Title: PowerPoint Presentation URL Source: https://is.gd/32kR5u Published Time: Wed, 18 Jun 2025 10:22:57 GMT Markdown Content: 100 150 200 250 300 350 400 450 500 550 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 NAV Price MSCI World Issued and approved by Lindsell Train Limited. Authorised and regulated by the Financial Conduct Authority . # The Lindsell Train Investment Trust (LTIT) M O NT H L Y R E P O R T | FAC T SH E E T A L L D A T A A S O F 3 1 M A Y 2 0 2 5 To maximise long-term total returns, with a minimum objective to maintain the real purchasing power of Sterling capital, by investing globally in a wide range of financial assets with no limitations on the markets and sectors in which investment may be made. There is likely to be a bias towards equities and Sterling assets, consistent with a Sterling-dominated investment objective. Included in the range of assets are Lindsell Train managed funds and the unlisted security Lindsell Train Limited. For further information please see www .ltit.co.uk Portfolio Manager Nick Train Share price £832.00 NAV per Share £970.15 Market Capitalisation £166m Net Assets £194m (Discount) / Premium to NAV (14.24%) Number of Holdings 15 Dividend Per Share £42.00 Current Net Yield (Dividend/Price) 5.05% Active Share 98.86% Annual Management Fee* 0.60% Ongoing Charges Figure** 0.83% Performance Fee† 10% Benchmark *** MSCI World Index £ Capital Structure 200,000 Ordinary Shares of 75p nominal each. Listing LSE Launch Date 22 January 20 01 Year End 31 March Dividends Payable September Base Currency GBP(£) AIC Sector Global ISIN GB0031977944 SEDOL 3197794 Bloomberg LTI LN Fund Information 2020 2021 2022 2023 2024 LTIT NAV +16.5 +3.8 -9.4 +3.3 +1.3 LTIT Price +24.6 -9.7 -13.4 -13.9 -1.2 MSCI World Index £ +12.3 +22.9 -7.8 +16.8 +20.8 Calendar Year Total Return Performance (%) £ Fund Objective & Policy Annualised 1m 3m YTD 1yr 3yr 5yr 10yr Since Launch LTIT NAV -0.9 -3.2 -1.2 +3.6 +1.7 +2.4 +12.8 +12.2 LTIT Price +1.0 -3.6 +4.0 +9.9 -2.3 -1.9 +8.9 +11.4 MSCI World Index £ +4.9 -4.7 -2.5 +7.4 +10.7 +12.2 +11.3 +7.1 Total Return Performance to 31st May 2025 (%) £ Source: Lindsell Train Limited, Bloomberg and Morningstar Direct. Listed securities in the portfolio are valued at the closing bid price. GBP return net of fees and expenses with dividends reinvested. For periods greater than one year, returns are shown annualised. Past performance is not a guide to future performance. Source: Lindsell Train Limited/ Frostrow Capital LLP, Morningstar & Bloomberg. Share Price is based on closing mid price. Investment Growth over the last 10 years As of 31st May 2025. Source: Lindsell Train, Bloomberg, Morningstar Direct. GBP total return net of fees and expenses with dividends reinvested. The graph shows NAV per share, Price and MSCI World performance per £100 invested. Note: Dividend Per Share represents the proposed dividend for the year ended 31 March 2025 – to be approved by shareholders at the AGM in September. *** Prior to 1 April 2021, the benchmark was the annual average running yield of the longest-dated UK government fixed rate bond, plus a premium of 0.5%, subject to a minimum yield of 4%. Lindsell Train Limited 25.00 London Stock Exchange Group 13.53 Nintendo 12.85 WS Lindsell Train North American Equity Fund 10.29 RELX 7.47 Unilever 4.82 Diageo 4.42 A.G. Barr 3.73 Mondelez 3.21 PayPal 2.53 Top 10 Holdings (% NAV) Allocation (% NAV) Fund Exposure (% NAV) > T H E L I N D S E L L T R A I N I N V E S T M E N T T R U S T P L C M O N T H L Y R E P O R T | F A C T S H E E T Fee Information Equities: Communication Services 15.2 Consumer Staples 20.0 Financials 16.1 Health Care 1.3 Industrials 7.5 Unlisted Securities 25.0 Funds and Trusts 12.3 Cash & Equivalents 2.7 Total 100.0 Equity Funds* and Trusts Cash & Equivalent Total UK 59.0 2.0 2.7 63.7 USA 7.0 10.3 - 17.3 Europe (ex UK) 6.2 - - 6.2 Japan 12.8 - - 12.8 Total 85.0 12.3 2.7 100.0 Annual Fee Performance Fee * 0.60% management fee of the lower of the company’s market capitalisation or NAV calculated daily. **The OCF of 0.83% is a measure of the impact of the costs that are incurred each year for managing your investments and running the Company. The OCF excludes any portfolio transaction costs and is as at the 31 March 2024. † 10% of the value of any positive relative performance versus the benchmark in a financial year. Relative performance is measured by taking the lower of the NAV or Average Market Price (defined as the average price over the last month of the performance period), taking into account dividends, at the end of each financial year and comparing the percentage annual change with the total return of the benchmark. A performance fee will