Lindsell Train

Q1 2014 13F · by Michael Lindsell, CEO

As of: Mar 31, 2014
Filed: Apr 30, 2014
US stock: $750M · prev $623M
Positions: 10 · prev 10
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves8 since the prior filing

−2.2 pp in · 0.0 pp out

New 0 0.00 pp
Added 8 −2.15 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions78% of US stock

MDLZ Mondelez International, Inc. Class A added+0.17 pp added+0.1721.3%
EBAY eBay Inc added−0.37 pp added−0.3717.4%
unresolved Dr Pepper Snapple Group Inc added+0.30 pp added+0.3016.9%
DIS The Walt Disney Company added−1.04 pp added−1.0411.6%
INTU Intuit Inc added−1.03 pp added−1.0310.6%

Positions10 in this filing · 0 exited


MDLZMondelez International, Inc. Class A	21.31%	4,623,890	$160M	added+24%	+0.17 pp	4 q
EBAYeBay Inc	17.44%	2,366,650	$131M	added+17%	−0.37 pp	4 q
unresolvedDr Pepper Snapple Group Inc	16.93%	2,331,179	$127M	added+10%	+0.30 pp	4 q
DISThe Walt Disney Company	11.55%	1,081,969	$87M	added+5%	−1.04 pp	4 q
INTUIntuit Inc	10.63%	1,025,500	$80M	added+8%	−1.03 pp	4 q
unresolvedKraft Foods Group Inc	7.99%	1,068,396	$60M	added+12%	−0.25 pp	4 q
WWEWorld Wrestling Entertainment	7.20%	1,870,100	$54M	held	—	4 q
BF.ABrown-Forman Corporation Class A	5.77%	486,218	$43M	added+2%	+0.13 pp	4 q
HSYThe Hershey Company	0.83%	59,750	$6M	added+5%	−0.06 pp	4 q
ISCAInternational Speedway Corp	0.34%	75,900	$3M	held	—	4 q

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001484150-14-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet