A dismal streak for stocks in Mr Train’s portfolio has contributed to his fund’s poor performance.
Like US investor Warren Buffett, Mr Train holds a small selection of companies over long periods of time rather than trading in and out of dozens of companies.
The 65-year old said the “overarching” problem for the trust was the failure to own technology companies.
In 2020 Finsbury had about 30pc invested in data or tech stocks, which he said was too low. Mr Train has since hiked that number to 55pc, buying more shares in companies such as RELX, Sage, the London Stock Exchange Group, Rightmove and Hargreaves Lansdown, the latter of which is currently facing a takeover approach.
He said malaise in the UK stock market was typified by the lower valuation UK tech stocks have versus US peers.
While UK investors value Rightmove at 22 times its prospective earning, a similar rival CoStar trades at 60 times, Mr Train said.
Aside from tech, luxury brands like Burberry and Diageo are also a key component of the trust and have dragged down performance.
Mr Train said it was “mortifying” that Burberry shares were worth 50pc less than they did at their peak in May 2023.
The luxury brand has been hit by weak demand among Chinese shoppers.
Lindsell Train has consistently avoided oil and gas companies, such as BP and Shell, over many years. However Mr Train admitted the lack of oil and gas stocks in his fund had been a “persistent drag” on performance.