only be paid out if the annual change is both above the benchmark and is a positive figure. For further information, please contact Frostrow Capital LLP. Issued and approved by Lindsell Train Limited. Authorised and regulated by the Financial Conduct Authority. > * Exposure of funds are assigned to their geographic investment area. > Holdings and allocation subject to change. Registrar MUFG Corporate Markets Central Square, 29 Wellington Street, Leeds, LS1 4DL Tel: +44 (0)371 664 0300 www.eu.mpms.mufg.com shareholderenquiries@cm.mpms.mufg.com Please contact the registrars if you have a query about a certificated holding in the Company’s shares. Corporate Secretary & Registered Office Frostrow Capital LLP 25 Southampton Buildings, London, WC2A 1AL Tel: +44 20 3008 4910 www.frostrow.com Email: info@frostrow.com Authorised & Regulated by the FCA Board of Directors - Roger Lambert (Chairman of the Board and Management Engagement Committee) - Nicholas Allan (Chairman of the Nomination Committee) - Vivien Gould (Senior Independent Director) - Michael Lindsell - David MacLellan (Chairman of the Audit Committee) - Helena Vinnicombe Portfolio Manager Commentary > T H E L I N D S E L L T R A I N I N V E S T M E N T T R U S T P L C M O N T H L Y R E P O R T | F A C T S H E E T I write in the wake of the Trust’s announcement of a reduced dividend for 2025, with a payment in September of £42.00 per share versus £51.50 a year ago, down 18.4%. As investment manager, we must apologise to shareholders for this unwelcome reduction in their dividend income. It is, after all, almost wholly due to the recent disappointing business performance of Lindsell Train Limited (‘LTL’), for which we, as founders and senior executives, must be held responsible. Since 2021, LTL’s funds under management (‘FUM’) have more than halved and LTL’s profits after tax have followed suit. LTL has for the last 22 years paid out 80% of these profits in dividends to its shareholders, which, as a c.23-25% owner, gave the Trust a rich stream of revenue to fund its own dividends. Such was the flow through of income, the revenues from LTL dividends alone made up 85% of the revenues of the Trust at its peak in 2021. And still today, as disclosed in the Trust’s results just released, LTL dividends made up 76% of the Company revenues even though LTL’s valuation made up only 25% of net asset value. This predicament in part stems from LTL’s historic success in growing its business from its inception. Annualised growth in the Trust’s dividends from its first payment in 2003 peaked in 2020 at 23% and, even with this year’s decline, annualised growth remains at 17.1%. As we have signaled in the past, the pace of dividend growth was always going to be difficult to sustain, particularly in the face of challenging performance, though the reduction is nonetheless disappointing to report. What could change or modify this unwelcome outcome? The most significant catalyst would be better LTL investment performance. Whilst that would indeed provide a long-term platform for renewed growth, in our experience there is generally a lag between translating improved performance into rising FUM. What’s more, LTL dividends lag LTL’s business performance and the Trust’s dividend lags both. This means that downward pressure on the Trust’s dividends will be sustained in the short-term even if LTL’s FUM and performance improves from here. There is also the distant prospect of rising income from the Trust’s listed companies providing support to the Trust’s dividend. Over the last 10 years dividends from our listed companies have increased by 8.4% per annum and we might hope that this pace of growth be maintained far out into the future. Unfortunately, as these dividends account for 23% of the Trust’s current revenues, it will be some time before growth here offsets declining LTL dividends. With little comfort to be drawn from the trajectory of LTL’s dividends, it’s important to note that LTL has been assiduous in retaining a proportion of its earnings over the years in the hope of internally compounding retained earnings. It means that over the 25 years of its existence LTL has accumulated net assets of currently £108m, which now represent 51% of its latest valuation. It gives LTL financial security and huge optionality to invest in talent, infrastructure or the seeding of new products. We at LTL take encouragement from its hidden potential. Aside from the financial strength referenced above, LTL has an investment team of increased maturity and adifferentiated investment approach that has over time yielded value added returns and we strongly believe has the potential to do so in the future. The Trust has the chance to