# Lindsell Train Limited

> 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.

- CRD: 158323
- Filed as: LINDSELL TRAIN LIMITED
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: London, United Kingdom
- Filing period: October 2026
- Form ADV filing dated: April 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/158323
- AdvisorCensus page: https://advisorcensus.com/firm/lindsell-train-limited-london-158323

## Quick answers

**How is Lindsell Train Limited compensated?**
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.

**How much does Lindsell Train Limited charge?**
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.

**Where is Lindsell Train Limited located?**
Lindsell Train Limited's principal office is in London, United Kingdom, according to its Form ADV.

**Is Lindsell Train Limited registered with the SEC or a state?**
Lindsell Train Limited is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 158323.

**How much does Lindsell Train Limited manage?**
Lindsell Train Limited reports $9,254,180,434 in regulatory assets under management in its Form ADV filing dated April 27, 2026 (100% discretionary).

**How have Lindsell Train Limited's assets and staff changed since 2021?**
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.

**What types of clients does Lindsell Train Limited serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (16).

**Which custodians does Lindsell Train Limited use?**
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.

**Does Lindsell Train Limited report any disciplinary disclosures?**
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

**What changed in Lindsell Train Limited's recent Form ADV filings?**
In the May 2026 filing data: Regulatory assets under management went from $14,697,665,725 to $9,254,180,434 (-37%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated April 27, 2026)

- Asset-based fee: 0.45% to 1.1% a year (a range, as the brochure states it)

> 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.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Custody and Asset Servicing

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.

### Regulatory assets under management (Item 5.F)
- Total: $9,254,180,434
- Discretionary: $9,254,180,434
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 16 | $8,673,449,875 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $580,730,559 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2011 (15 years)
- Employees: 30 total, 6 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- lindselltrain.com
- LinkedIn @lindsell-train-limited

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $33,982,368,000 | 20 | August 11, 2021 |
| October 2022 | $26,990,244,596 | 26 | April 22, 2022 |
| October 2023 | $22,397,951,968 | 28 | May 16, 2023 |
| October 2024 | $19,546,899,721 | 26 | April 29, 2024 |
| October 2025 | $14,697,665,725 | 27 | April 28, 2025 |
| October 2026 | $9,254,180,434 | 30 | April 27, 2026 |

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.

## Changes in the filing (last 12 months)

### May 2026
- Regulatory assets under management went from $14,697,665,725 to $9,254,180,434 (-37%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Lindsell Train Limited (CRD 158323): Form ADV filing data as of October 2026.