Nick Train's eponymous investment trust is offering to buy back 20 per cent of its shares to boost the price after a difficult five-year period. The board of the Lindsell Train Investment Trust said the past five years had been 'disappointing', with net asset value losing 7.1 per cent a year on average since 2022, weighing on the share price. Shares were trading at a discount to net asset value of nearly 18 per cent at the end of July, up from 17 per cent at the start of the year.

The tender offer allows shareholders to cash in some of their investment while giving time for Train's strategy to deliver improved performance. Train's strategy focuses on quality stocks with sustainable profitability, strong cash flows, and low debt. The offer lets shareholders tender one-fifth of their holdings at a 5 per cent discount to net asset value per share on October 9.

Train and co-fund manager Michael Lindsell will not participate in the offer to reflect their continued conviction in the strategy. Train received nearly £9mn in dividends last year and has apologised for recent poor performance, noting his fund was down 7.2 per cent last year while the FTSE All-Share index rose 24 per cent.