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Lindsell Train

Q3 2014 13F · by Michael Lindsell, CEO

As of
Sep 30, 2014
Filed
Nov 12, 2014
US stock
$881M · prev $841M
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%

Moves7 since the prior filing

The book

Very concentrated · behaves like 7 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 0.1% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions81% of US stock

  1. MDLZ Mondelez International, Inc. Class A added−2.28 pp added−2.2821.4%
  2. EBAY eBay Inc added+1.57 pp added+1.5718.2%
  3. unresolved Dr Pepper Snapple Group Inc trimmed+0.79 pp trimmed+0.7917.6%
  4. DIS The Walt Disney Company added+0.07 pp added+0.0712.6%
  5. INTU Intuit Inc added+0.71 pp added+0.7111.7%

Positions10 in this filing · 0 exited

MDLZMondelez International, Inc. Class A21.39%5,498,390$188Madded+4%−2.28 pp6 q
EBAYeBay Inc18.20%2,830,400$160Madded+1%+1.57 pp6 q
unresolvedDr Pepper Snapple Group Inc17.65%2,417,679$155Mtrimmed−0%+0.79 pp6 q
DISThe Walt Disney Company12.57%1,243,469$111Madded+1%+0.07 pp6 q
INTUIntuit Inc11.65%1,171,000$103Madded+2%+0.71 pp6 q
unresolvedKraft Foods Group Inc8.38%1,307,896$74Madded+1%−0.84 pp6 q
BF.ABrown-Forman Corporation Class A4.92%486,218$43Mheld—6 q
WWEWorld Wrestling Entertainment4.24%2,710,000$37Mheld—6 q
HSYThe Hershey Company0.65%59,750$6Mheld—6 q
ISCAInternational Speedway Corp0.35%96,900$3Madded+28%+0.05 pp6 q

Source

Form
13F-HR
Reading
0 defects · 2 unresolved
Accession
0001484150-14-000005
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet