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 |
Mondelez International
MDLZ
|
+$90.2M |
| 2 |
Keurig Dr Pepper
KDP
|
+$55.5M |
| 3 |
eBay
EBAY
|
+$25.2M |
| 4 |
PepsiCo
PEP
|
+$23.8M |
| 5 |
Walt Disney
DIS
|
+$22.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PayPal
PYPL
|
+$11.3M |
| 2 |
WWE
World Wrestling Entertainment
WWE
|
+$2.7M |
| 3 |
The Kraft Heinz Company
KHC
|
+$1.57M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 48.72% |
| 2 | Communication Services | 20.51% |
| 3 | Financials | 12.81% |
| 4 | Technology | 10.85% |
| 5 | Consumer Discretionary | 7.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Mondelez International
MDLZ
$84.1B
| $946M | 27.2% |
22,097,960
+2,147,250
| +11% | +$90.2M |
2013 Q2
18 quarters
|
|
|
2
PayPal
PYPL
$49.9B
| $446M | 12.81% |
6,051,517
-156,250
| -3% | -$11.3M |
2015 Q3
9 quarters
|
|
3
Intuit
INTU
$90.4B
| $377M | 10.85% |
2,390,800
+21,000
| +0.9% | +$3.2M |
2013 Q2
18 quarters
|
|
|
4
Walt Disney
DIS
$206B
| $342M | 9.83% |
3,179,579
+217,350
| +7% | +$22.4M |
2013 Q2
18 quarters
|
|
|
5
Keurig Dr Pepper
KDP
$50.3B
| $313M | 8.99% |
3,222,079
+618,500
| +24% | +$55.5M |
2013 Q2
18 quarters
|
|
|
6
PepsiCo
PEP
$193B
| $311M | 8.94% |
2,592,000
+208,000
| +9% | +$23.8M |
2015 Q2
10 quarters
|
|
|
7
eBay
EBAY
$53.1B
| $219M | 6.28% |
5,791,200
+680,000
| +13% | +$25.2M |
2013 Q2
18 quarters
|
|
|
WWE
8
DELISTED
World Wrestling Entertainment
WWE
| $218M | 6.27% |
7,132,868
-100,000
| -1% | -$2.7M |
2013 Q2
18 quarters
|
|
9
Manchester United
MANU
$4.02B
| $153M | 4.41% |
7,737,017
+269,188
| +4% | +$5.19M |
2017 Q3
1 quarter
|
|
10
Brown-Forman Class A
BF.A
$14.4B
| $105M | 3.01% |
1,946,546
| – | – |
2013 Q2
18 quarters
|
|
|
ISCA
11
DELISTED
International Speedway Corp
ISCA
| $28.8M | 0.83% |
723,400
| – | – |
2013 Q2
18 quarters
|
|
|
12
The Kraft Heinz Company
KHC
$28.9B
| $20.3M | 0.58% |
261,000
-20,000
| -7% | -$1.57M |
2015 Q3
9 quarters
|
|
Similar funds
Lindsell Train's Q4 2017 Portfolio in Review
As of Q4 2017, Lindsell Train held 12 positions worth $3.48B, up 17% from $2.97B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Lindsell Train deployed $210M of net new capital in Q4 2017, adding to 7 existing holdings.
By sector, the portfolio is most concentrated in Consumer Staples at 49% of assets, up from 48% a quarter earlier, followed by Communication Services and Financials.
On the sell side, the largest reduction was PayPal, an estimated $11.3M trimmed.
- Lindsell Train added most to Mondelez International in Q4 2017, an estimated $90.2M increase.
- Lindsell Train's biggest Q4 2017 reduction was PayPal, cutting an estimated $11.3M.
- Lindsell Train's ten largest holdings make up 99% of its $3.48B portfolio in Q4 2017.
- Lindsell Train opened 0 new positions and closed 0 in Q4 2017.
- Lindsell Train's portfolio value rose 17% quarter-over-quarter to $3.48B.
Based on Lindsell Train's 13F filing for Q4 2017, filed 12 Feb 2018.