Lindsell Train

Q1 2021 13F · by Michael Lindsell, CEO

Picture100.0% US stock

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

+1.2 pp in · −1.2 pp out

Very concentrated · behaves like 7 equal-sized positions

Low turnover · 8.5% a year, about 11.8 years per position


MDLZMondelez International, Inc. Class A	25.78%	31,261,035	$1.8B	added+3%	+0.09 pp	32 q
PYPLPayPal Holdings, Inc.	14.74%	4,308,512	$1.0B	trimmed−8%	−1.20 pp	23 q
DISThe Walt Disney Company	13.53%	5,201,740	$960M	trimmed−4%	−0.80 pp	32 q
INTUIntuit Inc	12.23%	2,265,806	$868M	added+1%	−0.16 pp	32 q
PEPPepsiCo, Inc.	11.55%	5,793,310	$819M	added+13%	+0.51 pp	24 q
WWEWorld Wrestling Entertainment	8.47%	11,075,514	$601M	added+6%	+1.20 pp	32 q
EBAYeBay Inc	7.97%	9,237,871	$566M	trimmed−2%	+1.08 pp	32 q
BF.ABrown-Forman Corporation Class A	2.56%	2,848,271	$181M	added+3%	−0.40 pp	32 q
MANUManchester United PLC	2.56%	11,527,266	$181M	trimmed−0%	−0.25 pp	15 q
BF.BBrown-Forman Corporation Class B	0.28%	290,307	$20M	held	—	13 q
ELThe Estee Lauder Companies Inc. Class A	0.04%	8,800	$3M	held	—	4 q
NKENike, Inc.	0.03%	13,900	$2M	held	—	4 q
ADBEAdobe Inc.	0.02%	2,500	$1M	held	—	4 q
GOOGLAlphabet Inc. Class A	0.02%	800	$2M	held	—	4 q
AXPAmerican Express Company	0.02%	11,600	$2M	held	—	4 q
CMECME Group Inc.	0.02%	5,600	$1M	held	—	4 q
KOCoca-Cola Company	0.02%	21,100	$1M	held	—	4 q
CLColgate-Palmolive Company	0.02%	16,900	$1M	held	—	4 q
EFXEquifax, Incorporated	0.02%	9,400	$2M	held	—	4 q
JNJJohnson & Johnson	0.02%	7,900	$1M	held	—	4 q
ORCLOracle Corp	0.02%	18,600	$1M	held	—	4 q
TROWT Rowe Price Group Inc	0.02%	9,600	$2M	held	—	4 q
SPGIS&P Global Inc.	0.02%	4,400	$2M	held	—	4 q
VRSKVerisk Analytics, Inc.	0.02%	6,500	$1M	held	—	4 q
VVISA Inc.	0.02%	5,900	$1M	held	—	4 q
HSYThe Hershey Company	0.01%	5,100	$807,000	held	—	4 q
MSGSMadison Square Garden Sports Corp.	0.01%	3,300	$592,000	held	—	4 q