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...
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UPDATE: FGT's returns have continued to lag the market in 2025 and 2026, leading to shareholders being offered a continuation vote at its 2026 AGM, which was passed with 97% in favour. The trust is increasing its dividend and its gearing, and has cut its management fee.
Finsbury Growth & Income (ticker: FGT) was launched in 1926 and has been managed by Nick Train of Lindsell Train since December 2000. Lindsell Train is famous for its highly concentrated, low-turnover portfolios and the trust's current top ten makes up over 90% of its net assets. Over the last 24 years, its NAV per share h...
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UPDATE: A revised version of this profile was published in March 2025.
Nick Train has managed Finsbury Growth & Income for 21 years and has handsomely beaten the UK market during that time with the trust's net assets growing from just under £100m to over £2bn, helped by lots of regular share issuance. As with other Lindsell Train funds, this trust holds a very concentrated portfolio of 'quality growth' shares that are seldom traded. However, 2021 was a difficult year for this style of investing and the discount at Finsbury Growth & Income has widened to 5%, its largest level for a dec...
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UPDATE: A revised version of this profile was published in September 2025.
Lindsell Train Investment Trust (LTI) has been the second-best-performing investment trust over the last decade with an annualised share price return of 25.6% a year, only a little behind Scottish Mortgage's 26.9%. And since LTI launched in January 2001, it's up nearly 25-fold. A unique feature is that nearly half the trust's assets consist of a stake in Lindsell Train Limited, the portfolio manager for all of Lindsell Train's funds and the firm's two founders, Michael Lindsell and Nick Train, are now in their early 60...
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