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Lindsell Train

Q4 2018 13F · by Michael Lindsell, CEO

As of
Dec 31, 2018
Filed
Feb 11, 2019
US stock
$4.1B · prev $4.4B
Positions
11 · 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

The book

Very concentrated · behaves like 6 equal-sized positions

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

Low turnover · 3.3% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions76% of US stock

  1. MDLZ Mondelez International, Inc. Class A added+1.51 pp added+1.5129.7%
  2. PYPL PayPal Holdings, Inc. added+1.02 pp added+1.0213.1%
  3. DIS The Walt Disney Company added+0.15 pp added+0.1511.7%
  4. WWE World Wrestling Entertainment held held10.8%
  5. INTU Intuit Inc added−0.14 pp added−0.1410.5%

Positions11 in this filing · 1 exited

MDLZMondelez International, Inc. Class A29.72%30,710,222$1.2Badded+6%+1.51 pp23 q
PYPLPayPal Holdings, Inc.13.11%6,450,207$542Madded+6%+1.02 pp14 q
DISThe Walt Disney Company11.68%4,404,479$483Madded+1%+0.15 pp23 q
WWEWorld Wrestling Entertainment10.82%5,988,182$447Mheld—23 q
INTUIntuit Inc10.50%2,205,379$434Madded+7%−0.14 pp23 q
PEPPepsiCo, Inc.9.51%3,561,183$393Mtrimmed−3%+0.21 pp15 q
EBAYeBay Inc6.01%8,850,900$248Madded+13%+0.14 pp23 q
MANUManchester United PLC5.01%10,928,016$207Madded+3%−0.42 pp6 q
BF.ABrown-Forman Corporation Class A2.22%1,937,080$92Madded+8%+0.15 pp23 q
ISCAInternational Speedway Corp1.15%1,083,100$48Madded+9%+0.16 pp23 q
BF.BBrown-Forman Corporation Class B0.28%241,502$11Madded+9%+0.03 pp4 q
KDPKeurig Dr Pepper Inc.—−928,400—exited−0.49 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001484150-19-000001
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet