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Lindsell Train

Q4 2017 13F · by Michael Lindsell, CEO

As of
Dec 31, 2017
Filed
Feb 12, 2018
US stock
$3.5B · prev $3.0B
Positions
12 · prev 12
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%

Moves10 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 · 1.9% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions70% of US stock

  1. MDLZ Mondelez International, Inc. Class A added−0.12 pp added−0.1227.2%
  2. PYPL PayPal Holdings, Inc. trimmed−0.58 pp trimmed−0.5812.8%
  3. INTU Intuit Inc added−0.49 pp added−0.4910.8%
  4. DIS The Walt Disney Company added0.00 pp added0.009.8%
  5. unresolved Dr Pepper Snapple Group Inc added+1.23 pp added+1.239.0%

Positions12 in this filing · 0 exited

MDLZMondelez International, Inc. Class A27.20%22,097,960$946Madded+11%−0.12 pp19 q
PYPLPayPal Holdings, Inc.12.81%6,051,517$446Mtrimmed−3%−0.58 pp10 q
INTUIntuit Inc10.85%2,390,800$377Madded+1%−0.49 pp19 q
DISThe Walt Disney Company9.83%3,179,579$342Madded+7%0.00 pp19 q
unresolvedDr Pepper Snapple Group Inc8.99%3,222,079$313Madded+24%+1.23 pp19 q
PEPPepsiCo, Inc.8.94%2,592,000$311Madded+9%−0.01 pp11 q
EBAYeBay Inc6.28%5,791,200$219Madded+13%−0.34 pp19 q
WWEWorld Wrestling Entertainment6.27%7,132,868$218Mtrimmed−1%+0.53 pp19 q
MANUManchester United PLC4.41%7,737,017$153Madded+4%−0.12 pp2 q
BF.ABrown-Forman Corporation Class A3.01%1,557,237$105Mheld—19 q
ISCAInternational Speedway Corp0.83%723,400$29Mheld—19 q
KHCThe Kraft Heinz Company0.58%261,000$20Mtrimmed−7%−0.15 pp10 q

Source

Form
13F-HR
Reading
0 defects · 1 unresolved
Accession
0001484150-18-000001
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet