LINDSELL TRAIN :: Michael Lindsell

Fund Manager:
Lindsell Train Investment Trust
Lindsell Train Japan Fund
Lindsell Train Japanese Equity Fund (JEF)
Lindsell Train Long Only Japanese Equity Mandate

Previous Experience:

JAPAN
The Scimitar World-wide Selection fund - Japan equity class. It was ranked 2nd out of 49 funds in the OPAL Japan equity offshore fund universe over the 3 years to Dec 1988, after which time he relinquished responsibility for the fund. The Berry Japan fund (later renamed the INVESCO GT Japan Fund C). It was turned around from a 9th decile to a 2nd decile performer over 4.5 years to March 1997. It ranked 9th out of 74 funds in the Micropal offshore Japan equity universe over 4.5 years to March 1997, after which time he relinquished responsibility for the fund. The GT Global Japan fund (a US mutual fund, now renamed the AIM Japan Growth fund A) was ranked 1st out of 8 other US mutual funds investing in Japan in the Lipper universe in the 4.5 years to March 1997, after which time he relinquished responsibility for the fund. The GT Japan Growth fund (later renamed the INVESCO GT Japan Growth fund). The fund was ranked 3rd out of 74 funds in the Micropal onshore Japan equity universe over the 4.5 years to March 1997, after which time he relinquished responsibility for the fund.

All performance is quoted offer to offer, net of fees and in the base currency of the fund unless otherwise stated.

GT Japan

Source: Micropal. All data shown as a percentage (JPY).
Past performance is not a guide to the future performance of the Fund.

GLOBAL
The GT Japan (later Asian) Warrants and Derivatives fund (later renamed the INVESCO GT Asian Warrants and Derivatives fund A). The fund appreciated in US dollars by 792% in the 5.5 years to May 1998 and 397% in the 7 years to August 1999. It ranked 1st and 2nd in the Micropal offshore general derivative universe out of 21 and 19 funds over the equivalent time periods respectively. The GT Investment fund A was ranked 14th out of 94 funds in the Micropal offshore equity global universe over the 5 years to May 1998. From May 1998 (following INVESCO's acquisition of GT) to August 1999 the fund ranked 205th out of 234 funds. The GT Global fund (later renamed the INVESCO GT Global Growth A) achieved US dollar returns (gross of fees) of 85.4% versus 67.6% for the MSCI World index over 3 years to the end of May 1998 and 128.4% versus 104.8% over the 5 years to May 1998. From May 1998 (following INVESCO's acquisition of GT) to August 1999 the fund returned 23.2% (gross of fees) versus 35.0% for the MSCI World index.

All performance is quoted offer to offer, net of fees and in the base currency of the fund unless otherwise stated.

GT Asian Warrants & Derivatives

Source: Micropal. All data shown as a percentage (JPY).
Past performance is not a guide to the future performance of the Fund.

Lindsell Train Experience:

Source: Micropal. All data shown in GBP Total Return since inception 22 Jan 2001. Past performance is not a guide to the future performance of the Fund.

Source: Micropal. All data shown in JPYTotal Return since Lindsell Train's appointment in Jan 2004.. Past performance is not a guide to the future performance of the Fund.

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