Lindsell Train

Q2 2021 13F · by Michael Lindsell, CEO

Picture100.0% US stock

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

−0.7 pp in · +0.6 pp out

Very concentrated · behaves like 7 equal-sized positions

Low turnover · 5.1% a year, about 19.7 years per position


MDLZMondelez International, Inc. Class A	24.13%	29,893,035	$1.9B	trimmed−4%	−1.65 pp	33 q
PYPLPayPal Holdings, Inc.	15.92%	4,224,262	$1.2B	trimmed−2%	+1.18 pp	24 q
INTUIntuit Inc	13.63%	2,150,706	$1.1B	trimmed−5%	+1.40 pp	33 q
DISThe Walt Disney Company	12.71%	5,592,990	$983M	added+8%	−0.82 pp	33 q
PEPPepsiCo, Inc.	11.36%	5,930,310	$879M	added+2%	−0.19 pp	25 q
EBAYeBay Inc	8.48%	9,342,871	$656M	added+1%	+0.51 pp	33 q
WWEWorld Wrestling Entertainment	8.31%	11,102,514	$643M	added0%	−0.16 pp	33 q
BF.ABrown-Forman Corporation Class A	2.60%	2,848,271	$201M	held	—	33 q
MANUManchester United PLC	2.23%	11,372,266	$173M	trimmed−1%	−0.33 pp	16 q
BF.BBrown-Forman Corporation Class B	0.28%	290,307	$22M	held	—	14 q
ELThe Estee Lauder Companies Inc. Class A	0.04%	8,800	$3M	held	—	5 q
GOOGLAlphabet Inc. Class A	0.03%	800	$2M	held	—	5 q
EFXEquifax, Incorporated	0.03%	9,400	$2M	held	—	5 q
NKENike, Inc.	0.03%	13,900	$2M	held	—	5 q
ADBEAdobe Inc.	0.02%	2,500	$1M	held	—	5 q
AXPAmerican Express Company	0.02%	11,600	$2M	held	—	5 q
CMECME Group Inc.	0.02%	5,600	$1M	held	—	5 q
CLColgate-Palmolive Company	0.02%	16,900	$1M	held	—	5 q
JNJJohnson & Johnson	0.02%	7,900	$1M	held	—	5 q
ORCLOracle Corp	0.02%	18,600	$1M	held	—	5 q
TROWT Rowe Price Group Inc	0.02%	9,600	$2M	held	—	5 q
SPGIS&P Global Inc.	0.02%	4,400	$2M	held	—	5 q
VVISA Inc.	0.02%	5,900	$1M	held	—	5 q
KOCoca-Cola Company	0.01%	21,100	$1M	held	—	5 q
HSYThe Hershey Company	0.01%	5,100	$888,000	held	—	5 q
MSGSMadison Square Garden Sports Corp.	0.01%	3,300	$569,000	held	—	5 q
VRSKVerisk Analytics, Inc.	0.01%	6,500	$1M	held	—	5 q