Train looks back on a year in the investment trust space

Nick Train has outlined the main themes which affected the performance of his Lindsell Train investment trust over the last year, noting a 'flight to quality', technological change, and India all impacted the fund in different ways.

Over the year to the end of March 2014, £331m trust's net asset value total return per share increased 13%, beating its benchmark return but failing to earn the manager a performance fee. Train (pictured) said changing investment styles have been a key theme for the fund, which also benefited from a ‘flight to quality'. "Although we stick to the proposition that owning the equity of great companies will work for us in the long run, we know there are periods when even great companies tread water, or when investor appetite for ‘concept' or ‘value' or ‘cyclical' stocks predominates," he...