Lindsell Train

Q2 2023 13F · by Michael Lindsell, CEO

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $5.6B · prev $5.7B
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%

Moves22 since the prior filing

−0.8 pp in · +0.7 pp out

New 1 +0.02 pp
Added 14 −0.78 pp
Trimmed 6 +0.77 pp
Exited 1 −0.04 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.4% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions70% of US stock

MDLZ Mondelez International, Inc. Class A trimmed−0.02 pp trimmed−0.0223.7%
WWE World Wrestling Entertainment trimmed+0.44 pp trimmed+0.4412.2%
FICO Fair Isaac Corporation trimmed+0.85 pp trimmed+0.8511.6%
INTU Intuit Inc trimmed+0.02 pp trimmed+0.0211.2%
PEP PepsiCo, Inc. trimmed−0.27 pp trimmed−0.2711.2%

Positions29 in this filing · 1 exited


MDLZMondelez International, Inc. Class A	23.72%	18,267,898	$1.3B	trimmed−6%	−0.02 pp	41 q
WWEWorld Wrestling Entertainment	12.23%	6,330,232	$687M	trimmed−15%	+0.44 pp	41 q
FICOFair Isaac Corporation	11.55%	800,997	$648M	trimmed−8%	+0.85 pp	6 q
INTUIntuit Inc	11.21%	1,374,052	$629M	trimmed−5%	+0.02 pp	41 q
PEPPepsiCo, Inc.	11.21%	3,398,210	$629M	trimmed−6%	−0.27 pp	33 q
DISThe Walt Disney Company	8.96%	5,633,690	$503M	added0%	−0.88 pp	41 q
PYPLPayPal Holdings, Inc.	6.40%	5,389,302	$359M	added0%	−0.73 pp	32 q
EBAYeBay Inc	5.47%	6,870,871	$307M	trimmed−7%	−0.25 pp	41 q
MANUManchester United PLC	4.82%	11,099,176	$270M	added0%	+0.54 pp	24 q
BF.ABrown-Forman Corporation Class A	3.56%	2,937,470	$200M	added0%	+0.23 pp	41 q
BF.BBrown-Forman Corporation Class B	0.35%	290,307	$19M	held	—	22 q
GOOGLAlphabet Inc. Class A	0.04%	16,850	$2M	held	—	13 q
AXPAmerican Express Company	0.04%	11,600	$2M	held	—	13 q
EFXEquifax, Incorporated	0.04%	10,300	$2M	added+10%	+0.01 pp	13 q
ELThe Estee Lauder Companies Inc. Class A	0.04%	10,525	$2M	added+12%	0.00 pp	13 q
ORCLOracle Corp	0.04%	19,200	$2M	held	—	13 q
SPGIS&P Global Inc.	0.04%	5,900	$2M	added+34%	+0.01 pp	13 q
ADBEAdobe Inc.	0.03%	3,560	$2M	added+6%	+0.01 pp	13 q
CMECME Group Inc.	0.03%	8,600	$2M	added+46%	+0.01 pp	13 q
CLColgate-Palmolive Company	0.03%	20,100	$2M	added+11%	+0.01 pp	13 q
NKENike, Inc.	0.03%	15,900	$2M	added+14%	0.00 pp	13 q
VRSKVerisk Analytics, Inc.	0.03%	7,300	$2M	added+7%	+0.01 pp	13 q
VVISA Inc.	0.03%	7,300	$2M	added+7%	0.00 pp	13 q
KOCoca-Cola Company	0.02%	21,100	$1M	held	—	13 q
HSYThe Hershey Company	0.02%	5,100	$1M	held	—	13 q
JNJJohnson & Johnson	0.02%	7,900	$1M	held	—	13 q
TROWT Rowe Price Group Inc	0.02%	12,000	$1M	added+22%	0.00 pp	13 q
8QE0Cazoo Group Ltd A	0.02%	829,032	$978,258	new	+0.02 pp	new
MSGSMadison Square Garden Sports Corp.	0.01%	3,300	$620,417	held	—	13 q
unresolvedCazoo Group Ltd	—	−829,032	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001172661-23-003185
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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