Due to the trust's strong outperformance, just shy of £2 million was accrued in performance fees over its last financial year, prompting the managers to tweak how they calculate the fee.
From now on, the performance fee will be worked out based on the lower of the trust's net assets or market capitalisation, rather than just its market capitalisation, as was previously the case.
In addition, half of the performance fee accrued last year that was attributable to the expansion of the premium will be withheld by the company, and only paid in full if the net asset value (NAV) next March exceeds the NAV for the previous financial year.
In-keeping with its longer term track record, Lindsell Train once again enjoyed another strong year in terms of its performance.
According to its latest report to investors, the trust's NAV increased by 27.2% over the 12 months to the end of March, while its share price grew by 32%.
Over three years the trust has grown its share price by 87.7% and its NAV by 53.5%. It trades at a 12.4% premium.