Train sees 'terrific' buying opportunity in choppy UK market

'Disparate moves' in portfolio holdings

Nick Train, manager of the £2.3bn Lindsell Train UK Equity fund, has expressed surprise at the "disparate moves" within some of his favourite stocks this year, but said the unexpected weak performance of some of them offers "terrific" buying opportunities.

Train allocates to three broad themes within his UK Equity portfolio: global consumer brands, owners of media or software intellectual property and capital market proxies. "This mix has served our investors well to date and remains the inspiration for our best current ideas and possible new holdings," Train said. "In May, I was bemused to see both significant positive and negative moves from companies that offer great exposure to these themes." The biggest contributors to performance during the month were Schroders, Hargreaves Lansdown, RELX, Sage and Unilever - all "archetypal" ho...