I’m looking for a new angle on...

A day in the life of Nick Train, Co-Founder of Lindsell Train

Nick Train is Co-Manager of the global portfolios and Portfolio Manager of the UK equity portfolios at Lindsell Train. Lindsell Train was appointed as a global manager in January 2020 and manage 7% of Witan’s assets*. From 2010 to 2019 they managed a UK portfolio on behalf of Witan.

How I start my day…

The first thing I do every morning is my yoga practice. Now that I have entered my seventh decade I need it more than ever. But I can’t deny it takes ever more willpower to coax my stiff body onto the mat before breakfast. Given my age you won’t be surprised I remain a dedicated reader of analogue newspapers and don’t leave the house until the Times has been perused. Several times a week I pit my wits against those of the setters of the Times Crossword, usually coming off a poor second; but happy to be giving my grey matter a workout.

What I enjoy….

I have always read a lot and widely. Recently I average between 60-70 books a year and that means reading whenever and wherever I can. You might even find me reading a book at my desk during working hours. Indeed you might also find our colleagues reading books at their desks, because Mike Lindsell and I encourage them to do so. I recently read someone’s wise observation that you’ll find more ideas on the shelves of any small bookshop than have been introduced on screen over the entire history of Television. Now, ideas are the most valuable commodity for an investment management company and we find books – about history, economies, industries, companies or renowned investment practitioners – are a great source of new ideas. There’s no law against plagiarism in investment and when smarter, more successful people than us are prepared to share their wisdom we have no compunction in borrowing it.

I enjoy following the fortunes of the investments we have made for our clients – happily mostly successful over the years. It’s the most fun you can have with a Bloomberg terminal. Sometimes I’m not sure I should be proud of that enjoyment. It smacks a bit of Midas counting his hoard. But I’m sure that finding satisfaction in nurturing and compounding a pool of savings is an important psychological trait for a successful investor.

My typical day….

Mike and I, and increasingly our colleagues, spend a lot of our time meeting with current or prospective clients. This is far from being a distraction from our apparent “real” work of analysing new investment opportunities. In fact, we regard the obligation of reporting and justifying our ideas to demanding and well-informed clients as an infallible way to become better investors. You should try explaining your strategy to The Board of the Witan Investment Trust. I guarantee it will sharpen up your thinking and shape up your decision making!

Day to day perhaps the hardest part of our job is sticking to the sunny side of the street. There’s always something to worry about and catastrophe makes bigger headlines than the quiet building of wealth. It’s easy to succumb to negativity. But history has been on the side of the investment optimists and you have to keep your positivity well brushed up.

At the end of the day….

I go to bed optimistic about tomorrow.

*As at 31 December 2019.

Witan Investment Trust plc is an equity investment. Please note that past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuation and you may not get back the amount originally invested.

This material is a marketing communication issued and approved by Witan Investment Services Limited for information purposes only and does not constitute a solicitation or personal recommendation in any jurisdiction. Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Anne's Gate, London SW1H 9AA. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Conduct Authority.