The net asset value (NAV) of Nick Train’s £194m Lindsell Train investment trust fell by 6.9% over the month of March, which the manager said was mostly down to the fall in value of its unlisted parent company Lindsell Train Limited (LTL) – which it has a 50.2% allocation to.
In his latest note to investors, Train said the board felt it "appropriate to modify the earnings component of its valuation formula" in order to "fully capture the fall in LTL's funds under management" to £18.2bn at the end of March. The manager added this also reflected the sharp fall in the value of "most quoted fund management companies" across the piste. Nick Train buys Lindsell Train on discount "We hope it is some reassurance for shareholders (both direct and indirect) in LTL that the company's biggest cost - salaries - automatically falls as revenues decline due to the salary ...
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