Lindsell Train Investment Trust (LTI) H2 2026 earnings summary

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.