Profile: Lindsell Train Investment Trust

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 LTI's shares traded at a substantial premium to NAV in anticipation of further asset growth. The shares peaked at £20 i...

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Profile: Finsbury Growth & Income

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 has compounded at 8.4% a year, which is well ahead of the 5.3% a year generated by the FTSE All-Share. FGT has also beaten its benchmark by nearly two percentage points a year over the last decade, over which time it lies second out of seventeen trusts in the UK Equity Inc...

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Money Makers podcast: 22 Feb 2025

In the latest editions of the Money Makers investment trust podcast released this week, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Nick Train, manager of Finsbury Growth and Income Trust (FGT), and Andrew McHattie, editor of the Investment Trusts Newsletter.

You can listen to these podcasts in full on the audio players below. Alternatively, you can subscribe via our YouTube channel, and at most podcast platforms including Apple Podcasts, Spotify, and Soundcloud; and you can find us listed on The AIC’s Podcast Directory. We are grateful to J.P. Morgan Asset Management, whose no-strings support enables us to keep the podcast free and our editorial integrity intact.

If you enjoy the Investment Trusts Podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. This week, as well as the usual features, the Circle features a profile of Custodian Property Income REIT (CREI). Future profiles include Worldwide Healthcare (WWH) and Augmentum Fintech (AUGM). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month, or £120 for one year with a two week free trial.

258: Nick Train


0:00:24 – Introduction
0:01:22 – The underperformance of the past three to four years
0:08:02 – Structural issues around the UK market
0:12:36 – Valuations of companies
0:20:12 – A short break
0:21:07 – Reacting to disappointments
0:22:41 – Thinking on Diageo and Burberry
0:25:34 – Executive remuneration
0:26:36 – Wide discounts, buybacks, and the impact of the current environment
0:29:46 – Messages from shareholders
0:32:44 – The case for investing in Finsbury Growth and Income
0:35:56 – Close
Recorded on 19 February 2025.

259: Andrew McHattie


0:00:24 – Introduction
0:00:39 – A new IPO
0:05:04 – What can be done to bring in alternative assets’ discounts?
0:08:19 – Saba Capital’s continuing campaign
0:15:04 – Herald and the upcoming continuation vote
0:18:16 – Reactions from boards of alternatives trusts
0:26:29 – A short break
0:27:25 – Infrastructure trusts
0:33:57 – Private equity
0:39:12 – Consolidation in the equity sector
0:44:57 – BlackRock World Mining
0:47:09 – Final thoughts on Trump and interest rates
0:48:17 – Close
Recorded on 21 February 2025.
About Money Makers

We are an editorially independent research and publishing venture committed to providing high-quality investment information and resources. You can sign up below to be notified about the latest podcasts by email as soon as they become available.  Please note that the podcasts should not be regarded as personal financial advice, but are provided for information and background only. We are very grateful for your continued support and the enthusiastic response to our more than 250 podcasts in the over four years since launch.

Disclosures about the editor’s personal holdings of investment trusts can be found here. Our podcasts are also available on the Association of Investment Companies website (www.theaic.co.uk) and Doceo (doceo.tv). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.

Latest Money Makers podcasts

Weekly Update: 22nd February 2025

Exclusive to subscribers to the Money Makers Circle Contents - On the podcast this week - Latest trust profile - Trust news over the past week - Recent issuance and buybacks - Thoughts on the news/portfolio reviews - Good reads - This week's biggest movers - Investment Trusts Handbook - Video reviews - Appendices

On the podcast this week The podcast this week features, first, a conversation with Nick Train, the popular and respected manager of Finsbury Growth and Income (FGT), reflecting on the challenges posed by four years of relative underperformance. The trust today has what is surely the...

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Editor’s notebook: conference thoughts

The markets' positive start to the year paused this week, with the S&P 500 index failing (again) to breach its 200-day moving average, and finishing flat over the week, while the UK equity market was modestly down. The videos outlining my recent changes to the Money Makers portfolios will be out shortly. Stuart's latest profile is of the Oakley Capital Investments trust (ticker: OCI), a private equity trust that I like and trades at a narrower discount than some of its larger, better known peers.  

Other media this week You can hear an interview with me on Kyle Caldwell's weekly podcast f...

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Editor’s notebook: dividend heroes

The markets have continued their positive start to the year, with some potentially important technical moves as well that are giving me pause for thought. I have completed the makeover of the Money Makers portfolios that I put in place at the end of last year and will be explaining those in my next set of videos, out shortly. Stuart's latest profile is of the SDCL Energy Efficiency investment trust (ticker: SEIT).  

2022 in hindsight Track records and historical precedents in investment are good servants but poor masters, not least because of the need for context and perspective. Here for exa...

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Editor’s notebook: Jonathan Davis

Stuart's fund profile this week features  Cordiant Digital Infrastructure. You can watch a recording of Simon and myself discussing the investment trust sector in a recent half hour programme for Asset TV, although much of the ground we cover will, I think, already be familiar to you (link here). I should also mention again for new subscribers that our news and data page provides a comprehensive list of all investment trust news each week, with direct links to the relevant stock exchange announcements, saving you the trouble of having to track down each one individually.

Big picture There is ...

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Editor’s notebook: weekly jottings

The past week has afforded an opportunity to catch up with the results of some of the best known equity investment trusts, including Scottish Mortgage and Finsbury Growth and Income.  Stuart Watson's profile this week is of 3i Infrastructure, and there is a new contributor in the person of Reg Hoare, who explains the principles that underpin the management of his personal pension portfolio. Equity markets continue to fall in what increasingly looks like developing into a full-blown bear market, very much as I feared, with the S&P 500 down the thin end of 20% from its high. 

Scottish Mortg...

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Profile: Finsbury Growth & Income

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 decade, and its board has taken the rare step of buying back some shares. N...

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Profile: Lindsell Train Inv Trust

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 60s so management succession has become a key consideration.

Lindsell Train L...

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