Lindsell Train Investment Trust (LTI) H1 2026 earnings summary

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.