Lindsell Train

Q3 2021 13F · by Michael Lindsell, CEO

Picture100.0% US stock

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

+0.4 pp in · −0.3 pp out

Very concentrated · behaves like 7 equal-sized positions

Low turnover · 0.3% a year, more than 30 years per position


MDLZMondelez International, Inc. Class A	23.77%	29,591,768	$1.7B	trimmed−1%	−0.36 pp	34 q
PYPLPayPal Holdings, Inc.	14.42%	4,015,262	$1.0B	trimmed−5%	−1.50 pp	25 q
INTUIntuit Inc	13.66%	1,834,706	$990M	trimmed−15%	+0.03 pp	34 q
DISThe Walt Disney Company	12.83%	5,492,990	$929M	trimmed−2%	+0.12 pp	34 q
PEPPepsiCo, Inc.	11.69%	5,630,310	$847M	trimmed−5%	+0.33 pp	26 q
EBAYeBay Inc	8.79%	9,142,871	$637M	trimmed−2%	+0.31 pp	34 q
WWEWorld Wrestling Entertainment	8.71%	11,212,514	$631M	added+1%	+0.40 pp	34 q
MANUManchester United PLC	3.02%	11,303,266	$219M	trimmed−1%	+0.79 pp	17 q
BF.ABrown-Forman Corporation Class A	2.46%	2,848,271	$179M	held	—	34 q
BF.BBrown-Forman Corporation Class B	0.27%	290,307	$19M	held	—	15 q
ELThe Estee Lauder Companies Inc. Class A	0.04%	8,800	$3M	held	—	6 q
GOOGLAlphabet Inc. Class A	0.03%	800	$2M	held	—	6 q
AXPAmerican Express Company	0.03%	11,600	$2M	held	—	6 q
EFXEquifax, Incorporated	0.03%	9,400	$2M	held	—	6 q
NKENike, Inc.	0.03%	13,900	$2M	held	—	6 q
TROWT Rowe Price Group Inc	0.03%	9,600	$2M	held	—	6 q
SPGIS&P Global Inc.	0.03%	4,400	$2M	held	—	6 q
ADBEAdobe Inc.	0.02%	2,500	$1M	held	—	6 q
KOCoca-Cola Company	0.02%	21,100	$1M	held	—	6 q
CLColgate-Palmolive Company	0.02%	16,900	$1M	held	—	6 q
JNJJohnson & Johnson	0.02%	7,900	$1M	held	—	6 q
ORCLOracle Corp	0.02%	18,600	$2M	held	—	6 q
VRSKVerisk Analytics, Inc.	0.02%	6,500	$1M	held	—	6 q
VVISA Inc.	0.02%	5,900	$1M	held	—	6 q
CMECME Group Inc.	0.01%	5,600	$1M	held	—	6 q
HSYThe Hershey Company	0.01%	5,100	$863,000	held	—	6 q
MSGSMadison Square Garden Sports Corp.	0.01%	3,300	$614,000	held	—	6 q