Lindsell Train Investment Trust (LTI) is run by Nick Train, co-founder of the eminent UK asset manager Lindsell Train Limited, and the trust invests in global equities. Like many of Lindsell Train Limited’s strategies, LTI is characterised by its heavily concentrated portfolio of quality growth equities, with a mere 15 holdings currently. The majority of LTI’s portfolio can be split into two categories: technology and consumer franchises (with a smaller allocation to financials). However, the defining characteristic of LTI is its c. 48% exposure to the equity of its management company, offering public investors the only way to access the equity of the asset manager. LTI has been able to generate a strong track record of outperformance, as we discuss in the Performance section. However, LTI has begun to lag behind its peers over the last 12 months, as high-growth stocks and low-quality cyclicals have outperformed, biases which are not present in LTI’s portfolio. There is a remarkable difference in the return profile of LTI’s NAV and share price, however, a result of the at times eyewatering premium LTI has traded on (see the Discount section). Although LTI currently trades on an 14.1% premium, it had previously traded above a 100% premium in 2019 as a result of the market’s demand for its holding of Lindsell Train Limited. LTI also has a strong history of dividend growth, following a policy of paying out most of its underlying dividend as income. LTI grew its dividend 49% over the last financial year, with a five-year growth rate of 494%. LTI currently has a historical dividend yield of 3.2%.