Lindsell Train Investment Trust has published results for the year that ended 31 March 2014. These show that the net asset value return for the year was 13.0% vs. 4.3% for the fund’s benchmark and 9% for the MSCI World Index (in Sterling terms). The share price did even better – generating a return of 16.0% for shareholders. The net asset value in these accounts is higher than the one published closer to the end of the financial year as the value of the holding in Lindsell Train Limited was revised upwards as its funds under management hit £3.7bn. The Board valued this investment on 7.7x earnings, saying this level reflects the key man risk associated with the company.