Overview
                                    
                                    
                                        
                                            Lindsell Train Limited (“LT”) was established in 2000 by Michael Lindsell and Nick Train. The 
business was founded on the shared investment philosophy that developed while the 
founders worked together during the early 1990s and which underlies our business today. 
LT  is and has been authorized and regulated by the United Kingdom Financial Conduct 
Authority (“FCA”) since December 2000 to carry out investment business. 
Each of the founders, together with their respective spouses, owns 35.9% of LT. Another 
23.9% is owned by the Lindsell Train Investment Trust plc, (“LTIT” or “the Trust”) a closed 
ended  investment fund listed on the London Stock Exchange  and is held for investment 
purposes only. LT is the appointed investment manager to LTIT although it has no authority 
to exercise discretion over the Trust’s holding in and exposure to LT shares. The remaining 
4.2% is owned by existing and former LT employees.  
This ownership structure allows the founders to maintain the integrity of the business 
principles which informs
                                        
                                        
                                             the culture of our company, namely: 
•  To run client capital as we would run our own 
•  To align our interests with those of our clients 
•  To take a long-term view on investment performance and business development 
LT  specializes in the discretionary management of UK equity, Japanese equity,  Global 
equity  and North American equity  mandates offered both  through segregated accounts, 
subject to clients’ specific restrictions and guidelines, and pooled funds. Our client base is 
institutional in nature.  
We do not offer any wrap fee programs.  
As of February 29th 2024 our regulatory assets under management were 
US$19,546,899,721 all managed on a discretionary basis. 
For separately managed accounts, investment guidelines and restrictions and any other 
customized requirements (such as investment management fees) are agreed with the 
client and documented in the investment management agreement prior to the client 
accepting the service.  
Lindsell Train – Investment Adviser Brochure Page 5