Last checked at 18 Jan 2012 15:46
THE LINDSELL TRAIN INVESTMENT TRUST PLC
Interim Management Statement and Monthly Update
The Lindsell Train Investment Trust plc is pleased to announce that its monthly updating newsletter for December 2011 is now available for viewing (and downloading) on the Company's web pages at the below web address. The newsletter includes the following Interim Management Statement from Donald Adamson, the Chairman of Lindsell Train Investment Trust plc, on behalf of the Board as well as full performance data.
INTERIM MANAGEMENT STATEMENT
The NAV rose just over 5% in the final quarter of 2011. By contrast, the MSCI World Equity Index rallied 8.7%, after a traumatic Q3. For the calendar year as a whole, LTIT's NAV gained 9.4%, while the MSCI was down 4.6%. Your Board is pleased by this outcome, reaffirming, as it does, that the investment portfolio tends to deliver returns in a very different shape to that of mainstream equity benchmarks. However, we remind shareholders that such distinction can cut both ways and, for instance, the strategy could easily continue the last quarter's underperformance if, say, the current rebound in economically-sensitive shares were to be sustained. Specific risk remains high, with heavy weightings in holdings such as Barr and Diageo - albeit the business fundamentals of both remain encouraging.
Lindsell Train Ltd has enjoyed steady cash flows into its new Global Equity Fund, which, you will recall, your company supported at its March 2011 launch. We note that the managers have been keen to keep this new fund fully invested and that many of the assets purchased are held in common with LTIT. It is encouraging that the new fund is proving a commercial success, albeit still early in its life. This will tend to support the value of LTIT's holding in LT Ltd, a very important commitment for your company.
The newsletter can be accessed on the following link:
http://www.lindselltrain.com/investment-strategies/global/~/media/Files/L/Lindsell-Train/Attachments/Latest/LTIT_Latest.pdf
Phoenix Administration Services Limited - Company Secretary
18 January 2012
END
The content of the Company's web-pages and the content of any website or pages which may be accessed through hyperlinks on the Company's web-pages, other than the opinions expressed and content within the updating newsletter specifically referred to above, are not incorporated into or form part of the above announcement.