Lindsell Train

Q2 2018 13F · by Michael Lindsell, CEO

As of: Jun 30, 2018
Filed: Aug 3, 2018
US stock: $4.0B · prev $3.8B
Positions: 12 · prev 13
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%

Moves13 since the prior filing

+0.5 pp in · −0.5 pp out

New 0 0.00 pp
Added 6 +0.46 pp
Trimmed 6 −0.35 pp
Exited 1 −0.13 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions70% of US stock

MDLZ Mondelez International, Inc. Class A added+0.12 pp added+0.1226.0%
PYPL PayPal Holdings, Inc. trimmed−0.77 pp trimmed−0.7712.2%
WWE World Wrestling Entertainment trimmed+4.21 pp trimmed+4.2111.0%
DIS The Walt Disney Company added+0.61 pp added+0.6110.6%
INTU Intuit Inc trimmed−0.84 pp trimmed−0.8410.4%

Positions12 in this filing · 1 exited


MDLZMondelez International, Inc. Class A	26.00%	25,586,008	$1.0B	added+9%	+0.12 pp	21 q
PYPLPayPal Holdings, Inc.	12.22%	5,921,517	$493M	trimmed−9%	−0.77 pp	12 q
WWEWorld Wrestling Entertainment	11.00%	6,096,868	$444M	trimmed−15%	+4.21 pp	21 q
DISThe Walt Disney Company	10.56%	4,063,629	$426M	added+8%	+0.61 pp	21 q
INTUIntuit Inc	10.42%	2,057,800	$420M	trimmed−16%	−0.84 pp	21 q
PEPPepsiCo, Inc.	9.37%	3,473,000	$378M	added+9%	+0.21 pp	13 q
unresolvedDr Pepper Snapple Group Inc	7.66%	2,532,800	$309M	trimmed−21%	−2.35 pp	21 q
EBAYeBay Inc	5.53%	6,157,400	$223M	added+5%	−0.68 pp	21 q
MANUManchester United PLC	4.14%	8,102,771	$167M	added+2%	+0.12 pp	4 q
BF.ABrown-Forman Corporation Class A	1.88%	1,549,007	$76M	trimmed−1%	−0.31 pp	21 q
ISCAInternational Speedway Corp	0.95%	853,100	$38M	added+15%	+0.08 pp	21 q
BF.BBrown-Forman Corporation Class B	0.27%	224,800	$11M	trimmed−42%	−0.29 pp	2 q
KHCThe Kraft Heinz Company	—	−78,000	—	exited	−0.13 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001484150-18-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet