Lindsell Train Ltd

London, X0 · CIK 1484150 · 13F filing filed 2023-05-12

SEC-registered investment adviser since 2011 · corporation

Assets managed$9.3bn
Staff30 · 6 in investment roles
Main clients (by assets)Private funds 94%, Pension plans 6%
Private funds2 · $305.1m gross assets
Websitelindselltrain.com
Form ADV · 2026-04-27SEC adviser record

Legal entityLINDSELL TRAIN LIMITED (GB)

KindFCA fund manager
Others nearbyLondon

As an employer

Offices in1 country
Private fundsother private 2

In the UK

FCA-authorised companies1
Manages investmentsyes
Runs fundsyes
Retail clientsno, professional only

Company	Town	Staff	Pay gap report	FCA register
LINDSELL TRAIN LIMITED Private Limited CompanyFCA: Authorised · manages investments, manages AIFs, advises, deals	London			Authorisedmanages investments, manages AIFs, advises, deals

Sources: Companies House (accounts filed electronically; the largest groups often file on paper, so their staff numbers can be missing), the UK gender pay gap service (employers with 250+ staff) and the FCA's Financial Services Register. Contains public sector information licensed under the Open Government Licence v3.0.

$5.7bn reported value +9.0% vs Q4 2022

29positions

99.2%in top 10

0 new 12 added 6 reduced 0 sold out vs Q4 2022

Holdings, Q1 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MONDELEZ INTL INC CL A MDLZ	MDLZ	19,520,998	$1.4bn23.74%	23.74%	Reduced -425.5k	-425,470 -2.1%
2	WORLD WRESTLING ENTMT INC CL A WWE	WWE	7,406,037	$675.9m11.79%	11.79%	Reduced -57.6k	-57,590 -0.8%
3	PEPSICO INC COM PEP	PEP	3,608,510	$657.8m11.48%	11.48%	Added +45.4k	+45,400 1.3%
4	INTUIT COM INTU	INTU	1,439,252	$641.7m11.19%	11.19%	Reduced -14.2k	-14,250 -1.0%
5	FAIR ISAAC CORP COM FICO	FICO	873,197	$613.6m10.70%	10.70%	Reduced -58.6k	-58,565 -6.3%
6	DISNEY WALT CO COM DIS	DIS	5,631,490	$563.9m9.84%	9.84%	Added +200.6k	+200,600 3.7%
7	PAYPAL HLDGS INC COM PYPL	PYPL	5,384,302	$408.9m7.13%	7.13%	Added +94.6k	+94,600 1.8%
8	EBAY INC. COM EBAY	EBAY	7,391,871	$328.0m5.72%	5.72%	Reduced -128.0k	-128,000 -1.7%
9	MANCHESTER UTD PLC NEW ORD CL A MANU	MANU	11,065,176	$245.1m4.28%	4.28%	Added +46.5k	+46,500 0.4%
10	BROWN FORMAN CORP CL A BF.A	BF.A	2,931,470	$191.1m3.33%	3.33%	Added +3.5k	+3,500 0.1%
11	BROWN FORMAN CORP CL B BF.B	BF.B	290,307	$18.7m0.33%	0.33%	Unchanged
12	LAUDER ESTEE COS INC CL A EL	EL	9,425	$2.3m0.04%	0.04%	Unchanged
13	CAZOO GROUP LTD COM COM		829,032	$2.1m0.04%	0.04%	Reduced -15.8m	-15,751,657 -95.0%
14	AMERICAN EXPRESS CO COM AXP	AXP	11,600	$1.9m0.03%	0.03%	Unchanged
15	EQUIFAX INC COM EFX	EFX	9,400	$1.9m0.03%	0.03%	Unchanged
16	ORACLE CORP COM ORCL	ORCL	19,200	$1.8m0.03%	0.03%	Added +600	+600 3.2%
17	ALPHABET INC CAP STK CL A GOOGL	GOOGL	16,850	$1.7m0.03%	0.03%	Added +850	+850 5.3%
18	NIKE INC CL B NKE	NKE	13,900	$1.7m0.03%	0.03%	Unchanged
19	VISA INC COM CL A V	V	6,800	$1.5m0.03%	0.03%	Unchanged
20	S&P GLOBAL INC COM SPGI	SPGI	4,400	$1.5m0.03%	0.03%	Unchanged
21	COLGATE PALMOLIVE CO COM CL	CL	18,100	$1.4m0.02%	0.02%	Added +1.2k	+1,200 7.1%
22	COCA COLA CO COM KO	KO	21,100	$1.3m0.02%	0.02%	Unchanged
23	VERISK ANALYTICS INC COM VRSK	VRSK	6,800	$1.3m0.02%	0.02%	Added +300	+300 4.6%
24	HERSHEY CO COM HSY	HSY	5,100	$1.3m0.02%	0.02%	Unchanged
25	ADOBE INC COM ADBE	ADBE	3,360	$1.3m0.02%	0.02%	Added +350	+350 11.6%
26	JOHNSON & JOHNSON COM JNJ	JNJ	7,900	$1.2m0.02%	0.02%	Unchanged
27	CME GROUP INC COM CME	CME	5,900	$1.1m0.02%	0.02%	Added +300	+300 5.4%
28	PRICE T ROWE GROUP INC COM TROW	TROW	9,800	$1.1m0.02%	0.02%	Added +200	+200 2.1%
29	MADISON SQUARE GRDN SPRT COR CL A MSGS	MSGS	3,300	$643.0k0.01%	0.01%	Unchanged

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
MANCHESTER UTD PLC NEW MANU · 13G · filed 2026-01-06	MANU	6.4%≈ $82.5m	-1.4 pts	13G	2026-01-06