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Lindsell Train

Q3 2018 13F · by Michael Lindsell, CEO

As of
Sep 30, 2018
Filed
Oct 24, 2018
US stock
$4.4B · prev $4.0B
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%

Moves13 since the prior filing

The book

Very concentrated · behaves like 7 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 29% a year, about 3.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions76% of US stock

  1. MDLZ Mondelez International, Inc. Class A added+2.21 pp added+2.2128.2%
  2. WWE World Wrestling Entertainment trimmed+2.13 pp trimmed+2.1313.1%
  3. PYPL PayPal Holdings, Inc. added−0.13 pp added−0.1312.1%
  4. DIS The Walt Disney Company added+0.97 pp added+0.9711.5%
  5. INTU Intuit Inc added+0.22 pp added+0.2210.6%

Positions12 in this filing · 1 exited

MDLZMondelez International, Inc. Class A28.21%28,982,722$1.2Badded+13%+2.21 pp22 q
WWEWorld Wrestling Entertainment13.13%5,988,182$579Mtrimmed−2%+2.13 pp22 q
PYPLPayPal Holdings, Inc.12.09%6,075,267$534Madded+3%−0.13 pp13 q
DISThe Walt Disney Company11.53%4,352,279$509Madded+7%+0.97 pp22 q
INTUIntuit Inc10.64%2,064,800$470Madded0%+0.22 pp22 q
PEPPepsiCo, Inc.9.30%3,671,183$410Madded+6%−0.07 pp14 q
EBAYeBay Inc5.87%7,844,900$259Madded+27%+0.34 pp22 q
MANUManchester United PLC5.43%10,650,116$240Madded+31%+1.29 pp5 q
BF.ABrown-Forman Corporation Class A2.07%1,796,101$91Madded+16%+0.19 pp22 q
ISCAInternational Speedway Corp0.99%993,100$43Madded+16%+0.04 pp22 q
KDPKeurig Dr Pepper Inc.0.49%928,400$22Mnew+0.49 ppnew
BF.BBrown-Forman Corporation Class B0.25%221,442$11Mtrimmed−1%−0.02 pp3 q
unresolvedDr Pepper Snapple Group Inc—−2,532,800—exited−7.66 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001484150-18-000004
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet