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Lindsell Train Investment Trust (LTI) investor relations material
Lindsell Train Investment Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary4 Dec, 2025
Executive summary
Net asset value (NAV) per share declined from 952.1p to 876.0p over six months to 30 September 2025, with a NAV total return of -3.7% after accounting for a 42p dividend.
Share price fell from 818.0p to 690.0p, resulting in a share price total return of -11.2% and widening the discount to NAV from 14.1% to 21.2%.
Underperformance relative to the MSCI World Index (+14.6%) was attributed to market concentration in large US tech stocks and declines in key holdings like LSEG and RELX.
Largest holding, Nintendo (14% of NAV), rose 27% following the successful launch of Switch 2.
Lindsell Train Limited (LTL), representing 24% of NAV, posted a -6.5% total return due to declining funds under management (FUM) and was a significant negative contributor.
Financial highlights
NAV per share: 876.0p at 30 September 2025 (down from 952.1p at 31 March 2025).
Share price: 690.0p at 30 September 2025 (down from 818.0p at 31 March 2025).
NAV total return: -3.7%; share price total return: -11.2% (six months to 30 September 2025).
Dividend of 42p per share paid in September 2025.
Revenue return per share: 19.5p; capital loss per share: -53.6p; total loss per share: -34.1p.
Net assets: £175.2m at 30 September 2025.
Outlook and guidance
No changes anticipated to investment objective, policy, or management.
Board and management remain confident in the long-term value of the portfolio, despite recent underperformance.
Ongoing focus on concentrated, high-quality holdings and capturing compounding returns.
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Next Lindsell Train Investment Trust earnings date
H2 202612 Jun, 2026
Next Lindsell Train Investment Trust earnings date
H2 202612 Jun, 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.
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