Nick Train, the U.K.-based money manager of Lindsell Train Investment Trust Plc, says the fund is seeing its worst performance in its 20-year history, according to an article in Bloomberg that quotes a statement from Train.

Lindsell Train manages more than $30.5 billion and runs several funds and trusts. Despite its current performance, Train reassured investors about the long-term prospects of the investment trust, highlighting the challenges of inflation and taxes . And while some risk is unavoidable, Train says, “…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.”

Lindsell Train’s Global Equity Fund is one of the most popular among retail investors in the U.K., respected for its particular investment style that puts a lot of emphasis on well-loved brands, balance sheets and earnings streams. Its managers have earned a lot of credit in the bank. And though its assets have shrunk by more than 1 billion pounds, after peaking at 9 billion in June, analysts such as Laith Khalaf at AJ Bell believe most investors will stay on board the Lindsell Train for the foreseeable future.