Train adds first new holding in three years

Nick Train and Michael Lindsell have added the first new stock to their global or UK portfolios since 2012 after buying in to PepsiCo.

For the first time in three years the firm has bought a new stock for the £900m Global Equity fund, replacing positions in Kraft and Hershey with the drinks manufacturer. Train (pictured), long a fan of the sector, praised Pepsi's dominant market share and its powerful international brands, and said he expects its intrinsic value to double from a current P/E ratio of 20x earnings. The position was added to the Global fund in April. He said: "Pepsi is a very 'Lindsell Train' kind of investment. It was created from the merger of Pepsi Cola and Frito Lay 50 years ago, resulting in the...