Lindsell Train Investment trust continues to "represent a risky investment if bought at today's approximate 90% premium", according to manager Michael Lindsell.
Writing to shareholders in the trust's latest monthly report, Lindsell noted the net asset value (NAV) had advanced 19% in the year to 31 May, but that had been outstripped by the share price, which has risen 55% "and unbelievably making new highs this month as I write". Shares are currently testing the 2,000p level and are on an 87.7% premium to NAV. Its 12-month average premium is 54%, according to Morningstar data. That poses problems for investors who still seem to be queuing up to buy into the trust. Lindsell puts a worrying scenario to shareholders regarding the trust's largest ...
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