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#136

Re: Fondo inversion Lindsell Train Global Funds

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No. Aplica el mínimo de 100.000 para la clase en euros. Para aportaciones pequeñas tendría que ser la clase A en GBP, que es más cara.
#139

Carta Lindsell Train Global Equity Mayo 2020

 
May was relatively kind to investors with the MSCI World gaining 7% in GBP terms, just pipping your Fund which returned 6.5%. Year to date though (as befitting the still gloomy global headlines), markets remain weak.

In local currency terms the UK’s FTSE 100 index is down 19% YTD, the Japanese TOPIX down 9% and MSCI North America down 6%. But underlying these market moves, multiple tracks are playing out.

Note for example the diverging performance of the US’s traditional S&P 500 index, down 6% vs. its more tech-centric NASDAQ competitor, which is now up 6% in virus-ridden 2020.

Throughout the crisis, positive value has been created by those companies positioned to actually benefit from the disruption; i.e. those placed to exploit the already ongoing, now COVID-hastened, shift to digital. Looking at May’s performance for your fund in a bit more detail, the story is much the same.

Our strongest showings over the month were from PayPal (up 26%), Hargreaves Lansdown (up 27%), the Japan Exchange Group (up 15%) and eBay (up 14%).

Each of these are in the happy position of owning market leading digital networks and/or platforms and each benefit directly from the increased take-up of online and connected services.
If (as we think the case) this shift sticks post-lockdown, then meaningful value will have been added to the net present value of their long term future cashflows. Indeed, whilst HL’s shares are still to recover ground lost in the first quarter of 2020, the other three are all now up strongly YTD.

PayPal’s shares have risen 43% this year, and with a market cap touching $180bn (already 4.5 times bigger than at its spin from eBay just five years ago) it ranks as an increasingly senior member of the global digital vanguard. Assuming the continuation of this digitisation trend is about as sophisticated as we get when it comes to making macro calls.

Anticipating tomorrow’s events with precision, sadly remains at least as impossible as ever - even if one is right about the long-term direction of travel. This challenge was neatly exemplified by a recent sell-side analyst report on Disney titled ‘The definitive complete guess to the impact of COVID-19’. It’s a good read, running through the potential doomsday scenarios for Disney’s various social-distance-blighted businesses.

But as the headline implies, any short-term conclusions are realistically based on guesswork. Disney, like PayPal, should be a major beneficiary of the technological shifts discussed above. Digital distribution helps the company get its content - the really valuable part of the company - into the homes of more consumers, more easily, and at lower cost.

Disney+ and its 54.5m subscribers just six months post-launch is early testament to this. But of course, with its exposure to parks, movie theatres and team sports (via ESPN), it has not been a winner for us in Q1 of 2020, and despite a decent recovery this month (up 8.5% in May) its shares are still down almost 19% YTD.

And yet, without wanting to sound complacent, The Magic Kingdom - home to eight of the US’s ten biggest blockbusters last year - will almost certainly endure through COVID.

Our position remains that, whilst we don’t know the exact shape of tomorrow’s challenges, the idea that some future iteration of Star Wars/Toy Story/Frozen/Avengers/etc will still be profitably pleasing audiences (via whatever channel) long after the current crisis has faded into memory seems to us one of the safer guesses we can make.

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