Master Profile

Michael Lindsell; Nick Train: Investment Profile & 13F Holdings

Lindsell Train

Michael Lindsell; Nick Train's investment career, philosophy, and public 13F holdings through Lindsell Train.

Early Life and Education

Michael Lindsell and Nick Train, despite their different backgrounds, both received traditional elite British educations and developed a deep friendship and mutual understanding early in their careers. Nick Train: Education: Graduated from Queen’s College, Oxford with a bachelor’s degree in Modern History. His historical training taught him to view the rise and fall of companies from a long‑term perspective. Early years: Not a finance major by training, in his youth he was an enthusiastic football player. He often says investing is “seven parts art, three parts science” and doesn’t require advanced mathematical models. Michael Lindsell: Education: Graduated from the University of Bristol with an honours degree in Zoology. His biological perspective leads him to evaluate businesses using ideas of “evolution” and “survivability”. Early years: In contrast to Train’s focus on the UK domestic market, Lindsell had a more international outlook and built deep expertise in Asian markets early on.

Investment Career

Their careers converged at the renowned GT Management, and at the peak of the internet bubble in 2000 they made the contrarian decision to start their own firm. Meeting at GT Management (1990s): Both worked for many years at GT Management (later acquired by Invesco). Nick Train served as Chief Investment Officer for pan‑European equities at GT, while Michael Lindsell was Chief Investment Officer in Tokyo and London, overseeing global and Japanese funds. This experience cemented their shared investment values. Founding Lindsell Train (2000): In 2000, to escape the bureaucracy and short‑term performance pressures of large institutions, the two co‑founded Lindsell Train Limited. Going against the tide: At its founding, just as the tech bubble was bursting, they steadfastly avoided hot technology stocks and focused on “boring but profitable” consumer stocks. This strategy performed superbly in the ensuing bear market, establishing their reputation. Enduring performance: The funds they have managed over the past two decades have consistently outperformed benchmark indices (such as the MSCI World and FTSE All‑Share) by a wide margin. Not only did they make money for clients, they are also the firm’s largest shareholders, ensuring their interests are fully aligned with those of their clients. Signature vehicle: Nick Train’s Finsbury Growth & Income Trust is one of the UK’s best‑known investment trusts, often trading at a premium.

Investment Philosophy

Their philosophy is the purest British expression of Buffett’s ideas, summed up as: “Find companies that will outlive us by a long way.” Only the Exceptional: They believe that only a tiny fraction of companies globally (perhaps fewer than 5% of listed firms) can create genuine long‑term value. Consequently, their portfolio is highly concentrated, typically holding just 20–30 stocks. Consumer Franchises: They have a strong preference for consumer goods companies with powerful brand loyalty, such as Diageo, Unilever, and Heineken. Nick Train once said: “I like products you use every day and find hard to give up.” Digital Winners: Unlike traditional conservatives, they have a particular affinity for companies with unique intellectual property (IP). They hold large positions in Nintendo, Disney, and RELX, believing that these firms possess irreplicable content moats in the digital age. The Efficacy of Doing Nothing: This is their most famous label. Their portfolio turnover is exceptionally low; sometimes they go for years without buying or selling a single stock. They believe that if you’ve bought the right company, the best thing to do is “nothing”—let compounding work. Industry comment: “Lindsell and Train are like museum curators, collecting rare commercial artworks that can endure across cycles, and they vow never to sell.”

Personal Life

In private life, both men maintain a classic English gentlemanly demeanor, low‑key and with a strong sense of social responsibility. Nick Train: Interests: Beyond reading copious history books, he has revealed in interviews that he practices yoga to maintain a calm state of mind. He retains his passion for football (he was a long‑time shareholder of Manchester United). Personality: An optimist. He often says that as an equity investor you must be optimistic about the future of humanity, otherwise there is no point buying stocks. Michael Lindsell: Residence: He lives in Norfolk, UK. Philanthropy: Together with his wife Henrietta, he founded The Lindsell Foundation. The foundation focuses on funding educational projects, especially those that help children and young people from disadvantaged backgrounds access better educational opportunities (for example, in partnership with IntoUniversity), reflecting his commitment to giving back.

Books and Writings

Although neither has published a business book, the “Investment Insights” series published on the Lindsell Train website is considered essential reading by professional investors. Notable articles/views: “The efficacy of doing nothing”: Nick Train has expounded at length on why frequent trading is a destroyer of wealth. On Nintendo: Lindsell has repeatedly written that Nintendo is more than a games company; it is a copyright giant with IP as enduring as Mickey Mouse. Notable quotes: “We’re not counting stars, we’re counting moons.” (referring to focusing on only the brightest few companies) “Your greatest advantage as an investor is patience. If you can wait just one year longer than Wall Street, you win.” “I am a hoarder of precious things.” — Nick Train