The value of Nick Train and Michael Lindsell’s fund management business has fallen 8.4%, knocking the £195m Lindsell Train (LTI) investment trust that owns nearly a quarter of its unlisted shares. 

Continued investor withdrawals in response to the underperformance of the managers’ funds saw assets under management (AUM) at Lindsell Train Limited (LTL) fall from £15.2bn to £13.4bn in the six months to 30 September.

That’s a far cry from its June 2021 peak of £24.6bn when lead portfolio manager Train’s quality growth style had reigned supreme for much of the previous two decades.