Lindsell Train’s Q3 2022 Investor Letter

Lindsell Train, an investment management firm, published its third-quarter 2022 investor letter – a copy of which can be downloaded here. In its third-quarter letter, the fund mentioned that in the 11 years since its launch but excluding takeovers, it has made just four complete sales. Far from splitting seconds, its since-inception turnover averages at under 4% per annum, giving an implied holding period of over 25 years. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.