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Lindsell Train Investment Trust PLC (LTI)
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Lindsell Train Investment Trust underperforms against benchmark
(Alliance News) - Lindsell Train Investment Trust PLC on Tuesday said its half-year net asset value per share decreased as the trust's performance was hampered by the performance of its investment manager.
For the six months ended September 30, the investment trust realised a 1.9% decline in NAV total returns per share, whilst its benchmark, the MSCI world index returned 2.8% over the same period.
Its NAV per share fell 6.9% to GBP1,026.43 from GBP955.83 over the period, with the firm stating that the six-months was characterised by a steady fall in the value of Lindsell Train Ltd, the company's unlisted investment manager.
LTL's total return over the period was minus 8.4%, serving as the "biggest detrimental contributor" to performance, with the holding dropping to 31% of NAV at September 30 from 34% six months prior.
The firm said this decline was owed to a contraction in LTL funds under management which fell 12% to GBP13.4 billion from GBP15.2 billion in the six months to September 30.
The investment trust was set up by Nick Train and Michael Lindsell in 2000 and operates under a conviction that inefficiencies are present in the valuation of "exceptional" companies.
Chair Roger Lambert said: "The six months were characterised by the steady fall in the valuation of LTL... [its] strategies have suffered from disappointing relative performance in recent years and some of its clients have understandably responded by withdrawing funds".
He continued: "A good proportion of clients, including the company, have experienced LTL’s successful longer-term performance and remain loyal supporters of its differentiated investment approach which, as the investment manager’s report implies, remains consistent with its core principles."
Lindsell Train Investment Trust shares were down 0.3% at GBP722.00 each on Tuesday afternoon in London.
By Christopher Ward, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
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