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Lindsell Train

Q1 2020 13F · by Michael Lindsell, CEO

As of
Mar 31, 2020
Filed
May 14, 2020
US stock
$4.7B · prev $6.2B
Positions
10 · prev 10
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%

Moves9 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 · 2.3% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions80% of US stock

  1. MDLZ Mondelez International, Inc. Class A trimmed+2.74 pp trimmed+2.7431.8%
  2. PYPL PayPal Holdings, Inc. trimmed+0.22 pp trimmed+0.2213.6%
  3. DIS The Walt Disney Company added−0.96 pp added−0.9611.9%
  4. INTU Intuit Inc trimmed+0.07 pp trimmed+0.0711.6%
  5. PEP PepsiCo, Inc. trimmed+0.54 pp trimmed+0.5411.4%

Positions10 in this filing · 0 exited

MDLZMondelez International, Inc. Class A31.84%29,815,636$1.5Btrimmed−10%+2.74 pp28 q
PYPLPayPal Holdings, Inc.13.61%6,667,718$638Mtrimmed−14%+0.22 pp19 q
DISThe Walt Disney Company11.88%5,766,380$557Madded+4%−0.96 pp28 q
INTUIntuit Inc11.57%2,358,600$542Mtrimmed−14%+0.07 pp28 q
PEPPepsiCo, Inc.11.38%4,442,224$534Mtrimmed−10%+0.54 pp20 q
WWEWorld Wrestling Entertainment6.63%9,163,138$311Madded+1%−2.75 pp28 q
EBAYeBay Inc6.39%9,966,421$300Mtrimmed−12%−0.15 pp28 q
MANUManchester United PLC3.63%11,299,163$170Madded0%+0.03 pp11 q
BF.ABrown-Forman Corporation Class A2.74%2,498,133$128Madded+1%+0.25 pp28 q
BF.BBrown-Forman Corporation Class B0.34%290,307$16Mheld—9 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001484150-20-000004
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet