Fact sheet: CF Lindsell Train UK Equity

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
UK GROWTH
Sector
UT UK All Companies
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates CF Lindsell Train UK Equity

Rated Fund 2016-2017. Seeking absolute returns from a concentrated portfolio

Managed by both Michael Lindsell and Nick Train, this fund won Money Observer's Best Larger UK Growth Fund award in 2015. It was launched in 2006 and is often regarded as the open-ended fund equivalent to the Finsbury Growth & Income investment trust, which Train also manages.

Their investment portfolios are very similar, featuring household names such as Unilever and Burberry. Both are managed using the same investment approach that targets absolute returns. Lindsell and Train stress that they care more about maintaining or growing the real value of investors' capital and income over time than outperforming a stock market index.

Despite their similarities Lindsell Train UK Equity falls in the Investment Association's UK all companies sector, while Finsbury Growth & Income is categorised under UK equity income. This is the reason they have also been categorised as different types of Rated Funds. Lindsell Train UK Equity has a yield of just over 2 per cent, but growth investors can opt for the income to be accumulated.

The investment process used by Lindsell and Train across all their funds is based on their conviction that inefficiencies exist in the valuation of exceptional quoted companies. These are the businesses they focus on, seeking out durable, cash-generative franchises which they can invest in.

They find the majority of their candidate investments in a select group of broad industry categories - consumer branded goods, media, pharmaceuticals and retail financial services. Their portfolios are normally concentrated into 20-35 holdings and turnover is kept to a minimum.

3 Year Performance
Fund Performance50.5%
Average of Rated Funds Group47.2%
Sector Performance24.9%
Fund information
Fund name
CF Lindsell Train UK Equity Acc
Fund manager company
Lindsell Train
Fund type
OEIC
Fund manager
  • Nick Trainsince 09/07/2006
Accolades
Winner - Large Fund - UK Growth
Fund objective
To deliver capital and income growth and provide a total return in excess of that of the FTSE All-Share Index by investing primarily in shares quoted on any of the markets of the London Stock Exchange, including the Alternative Investment Market (AIM). Whilst the primary focus will be in the UK, the Fund may also invest in other global markets.
Benchmark
  • FTSE All Share
Investment style
Active
Investment method
Shares
Quick stats
1 Year return
24.7%
1 Year rank in sector
22/273
Sector
UT UK All Companies
Yield
1.9%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.72%
Fund size
£3,977m (£2,271m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
94
Mid price
374.57
Top in this sector
Fund name1 Year
VT The Beagle38.1%
MI Chelverton UK Equ Grth37.6%
Unicorn UK Growth36.4%
MFM Bowland33%
SVS Church House DeepValInvts32.7%
...more in UT UK All Companies

Performance snapshot

Holdings snapshot

  • UK97.5%
    Money Market2.5%
  • Financial Services24.2%
    Beverages22.2%
    Consumer Goods17%
    Media16.2%
    Software8.2%
  • UK Equities97.5%
    Cash & Cash Equivalents2.5%

Fund also available on these pension platforms:

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund1%6.8%14.2%24.7%50.5%135.8%
Sector-1%3.7%8.7%19.1%24.9%74.4%
Rank within sector11 / 28027 / 28027 / 27822 / 2739 / 2596 / 243
Quartile1st1st1st1st1st1st
Calendar performance
 YTD - 20172016201520142013
Fund13.9%11.3%11.5%7.3%35.3%
Sector8.1%11.2%3.7%0.6%25.7%
Rank within sector23 / 278140 / 27042 / 26221 / 25739 / 250
Quartile1st3rd1st1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
6.05
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.96
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.96
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
10.99
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
6.66
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.82
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.63
Price movement
52 week high378.71
52 week low288.76
Current bid price-
Current offer price-
Current mid price374.57
Region
1UK97.5%
2Money Market2.5%
Industry sector
1Financial Services24.2%
2Beverages22.2%
3Consumer Goods17%
4Media16.2%
5Software8.2%
6Food Producers7.8%
7Cash & Cash Equivalents2.5%
8Travel1.9%
Asset type
1UK Equities97.5%
2Cash & Cash Equivalents2.5%
Individual holdings
1UNILEVER10.1%
2DIAGEO PLC9.8%
3RELX NV9.5%
4LONDON STOCK EXCHANGE GROUP8.4%
5HEINEKEN HLDG7.3%
6BURBERRY GROUP6.9%
7SCHRODERS PLC6.8%
8HARGREAVES LANSDOWN PLC6.6%
9MONDELEZ INTL INC6.6%
Management
Fund manager group
Lindsell Train
Fund manager company
Lindsell Train
Fund type
OEIC
Fund objective
To deliver capital and income growth and provide a total return in excess of that of the FTSE All-Share Index by investing primarily in shares quoted on any of the markets of the London Stock Exchange, including the Alternative Investment Market (AIM). Whilst the primary focus will be in the UK, the Fund may also invest in other global markets.
Benchmark
  • FTSE All Share
Investment style
Active
Investment method
Shares
Fund manager
NameSinceBiography
Nick Train09/07/2006Nick Train co-founded Lindsell Train Limited in 2000. He is the portfolio manager for UK equity portfolios and jointly manages Global portfolios. Nick has over 30 years experience in investment management. Before founding Lindsell Train he was head of Global Equities at M&G Investment Management, having joined there in 1998 as a director. Previously he spent 17 years (1981 – 1998) at GT Management which he left soon after its acquisition by Invesco. At his resignation he was a director of GT Management (London), Investment Director of GT Unit Managers and Chief Investment Officer for Pan-Europe. Nick has a BA honours degree in Modern History from Queen’s College, Oxford.
Compliance
IA Recognised, Non UCITS Retail Scheme
Domicile
No data available.
Fund for sale in
United Kingdom
CF Lindsell Train UK Equity Acc
Initial charge-
Annual charge0.65%
Min single investment£500,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)0.72%
Total expense ratio (TER)0.65%
Bid price-
Offer price-
Mid price374.57
CurrencyGBX
Price updated26/06/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeL532
CF Lindsell Train UK Equity D Acc
Initial charge-
Annual charge0.45%
Min single investment£200,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.52%
Total expense ratio (TER)0.45%
Bid price-
Offer price-
Mid price152.52
CurrencyGBX
Price updated26/06/2017
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeK4VD
CF Lindsell Train UK Equity D Inc
Initial charge-
Annual charge0.45%
Min single investment£200,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.52%
Total expense ratio (TER)0.45%
Bid price-
Offer price-
Mid price141.5
CurrencyGBX
Price updated26/06/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeK4VE
CF Lindsell Train UK Equity Inc
Initial charge-
Annual charge0.65%
Min single investment£500,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)0.72%
Total expense ratio (TER)0.65%
Bid price-
Offer price-
Mid price280.42
CurrencyGBX
Price updated26/06/2017
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeL531
Data provided by

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