Lindsell Train Investments underperforms benchmark amid US volatility

Lindsell Train Investments PLC on Friday reported that total returns declined in the financial year that ended March 31, slipping below its benchmark.

The fund is run by London-based investment manager Lindsell Train Ltd. Net asset value per share on March 31 was £952.13, down 7.2% from £1,026.43 a year before.

NAV total return swung to negative 2.2% in financial 2025 from positive 2.1% in financial 2024. This was well below Lindsell Train Investments’ benchmark, the MSCI world index in sterling, which recorded a 4.8% NAV total return for the same period.

The trust set a final dividend of £42.00, down 18% from £51.50 a year before. It pays no interim dividend.

It insisted it has the strength and flexibility to navigate challenges ahead.

‘The unprecedented trade policies introduced by the US administration have upended the assumptions embedded in the business strategy of most global companies, as has been reflected in volatile stockmarkets,’ commented Chair Roger Lambert.

‘Companies will develop responses as the new landscape becomes clearer. It is worth pointing out that LTL’s investee companies sell more software or services than tradeable goods. As such, LTL’s portfolios may be better placed to avoid the full force of newly introduced tariffs.’

Also on Friday, the company proposed a 1-into-100 share split. The proposal is subject to a shareholder vote at the company’s annual general meeting on September 11. If approved, the split will come into effect on September 24.

Lindsell shares were down 0.9% at £842.00 each on Friday morning in London.

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