Lindsell Train Investment Trust (LTI) investor relations material

Executive summary

• Net asset value (NAV) per share fell 24.8% to 716.1p as of 31 March 2026, with a NAV total return of -21.3% year-over-year, underperforming the MSCI World Index in Sterling, which rose 16.4%.

• Share price total return was -29.2% year-over-year, reflecting a widening discount to NAV from 14.1% to 23.2%.

• The final dividend proposed is 28p per share, down 33.3% from the prior year, reflecting lower income, especially from Lindsell Train Limited (LTL).

• LTL remains the largest holding at 19.7% of the portfolio, but its valuation and dividend contribution declined sharply due to falling funds under management (FUM) and underperformance.

• The portfolio remains highly concentrated, with significant exposure to financials, consumer staples, and data/software companies.

Financial highlights

• Shareholders' funds decreased 24.8% to £143.2m.

• Revenue fell to £8.2m (from £10.2m), and net loss after tax was £38.8m (vs. £4.6m loss prior year).

• Dividend yield held steady at 5.1% despite the lower payout, due to the share price decline.

• Ongoing charges remained low at 0.8%.

• LTL's FUM dropped 40% to £7.6bn, with operating profit margin at 57% and dividends per share down 24% to £921.

Outlook and guidance

• The Board and Manager expect better long-term returns, citing the high average ROE (24%) of portfolio companies and the potential for valuation recovery.

• No changes are planned to investment objective, policy, or management.

• The Board remains confident in the investment approach but acknowledges ongoing risks from market volatility, LTL performance, and macroeconomic/geopolitical uncertainty.