Lindsell Train

Q3 2015 13F · by Michael Lindsell, CEO

As of: Sep 30, 2015
Filed: Nov 10, 2015
US stock: $1.5B · prev $1.4B
Positions: 11 · 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%

Moves12 since the prior filing

+15.7 pp in · −15.7 pp out

New 2 +13.34 pp
Added 8 +2.38 pp
Trimmed 1 −10.47 pp
Exited 1 −5.25 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions73% of US stock

MDLZ Mondelez International, Inc. Class A added+1.17 pp added+1.1726.3%
unresolved Dr Pepper Snapple Group Inc added+1.04 pp added+1.0415.0%
DIS The Walt Disney Company added−0.22 pp added−0.2211.5%
INTU Intuit Inc added−0.13 pp added−0.1311.0%
PYPL PayPal Holdings, Inc. new+8.92 pp new+8.928.9%

Positions11 in this filing · 1 exited


MDLZMondelez International, Inc. Class A	26.25%	9,179,786	$384M	added+5%	+1.17 pp	10 q
unresolvedDr Pepper Snapple Group Inc	15.02%	2,781,179	$220M	added+2%	+1.04 pp	10 q
DISThe Walt Disney Company	11.54%	1,652,869	$169M	added+12%	−0.22 pp	10 q
INTUIntuit Inc	10.98%	1,810,700	$161M	added+15%	−0.13 pp	10 q
PYPLPayPal Holdings, Inc.	8.92%	4,205,600	$131M	new	+8.92 pp	new
PEPPepsiCo, Inc.	6.56%	1,018,850	$96M	added+13%	+0.67 pp	2 q
WWEWorld Wrestling Entertainment	5.75%	4,984,352	$84M	added+3%	+0.14 pp	10 q
EBAYeBay Inc	5.18%	3,100,600	$76M	trimmed−16%	−10.47 pp	10 q
BF.ABrown-Forman Corporation Class A	4.57%	625,218	$67M	added+2%	−0.21 pp	10 q
KHCThe Kraft Heinz Company	4.42%	916,483	$65M	new	+4.42 pp	new
ISCAInternational Speedway Corp	0.82%	378,500	$12M	added+8%	−0.08 pp	10 q
unresolvedKraft Foods Group Inc	—	−879,983	—	exited	−5.25 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001484150-15-000006
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet