Lindsell Train

Q3 2022 13F · by Michael Lindsell, CEO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $4.9B · prev $5.1B
Positions: 29 · prev 29
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%

Moves11 since the prior filing

+3.8 pp in · −3.7 pp out

New 0 0.00 pp
Added 4 +3.76 pp
Trimmed 7 −3.67 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.2% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions69% of US stock

MDLZ Mondelez International, Inc. Class A trimmed−3.83 pp trimmed−3.8323.2%
PEP PepsiCo, Inc. trimmed−0.22 pp trimmed−0.2212.3%
INTU Intuit Inc trimmed+0.08 pp trimmed+0.0811.9%
WWE World Wrestling Entertainment trimmed+0.51 pp trimmed+0.5111.5%
DIS The Walt Disney Company trimmed+0.28 pp trimmed+0.2810.4%

Positions29 in this filing · 0 exited


MDLZMondelez International, Inc. Class A	23.16%	20,799,468	$1.1B	trimmed−6%	−3.83 pp	38 q
PEPPepsiCo, Inc.	12.35%	3,724,860	$608M	trimmed−3%	−0.22 pp	30 q
INTUIntuit Inc	11.88%	1,510,202	$585M	trimmed−3%	+0.08 pp	38 q
WWEWorld Wrestling Entertainment	11.53%	8,075,056	$568M	trimmed−10%	+0.51 pp	38 q
DISThe Walt Disney Company	10.45%	5,447,290	$515M	trimmed−1%	+0.28 pp	38 q
PYPLPayPal Holdings, Inc.	9.36%	5,351,802	$461M	added+1%	+2.13 pp	29 q
FICOFair Isaac Corporation	7.67%	916,905	$378M	added+9%	+1.05 pp	3 q
EBAYeBay Inc	5.65%	7,558,871	$278M	trimmed−1%	−0.59 pp	38 q
BF.ABrown-Forman Corporation Class A	4.04%	2,943,672	$199M	trimmed−1%	+0.10 pp	38 q
MANUManchester United PLC	2.94%	10,925,176	$145M	added+1%	+0.58 pp	21 q
BF.BBrown-Forman Corporation Class B	0.39%	290,307	$19M	held	—	19 q
unresolvedCazoo Group Ltd	0.16%	16,580,689	$8M	held	—	4 q
ELThe Estee Lauder Companies Inc. Class A	0.04%	8,800	$2M	held	—	10 q
GOOGLAlphabet Inc. Class A	0.03%	16,000	$2M	held	—	10 q
AXPAmerican Express Company	0.03%	11,600	$2M	held	—	10 q
EFXEquifax, Incorporated	0.03%	9,400	$2M	held	—	10 q
JNJJohnson & Johnson	0.03%	7,900	$1M	held	—	10 q
SPGIS&P Global Inc.	0.03%	4,400	$1M	held	—	10 q
CMECME Group Inc.	0.02%	5,600	$992,000	held	—	10 q
KOCoca-Cola Company	0.02%	21,100	$1M	held	—	10 q
CLColgate-Palmolive Company	0.02%	16,900	$1M	held	—	10 q
HSYThe Hershey Company	0.02%	5,100	$1M	held	—	10 q
NKENike, Inc.	0.02%	13,900	$1M	held	—	10 q
ORCLOracle Corp	0.02%	18,600	$1M	held	—	10 q
TROWT Rowe Price Group Inc	0.02%	9,600	$1M	held	—	10 q
VRSKVerisk Analytics, Inc.	0.02%	6,500	$1M	held	—	10 q
VVISA Inc.	0.02%	6,800	$1M	added+15%	0.00 pp	10 q
ADBEAdobe Inc.	0.01%	2,500	$688,000	held	—	10 q
MSGSMadison Square Garden Sports Corp.	0.01%	3,300	$451,000	held	—	10 q