The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Sep 30, 2024
The Lindsell Train North American Equity Fund delivered a 2.9% return in Q3 2024, bringing year-to-date performance to 9.3%, though trailing the MSCI North America Index. The concentrated portfolio of 20-30 stocks is heavily weighted toward financials, technology, and consumer staples. The manager provides extensive commentary on T. Rowe Price, the fund's only asset manager holding, which has underperformed significantly over four years despite being one of the largest active managers in the US with $1.6 trillion under management. While acknowledging industry headwinds from the shift to passive investing and fee pressures, the manager believes T. Rowe's scale, 30% operating margins, and strong dividend history position it for potential double-digit returns. The company's 4.5% dividend yield and billion-dollar annual buybacks support this thesis. Key contributors in September included FICO, Oracle, and Equifax, while Alphabet, Intuit, and Adobe detracted from performance. The manager maintains conviction in the concentrated approach despite recent underperformance.
The fund maintains a concentrated portfolio of 20-30 North American companies, with particular emphasis on T. Rowe Price as the sole asset manager holding, believing its scale, brand strength, and US equity expertise will drive long-term outperformance despite industry headwinds.
The manager expects high-single-digit earnings growth over the longer term for T. Rowe Price, driven by market growth, flat relative performance, flat-to-positive net flows, minus fee compression, plus operating leverage. At current valuations, probability favors the long-term investor in T. Rowe's equity.
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