Lindsell Train Portfolio holdings
Lindsell Train is a British equity manager that picks only a few stocks and holds them for a long time, favouring established companies with loyal customers such as Burberry, Nintendo and Diageo. Michael Lindsell and Nick Train founded it in 2000, after meeting while working at GT Management. Its first outside client, at the end of 2000, was the Finsbury Growth & Income Trust, and in 2001 it launched the Lindsell Train Investment Trust, listed in London. The firm argues that durable, cash-generating businesses are rare and are undervalued by other investors most of the time. It runs UK, Japanese, global, North American and international equity strategies, and its clients are institutions.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
PepsiCo
PEP
|
+$86M |
| 2 |
Mondelez International
MDLZ
|
+$32.2M |
| 3 |
eBay
EBAY
|
+$15.8M |
| 4 |
Keurig Dr Pepper
KDP
|
+$11.8M |
| 5 |
Intuit
INTU
|
+$11.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
KRFT
KRAFT FOODS GROUP INC COM STK (VA)
KRFT
|
+$37.6M |
| 2 |
Hershey
HSY
|
+$6.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 49.73% |
| 2 | Communication Services | 17.37% |
| 3 | Consumer Discretionary | 16.55% |
| 4 | Technology | 11.11% |
| 5 | Miscellaneous | 5.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Mondelez International
MDLZ
$79B
| $358M | 25.08% |
8,701,786
+820,500
| +10% | +$32.2M |
2013 Q2
8 quarters
|
|
|
2
eBay
EBAY
$52.5B
| $223M | 15.65% |
8,806,882
+634,392
| +8% | +$15.8M |
2013 Q2
8 quarters
|
|
|
3
Keurig Dr Pepper
KDP
$47.5B
| $199M | 13.98% |
2,736,179
+154,000
| +6% | +$11.8M |
2013 Q2
8 quarters
|
|
4
Walt Disney
DIS
$188B
| $168M | 11.76% |
1,469,869
+34,000
| +2% | +$3.73M |
2013 Q2
8 quarters
|
|
|
5
Intuit
INTU
$87.7B
| $159M | 11.11% |
1,573,500
+110,000
| +8% | +$11.2M |
2013 Q2
8 quarters
|
|
|
6
PepsiCo
PEP
$181B
| $84M | 5.89% |
+900,000
| New | +$86M |
2015 Q2
0 quarters
|
|
|
WWE
7
DELISTED
World Wrestling Entertainment
WWE
| $80.1M | 5.61% |
4,854,006
+705,000
| +17% | +$10.2M |
2013 Q2
8 quarters
|
|
|
KRFT
8
DELISTED
KRAFT FOODS GROUP INC COM STK (VA)
KRFT
| $74.9M | 5.25% |
879,983
-437,396
| -33% | -$37.6M |
2013 Q2
8 quarters
|
|
9
Brown-Forman Class A
BF.A
$13.1B
| $68.2M | 4.78% |
1,530,545
+27,500
| +2% | +$1.1M |
2013 Q2
8 quarters
|
|
|
ISCA
10
DELISTED
International Speedway Corp
ISCA
| $12.9M | 0.9% |
350,500
| – | – |
2013 Q2
8 quarters
|
|
|
11
Hershey
HSY
$32.9B
| – | – |
-59,750
| Closed | -$6.2M | – |
|
Similar funds
Lindsell Train's Q2 2015 Portfolio in Review
As of Q2 2015, Lindsell Train held 11 positions worth $1.43B, up 18% from $1.21B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Lindsell Train deployed $128M of net new capital in Q2 2015, opening 1 new position and adding to 7 existing holdings. Its largest new stake was PepsiCo: 900,000 shares worth $84M.
By sector, the portfolio is most concentrated in Consumer Staples at 50% of assets, up from 46% a quarter earlier, followed by Communication Services and Consumer Discretionary.
On the sell side, the largest reduction was KRAFT FOODS GROUP INC COM STK (VA), an estimated $37.6M trimmed.
- Lindsell Train's largest Q2 2015 buy was PepsiCo: 900,000 shares worth $84M.
- Lindsell Train added most to Mondelez International in Q2 2015, an estimated $32.2M increase.
- Lindsell Train's biggest Q2 2015 reduction was KRAFT FOODS GROUP INC COM STK (VA), cutting an estimated $37.6M.
- Lindsell Train fully exited Hershey in Q2 2015, selling an estimated $6.2M.
- Lindsell Train's ten largest holdings make up 100% of its $1.43B portfolio in Q2 2015.
- Lindsell Train opened 1 new position and closed 1 in Q2 2015.
- Lindsell Train's portfolio value rose 18% quarter-over-quarter to $1.43B.
Based on Lindsell Train's 13F filing for Q2 2015, filed 31 Jul 2015.