Nick Train

Nick Train co-founded Lindsell Train with Michael Lindsell and has managed the Finsbury Growth & Income Trust since 2001. His investment style is characterized by extreme concentration — typically holding 20-25 stocks — a very low portfolio turnover rate, and a preference for companies with intangible competitive advantages in consumer brands, financial services, and information. Holdings have included Unilever, Heineken, Mondelez, London Stock Exchange Group, and Hargreaves Lansdown. Train generated exceptional long-term returns through the 2010s, though faced headwinds in the 2020s as the growth style lost favor. His philosophy that the strongest competitive moats are built on consumer habit and brand loyalty rather than capital intensity has been validated by the exceptional long-term returns of his concentrated consumer franchise holdings, even as the strategy has required significant patience during periods when the market has rotated to value or cyclical themes.