The Lemon Fool

Although not often featured on these boards - perhaps because as a conviction portfolio, it does not conveniently fit in the usual categories.

The Company has declared a second interim dividend of 8.1p per share in respect of the y/e 30 September 2018. The two interim dividends for the year ending 30 September 2018 total 15.3p per share (2017:14.2p), a year-on-year increase of 7.7%.
The second interim dividend will be paid on Friday, 9 November 2018. The associated ex-dividend date is Thursday, 4 October 2018. The dividend is to be paid from the Company's revenue account.

A happy LTH
flint

Thanks flint. I think this IT fits very well into the growth category although the dividend has been increasing quite well too. It is a good way to get exposure to Nick Train.

Dod

flint wrote:Although not often featured on these boards - perhaps because as a conviction portfolio, it does not conveniently fit in the usual categories.

The Company has declared a second interim dividend of 8.1p per share in respect of the y/e 30 September 2018. The two interim dividends for the year ending 30 September 2018 total 15.3p per share (2017:14.2p), a year-on-year increase of 7.7%.
The second interim dividend will be paid on Friday, 9 November 2018. The associated ex-dividend date is Thursday, 4 October 2018. The dividend is to be paid from the Company's revenue account.

A happy LTH
flint

Yes, thanks for that info. That's good news, particularly as I recently topped up FGT.

I particularly like FGT because of its control of the discount/premium. But if you prefer a fund, then Lindsell Train UK Equity is almost a perfect match.

Wife holds this in the growth section of her SIPP. I hold large chunks of Lindsell Train global equity in my SIPP and ISA and a small holding of Lindsell Train UK equity.

Very happy with all three but if I was going for an OEIC I would go for the global equity.

Wife's SIPP is all IT's as platform charge is capped at £200 per annum.

This looks very interesting. Thanks for highlighting. I may well invest.

My approach to equity exposure is a foundation of low cost trackers (Vanguard) supplemented by concentrated funds/trusts and single name holdings a number of which I have purchased after looking at what conviction funds I respect and follow are holding. I use them as stock screening tools. FGT has 24 holdings as per their last fact sheet which is about average for the conviction funds I hold. I love that they have enough conviction to have zero exposure to 6 entire sectors (Oil & Gas, Basic Materials, Industrials, Telecommunications, Utilities, Healthcare) as as their half-yearly report. They may be wrong but no index hugging here.

I already hold Burberry (a top 10 holding here) and have recently been seriously thinking about buying Hargreaves Lansdown which I also see sits in the top 10. I am more likely to invest when there is some overlap between what the fund buys and what interests me. The Manchester United holding is probably a good long term investment. I will treat it as a hedge as every week I hope they lose!

Pendrainllwyn

I’ve got to say there ain’t many fund managers around today like Nick Train. No matter if one has money with him or not, his rather idiosyncratic presentation style is always worth a watch. Such as the brief video address he recently gave concerning the year end results for the Finsbury Growth and Income Trust at …

https://www.theaic.co.uk/aic/news/videos/finsbury-growth-income-trust-an-update-from-fund-manager-nick-train

Note Nick Train’s reference to growing the annual payout by near five-fold over the course of the 17 years Lindsell Train have been running the trust. An achievement he is especially satisfied with.

forrado wrote:I’ve got to say there ain’t many fund managers around today like Nick Train. No matter if one has money with him or not, his rather idiosyncratic presentation style is always worth a watch. Such as the brief video address he recently gave concerning the year end results for the Finsbury Growth and Income Trust at …

https://www.theaic.co.uk/aic/news/videos/finsbury-growth-income-trust-an-update-from-fund-manager-nick-train

Note Nick Train’s reference to growing the annual payout by near five-fold over the course of the 17 years Lindsell Train have been running the trust. An achievement he is especially satisfied with.

Thank you for posting that, I found it very interesting. Although I hold a proportion of my wife's SIPP (well she does I suppose, but you know what I mean) in FGT I had never seen Nick Train on video, only read his words and seen his photo previously. Whilst the content of what he discussed is most important of course, I enjoyed its delivery and very much warmed to his style, and found him much more engaging and personable than I had expected.

Well done forrado, thank you. He reminds me a bit of Robert Peston's presentation. I have always like him and found that Finsbury was my best way to get exposure. Might even buy some more.

Dod

And FWIW Nick Train is in it with us, up to his neck.

Unless it's changed recently his entire liquid net worth is invested in FGT. Not many fund managers are that committed.

doug2500 wrote:And FWIW Nick Train is in it with us, up to his neck.

Unless it's changed recently his entire liquid net worth is invested in FGT. Not many fund managers are that committed.

Yes, and if you watch the video to the end, he'd just bought some more at the time of recording taking advantage of a dip in the market.

The FGT Finsbury Growth & Income Trust annual report is now available.

https://uk.webfg.com/news/Results-and-Trading-Reports/Finsbury-Growth-Income-Trust-Plc-Final-Results--dl28411233.html

Nick Train has an interesting discussion about luck in his section, quite a way down the report. Use your browser Find option to search for
"Strategic Report / Portfolio Manager’s Review
Nick Train"

For example

Today there are only c20 holdings and the top ten accounts for nearly 80% of portfolio value. It would only take one or two of that top ten to go wrong to put a hole in our performance.

He also discusses the role of technological risks and some of his mistakes.

An interesting report.

NIck Train as quoted by tramrider wrote:Today there are only c20 holdings and the top ten accounts for nearly 80% of portfolio value. It would only take one or two of that top ten to go wrong to put a hole in our performance.

[/quote]

Which would demonstrate the principle that the route to higher returns is greater risk. In this case exposure to fewer companies increasing the risk of an individual one failing.

Thanks for that tramrider. I have a decent holding in Finsbury and am very happy with it. Currently it seems to me to be about the best way to get exposure to Nick Train. He is becoming our very own Warren Buffet. There are not many IT managers that are outstanding but I think that Nick Train and James Anderson of Scottish Mortgage are two and their Reports are always worth reading.

Dod

Thanks for posting that.

As a holder of FGT I do wish that Nick Train had sold Pearson long ago.

The proof reader seems to have missed the error in the "will be posted" date, which I assume should have read 31 January 2019:

The Company’s annual report will be posted to shareholders on Monday, 31 January 2018

Could also be monday 31st December 2018 which would add up. 31st jan is a thursday.

forrado wrote:I’ve got to say there ain’t many fund managers around today like Nick Train. No matter if one has money with him or not, his rather idiosyncratic presentation style is always worth a watch. Such as the brief video address he recently gave concerning the year end results for the Finsbury Growth and Income Trust at …

https://www.theaic.co.uk/aic/news/videos/finsbury-growth-income-trust-an-update-from-fund-manager-nick-train

Note Nick Train’s reference to growing the annual payout by near five-fold over the course of the 17 years Lindsell Train have been running the trust. An achievement he is especially satisfied with.

Another thank you for that. I have a chunk of my wife's SIPP in Finsbury and a big chunk of mine in Lindsell Train Global Equity. So as you can imagine I am a fan of his investing style. I like his foray into the entertainments industry and as we have seen has loads more potential. To me he offers something slightly different from the mainstream so his funds can sit nicely with others without too much overlap.

He comes across as the sort of guy who would be happy to engage with one of his holders if he bumped in to them in the pub. I like that impression.