UPDATE: In September 2026, LTI said it would launch a 20% tender offer, buying back shares at a 5% discount to NAV.

Lindsell Train Investment Trust (ticker: LTI) was launched in 2001 and is run by Nick Train. It holds a concentrated global portfolio of quality-focused equities, plus around a quarter of the shares of Lindsell Train Limited, the management firm for all of Lindsell Train's funds. The latter initially made up only a small proportion of net assets, but as Lindsell Train's funds under management soared to over £20bn, it grew to represent nearly half of the trust's portfolio, and LT...