{
  "crd_number": 158323,
  "slug": "lindsell-train-limited-london-158323",
  "primary_business_name": "LINDSELL TRAIN LIMITED",
  "legal_name": "LINDSELL TRAIN LIMITED",
  "dbas": [],
  "city": "London",
  "state": null,
  "country": "United Kingdom",
  "cbsa_code": null,
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2011-08-01",
  "years_registered": 15,
  "period": "2026-10-01",
  "filing_date": "2026-04-27",
  "carried_forward": false,
  "raum_total": 9254180434.0,
  "raum_discretionary": 9254180434.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 30,
  "advisory_employees": 6,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "pension_profit_sharing": {
      "raum": 580730559.0,
      "count": null,
      "fewer_than_5": true
    },
    "pooled_investment_vehicles": {
      "raum": 8673449875.0,
      "count": 16
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [],
  "websites": [
    "https://lindselltrain.com",
    "https://uk.linkedin.com/company/lindsell-train-limited"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/158323",
  "city_as_filed": "LONDON",
  "url": "https://advisorcensus.com/firm/lindsell-train-limited-london-158323",
  "display_name": "Lindsell Train Limited",
  "summary": "Lindsell Train Limited is an SEC-registered investment advisory firm in London, United Kingdom, registered since 2011, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated April 27, 2026.",
  "citation": "AdvisorCensus. Lindsell Train Limited (CRD 158323): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Lindsell Train Limited compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Lindsell Train Limited reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "How much does Lindsell Train Limited charge?",
      "a": "Its Form ADV Part 2A brochure dated April 27, 2026 states: Asset-based fee: 0.45% to 1.1% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Lindsell Train Limited located?",
      "a": "Lindsell Train Limited's principal office is in London, United Kingdom, according to its Form ADV."
    },
    {
      "q": "Is Lindsell Train Limited registered with the SEC or a state?",
      "a": "Lindsell Train Limited is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 158323."
    },
    {
      "q": "How much does Lindsell Train Limited manage?",
      "a": "Lindsell Train Limited reports $9,254,180,434 in regulatory assets under management in its Form ADV filing dated April 27, 2026 (100% discretionary)."
    },
    {
      "q": "How have Lindsell Train Limited's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Lindsell Train Limited: Regulatory assets under management: $33,982,368,000 in the October 2021 data and $9,254,180,434 in the October 2026 data, down 73%. Total employees: 20 in October 2021 and 30 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Lindsell Train Limited serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (16)."
    },
    {
      "q": "Which custodians does Lindsell Train Limited use?",
      "a": "Lindsell Train Limited's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Custody and Asset Servicing as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Lindsell Train Limited report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158323"
    },
    {
      "q": "What changed in Lindsell Train Limited's recent Form ADV filings?",
      "a": "In the May 2026 filing data: Regulatory assets under management went from $14,697,665,725 to $9,254,180,434 (-37%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 33982368000.0,
      "total_employees": 20,
      "filing_date": "2021-08-11"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 26990244596.0,
      "total_employees": 26,
      "filing_date": "2022-04-22"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 22397951968.0,
      "total_employees": 28,
      "filing_date": "2023-05-16"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 19546899721.0,
      "total_employees": 26,
      "filing_date": "2024-04-29"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 14697665725.0,
      "total_employees": 27,
      "filing_date": "2025-04-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 9254180434.0,
      "total_employees": 30,
      "filing_date": "2026-04-27"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-05-01",
      "period_label": "May 2026",
      "notes": [
        "Regulatory assets under management went from $14,697,665,725 to $9,254,180,434 (-37%)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated April 27, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": "0.45% to 1.1% a year",
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 0.45% to 1.1% a year (a range, as the brochure states it)"
        ],
        "quotes": [
          "The portfolio management fees we charge for our pooled funds range from 0.45% to 1.10% per annum on the net asset value of the relevant different share classes available to investors."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": [
        0.45,
        1.1
      ],
      "max_pct": null,
      "account_minimum": null,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "The portfolio management fees we charge for our pooled funds range from 0.45% to 1.10% per annum on the net asset value of the relevant different share classes available to investors."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Custody and Asset Servicing",
      "name_as_filed": "CUSTODY AND ASSET SERVICING",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/lindsell-train-limited-london-158323.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 16,
      "fewer_than_5": false,
      "raum": 8673449875.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 580730559.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/158323",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}