Lindsell Train Ltd 8 th July 2020
Important Notice Private & Confidential – not for public dissemination Collective Investment Schemes in Securities (CIS) should be considered as medium to long-term investments. The value may go up as well as down and This document is strictly provided to investment professionals, advisers and consultants for information past performance is not necessarily a guide to future performance. CIS’s are purposes only and should not be relied upon by retail investors. It is not a solicitation, recommendation traded at the ruling price and can engage in scrip lending and borrowing. A or an offer to buy or sell any security, fund or financial instrument. schedule of fees, charges and maximum commissions is available on request from the Manager. There is no guarantee in respect of capital or returns in a Past performance is not a guide or guarantee to future performance. Investments carry a degree of risk portfolio. A CIS may be closed to new investors in order for it to be managed and the value of investments and income from them as a result of market or currency fluctuations may more efficiently in accordance with its mandate. CIS prices are calculated on a go down as well as up and you may not get back the amount you originally invested. net asset basis, which is the total value of all the assets in the portfolio including any income accruals and less any permissible deductions (brokerage, STT, VAT, To the extent that our Funds invest in a relatively high percentage of their assets in securities of a limited auditor’s fees, bank charges, trustee and custodian fees and the annual number of companies, and also invests in securities with a particular industry, sector or geographical management fee) from the portfolio divided by the number of participatory focus, the Funds may be more susceptible than a more diversified fund to large swings (both up and interests (units) in issue. Forward pricing is used. Performance has been down) in its value. Furthermore, the concentrated nature of the portfolios can also lead to relatively calculated using net NAV to NAV numbers with income reinvested. The significant holdings in individual securities which in turn can have an adverse effect on the ability to sell performance for each period shown reflects the return for investors who have these securities when the Investment Manager deems it appropriate, and on the price of these been fully invested for that period. Individual investor performance may differ securities at the time of sale. as a result of initial fees, the actual investment date, the date of reinvestments and dividend withholding tax. Full performance calculations are available from Opinions expressed, whether specifically or in general, both on the performance of a fund or financial the manager on request. instrument and in a wider economic context, represent the view of Lindsell Train Limited at the time of preparation. They are subject to change and should not be interpreted as investment advice. The Annua nualised perfo forma manc nce: Annualised performance shows longer term information provided in this document was captured on the date shown and therefore is not current. No performance rescaled to a 1 year period. Annualised performance is the part of this document may be copied, reproduced or distributed to any other person without prior average return per year over the period. Actual annual figures are available to expressed written permission from Lindsell Train Limited. the investor on request. For any additional information such as fund prices, brochures and application forms please e-mail: info@LindsellTrain.com. Lindsell Train Global Equity sub Fund (the “Fund”) is an Irish authorised UCITS. Any decision to invest in this Fund is subject to the terms and conditions of the Fund’s Prospectus and Key Investor Information Document (“KIID”). Issued and approved by Lindsell Train Limited Contact Details Authorised and regulated by the Financial Conduct Authority 2 July 2020 LTL 000-2353 Lindsell Train Limited Tel. +44 20 7808 1210 66 Buckingham Gate Fax. +44 20 7808 1229 London SW1E 6AU info@LindsellTrain.com Lindsell Train - 2 - PRIVATE & E & CONFIDEN ENTIA IAL N NOT FOR PUBLIC IC D DISSEM EMIN INATIO ION
“Mc McDonald ld’s w was up 10 10 fold ld a after I IPO b but it it was o only ly in in 18% 18% o of countries. Then it it gets t to 30% 30% a and the s stock is is up 30 30 fold ld. You have t to kn know w what in innin ings you’re in in. There w were mo more p post o offices in in Calif lifornia ia t than t there w were Mc McDonald’s resta staur urants nts. People m missed t the o overse rseas p s potenti ntial t too…. ….. Are y you in in the 3r 3rd in innings o of a ball g ll game me t that mig might la last 20 20 years?” Peter Lynch, Fidelity (as reported to us by an investor) PRIVATE & E & CONFIDEN ENTIA IAL N NOT FOR PUBLIC IC D DISSEM EMIN INATIO ION
McDona nald’s May 2 2020 20 P/E 2 25x May20 2020 20 $186.32 Janua nuary 2000 P/E 2 28x Janua nuary 1980 P/E 8 /E 8x July ly 1 1980 $1.15 This is an illustrative example only and is not intended as a buy or sell recommendation. Past performance is not a guide to future performance. Source: Bloomberg. PRIVATE & E & CONFIDEN ENTIA IAL N NOT FOR PUBLIC IC D DISSEM EMIN INATIO ION
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