Monthly Update

Lindsell Train Investment Trust PLC
20 February 2008


                                                     The Lindsell Train Investment Trust PLC
                                                              As at 31 January 2008

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.

Net Asset Value                                                       GBP 161.69
Share Price                                                           GBP 147.58
Premium (Discount)                                                       (8.78%)
Market Capitalisation                                                 GBP 29.5mn
Benchmark (21/2% Con Ann Avg Yield +4.5%)                                   +0.4
Source: Bloomberg; NAV-Lindsell Train. Share Price
quoted is closing mid price. See Benchmark definition.

Performance History (based in GBP)      2002         2003          2004        2005       2006       2007     YTD 2008
Net Asset Value TR%                     -9.6         +3.1         +23.7       +16.5      +13.7      +17.1         -5.4
Share Price TR%                         -19.8        -8.7         +20.6       +27.5      +20.1       +8.1         -8.3

Source: LTL and Bloomberg. Performance years listed Jan - Dec. Launch date 22 Jan 2001. TR=Total Return (with dividends 
reinvested) Past performance is not a guide to future performance. The price of units and the income from them may go 
down as well as up. Investors may not get back what they invested.

2007 Performance         Jan    Feb      Mar     Apr   May   Jun    Jul     Aug      Sep        Oct       Nov     Dec
Net Asset Value TR%     +2.0   +0.8*     +1.9   +2.6  +4.5  -3.1   +2.5    -1.6     +0.6       +3.6      +0.1    +0.6
Share Price TR%         -1.3    +4.0     +3.1   +4.5  +2.0  +0.6   -2.4    +5.2     +0.3       +5.2     -10.1    -2.0

Source: LTL and S&P Micropal unless otherwise indicated. Performance years listed Jan - Dec. Launch date 22 Jan 2001. 
TR=Total Return (with dividends reinvested)

2007 Performance         Jan    Feb      Mar     Apr   May   Jun    Jul     Aug      Sep        Oct       Nov     Dec
Net Asset Value TR%     -5.4
Share Price TR%         -8.3

Source: LTL and Bloomberg unless otherwise indicated. Performance years listed Jan - Dec. Launch date 22 Jan 2001. 
TR=Total Return (with dividends reinvested) *Source: Lindsell Train Ltd .

Past performance is not a guide to future performance. The price of units and the income from them may go down as well 
as up. Investors may not get back what they invested.


 Industry Breakdown                                            % of NAV
Bonds                                                            15.0
Preference Shares                                                9.4
Equity - Media                                                   22.5
Equity - Banks & Investment Co.                                  7.5
Equity - Leisure & Ent.                                          4.2
Equity - Food & Beverage                                         28.2
Equity - Consumer Goods                                          1.7
Equity - Internet                                                1.2
Investment Funds                                                 22.3
Cash & Equivalent                                               (12.0)
Total                                                           100.0
Source: Lindsell Train


Top 10 Holdings                                               % of NAV
Lindsell Train Media (Dist)                               12.6
Nintendo                                                  11.5
Barr AG                                                   9.7
HBOS 9.25% Non Cum Pref                                   9.4
Cadbury Schweppes                                         8.3
Lindsell Trains Limited                                   7.5
Diageo                                                    7.2
Morgan Stanley USD                                        6.7
LT Japan (Dist)                                           6.4
21/2% Consolidated Loan Stock                             5.7
Source: Lindsell Train


Fund Exposure           Bonds         Prefs            Equity              Funds                  Cash      % of NAV
UK %                     10.1          9.4              48.1                3.3                  (15.8)         55.1
USA %                    4.9            -                1.2                 -                    6.8           12.9
Europe (ex UK) %          -             -                4.5                 -                   (2.7)           1.8
Japan %                   -             -               11.5                6.4                  (0.3)          17.6
Global %                  -             -                 -                 12.6                   -            12.6
Total                    15.0          9.4              65.3                22.3                 (12.0)        100.0
Source: Lindsell
Train



Fund Manager's Comments

Trust succumbed by 1.9% to the weakness of stock markets, its decline was offset by positive performance from our fixed 
interest holdings and a further decline in the value of Sterling against not only the US dollar but also the Euro and 
the Yen. It was encouraging to note that the price of the HBOS preference shares seems to have stabilised. During the 
month they were up 3.2%, compared to a fall in the price of the ordinary (which we do not own) of 5.5%, suggesting that 
the end of January gross yield of 7.1% is at last providing some support to the price.

Despite the relatively strong performance of bonds, we detect that there are many investors who still fear an 
inflationary outcome to the current spate of monetary easing rather than a disinflationary one that we think is more 
likely. Rising input costs of many commodities has emboldened companies across a number of regions to raise prices of 
products and services for the first time in many years, Inflation believers think that this is another sign of inflation
creeping into the system, the next being a demand for higher wages to compensate for the loss of consumer
purchasing power. This is probably where we differ from the 'inflationists', for we believe the current margin squeeze 
together with a consumption slowdown (induced by the lack of availability of credit and the negative influence falling 
house prices may have on consumer confidence) is likely to induce a sharp corporate profits recession. As companies 
react to falling profits with hiring freezes and redundancies, workers will be more concerned about preserving jobs than
making demands for higher pay. Without the threat of rising wages, inflation would be unlikely to take hold and indeed 
may subside if industrial commodity prices moderate in response to slower demand. Such an environment could lead
to strong performance from government bonds, especially if the current credit problems endure as this gives government 
debt an extra premium rating over corporate debt. If this scenario plays out, we feel it would be an appropriate time to
reduce our holding in government bonds.

Whether we manage to sell government bonds at the same time as adding to existing, or accessing new, equity positions is
debatable but it is certainly an ambition. The prices of some our smaller positions, such as e-Bay, Clarins, Pearson and
Heineken, have been falling back, which interests us. If optimal bond and equity prices do not transpire at the same 
time, drawing down on more debt may be an option and one which we are more comfortable about today with the prospect of 
sharply falling short rates in the UK over the course of the next year. However, as with our position in HBOS preference
shares, we would like to hypothecate any net borrowing with the purchase of an asset yielding more than our cost
of borrowing. Currently out of the list above Pearson is the only likely candidate.

It is worth noting, especially as it is our largest holding at 12% of NAV, that Nintendo delivered some stellar third 
quarter results after a strong Christmas and New Year selling season. Sales of all products exceeded expectations. The 
Wii console continues to sell faster than any other previous console and beckons final total sales of more than 100 
million units (versus just 22 million units for 'Gamecube', the last Nintendo console). Moreover, the handheld DS is 
apparently now selling as well in Europe and the US as it did in Japan two years ago, when its sales reach increased 
from 10% to 15% of the Japanese population. As these continents have more than double the population of Japan, the
significance of such a trend for the company's future sales and profits cannot be understated. Also, operating margins 
rose above 30% in the quarter for the first time since 1992 and may even rise further from here while hardware and 
software prices remain stable. Near-term forecasts look conservative as do expectations for 2009 and 2010. We are 
comfortable holders of the stock especially as it has fallen back with the market decline and now yields a healthy 3% to
March 2008.


Fund Manager                            Launch Date                             Denomination
Nick Train                              22 Jan 2001                             GBP
Year End                                Dividend                                Benchmark
31st Mar                                Ex Date: June                           The annual average yield on the 21/2%
                                        Payment: August                         Consolidated Loan Stock.
The Board                               Management Fees                         Registered Address
Rhoddy Swire                            Standard Fee: 0.65%                     Lindsell Train Investment Trust
Donald Adamson                          Performance Fee: 10% of annual increase Springfield Lodge, Colchester Road
Dominic Caldecott                       in the share price above the gross      Chelmsford
Michael Lindsell                        annual yield of the 21/2% Consolidated  Essex  CM2 5PW
Michael Mackenzie                       Loan Stock.
ISIN                                    Secretary                               Listing
GB0031977944                            Phoenix Administration Services Limited London Stock Exchange
Bloomberg
LTI LN

Disclaimer
Risk Warning: This factsheet is intended for use by shareholders of the Lindsell Train Investment Trust ('LTIT') and/or 
persons who are authorised by the UK Financial Services Authority or those who are permitted to receive such information
in the UK. Any opinion expressed whether in general or both on the performance of individual securities and in a wider 
economic context represents Lindsell Train's views at the time of preparation. They are subject to change without notice
and should not be construed as investment advice or investment recommendation. Past performance is not a guide to future
performance and may not be repeated. The value of investments and income from them can go down as well as up and you may
not get back the amount originally invested. 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 its performance of an investment trust may not be the same as 
its market share price per share and performance.

Issued by Lindsell Train Limited
Authorised and regulated by the Financial Services Authority
17 Jan 2007 LTL 000-059-0

                                                             Lindsell Train Limited
                                      2 Queen Anne's Gate Buildings, Dartmouth Street, London SW1H 9BP U.K.
                                                  Tel. [phone]  Fax. [phone]
                                                [e-mail]  www.lindselltrain.com
                             Lindsell Train Limited is authorised and regulated by the Financial Services Authority.





                      This information is provided by RNS
            The company news service from the London Stock Exchange