LF Lindsell Train UK Equity Acc

Willis Owen Research Commentary

This Focus 50 fund aims to deliver capital and income growth. Nick Train's process is unique and has proved successful across a variety of market conditions. He looks for differentiated and high-quality companies that offer a high and sustainable return on investment, depend on brand success rather than returns on physical assets, and are cash-generative. The result is a concentrated portfolio. Turnover is low, reflecting Train's long-term approach and his buy-and-hold style. He sells out only if he no longer considers a company to be of sufficient quality. This process has led to strong performance and, given the strategy has a focus on a small number of themes, unusually consistent relative returns over the medium to longer term.

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