The Lemon Fool

simoan wrote:

monabri wrote:Interview with Mr Train. 31-03-2023.

https://www.investorschronicle.co.uk/po ... ick-train/

Thanks, monabri. I bought some more FGT on Friday at 790p - the discount to NAV was just too high to resist. I noticed Nick Train mentioned starting a new position in a data rich FTSE100 company in the interview; so not many suspects! I can only think of three such FTSE100 companies: Rightmove, Auto Trader, or possibly Intertek, that meet his usual investment criteria. I’ve heard him declare interest in Smith & Nephew in the past but that wouldn’t appear to meet that brief.

All the best, Si

I was thinking ITRK but that's a guess....

A very good interview. Nick Train explains his investment philosophy very well. An interesting take that dividend income seeking investors are a contributory factor in the malaise of the UK stock market and that UK companies would benefit from having different shareholders. I don't hold FGT (it's been on my watchlist for years) but I do hold LTI.

Pendrainllwyn

Pendrainllwyn wrote:A very good interview. Nick Train explains his investment philosophy very well. An interesting take that dividend income seeking investors are a contributory factor in the malaise of the UK stock market and that UK companies would benefit from having different shareholders. I don't hold FGT (it's been on my watchlist for years) but I do hold LTI.

Pendrainllwyn

It's nice to feel wanted - NOT

simoan wrote:

monabri wrote:Interview with Mr Train. 31-03-2023.

https://www.investorschronicle.co.uk/po ... ick-train/

Thanks, monabri. I bought some more FGT on Friday at 790p - the discount to NAV was just too high to resist. I noticed Nick Train mentioned starting a new position in a data rich FTSE100 company in the interview; so not many suspects! I can only think of three such FTSE100 companies: Rightmove, Auto Trader, or possibly Intertek, that meet his usual investment criteria. I’ve heard him declare interest in Smith & Nephew in the past but that wouldn’t appear to meet that brief.

All the best, Si

Rightmove.

https://citywire.com/investment-trust-i ... der+Weekly


"Leading UK fund manager Nick Train has bought shares in the heavily derated Rightmove for his £1.8bn Finsbury Growth & Income Trust (FGT) and the Lindsell Train UK Equity fund.

Shares in property website Rightmove (RMV) have slumped recently as CoStar, a US property group, announced it was buying rival OnTheMarket.

The Citywire Elite Companies plus-rated stock fell more than 17% after the announcement that CoStar was taking over OnTheMarket. It has since rebounded, but the shares are still down almost 10% over one year.

According to holdings data for Train’s UK Equity fund, he had 0.26% of the portfolio in Rightmove at the end of September. However, he was still buying more shares at that stage."

monabri wrote:

simoan wrote:Thanks, monabri. I bought some more FGT on Friday at 790p - the discount to NAV was just too high to resist. I noticed Nick Train mentioned starting a new position in a data rich FTSE100 company in the interview; so not many suspects! I can only think of three such FTSE100 companies: Rightmove, Auto Trader, or possibly Intertek, that meet his usual investment criteria. I’ve heard him declare interest in Smith & Nephew in the past but that wouldn’t appear to meet that brief.

All the best, Si

Rightmove.

https://citywire.com/investment-trust-i ... der+Weekly

"Leading UK fund manager Nick Train has bought shares in the heavily derated Rightmove for his £1.8bn Finsbury Growth & Income Trust (FGT) and the Lindsell Train UK Equity fund.

Shares in property website Rightmove (RMV) have slumped recently as CoStar, a US property group, announced it was buying rival OnTheMarket.

The Citywire Elite Companies plus-rated stock fell more than 17% after the announcement that CoStar was taking over OnTheMarket. It has since rebounded, but the shares are still down almost 10% over one year.

According to holdings data for Train’s UK Equity fund, he had 0.26% of the portfolio in Rightmove at the end of September. However, he was still buying more shares at that stage."

Thanks for confirming. Not a surprise at all. I’ve never looked at Rightmove as an investment myself, despite its excellent profitability metrics, because the sector just does not interest me i.e. UK residential property. I only hold two IT’s and now they both have holdings in Rightmove!

All the best, Si

Pendrainllwyn wrote:A very good interview. Nick Train explains his investment philosophy very well. An interesting take that dividend income seeking investors are a contributory factor in the malaise of the UK stock market and that UK companies would benefit from having different shareholders.

Aha. Is it time again for: "endogenous growth theory..." rustle, rustle, "Gordon Brown stole my pension!" ?

Latest video, delivered in Nick Train's inimitable style, available here: https://www.finsburygt.com/media-awards ... rage/video

All the best, Si

The link below is to an interview with Nick Train on Morningstar, from February 2024. I hadn't seen it until this morning.

There's the usual stuff about quality businesses, a big part of recent underperformance being due to not being in oils (which he would never buy) and being underweight in "data businesses". For me the most interesting bit is when he talks about AI businesses really being being "data businesses" and it's the quality of their data sets which will eventually matter the most.

He pointed out that the UK has several major data businesses (London Stock Exchange, RELX, Sage, Rightmove) which trade at much lower valuations than their American equivalents. The example quoted is the property listings company Rightmove, whose shares were on a PE of 20 whereas the American equivalent (Costar) was on a PE of 65.

He is particularly keen on RELX.

https://www.morningstar.co.uk/uk/news/246326/exclusive-nick-train-explains-mortifying-underperformance.aspx

There has been quite a lot of commentry about how the big tech companies' AI systems have been contaminated by the sheer volume of junk and lies on the internet which are incorporated into various articles which in turn feed into AI's databases to produce yet more junk. Companies like RELX have their own curated databases which don't rely on the internet. From Forbes, May 2023:

"The Incoming Tidal Wave Of Data Pollution In AI"

https://www.forbes.com/sites/robkniaz/2023/05/09/the-incoming-tidal-wave-of-data-pollution-in-ai/?sh=5d7387b3242d