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 |
Fair Isaac
FICO
|
+$57.1M |
| 2 |
Walt Disney
DIS
|
+$10.2M |
| 3 |
Manchester United
MANU
|
+$2.54M |
| 4 |
PayPal
PYPL
|
+$1.3M |
| 5 |
Intuit
INTU
|
+$952K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mondelez International
MDLZ
|
+$192M |
| 2 |
PepsiCo
PEP
|
+$115M |
| 3 |
WWE
World Wrestling Entertainment
WWE
|
+$111M |
| 4 |
eBay
EBAY
|
+$35.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 44.01% |
| 2 | Communication Services | 23.58% |
| 3 | Technology | 18.46% |
| 4 | Financials | 7.35% |
| 5 | Consumer Discretionary | 6.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Mondelez International
MDLZ
$85.5B
| $1.38B | 26.99% |
22,164,468
-3,046,000
| -12% | -$192M |
2013 Q2
36 quarters
|
|
|
2
PepsiCo
PEP
$198B
| $641M | 12.57% |
3,844,860
-684,000
| -15% | -$115M |
2015 Q2
28 quarters
|
|
|
3
Intuit
INTU
$91.3B
| $602M | 11.8% |
1,560,756
+2,300
| +0.1% | +$952K |
2013 Q2
36 quarters
|
|
|
WWE
4
DELISTED
World Wrestling Entertainment
WWE
| $562M | 11.02% |
8,984,710
-1,801,247
| -17% | -$111M |
2013 Q2
36 quarters
|
|
|
5
Walt Disney
DIS
$205B
| $518M | 10.17% |
5,487,090
+91,500
| +2% | +$10.2M |
2013 Q2
36 quarters
|
|
|
6
PayPal
PYPL
$49.2B
| $368M | 7.23% |
5,274,462
+15,000
| +0.3% | +$1.3M |
2015 Q3
27 quarters
|
|
|
7
Fair Isaac
FICO
$15.4B
| $337M | 6.62% |
841,430
+144,872
| +21% | +$57.1M |
2022 Q1
1 quarter
|
|
|
8
eBay
EBAY
$53.1B
| $318M | 6.24% |
7,638,371
-733,000
| -9% | -$35.7M |
2013 Q2
36 quarters
|
|
9
Brown-Forman Class A
BF.A
$14.5B
| $201M | 3.94% |
2,966,672
+7,500
| +0.3% | +$475K |
2013 Q2
36 quarters
|
|
|
10
Manchester United
MANU
$3.87B
| $120M | 2.36% |
10,792,676
+196,500
| +2% | +$2.54M |
2017 Q3
19 quarters
|
|
11
Brown-Forman Class B
BF.B
$14.1B
| $20.4M | 0.4% |
290,307
| – | – |
2018 Q1
17 quarters
|
|
12
DELISTED
Cazoo Group Ltd
CZOO
| $12M | 0.23% |
8,290
| – | – |
2021 Q4
2 quarters
|
|
13
Estee Lauder
EL
$40.5B
| $2.24M | 0.04% |
8,800
| – | – |
2020 Q2
8 quarters
|
|
14
Alphabet (Google) Class A
GOOGL
$3.64T
| $1.74M | 0.03% |
16,000
| – | – |
2020 Q2
8 quarters
|
|
15
Equifax
EFX
$22B
| $1.72M | 0.03% |
9,400
| – | – |
2020 Q2
8 quarters
|
|
16
American Express
AXP
$215B
| $1.61M | 0.03% |
11,600
| – | – |
2020 Q2
8 quarters
|
|
17
S&P Global
SPGI
$137B
| $1.48M | 0.03% |
4,400
| – | – |
2020 Q2
8 quarters
|
|
18
Nike
NKE
$56.4B
| $1.42M | 0.03% |
13,900
| – | – |
2020 Q2
8 quarters
|
|
19
Johnson & Johnson
JNJ
$688B
| $1.4M | 0.03% |
7,900
| – | – |
2020 Q2
8 quarters
|
|
20
Colgate-Palmolive
CL
$79.2B
| $1.36M | 0.03% |
16,900
| – | – |
2020 Q2
8 quarters
|
|
21
Coca-Cola
KO
$427B
| $1.33M | 0.03% |
21,100
| – | – |
2020 Q2
8 quarters
|
|
22
Oracle
ORCL
$391B
| $1.3M | 0.03% |
18,600
| – | – |
2020 Q2
8 quarters
|
|
23
Visa
V
$794B
| $1.16M | 0.02% |
5,900
| – | – |
2020 Q2
8 quarters
|
|
24
CME Group
CME
$114B
| $1.15M | 0.02% |
5,600
| – | – |
2020 Q2
8 quarters
|
|
25
Verisk Analytics
VRSK
$26.7B
| $1.12M | 0.02% |
6,500
| – | – |
2020 Q2
8 quarters
|
|
Similar funds
Lindsell Train's Q2 2022 Portfolio in Review
As of Q2 2022, Lindsell Train held 29 positions worth $5.1B, down 20% from $6.35B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Lindsell Train withdrew a net $382M in Q2 2022, reducing 4 holdings. Its largest reduction was Mondelez International, cutting an estimated $192M.
By sector, the portfolio is most concentrated in Consumer Staples at 44% of assets, up from 40% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Lindsell Train added an estimated $57.1M to Fair Isaac.
- Lindsell Train added most to Fair Isaac in Q2 2022, an estimated $57.1M increase.
- Lindsell Train's biggest Q2 2022 reduction was Mondelez International, cutting an estimated $192M.
- Lindsell Train's ten largest holdings make up 99% of its $5.1B portfolio in Q2 2022.
- Lindsell Train opened 0 new positions and closed 0 in Q2 2022.
- Lindsell Train's portfolio value fell 20% quarter-over-quarter to $5.1B.
Based on Lindsell Train's 13F filing for Q2 2022, filed 11 Aug 2022.