9AT: LINDSELL TRAIN LIMITED

Adviser Profile

As of Date	04/27/2026
Registration	SEC, Approved, 08/01/2011
ADV Location	LONDON, United Kingdom
Contact Info	442 xxxxxxx
Websites

AUM^*	9,254,180,434 -48%
of that, discretionary	9,254,180,434 -48%
Number of Employees	30 15%
of those in investment advisory functions	6
Private Fund GAV^*	305,126,194 -67%
Avg Account Size	514,121,135 -42%
SMA’s	Yes
Private Funds	2 1

Adviser Type

- Large advisory firm
- Outside the United States

Client Types

- Pooled investment vehicles
- Pension and profit sharing plans

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

	Count	GAV
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Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser PEMBERTON CAPITAL ADVISORS LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund922.0m	Total Private Fund GAV922.0m	AUM25.1b	#Funds5
Adviser WASATCH ADVISORS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund188.0m	Total Private Fund GAV188.0m	AUM23.3b	#Funds3
Adviser T. ROWE PRICE JAPAN, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM24.1b	#Funds-
Adviser KUVARE ASSET MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM27.6b	#Funds-
Adviser BARING INTERNATIONAL INVESTMENT LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.7b	Total Private Fund GAV1.7b	AUM22.6b	#Funds1
Adviser VONTOBEL ASSET MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund33.7m	Total Private Fund GAV33.7m	AUM20.3b	#Funds1
Adviser BRANDES INVESTMENT PARTNERS, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.4b	Total Private Fund GAV2.4b	AUM40.6b	#Funds18
Adviser HIGHLAND ASSOCIATES INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.6b	Total Private Fund GAV1.6b	AUM21.0b	#Funds5
Adviser SPECTRUM ASSET MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund33.3m	Total Private Fund GAV33.3m	AUM18.3b	#Funds1
Adviser GABELLI FUNDS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund633.6m	Total Private Fund GAV633.6m	AUM24.6b	#Funds4

Brochure Summary

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

LINDSELL TRAIN LIMITED

LINDSELL TRAIN LIMITED

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Brochure Summary

Overview

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LINDSELL TRAIN LIMITED LINDSELL TRAIN LIMITED

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Brochure Summary

Overview

LINDSELL TRAIN LIMITED

LINDSELL TRAIN LIMITED