A gem for patient savers with faith in a strong UK

WHAT DOES IT DO?

Manager Nick Train is known for his ‘buy and hold’ approach. In another of his funds there was a twoyear period where he didn’t buy any new shares.

WHAT DOES THE MANAGER INVEST IN?

Train likes strong UK firms and those with long heritages. It is also a fan of drinks businesses, with Heineken and Diageo among his biggest investments, as well as Irn Bru producer AG Barr.

He says: ‘I had not thought George Osborne could have made himself less popular with the citizens of Glasgow, but hiking the price of Bru through the sugar tax might just do it. The charge will likely only impact part of the company and consumer loyalty to Irn Bru is likely highly resilient.’

He’s also a fan of companies which are leaders in their industry with regards to their technology – Burberry, for example, which is one of the few luxury retailers to have a strong website.

WHAT DO THE EXPERTS THINK?

Laith Khalaf, senior analyst at Hargreaves Lansdown, says: ‘The trust has done fantastically well. The manager has an idiosyncratic style of investing, but he’s not just in the right place at the right time, he adds a lot of value from his stock selection too.

‘It’s a gem for patient, long-term investors.’

WHAT’S TO LIKE?

The trust has more than doubled savers’ cash over the past five years, returning 103pc compared to an average of 55pc from rival funds.

AND ARE THERE ANY DOWNSIDES?

Train’s style of investing won’t always do as well. With about 70pc of the trust’s cash in consumer firms, if the sector takes a tumble so could the trust.