share in a revival of LTL’s business as well as the ongoing returns from the ownership of a concentrated selection of what we believe are high calibre companies with the very best years ahead of them. > Michael Lindsell, 13 th June 2025 > Source: Lindsell Train, Morningstar & Bloomberg. All data as of 31st May 2025. > Note: All stock returns are total returns in local currency unless otherwise specified. > The top three absolute contributors to the Trust's performance in May were WS Lindsell Train North American Equity Fund, Universal Music Group and PayPal, and the top three absolute detractors were Lindsell Train Limited, London Stock Exchange Group and Nintendo. Please refer to Lindsell Train’s Glossary of Investment terms here .This document is intended for use by Shareholders of the Lindsell Train Investment Trust PLC (“LTIT”) and/or professional investors/persons who are authorised by the UK Financial Conduct Authority or those who are permitted to receive such information in the UK. Neither the views nor the information contained within this document constitute investment advice or an offer to invest. Past performance is not a guide to future performance. Investments carry a degree of risk and the value of investments and any income from them may go down as well as up and you may not get back the amount originally invested. Investments may be affected by market or currency fluctuations. All references to benchmarks are for information purposes only. If in doubt, investors should seek advice from a financial advisor prior to investing. There is no guarantee that the trust will achieve its objective. The Lindsell Train Investment Trust plc is an investment trust company listed on the London Stock Exchange. Investment trusts have the ability to borrow to invest which is commonly referred to as gearing. Companies with higher gearing are subject to higher risks and therefore the investment value may change substantially. The net asset value (“NAV”) per share and the performance of an investment trust may not be the same as its market share price per share and performance. All performance data is calculated net of fees with dividends reinvested, unless otherwise stated. LTIT conducts its affairs so that its shares can be recommended by independent financial advisers ("IFAs") to retail private investors. The shares are excluded from the Financial Conduct Authority's ("FCA's") restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust. The historic dividend yield is not guaranteed and will fluctuate. References to specific securities are included for the purposes of illustration only and should not be construed as arecommendation to buy or sell these securities. Tax legislation and the levels of relief from taxation can change at any time. Any change in the tax status of a trust could affect the value of the investments held by the Trust or its ability to provide returns to its investors. Opinions expressed whether specifically, or in general, or both on the performance of individual securities and in a wider economic context represent the view of Lindsell Train at the time of preparation. They are subject to change and should not be interpreted as investment advice. Although Lindsell Train Limited considers the information included in this document to be reliable, no warranty is given to its accuracy or completeness. The information provided in this document was captured on the date indicated and therefore is not current. No part of this document may be copied, reproduced or distributed to any other person without prior express written consent from Lindsell Train Limited. economic © 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The MSCI information (relating to the Benchmark) may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, noninfringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation lost profits) or any other damages. (www.msci.com). Note on Third-Party and AI-Generated Content: Lindsell Train Limited (LTL) is not responsible for any third-party use, reproduction, or AI-generated content based on this material. LTL does not endorse or verify the accuracy, context, or conclusions of any such third-party content. Any representations or interpretations made outside our official publications are the sole responsibility of their creators. Issued and approved by Lindsell Train Limited (registered office in England & Wales No.03941727). Authorised and regulated in the UK by the Financial Conduct Authority (FRN:194229). Copyright Lindsell Train Limited 2025. 16 June 2025 LTL-000-309-8 > T H E L I N D S E L L T R A I N I N V E S T M E N T T R U S T P L C M O N T H L Y R E P O R T | F A C T S H E E T # Important Information