Lindsell Train

Q4 2019 13F · by Michael Lindsell, CEO

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+0.8 pp in · −0.8 pp out

Very concentrated · behaves like 6 equal-sized positions

Low turnover · 3.0% a year, more than 30 years per position


MDLZMondelez International, Inc. Class A	29.10%	33,002,436	$1.8B	added+2%	−1.03 pp	27 q
PYPLPayPal Holdings, Inc.	13.39%	7,735,718	$837M	added+5%	+0.49 pp	18 q
DISThe Walt Disney Company	12.84%	5,548,380	$802M	added+2%	+0.92 pp	27 q
INTUIntuit Inc	11.50%	2,743,100	$719M	added+8%	+0.14 pp	27 q
PEPPepsiCo, Inc.	10.84%	4,953,224	$677M	added+4%	−0.16 pp	19 q
WWEWorld Wrestling Entertainment	9.38%	9,036,138	$586M	added+16%	−0.02 pp	27 q
EBAYeBay Inc	6.54%	11,316,771	$409M	added+11%	−0.19 pp	27 q
MANUManchester United PLC	3.60%	11,279,350	$225M	added+1%	+0.49 pp	10 q
BF.ABrown-Forman Corporation Class A	2.49%	2,479,431	$156M	added+7%	+0.15 pp	27 q
BF.BBrown-Forman Corporation Class B	0.31%	290,307	$20M	trimmed−0%	0.00 pp	8 q
ISCAInternational Speedway Corp	—	−1,049,100	—	exited	−0.80 pp	—