UN - Lindsell Train Global Equity Fund Portfolio Manager Commentary - December 2020

• Lindsell Train was established in 2000 by Michael Lindsell and Nick Train. Reflecting their experience, the business focuses predominantly on the management of UK, Global and Japanese equity mandates.
• Companies with activities directly curtailed by COVID controls have been thwacked, whilst those possessing the technology to facilitate new modes of locked-down living have thrived.
• Tritely, tech companies now dominate the US market, with the S&P500's top-seven spots all taken by familiar tech giants, each of which rose by at least a third in 2020.
• So, as investors how should we prepare for the next unexpected event? Sadly we can’t know for sure, but chasing last year's champions without long-term foresight already feels parachronistic.
• The top three absolute contributors to the Fund’s performance in December were Walt Disney, Prada and London Stock Exchange and the top three absolute detractors were Unilever, Shiseido and eBay.

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