Lindsell Train

Q1 2018 13F · by Michael Lindsell, CEO

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $3.8B · prev $3.5B
Positions: 13 · 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%

Moves11 since the prior filing

−0.3 pp in · +0.6 pp out

New 1 +0.56 pp
Added 8 −0.81 pp
Trimmed 2 +0.57 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions70% of US stock

MDLZ Mondelez International, Inc. Class A added−1.32 pp added−1.3225.9%
PYPL PayPal Holdings, Inc. added+0.18 pp added+0.1813.0%
INTU Intuit Inc added+0.41 pp added+0.4111.3%
unresolved Dr Pepper Snapple Group Inc trimmed+1.02 pp trimmed+1.0210.0%
DIS The Walt Disney Company added+0.12 pp added+0.129.9%

Positions13 in this filing · 0 exited


MDLZMondelez International, Inc. Class A	25.88%	23,471,460	$979M	added+6%	−1.32 pp	20 q
PYPLPayPal Holdings, Inc.	12.99%	6,477,517	$491M	added+7%	+0.18 pp	11 q
INTUIntuit Inc	11.26%	2,458,200	$426M	added+3%	+0.41 pp	20 q
unresolvedDr Pepper Snapple Group Inc	10.01%	3,199,643	$379M	trimmed−1%	+1.02 pp	20 q
DISThe Walt Disney Company	9.95%	3,748,579	$377M	added+18%	+0.12 pp	20 q
PEPPepsiCo, Inc.	9.16%	3,175,000	$347M	added+22%	+0.22 pp	12 q
WWEWorld Wrestling Entertainment	6.79%	7,132,868	$257M	held	—	20 q
EBAYeBay Inc	6.21%	5,840,400	$235M	added+1%	−0.07 pp	20 q
MANUManchester United PLC	4.02%	7,920,641	$152M	added+2%	−0.39 pp	3 q
BF.ABrown-Forman Corporation Class A	2.19%	1,557,237	$83M	held	—	20 q
ISCAInternational Speedway Corp	0.87%	743,400	$33M	added+3%	+0.04 pp	20 q
BF.BBrown-Forman Corporation Class B	0.56%	389,309	$21M	new	+0.56 pp	new
KHCThe Kraft Heinz Company	0.13%	78,000	$5M	trimmed−70%	−0.45 pp	11 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001484150-18-000002
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet