Lindsell Train funds breach UCITS concentration rules - reports

Individual holdings breach limits

Lauren Mason
clock • 2 min read

The £6.7bn Lindsell Train Global Equity and £478m Lindsell Train Japanese Equity funds breached the European UCITS rules on portfolio concentration 11 times last year, according to research from The FT, with some individual holdings accounting for more than 10% of portfolios throughout 2019.

The 5/10/40 rule states holdings that have more than a 5% weighting must not collectively exceed 40% of the fund's overall assets. Individual holdings also cannot exceed a 10% allocation. The Dublin-domiciled Lindsell Train Global Equity fund, which has been managed by Michael Lindsell since 2011 and Nick Train and James Bullock since 2015, overstepped the limits of the rule six times last year, according to the FT, with its largest holdings accounting for more than 50% of the overall portfolio in October. The Lindsell Train Japanese Equity fund, which has been managed solely by Linds...

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