Lindsell Train

Q3 2020 13F · by Michael Lindsell, CEO

Picture100.0% US stock

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

−0.1 pp in · 0.0 pp out

Very concentrated · behaves like 6 equal-sized positions

Low turnover · 0.8% a year, more than 30 years per position


MDLZMondelez International, Inc. Class A	27.90%	29,916,486	$1.7B	trimmed−8%	+0.32 pp	30 q
PYPLPayPal Holdings, Inc.	15.86%	4,959,012	$977M	trimmed−10%	−0.06 pp	21 q
INTUIntuit Inc	12.09%	2,282,856	$745M	trimmed−7%	+0.03 pp	30 q
DISThe Walt Disney Company	11.85%	5,884,790	$730M	trimmed−5%	+0.37 pp	30 q
PEPPepsiCo, Inc.	11.24%	4,993,824	$692M	added+1%	+0.33 pp	22 q
EBAYeBay Inc	8.09%	9,564,871	$498M	trimmed−4%	−0.63 pp	30 q
WWEWorld Wrestling Entertainment	6.53%	9,942,238	$402M	added+1%	−0.59 pp	30 q
BF.ABrown-Forman Corporation Class A	3.00%	2,691,833	$185M	added+1%	+0.45 pp	30 q
MANUManchester United PLC	2.74%	11,609,826	$169M	added+1%	−0.30 pp	13 q
BF.BBrown-Forman Corporation Class B	0.35%	290,307	$22M	held	—	11 q
ELThe Estee Lauder Companies Inc. Class A	0.03%	8,800	$2M	held	—	2 q
NKENike, Inc.	0.03%	13,900	$2M	held	—	2 q
SPGIS&P Global Inc.	0.03%	4,400	$2M	held	—	2 q
ADBEAdobe Inc.	0.02%	2,500	$1M	held	—	2 q
GOOGLAlphabet Inc. Class A	0.02%	800	$1M	held	—	2 q
AXPAmerican Express Company	0.02%	11,600	$1M	held	—	2 q
CMECME Group Inc.	0.02%	5,600	$937,000	added+6%	+0.01 pp	2 q
KOCoca-Cola Company	0.02%	21,100	$1M	held	—	2 q
CLColgate-Palmolive Company	0.02%	16,900	$1M	held	—	2 q
EFXEquifax, Incorporated	0.02%	9,400	$1M	held	—	2 q
JNJJohnson & Johnson	0.02%	7,900	$1M	held	—	2 q
ORCLOracle Corp	0.02%	18,600	$1M	held	—	2 q
TROWT Rowe Price Group Inc	0.02%	9,600	$1M	held	—	2 q
VRSKVerisk Analytics, Inc.	0.02%	6,500	$1M	held	—	2 q
VVISA Inc.	0.02%	5,900	$1M	held	—	2 q
HSYThe Hershey Company	0.01%	5,100	$731,000	held	—	2 q
MSGSMadison Square Garden Sports Corp.	0.01%	3,300	$497,000	held	—	2 q