)
Visual
test
Lindsell Train Investment Trust
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.
LTL FUM decline: impact on profit margins?
LSEG/RELX: AI opportunity vs market fears?
Dividend sustainability given revenue reserves?
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
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 202426 Feb 2026 - NAV fell, dividend cut, and a share split is proposed amid LTL underperformance.LTIH2 202526 Feb 2026
- NAV fell, LTL's FUM declined, and the share price discount to NAV stayed elevated.LTIH1 202513 Jun 2025
Next Lindsell Train Investment Trust earnings date
H2 202612 Jun, 2026
Lindsell Train Investment Trust
Next Lindsell Train Investment Trust earnings date
H2 202612 Jun, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Explore our global coverage