Lindsell Train

Q2 2020 13F · by Michael Lindsell, CEO

As of: Jun 30, 2020
Filed: Aug 13, 2020
US stock: $6.0B · prev $4.7B
Positions: 27 · 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%

Moves26 since the prior filing

−2.3 pp in · +2.3 pp out

New 17 +0.33 pp
Added 8 −2.60 pp
Trimmed 1 +2.31 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.3 years per position

Low
Moderate
High

Top 5 positions78% of US stock

MDLZ Mondelez International, Inc. Class A added−4.26 pp added−4.2627.6%
PYPL PayPal Holdings, Inc. trimmed+2.31 pp trimmed+2.3115.9%
INTU Intuit Inc added+0.49 pp added+0.4912.1%
DIS The Walt Disney Company added−0.40 pp added−0.4011.5%
PEP PepsiCo, Inc. added−0.47 pp added−0.4710.9%

Positions27 in this filing · 0 exited


MDLZMondelez International, Inc. Class A	27.58%	32,397,758	$1.7B	added+9%	−4.26 pp	29 q
PYPLPayPal Holdings, Inc.	15.92%	5,489,712	$956M	trimmed−18%	+2.31 pp	20 q
INTUIntuit Inc	12.06%	2,445,353	$724M	added+4%	+0.49 pp	29 q
DISThe Walt Disney Company	11.48%	6,186,792	$690M	added+7%	−0.40 pp	29 q
PEPPepsiCo, Inc.	10.91%	4,953,324	$655M	added+12%	−0.47 pp	21 q
EBAYeBay Inc	8.72%	9,984,871	$524M	added0%	+2.33 pp	29 q
WWEWorld Wrestling Entertainment	7.12%	9,842,238	$428M	added+7%	+0.49 pp	29 q
MANUManchester United PLC	3.04%	11,537,692	$183M	added+2%	−0.59 pp	12 q
BF.ABrown-Forman Corporation Class A	2.55%	2,661,833	$153M	added+7%	−0.19 pp	29 q
BF.BBrown-Forman Corporation Class B	0.31%	290,307	$18M	held	—	10 q
EFXEquifax, Incorporated	0.03%	9,400	$2M	new	+0.03 pp	new
ELThe Estee Lauder Companies Inc. Class A	0.03%	8,800	$2M	new	+0.03 pp	new
ADBEAdobe Inc.	0.02%	2,500	$1M	new	+0.02 pp	new
GOOGLAlphabet Inc. Class A	0.02%	800	$1M	new	+0.02 pp	new
AXPAmerican Express Company	0.02%	11,600	$1M	new	+0.02 pp	new
KOCoca-Cola Company	0.02%	21,100	$943,000	new	+0.02 pp	new
CLColgate-Palmolive Company	0.02%	16,900	$1M	new	+0.02 pp	new
JNJJohnson & Johnson	0.02%	7,900	$1M	new	+0.02 pp	new
NKENike, Inc.	0.02%	13,900	$1M	new	+0.02 pp	new
ORCLOracle Corp	0.02%	18,600	$1M	new	+0.02 pp	new
TROWT Rowe Price Group Inc	0.02%	9,600	$1M	new	+0.02 pp	new
SPGIS&P Global Inc.	0.02%	4,400	$1M	new	+0.02 pp	new
VRSKVerisk Analytics, Inc.	0.02%	6,500	$1M	new	+0.02 pp	new
VVISA Inc.	0.02%	5,900	$1M	new	+0.02 pp	new
CMECME Group Inc.	0.01%	5,300	$861,000	new	+0.01 pp	new
HSYThe Hershey Company	0.01%	5,100	$661,000	new	+0.01 pp	new
MSGSMadison Square Garden Sports Corp.	0.01%	3,300	$485,000	new	+0.01 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001484150-20-000005
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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