Nick Train: my resolute buy-and-hold policy

While other managers fret about whether it is time to move into cyclicals or small-caps, Nick Train aims to focus on the long-term. The very long-term. Ideally, he would never sell, though occasionally overvaluation or a change in the corporate story will force him to. Train believes he has built a portfolio of long-term winners and sees no reason to be distracted by short-term noise. He runs two funds. The CF Lindsell Train UK Equity fund currently sits fifth in the UK All Companies sector over five years, having delivered a return around 70% higher than the average peer. He also ...