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Lindsell Train Investment Trust
Lindsell Train Investment Trust (LTI) investor relations material
Lindsell Train Investment Trust H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary9 Jun, 2026
Executive summary
Net asset value (NAV) per share fell to 716.1p at 31 March 2026, down 24.8% year-over-year, with a NAV total return of -21.3% and share price total return of -29.2%.
Underperformance was driven by lack of exposure to AI-related sectors, sector biases, and a significant decline in the value of the LTL holding.
LTL’s funds under management dropped from £11.4bn to £7.0bn, mainly due to client outflows and adverse market movements.
The Board remains supportive of the long-term investment approach but acknowledges recent disappointing returns.
Financial highlights
Shareholders’ funds decreased by 24.8% to £143.2m.
NAV per share declined from 952.1p to 716.1p; share price dropped from 818.0p to 550.0p.
Final dividend proposed at 28p per share, down 33.3% from the prior year.
Ongoing charges remained stable at 0.8%.
Loss per share was (194.0)p, compared to (22.8)p last year.
Outlook and guidance
The Board expects the investment strategy and management to remain unchanged.
Directors have a reasonable expectation of viability over the next five years, supported by a liquid portfolio and strong revenue coverage of expenses.
Anticipation of improved long-term returns as portfolio companies maintain high average ROE.
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Latest events from Lindsell Train Investment Trust
- Share price fell 19.8% as discount to NAV widened, with LTL underperformance a key drag.LTI
H2 2024 - NAV and share price declined sharply, with underperformance driven by LTL and key holdings.LTIH1 2026
- NAV fell, dividend cut, and a share split is proposed amid LTL underperformance.LTIH2 2025
- NAV fell, LTL's FUM declined, and the share price discount to NAV stayed elevated.LTIH1 2025
Next Lindsell Train Investment Trust earnings date
H1 20273 Dec, 2026
Lindsell Train Investment Trust
Next Lindsell Train Investment Trust earnings date
H1 20273 Dec, 2026
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Frequently asked questions
Lindsell Train Investment Trust Plc is a UK-based closed-end investment trust that focuses on maximizing long-term total returns. Established to support the operations of Lindsell Train Limited, the trust invests globally in a diversified portfolio, including equities, bonds, and other financial assets, with a preference towards equities and assets denominated in Sterling. The trust also holds a significant stake in Lindsell Train Limited, aligning its interests with the investment manager's growth. The company is headquartered in London, and its shares are listed on the London Stock Exchange.