Monthly Briefing 31-3-02

Lindsell Train Investment Trust PLC
18 April 2002

The Lindsell Train Investment Trust PLC
As at 31st March 2002



Fund Objective

To maximise long-term total returns subject to the avoidance of loss of absolute
value and with a minimum objective to maintain the real purchasing power of
Sterling capital, as measured by the annual average yield on the 2.5%
Consolidated Loan Stock.


Share Price                                                  GBP 121.50
Net Asset Value                                              GBP 104.74
Discount (Premium)                                              (16.6%)
Market Capitalisation                                        GBP 24.3mn
Source: Bloomberg


Performance
(based in GBP)          Mar          Feb          Jan       1 Year  Since Launch
NAV                    -0.3         -0.2         +1.5         +4.2          +4.2
Share Price            +1.7         +1.7         -0.8         +6.6         +21.5
2.5% Consol Loan Stock
Annual Average Yield   +5.1
Source: Bloomberg.
Based in GBP.


Top 10 Holdings
                                                                  % NAV
Lindsell Train Japan (Dist)                                        13.1
US Gov Treasury 6.25%                                              12.9
Lindsell Train Global Media (Dist)                                 12.1
US Gov Treasury IL 3.875%                                           7.3
Halifax Group plc Pref                                              6.7
Dow Jones & Co                                                      5.6
Cadbury Schweppes                                                   5.5
21/2% Consolidated Loan Stock                                       5.1
Barr (AG)                                                           4.9
UK Treasury 2.5%                                                    4.4


Industry Breakdown
                                                                  % NAV
Bonds                                                              32.0
Preference Shares                                                  10.8
Media                                                              11.8
Banks & Investment Co.                                              6.5
Leisure & Tourism                                                   8.5
Food & Beverage                                                    15.4
Investment Fund                                                    25.2
Cash & Equivalent                                                (10.3)
Total                                                             100.0


Geographical Breakdown
                                                                           % NAV
Bonds                                                                       32.0
                                      UK                          11.9
                                      US                          20.1
Preference Shares                                                           10.8
Equities                                                                    42.3
                                      UK                          29.2
                                      US                           6.1
                                      Japan                        4.4
                                      Europe                       2.6
Funds                                                                       25.2
                                      LT Japan                    13.1
                                      LT Global Media             12.1
Cash & Equivalent                                                          (10.3)
Total                                                                      100.0


Currency Exposure
                                                                  % NAV
USD                                                                52.1
JPY                                                                 0.3
EUR                                                                 2.6
GBP                                                                45.0
Total                                                             100.0





Fund Manager's Comments

We are somewhat disappointed with the performance of the Company's NAV through
March.  It fell very slightly, while equity markets around the world
appreciated, the UK, for instance, gaining over 3.0% for the month.  For the
year to date the NAV is up around 1.5%, against flat equity markets.  The
annualised return for the quarter is 6.0%, which would likely marginally beat
our benchmark, the average yield on the Consolidated Loan Stock, which is
running at 5.1% per annum currently.  A dull month does not matter so much,
particularly if we remain on track to meet our objectives. But it is a reminder
to us and our investors that our low correlation to popular benchmarks can cut
both ways.  We benefited through the testing times of 2001, we may have to
apologise for pedestrian returns in 2002 if equities continue to perform.

The 'problem' in March was the performance of our fixed interest investments,
which fell markedly.  Our US treasury bond, for instance, started the month at
$109, yielding 5.5% and ended at $104, yielding 5.95%.  There was similar
weakness in the gilt market, although the US TIP and the preference stocks,
which tend to behave as bond proxies, were simply unmoved.  Bonds were weak
because evidence for economic recovery mounted over the period and the oil price
spiked.  We do not dispute the recovery and have nothing to add about the
geopolitics of the oil price.  We do believe, however, that the sell-off in long
bonds is overdone.  At a fraction under 6.0%, long US yields are within sight of
the previous cyclical peak, of 6.7%, registered in January 2000.  Not only are
today's conditions very different from those in the immediate aftermath of the
Millennium Boom, it seems incredible to us that they could be repeated any time
soon.  The evidence from the new capital-intensive industries,
telecommunications and semiconductors, suggests that a capex boom is neither
current nor likely, while it seems implausible that US consumers can become any
more ebullient.  We bought some more bonds on the strength of this analysis.  To
reiterate, though, we are not, nor are attempting to be, macro-economists making
short-term calls about interest rates or yield curves.  Rather, we are
interested in accessing assets that we believe will help us achieve our
investment objective with acceptably low risk.  To us a yield of 6.0% in US
Dollars is a good starting point.  We maintain the fixed exposure at 30% in
governments, of which 7.0% is in inflation protected TIPS.

Our stocks had a better month and offset the falls on the bonds.  Gains were
achieved in Wolverhampton & Dudley, Cadbury and Dow Jones.  We see no reason to
sell or reduce any of these positions, indeed would love to buy more on any
setback.  AG Barr reported results that hit the share price by 3.0%, after good
recent gains.  The figures were dull and perhaps disappointing after the
company's positive trading statement at the start of its financial year.
However, what was encouraging and has supported the share price was the sales
data for the key property, IRN-BRU, whose litreage was up 9% in 2001, including
a 22% gain in England and Wales, where a concerted effort to grow share is being
made and, of course, being expensed through the P&L.  We continue to believe
that the company is an attractive investment even as a low growth utility on its
Scottish business, but could be exceptionally undervalued if the growth of its
new markets accelerates.







Fund Manager              Launch Date            Denominated Currency
Nick Train                22 January 2001               GBP


Year End                  Dividend               Benchmark
31st March                Ex-date:   June        The annual average yield on
                          Payment:   August      the 21/2% Consolidated Loan
                                                 Stock.

Sedol No                  Bloomberg
3001710                   LTI LN

The Board                 Management Fees            Registered Address
Rhoddy Swire              Standard Fee: 0.65% p.a.   Lindsell Train Investment Trust
Michael Mackenzie         Performance Fee:           77A High Street
Donald Adamson            10% of annual increase in  Brentwood
Michael Lindsell          the share price, plus      ESSEX  DM14 4RR
                          dividend, above
                          the gross annual yield of
                          the 21/2% Consolidated
                          Loan Stock.

Disclaimer

The contents in this document is solely for information purposes only. The
information contained herein does not constitute an offer or invitation to buy
or subscribe any securities or funds in any jurisdiction in which such
distribution is not authorised. Nothing in this document constitutes investment,
legal, tax or other advice and cannot be relied upon in making any investment
decision. Applications to invest in some of the funds must only be made on the
basis of offer documents which may only be available for private circulation.
The information contained in this document is published in good faith and
neither Lindsell Train Limited nor any other person so connected assumes any
responsibility for the accuracy or completeness of such information as provided.
No representation is made or assurance given that any statements made, views,
projections or forecasts are correct or that objectives will be achieved.
Lindsell Train and/or persons connected with it may have an interest in the
Fund.  The value of investments and the income from them may go down as well as
up and are not guaranteed. Past performance is no guarantee of future
performance. You may not get back the amount you invested. Foreign exchange
rates may cause the value of investments to go up or down. Investments may be
subject to higher volatility in certain funds and the investment value may fall
suddenly and substantially.



Lindsell Train Limited
35 Thurloe Street, London  SW7 2LQ
Tel. [phone]  Fax. [phone]
[e-mail]  www.lindselltrain.com

Lindsell Train Limited is regulated by the FSA.




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