Lindsell Train

Q3 2017 13F · by Michael Lindsell, CEO

As of: Sep 30, 2017
Filed: Oct 31, 2017
US stock: $3.0B · prev $2.6B
Positions: 12 · prev 11
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

+3.6 pp in · −3.5 pp out

New 1 +4.53 pp
Added 8 −0.98 pp
Trimmed 3 −3.54 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.5% a year, about 13.3 years per position

Low
Moderate
High

Top 5 positions71% of US stock

MDLZ Mondelez International, Inc. Class A added−0.96 pp added−0.9627.3%
PYPL PayPal Holdings, Inc. trimmed+0.28 pp trimmed+0.2813.4%
INTU Intuit Inc added−0.04 pp added−0.0411.3%
DIS The Walt Disney Company added−0.58 pp added−0.589.8%
PEP PepsiCo, Inc. added+0.05 pp added+0.058.9%

Positions12 in this filing · 0 exited


MDLZMondelez International, Inc. Class A	27.32%	19,950,710	$811M	added+18%	−0.96 pp	18 q
PYPLPayPal Holdings, Inc.	13.39%	6,207,767	$397M	trimmed−1%	+0.28 pp	9 q
INTUIntuit Inc	11.34%	2,369,800	$337M	added+7%	−0.04 pp	18 q
DISThe Walt Disney Company	9.83%	2,962,229	$292M	added+17%	−0.58 pp	18 q
PEPPepsiCo, Inc.	8.95%	2,384,000	$266M	added+20%	+0.05 pp	10 q
unresolvedDr Pepper Snapple Group Inc	7.76%	2,603,579	$230M	trimmed−0%	−1.49 pp	18 q
EBAYeBay Inc	6.62%	5,111,200	$197M	added+8%	+0.19 pp	18 q
WWEWorld Wrestling Entertainment	5.74%	7,232,868	$170M	added+2%	+0.14 pp	18 q
MANUManchester United PLC	4.53%	7,467,829	$134M	new	+4.53 pp	new
BF.ABrown-Forman Corporation Class A	2.92%	1,557,237	$87M	added+12%	+0.26 pp	18 q
ISCAInternational Speedway Corp	0.88%	723,400	$26M	added+14%	−0.04 pp	18 q
KHCThe Kraft Heinz Company	0.73%	281,000	$22M	trimmed−69%	−2.33 pp	9 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001484150-17-000006
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet