever, Lindsell Train Limited, London Stock Exchange Group, Nintendo, Diageo, RELX, A.G. Barr, PayPal, Heineken Holding
October 2018 Monthly Manager ReportFinsbury Growth & Income Trust raised its dividend 7.7% to 15.3p, up from 3.2p when Lindsell Train became its adviser in 2000.4 2018Lindsell Train Limited, London Stock Exchange Group, Nintendo, Unilever, RELX, Diageo, A.G. Barr, PayPal, Heineken Holding, Finsbury Growth & Income Trust
September 2018 Monthly Manager ReportAG Barr, 5.4% of NAV, owns Irn-Bru, which leads Scottish soft drinks, one of the few markets where Coke does not.3 2018Lindsell Train Limited, London Stock Exchange Group, A.G. Barr, Nintendo, RELX, Unilever, Diageo, PayPal, Heineken Holding, Coca-Cola
August 2018 Monthly Manager ReportNick Train notes sports and entertainment assets in a bull market: Celtic, Manchester United, Juventus and WWE all rose sharply in August 2018.3 2018Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, A.G. Barr, PayPal, Heineken Holding, Finsbury Growth & Income Trust, Manchester United, Celtic
July 2018 Monthly Manager ReportHeineken's brand grew 7.5% and it struck a deal with China Resources Beer; Lindsell Train thinks it leads the race to be the global beer brand.3 2018Heineken Holding, Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, A.G. Barr, PayPal
June 2018 Monthly Manager ReportLindsell Train applies Andy Grove's line that all companies will be internet companies to explain 2018's markets and its portfolio.2 2018Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Diageo, Mondelez International, Heineken Holding, Pearson, Unilever, A.G. Barr, PayPal, Amazon
May 2018 Monthly Manager ReportThe London Stock Exchange rose to over 7% of NAV, after its failed merger with Deutsche Börse and a row over its CEO.2 2018Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, A.G. Barr, PayPal, Heineken Holding, Pearson
April 2018 Monthly Manager ReportPearson rose by double digits in April 2018, the best of the trust's direct holdings, with Hargreaves Lansdown and Intuit also gaining.2 2018Pearson, Lindsell Train Limited, London Stock Exchange Group, Intuit, RELX, Nintendo, Unilever, Diageo, A.G. Barr, PayPal, Heineken Holding, Hargreaves Lansdown
March 2018 Monthly Manager ReportLindsell Train explains why it rarely buys technology companies, whose models have not been tested as long as Unilever's or Diageo's.1 2018eBay, PayPal, Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Amazon, A.G. Barr, Heineken Holding, Pearson, Alphabet, Meta Platforms
February 2018 Monthly Manager ReportThe trust's NAV rose about 2.3% to February 2018 while world equities fell, which Lindsell Train calls resilient.1 2018Lindsell Train Limited, London Stock Exchange Group, Nintendo, Unilever, Diageo, PayPal, Heineken Holding, RELX, Mondelez International, Laurent-Perrier, Pearson, eBay
January 2018 Monthly Manager ReportMondelez benefited from the combination of Dr Pepper Snapple and Keurig Green Mountain as corporate activity rose in early 2018.1 2018RELX, Nintendo, Lindsell Train Limited, London Stock Exchange Group, Unilever, Diageo, Mondelez International, PayPal, Heineken Holding
December 2017 Monthly Manager ReportLindsell Train explains its first new holding in years, Laurent-Perrier, on its conviction that global luxury brands keep gaining value.4 2017Lindsell Train Limited, London Stock Exchange Group, Diageo, PayPal, Heineken Holding, Nintendo, Unilever, Laurent-Perrier, RELX, Mondelez International, Pearson, eBay
November 2017 Monthly Manager ReportThe trust's NAV rose 1.4% in November 2017, helped again by Lindsell Train Limited, up 3.2%.4 2017Lindsell Train Limited, Nintendo, London Stock Exchange Group, RELX, Unilever, Diageo, PayPal, Heineken Holding, Pearson
October 2017 Monthly Manager ReportThe trust's NAV rose 31% in 2017 to October but its shares fell 8.4% as an excessive premium shrank to 8%.4 2017Unilever, Lindsell Train Limited, London Stock Exchange Group, Diageo, Heineken Holding, RELX, Nintendo, PayPal, Mondelez International
September 2017 Monthly Manager ReportNintendo is up 72% in 2017 and is now the trust's largest quoted holding at 8.2% of net assets.3 2017Nintendo, Lindsell Train Limited, London Stock Exchange Group, Diageo, RELX, Unilever, PayPal, Heineken Holding
August 2017 Monthly Manager ReportLindsell Train started a holding in Laurent-Perrier, one of the few listed champagne houses, because beverage brands last and protect against inflation.3 2017Lindsell Train Limited, London Stock Exchange Group, Heineken Holding, Laurent-Perrier, RELX, Nintendo, Unilever, Diageo, A.G. Barr, PayPal
July 2017 Monthly Manager ReportDiageo rose 7.9% in July 2017 on good results and a £1.5 billion share buyback.3 2017Lindsell Train Limited, PayPal, London Stock Exchange Group, Diageo, Unilever, RELX, Nintendo, Heineken Holding
June 2017 Monthly Manager ReportLindsell Train sums up its view of consumer staples, at or near record prices after Kraft's approach to Unilever in 2017.2 2017Lindsell Train Limited, Unilever, Diageo, London Stock Exchange Group, Mondelez International, Heineken Holding, RELX, Nintendo, PayPal
May 2017 Monthly Manager ReportThe trust's NAV rose 6.5% in May 2017 against 2.3% for the MSCI World, mostly from a 4.7% rise in Lindsell Train Limited.2 2017Nintendo, Lindsell Train Limited, London Stock Exchange Group, Unilever, Diageo, RELX, PayPal, Heineken Holding
April 2017 Monthly Manager ReportThe trust's NAV was up over 10% in 2017 to April while its shares fell 18% as an excessive premium shrank.2 2017Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Heineken Holding, Diageo, PayPal
March 2017 Monthly Manager ReportPayPal has returned just under 10% a year since its July 2015 spin-off from eBay, which Lindsell Train cites as a company with dividend-paying potential.1 2017PayPal, Lindsell Train Limited, London Stock Exchange Group, eBay, Visa, RELX, Nintendo, Unilever, Diageo, Heineken Holding, Meta Platforms, Uber, American Express, Mastercard
February 2017 Monthly Manager ReportThe trust's NAV rose 3.8% in February 2017 while its volatile shares fell 16% for the year, trading at a 33% premium to NAV.1 2017Lindsell Train Limited, London Stock Exchange Group, Unilever, Diageo, Heineken Holding, RELX, Nintendo, PayPal, Mondelez International, Kraft Heinz
January 2017 Monthly Manager ReportLindsell Train is disappointed by Pearson's update showing sales and profits in its North American higher-education business falling faster than expected.1 2017Pearson, Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Mondelez International, Heineken Holding, Amazon
December 2016 Monthly Manager ReportThe trust's NAV rose 31% and its shares over 60% in 2016, against 28% for the MSCI World, and the dividend rose 24%.4 2016Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Mondelez International, Heineken Holding
November 2016 Monthly Manager ReportLindsell Train weighs the market's reaction to Trump's victory: rising yields, a stronger dollar and expectations of fiscal stimulus and inflation.4 2016Lindsell Train Limited, Unilever, London Stock Exchange Group, Heineken Holding, Diageo, RELX, Nintendo, Mondelez International
October 2016 Monthly Manager ReportOctober 2016 saw 3,246 global deals worth $595 billion at a 19% average premium, the fourth biggest M&A month on record.4 2016Pearson, Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Mondelez International, Heineken Holding, Amazon, Alphabet, Meta Platforms, Apple
September 2016 Monthly Manager ReportNintendo rose 17% in September 2016 on Pokémon Go, released by Niantic and licensed from the Pokémon Company, a 32% Nintendo associate.3 2016Nintendo, Lindsell Train Limited, London Stock Exchange Group, PayPal, Alphabet, RELX, Unilever, Diageo, Mondelez International, Heineken Holding, Visa, Mastercard
August 2016 Monthly Manager ReportNick Train tells a client that analysts grossly overestimate the impact of U.S. monetary and fiscal policy on markets.3 2016Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Mondelez International, Heineken Holding, Pearson, Amazon
July 2016 Monthly Manager ReportNintendo rose 47% in July 2016 on the viral success of the smartphone game Pokémon Go.3 2016Nintendo, Lindsell Train Limited, London Stock Exchange Group, RELX, Unilever, Diageo, Mondelez International, Heineken Holding, Alphabet, Walt Disney
June 2016 Monthly Manager ReportUnilever, Diageo, RELX and Mondelez rose by double digits in sterling in June 2016's Brexit turmoil, while AG Barr fell 10%.2 2016Pearson, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Mondelez International, Heineken Holding, Lindsell Train Limited, A.G. Barr
May 2016 Monthly Manager ReportIntercontinental Exchange decided not to bid for the London Stock Exchange, which pursued its merger with Deutsche Börse.2 2016Lindsell Train Limited, London Stock Exchange Group, Diageo, RELX, Nintendo, Unilever, Mondelez International, Heineken Holding, Intercontinental Exchange
April 2016 Monthly Manager ReportNick Train draws lessons for investing from Chris Anderson's 2009 book Free.2 2016Lindsell Train Limited, London Stock Exchange Group, Nintendo, RELX, Mondelez International, Unilever, Diageo, Heineken Holding, Pearson, Intuit
February 2016 Monthly Manager ReportWith deflation spreading, Lindsell Train argues that even moderate nominal growth from companies able to deliver it looks attractive.1 2016Lindsell Train Limited, London Stock Exchange Group, Unilever, RELX, Nintendo, Diageo, Mondelez International, Heineken Holding
January 2016 Monthly Manager ReportThe trust's NAV gained 0.5% in January 2016 while the MSCI World fell 2.3%, helped by its larger holdings.1 2016Lindsell Train Limited, London Stock Exchange Group, Diageo, Pearson, RELX, Unilever, Nintendo, PayPal, Mondelez International, Heineken Holding
December 2015 Monthly Manager ReportThe trust's NAV rose 23% and its shares 54% in 2015, and its managers worry the share price ran far ahead of the assets.4 2015Lindsell Train Limited, Pearson, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Mondelez International, Heineken Holding
November 2015 Monthly Manager ReportNintendo is the trust's star of 2015, up 50% to November, on plans to monetise Mario, Pokémon and Donkey Kong.4 2015Heineken Holding, Lindsell Train Limited, London Stock Exchange Group, Nintendo, RELX, Unilever, Diageo, Mondelez International
October 2015 Monthly Manager ReportLindsell Train reassesses Pearson, whose share price disappoints, and describes more engagement with its management.4 2015Pearson, Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Mondelez International, Heineken Holding, Intuit, Sage Group, Walt Disney
September 2015 Monthly Manager ReportAB InBev prepares a bid for SABMiller that would give the pair 30% of world beer and 50% of its profits, which Lindsell Train links to Heineken.3 2015Heineken Holding, Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Pearson, Kraft Heinz
August 2015 Monthly Manager ReportNick Train notes the S&P 500 is 9% off its May 2015 high after a grotty August, still a correction rather than a bear market.3 2015Lindsell Train Limited, London Stock Exchange Group, RELX, Nintendo, Unilever, Diageo, Heineken Holding, Pearson
July 2015 Monthly Manager ReportFor the first time the trust holds no long-term fixed interest, after the government redeemed its last undated bonds at par.3 2015eBay, Lindsell Train Limited, PayPal, Amazon, London Stock Exchange Group, Apple, RELX, Nintendo, Unilever, Diageo, Heineken Holding, Pearson, Alphabet, Visa, Uber
June 2015 Monthly Manager ReportThe premium on the trust's shares widened to 21.9% above NAV, and its managers warn again about buying at that rating.2 2015Diageo, Lindsell Train Limited, London Stock Exchange Group, Unilever, Nintendo, Heineken Holding, Pearson
May 2015 Monthly Manager ReportLindsell Train restates why it owns Pearson: its educational content, the Financial Times and the Economist, and the chance to digitise them.2 2015Pearson, Lindsell Train Limited, London Stock Exchange Group, Apple, Nintendo, Unilever, Diageo, Heineken Holding
April 2015 Monthly Manager ReportLindsell Train expects the trust to track oil prices in the short term, as many holdings gain from cheaper energy.2 2015Lindsell Train Limited, London Stock Exchange Group, Diageo, Heineken Holding, Nintendo, Unilever, Pearson
March 2015 Monthly Manager ReportThe trust's NAV rose 8.8% in March 2015, partly because the Debt Management Office announced redemption of all undated gilts.1 2015Lindsell Train Limited, Nintendo, London Stock Exchange Group, Unilever, Diageo, Heineken Holding, Pearson
February 2015 Monthly Manager ReportDiageo and Unilever fell slightly in February 2015 as energy prices recovered, after gaining from cheaper oil.1 2015Lindsell Train Limited, Heineken Holding, London Stock Exchange Group, Unilever, Diageo, RELX, Pearson, eBay
January 2015 Monthly Manager ReportLindsell Train notes the U.S. dollar's rise of 6% against sterling in 2014 and more in January 2015.1 2015Lindsell Train Limited, Diageo, London Stock Exchange Group, RELX, Unilever, Heineken Holding, Pearson
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