(Bloomberg) -- U.K. money manager Nick Train said his listed investment fund Lindsell Train Investment Trust Plc is experiencing its worst performance since it started business.

“I will not make flippant or complacent predictions about prospects for Lindsell Train Limited, as we experience arguably the worst period of relative investment performance in our 20-year history,” Train said in the closed-end fund’s half-year results. 

Lindsell Train, which manages more than 23 billion pounds ($30.5 billion), was co-founded by Train and fellow money manager Michael Lindsell in 2000 and runs several funds and trusts. Train sought to reassure investors about the long-term prospects of the firm’s investment trust, which manages 241 million pounds and whose share price has dropped almost 10% this year.

“Protecting the long-term value of your savings, after the effects of inflation and tax is no trivial challenge,” he said in the statement. “It is indeed a battle and although taking some risk in battle is unavoidable, you better not take frivolous risks or indulge in what you know is long-term losing behaviour. Because if you do, you run the risk of defeat.”

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