Paypal, Intuit and Hargreaves Lansdown (HL) drove down performance on Lindsell Train’s global equity fund in the first quarter of the financial year, as it ended March lagging its benchmark 1.2%, according to the firm’s latest fund report.
PayPal's share price fell 26% at the start of the year, which Lindsell Train attributed to management being penalised for "signalling a focus on the retention of higher value users at the expense of higher growth." It remains the fund's number one detractor for the second consecutive month. Nick Train also has a 3.7% allocation to PayPal in his investment trust (LTIT). According to the report, American financial software company Intuit had a "slower than expected start to its tax season", as HL's investment resulted in a two-year suspended special dividend which weighed on investor op...
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