Lindsell Train was established in 2000 by Michael Lindsell and Nick Train and was founded on the shared investment philosophy that developed while they worked together during the early 1990s and which underlies our business today. Reflecting their experience, the business focuses on the management of UK, Global and Japanese equity mandates for institutional clients. The “purpose” of Lindsell Train is to provide a professional working environment that enables us to achieve strong investment results for our clients. We think it important to maintain a small and simple organisational structure that avoids the bureaucracy and distractions experienced within some larger, more complex investment management businesses. The structure is designed to allow the investment professionals to concentrate on investment issues and to give them the freedom to invest in line with their investment principles, which we believe will maximise returns to our investors over the longer term. The company continues to be majority owned (72.5%) by the two founders. This is important because it allows us to maintain the integrity of the business principles on which the firm was founded, as outlined below. A further 3% is owned by staff and the remainder is held by a London-listed investment trust, the Lindsell Train Investment Trust PLC, which was the first investment mandate established by the company.