9AT: LINDSELL TRAIN LIMITED

other names

Adviser Profile

As of Date	10/07/2024
Adviser Type - Large advisory firm - Outside the United States
Number of Employees	26
of those in investment advisory functions	6 -14.29%
Registration	SEC, Approved, 08/01/2011

AUM^*	17,741,879,133 -34.27%
of that, discretionary	17,741,879,133 -34.27%
Private Fund GAV^*	921,558,193 -13.31%
Avg Account Size	887,093,957 -14.55%
SMA’s	Yes
Private Funds	1
Contact Info	442 xxxxxxx
Websites

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

Fund Type	Count	GAV
Fund TypeOther Private Fund	Count1	GAV$921,558,193

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 WASATCH ADVISORS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund54.1m	Total Private Fund GAV54.1m	AUM27.9b	#Funds5
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 SPECTRUM ASSET MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund39.6m	Total Private Fund GAV39.6m	AUM19.7b	#Funds1
Adviser TOWNSEND HOLDINGS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund8.6b	Total Private Fund GAV8.6b	AUM19.3b	#Funds39
Adviser HARRISON STREET ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund19.3b	Total Private Fund GAV19.3b	AUM20.0b	#Funds3
Adviser VONTOBEL ASSET MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund187.2m	Total Private Fund GAV187.2m	AUM26.7b	#Funds2
Adviser PGIM PRIVATE PLACEMENT INVESTORS, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM23.6b	#Funds-
Adviser BURGUNDY ASSET MANAGEMENT LTD.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.2b	Total Private Fund GAV1.2b	AUM19.8b	#Funds6
Adviser GABELLI FUNDS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund492.0m	Total Private Fund GAV492.0m	AUM22.0b	#Funds4
Adviser HIGHLAND ASSOCIATES INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.4b	Total Private Fund GAV1.4b	AUM20.1b	#Funds5

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

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LINDSELL TRAIN LIMITED

Adviser Profile

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Client Types

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Compensation Arrangments

Reported AUM

Private Funds

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Private Funds Structure

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Brochure Summary

Overview