Member Info for OliG

I hadn't spotted that Gunnerbgood. That is a seriously good showcase of VRFBs and gives me confidence that BMN are choosing the right partners.

Now at a small discount to NAV which stood at 1,085 last week and will probably be higher now. NAV increased by 32.4% over 2019 but the share price has gone down slightly. The premium fluctuates wildly because investors cannot work out what LTL is worth. I agree with TalygarnTom as to the reasons for the fall and would also add that the performance of the funds haven't been quite as good recently because of the relative underperformance of so called defensive stocks.

I do however think this is likely to be the floor as Nick Train has always said he wants to increase his stake but won't whilst there is a premium to NAV as this would be implicitly stating he disagreed with the valuation method for LTL which he said he doesn't.

In the long run this will come good again. Nick Train is one of the best investors out there and this fund holds a 25% stake in his management company. How many opportunities are there to own a piece of something like that? I am sure that in a couple of years time people will look back at this and wish we had taken advantage of a rare moment when you could buy in for zero premium.

I'm holding.

RichKen, Alfacomp, thanks for all the information and links. I've been looking at some of the video's of Fortune which I deliberately avoided until I had made my investment. I wanted to look at cold hard facts and not be suckered in by personality. Having said that he is very impressive and when you are putting together so many businesses and building a vertically integrated group you need to have a personality that inspires belief otherwise you couldn't pull it off.

I'm no stranger to AIM or long term investing so I have no doubt it might be a bumpy journey but its rare for a company to be this exciting so I'm absolutely looking forward to the ride. I'm already thinking I need to increase my stake!

I didn't but I will have a look this week. Thanks for the welcome.

I spent the weekend looking at this company and invested this morning. I don't normally invest in this sector but it is clear this isn't your normal mining company. The valuation seems very low with nothing in it for upside. It feels like an opportunity to invest on the cheap on the back of period of low V price. Its clear this board also has some posters that know their knitting.

In 2019 Funds under Management grew 41% to £21.9 billion. Not bad.

Below net asset value is a first for this one. Nick Train said he would start buying it if that ever happened.

Does anyone know if Smithson intend to produce an Annual Letter or have an Annual Shareholder Meeting like Fundsmith do?

The fact that earnings are expected to have fallen by 5% is disappointing. This indicates that they have thrown the marketing budget at this but despite that the growth rate has fallen.

Trading update out. It's not great and I think we're in for a painful day.

Trading update is out on Thursday 23rd. Remember its just trading update so we will get very limited information i.e. sales but not profit. Preliminary results not out till end of March. I'm hoping for strong US growth (above 40%). This is where the big prize is.

Great set of results. Cash conversion particularly impressive as stock has been reduced despite the increase in sales of 19%.

The long term success of this Trust will be determined by the success of the funds management by Lindsell Train Limited which now represents 50% of NAV. If the funds perform well more people will invest in them and therefore the earnings of LTL will grow. In 2019 Lindsell Train Global, its biggest fund, was the 2nd most popular fund on the Interactive Investor platform. Not surprising given its annual return is 20% over 5 years. Not even Fundsmith beats that.

Happy Christmas Fevertree Investors. I've been celebrating Christmas ever day with Fevertree tonic and various Gins. I must admit it's a pretty good feeling to be invested in such a great company. I predict a £30 price by the end of 2020.

Best wishes all.

For me even as a Leave voter the choice is still straight forward. Labour will put up CT to 26% from 19% currently, not to mention numerous other taxes. This will hit all my UK based investments such GBG. We live in an increasingly global economy and if you put up taxes too much you simply make the UK uncompetitive and companies will have the choice of either staying and competing at a disadvantage to lower tax rate companies that exist in countries with lower tax rates or they will simply up and move. Either way the UK suffer's. I wouldn't want my sister to be married to Boris but then I'm voting for a PM not a Bother in Law.

So looking at the half year report yesterday I thought it interesting to look at the investment our Trust has in Lindsell Train Limited (LTL) as this now represent 50.87% of NAV. LTL made a PAT of £28mil on Turnover of £50.5mil. This is a growth of 43% in Turnover and 47% in PAT. Our 25% share of LTL was valued at £109m mil for the purposes of calculating NAV. This works out at a PE of 7.8. This is incredible low for a company growing by 43% and explains why there is a such a large premium on NAV. How much is LTL worth? I have no idea.

I took advantage of today's dip to make my first foray into this company. I know its gone up a lot and I wish I had discovered this business a year ago but given its unbelievable growth its still reasonably priced.

Bozzy, if you are in experienced I would suggest having a fantasy portfolio for a year or so first and in the mean time put your money in Fundsmith or Lindsell Train Global funds. I do invest in a few company shares because I enjoy it but over a 5 year period I can't get anywhere near the returns these funds have managed which is where the bulk of my savings go.

Just a matter of when not if.

A reaction at last. To be fair I din't expect much as the results just confirmed more or less what was already announced. Medium to long term the prospects look very good.