Nick Train: Lindsell Train IT's weak performance is 'short term'

Lindsell Train Investment Trust has lagged the benchmark

Lindsell Train Ltd’s funds under management have risen 3% in the six months to the end of September, despite net outflows of £743m.

According to the company's half year results, the current underperformance is being driven by not enough exposure to software and platform technology, and no exposure to capital intensive manufacturing.  Chair Julian Cazalet, said: "We would not expect LTL to invest in the latter as it would be contrary to its stated investment approach, but we might expect to see more investments in the former if opportunities for establishing an investment at a favourable entry point present themselves.  "In parallel, a number of shares in the company's portfolio that had been excellent performers i...