Lindsell Train Investment Trust Annual Financial Report for the year ended 31 March 2024


Introduction

Lindsell Train Investment Trust is a listed investment company that aims to maximize long-term total returns with a minimum objective to maintain the real purchasing power of Sterling capital. For the financial year ending March 31, 2024, the company's net asset value (NAV) total return was 2.1%, while the share price total return was -19.8%. The company's benchmark index, the MSCI World Index in Sterling, returned 22.5% over the same period.

Company Summary

The company's investment objective is to maximize long-term total returns with a minimum objective to maintain the real purchasing power of Sterling capital. Lindsell Train Limited acts as the company's discretionary investment manager, and the Board of Directors retains ultimate discretion over the company's investments. The company's capital structure comprises 200,000 ordinary shares of 75 pence each. The company's business model and strategy include a review of the company's business model, an analysis of its performance during the financial year, and future developments. The company's investment policy is to invest in a wide range of financial assets globally with no limitations on markets and sectors, although there is likely to be a bias towards equities and Sterling assets consistent with a Sterling-dominated investment objective. The company does not envisage any changes to its objective, investment policy, or management for the foreseeable future.

Performance and Benchmark

The company's financial highlights for the year are as follows:

  • Net Asset Value (NAV) total return per ordinary share +2.1%
  • Share price total release per ordinary share -19.8%
  • MSCI World Index total return (Sterling) +22.5%
  • UK RPI Inflation 4.3% The company compares its performance and calculates its performance fees relative to its benchmark, the MSCI World Index in Sterling.

Dividend

The Board of Directors proposes an unchanged final dividend of £51.50 per ordinary share (2023: £51.50 per ordinary share). If this dividend is approved by shareholders at the Annual General Meeting, it will be paid on September 13, 2024, to shareholders on the register at close of business on August 9, 2024 (ex-dividend August 8, 2024).

Annual General Meeting

The notice of the Annual General Meeting, scheduled for September 4, 2024, at 2:30 pm at the Marlborough Suite, St Ermin's Hotel, 2 Caxton Street, London, SW1H 0QW, is provided in the company's annual report.

Capital Structure

The company's capital structure comprises 200,000 ordinary shares of 75 pence each. Details are given in note 13 to the Financial Statements.

Business Review

The Directors present their Strategic Report for the company for the year ended March 31, 2024. The report contains a review of the company's business model and strategy, an analysis of its performance during the financial year, and its future developments. The report also contains details of the principal risks and challenges the company faces. The report's purpose is to inform shareholders and help them assess how the Directors have performed their duty to promote the success of the company.

Risk Factors

The company's investment strategy involves a combination of equity, bonds, funds, cash, and other financial investments globally without limitation to markets and sectors. The company may focus its investments on a few individual positions, which may lead to higher volatility in the company

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