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Lindsell Train Investment Trust (LTI) investor relations material

Lindsell Train Investment Trust H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary13 Jun, 2025

Executive summary

  • Net asset value (NAV) per share fell 7.2% year-over-year to £952.13, with a NAV total return of -2.2% compared to +2.1% last year.

  • Share price total return rebounded to +9.0% from -19.8% last year, aided by a narrowing discount to NAV from 22.0% to 14.1%.

  • Final dividend proposed at £42.00 per share, down 18.4% year-over-year, reflecting lower income from Lindsell Train Limited (LTL).

  • LTL's valuation and performance were the largest negative contributors, with its FUM declining from £15.2bn to £11.4bn and its value in the portfolio dropping from 33.6% to 26.1% of NAV.

  • Portfolio remains concentrated, with top holdings in LTL, London Stock Exchange, Nintendo, and RELX.

Financial highlights

  • Shareholders' funds decreased to £190.4m from £205.3m, a 7.2% decline year-over-year.

  • Basic earnings per share swung to a loss of £(22.80) from a profit of £20.97 last year.

  • Revenue per share fell 16.1% to £42.83; capital loss per share widened to £(65.63).

  • Ongoing charges remained stable at 0.8%.

  • Dividend yield decreased to 5.1% from 6.4%.

Outlook and guidance

  • Board and Manager remain committed to the long-term investment approach, despite recent underperformance.

  • No changes to investment objective or policy are anticipated.

  • Board expects the strategy to remain unchanged in the coming year, with a focus on resilience and durability in portfolio companies.

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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.

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