MDLZ - Lindsell Train UK 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.
• Over the course of 2020 your Fund’s NAV was relatively resilient, compared to steeper falls across the UK stock market. However, through December and indeed the final quarter of the the year, the Fund has lagged the FT All-Share Index, as confidence about the deployment of vaccines has brought a big bounce in shares of companies worst hit by the virus.
• Remy was the best performer in your Fund in 2020, up 47% - as drinkers around the world, especially Asia, drowned their sorrows in premium cognac.
• In a year like 2020 it is so important not to confuse short term, one-off, difficulties with underlying and long-term strategic progress.We believe almost all the companies in your portfolio are more valuable today than they were at the start of 2020.

For further details see: