Shares I love: Remy Cointreau

"I have taken advantage of the summer/autumn correction to start a new holding," says Mr Train, who is known for his long-term, low-turnover investment approach. "The stock is Remy Cointreau and this means I am adding to the permitted allocation of up to 20 per cent to non benchmark stocks (Finsbury Growth & Income's benchmark is the FTSE All-Share Index).

"The previous new holding - from four years ago - was also non UK - I have been unable to find a new UK candidate in a long time. The stock I bought in 2011 was also a drinks company - Heineken (NL: HEIO) - and also accessed during a period of intense investor macroeconomic worry.

"Heineken and Remy give access to a brand or theme not directly represented in the UK market. They're venerable, founded in 1864 and 1724, and both controlled by a family with a majority shareholding. Our investment approach tends to chime well with companies with large family shareholdings. A family's concern for dynastic survival often means making appropriate long-term investments, even at the expense of short-term earnings. And families are unlikely to sanction the type of balance sheet engineering that boosts short-term value while putting a company's survival at risk.

"Remy's shares had just about halved from their peak in 2013 and were down 30 per cent over summer 2015, and the reason for that is China. Although its US business continues to grow and is its largest market, there is no denying Remy's vulnerability to the crackdown on gifting and hospitality in China, and an economic slowdown of uncertain magnitude and duration.

"My entry price-earnings ratio of around 27 times does not represent an obvious bargain and I can't think of any reason the shares won't fall further if the fears of macro-investors are validated. But the holding currently stands at just under 1.5 per cent of net asset value, giving scope to add if the shares consolidate or drift."