Lindsell Train trust NAV down 3% due to fund group stake

24.2% ownership of Lindsell Train

Lindsell Train investment trust has reported its net asset value fell 3% in the six months to the end of September, dragged down by poor performance of its large stake in fund management group Lindsell Train Limited.

These returns are better than the 7.3% fall in the benchmark MSCI World Index (including dividends), however. The trust's 24.2% ownership of Lindsell Train Limited (LTL), which accounted for 42.7% of NAV at 30 September 2022, had the most bearing on performance.  LTL's valuation fell by 10.4%, reflecting its reduced funds under management, which dropped from £20.5bn to £18.6bn over the six months, £1.5bn due to net redemptions and £0.4bn due to falling market prices.  Fundsmith Equity lands only active spot in November's top ten most-bought Julian Cazalet, chair of the trust, sa...