Lindsell Train

Q4 2022 13F · by Michael Lindsell, CEO

As of: Dec 31, 2022
Filed: Jan 27, 2023
US stock: $5.3B · prev $4.9B
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%

Moves12 since the prior filing

+4.9 pp in · −4.7 pp out

New 0 0.00 pp
Added 4 +4.86 pp
Trimmed 8 −4.74 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions69% of US stock

MDLZ Mondelez International, Inc. Class A trimmed+2.10 pp trimmed+2.1025.3%
PEP PepsiCo, Inc. trimmed−0.12 pp trimmed−0.1212.2%
INTU Intuit Inc trimmed−1.13 pp trimmed−1.1310.8%
FICO Fair Isaac Corporation added+2.91 pp added+2.9110.6%
WWE World Wrestling Entertainment trimmed−1.81 pp trimmed−1.819.7%

Positions29 in this filing · 0 exited


MDLZMondelez International, Inc. Class A	25.26%	19,946,468	$1.3B	trimmed−4%	+2.10 pp	39 q
PEPPepsiCo, Inc.	12.23%	3,563,110	$644M	trimmed−4%	−0.12 pp	31 q
INTUIntuit Inc	10.75%	1,453,502	$566M	trimmed−4%	−1.13 pp	39 q
FICOFair Isaac Corporation	10.58%	931,762	$557M	added+2%	+2.91 pp	4 q
WWEWorld Wrestling Entertainment	9.72%	7,463,627	$511M	trimmed−8%	−1.81 pp	39 q
DISThe Walt Disney Company	8.97%	5,430,890	$472M	trimmed−0%	−1.48 pp	39 q
PYPLPayPal Holdings, Inc.	7.16%	5,289,702	$377M	trimmed−1%	−2.20 pp	30 q
EBAYeBay Inc	5.93%	7,519,871	$312M	trimmed−1%	+0.28 pp	39 q
MANUManchester United PLC	4.88%	11,018,676	$257M	added+1%	+1.94 pp	22 q
BF.ABrown-Forman Corporation Class A	3.66%	2,927,970	$192M	trimmed−1%	−0.38 pp	39 q
BF.BBrown-Forman Corporation Class B	0.36%	290,307	$19M	held	—	20 q
unresolvedCazoo Group Ltd	0.05%	16,580,689	$3M	held	—	5 q
ELThe Estee Lauder Companies Inc. Class A	0.04%	9,425	$2M	added+7%	0.00 pp	11 q
GOOGLAlphabet Inc. Class A	0.03%	16,000	$1M	held	—	11 q
AXPAmerican Express Company	0.03%	11,600	$2M	held	—	11 q
KOCoca-Cola Company	0.03%	21,100	$1M	held	—	11 q
CLColgate-Palmolive Company	0.03%	16,900	$1M	held	—	11 q
EFXEquifax, Incorporated	0.03%	9,400	$2M	held	—	11 q
JNJJohnson & Johnson	0.03%	7,900	$1M	held	—	11 q
NKENike, Inc.	0.03%	13,900	$2M	held	—	11 q
ORCLOracle Corp	0.03%	18,600	$2M	held	—	11 q
SPGIS&P Global Inc.	0.03%	4,400	$1M	held	—	11 q
VVISA Inc.	0.03%	6,800	$1M	held	—	11 q
ADBEAdobe Inc.	0.02%	3,010	$1M	added+20%	+0.01 pp	11 q
CMECME Group Inc.	0.02%	5,600	$941,640	held	—	11 q
HSYThe Hershey Company	0.02%	5,100	$1M	held	—	11 q
TROWT Rowe Price Group Inc	0.02%	9,600	$1M	held	—	11 q
VRSKVerisk Analytics, Inc.	0.02%	6,500	$1M	held	—	11 q
MSGSMadison Square Garden Sports Corp.	0.01%	3,300	$605,006	held	—	11 q