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 |
PayPal
PYPL
|
+$151M |
| 2 |
The Kraft Heinz Company
KHC
|
+$69.2M |
| 3 |
Intuit
INTU
|
+$23M |
| 4 |
Mondelez International
MDLZ
|
+$20.6M |
| 5 |
Walt Disney
DIS
|
+$19.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$153M |
| 2 |
KRFT
KRAFT FOODS GROUP INC COM STK (VA)
KRFT
|
+$74.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 56.82% |
| 2 | Communication Services | 17.29% |
| 3 | Technology | 10.98% |
| 4 | Financials | 8.92% |
| 5 | Consumer Discretionary | 6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Mondelez International
MDLZ
$84.4B
| $384M | 26.25% |
9,179,786
+478,000
| +5% | +$20.6M |
2013 Q2
9 quarters
|
|
2
Keurig Dr Pepper
KDP
$52.1B
| $220M | 15.02% |
2,781,179
+45,000
| +2% | +$3.53M |
2013 Q2
9 quarters
|
|
|
3
Walt Disney
DIS
$207B
| $169M | 11.54% |
1,652,869
+183,000
| +12% | +$19.9M |
2013 Q2
9 quarters
|
|
|
4
Intuit
INTU
$91.6B
| $161M | 10.98% |
1,810,700
+237,200
| +15% | +$23M |
2013 Q2
9 quarters
|
|
|
5
PayPal
PYPL
$49.4B
| $131M | 8.92% |
+4,205,600
| New | +$151M |
2015 Q3
0 quarters
|
|
6
PepsiCo
PEP
$196B
| $96.1M | 6.56% |
1,018,850
+118,850
| +13% | +$11.3M |
2015 Q2
1 quarter
|
|
|
WWE
7
DELISTED
World Wrestling Entertainment
WWE
| $84.2M | 5.75% |
4,984,352
+130,346
| +3% | +$2.44M |
2013 Q2
9 quarters
|
|
|
8
eBay
EBAY
$53.9B
| $75.8M | 5.18% |
3,100,600
-5,706,282
| -65% | -$153M |
2013 Q2
9 quarters
|
|
9
Brown-Forman Class A
BF.A
$14.2B
| $66.9M | 4.57% |
1,563,045
+32,500
| +2% | +$1.46M |
2013 Q2
9 quarters
|
|
|
10
The Kraft Heinz Company
KHC
$28.7B
| $64.7M | 4.42% |
+916,483
| New | +$69.2M |
2015 Q3
0 quarters
|
|
|
ISCA
11
DELISTED
International Speedway Corp
ISCA
| $12M | 0.82% |
378,500
+28,000
| +8% | +$933K |
2013 Q2
9 quarters
|
|
|
KRFT
12
DELISTED
KRAFT FOODS GROUP INC COM STK (VA)
KRFT
| – | – |
-879,983
| Closed | -$74.9M | – |
|
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Lindsell Train's Q3 2015 Portfolio in Review
As of Q3 2015, Lindsell Train held 12 positions worth $1.46B, up 2.6% from $1.43B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Lindsell Train deployed $74.7M of net new capital in Q3 2015, opening 2 new positions and adding to 8 existing holdings. Its largest new stake was PayPal: 4,205,600 shares worth $131M.
By sector, the portfolio is most concentrated in Consumer Staples at 57% of assets, up from 50% a quarter earlier, followed by Communication Services and Technology.
On the sell side, the largest reduction was eBay, an estimated $153M trimmed.
- Lindsell Train's largest Q3 2015 buy was PayPal: 4,205,600 shares worth $131M.
- Lindsell Train added most to Intuit in Q3 2015, an estimated $23M increase.
- Lindsell Train's biggest Q3 2015 reduction was eBay, cutting an estimated $153M.
- Lindsell Train fully exited KRAFT FOODS GROUP INC COM STK (VA) in Q3 2015, selling an estimated $74.9M.
- Lindsell Train's ten largest holdings make up 99% of its $1.46B portfolio in Q3 2015.
- Lindsell Train opened 2 new positions and closed 1 in Q3 2015.
- Lindsell Train's portfolio value rose 2.6% quarter-over-quarter to $1.46B.
Based on Lindsell Train's 13F filing for Q3 2015, filed 10 Nov 2015.