Lindsell Train Ltd

London, X0 · CIK 1484150 · 13F filing filed 2023-08-14

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)

$5.6bn reported value -2.1% vs Q1 2023

29positions

99.1%in top 10

1 new 14 added 6 reduced 1 sold out vs Q1 2023

Holdings, Q2 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	18,267,898	$1.3bn23.72%	23.72%	Reduced -1.3m	-1,253,100 -6.4%
2	WORLD WRESTLING ENTMT INC CL A WWE	WWE	6,330,232	$686.7m12.23%	12.23%	Reduced -1.1m	-1,075,805 -14.5%
3	FAIR ISAAC CORP COM FICO	FICO	800,997	$648.4m11.55%	11.55%	Reduced -72.2k	-72,200 -8.3%
4	INTUIT COM INTU	INTU	1,374,052	$629.4m11.21%	11.21%	Reduced -65.2k	-65,200 -4.5%
5	PEPSICO INC COM PEP	PEP	3,398,210	$629.3m11.21%	11.21%	Reduced -210.3k	-210,300 -5.8%
6	DISNEY WALT CO COM DIS	DIS	5,633,690	$502.8m8.96%	8.96%	Added +2.2k	+2,200 0.0%
7	PAYPAL HLDGS INC COM PYPL	PYPL	5,389,302	$359.5m6.40%	6.40%	Added +5.0k	+5,000 0.1%
8	EBAY INC. COM EBAY	EBAY	6,870,871	$306.9m5.47%	5.47%	Reduced -521.0k	-521,000 -7.0%
9	MANCHESTER UTD PLC NEW ORD CL A MANU	MANU	11,099,176	$270.4m4.82%	4.82%	Added +34.0k	+34,000 0.3%
10	BROWN FORMAN CORP CL A BF.A	BF.A	2,937,470	$200.0m3.56%	3.56%	Added +6.0k	+6,000 0.2%
11	BROWN FORMAN CORP CL B BF.B	BF.B	290,307	$19.4m0.35%	0.35%	Unchanged
12	EQUIFAX INC COM EFX	EFX	10,300	$2.4m0.04%	0.04%	Added +900	+900 9.6%
13	S&P GLOBAL INC COM SPGI	SPGI	5,900	$2.4m0.04%	0.04%	Added +1.5k	+1,500 34.1%
14	ORACLE CORP COM ORCL	ORCL	19,200	$2.3m0.04%	0.04%	Unchanged
15	LAUDER ESTEE COS INC CL A EL	EL	10,525	$2.1m0.04%	0.04%	Added +1.1k	+1,100 11.7%
16	AMERICAN EXPRESS CO COM AXP	AXP	11,600	$2.0m0.04%	0.04%	Unchanged
17	ALPHABET INC CAP STK CL A GOOGL	GOOGL	16,850	$2.0m0.04%	0.04%	Unchanged
18	NIKE INC CL B NKE	NKE	15,900	$1.8m0.03%	0.03%	Added +2.0k	+2,000 14.4%
19	ADOBE INC COM ADBE	ADBE	3,560	$1.7m0.03%	0.03%	Added +200	+200 6.0%
20	VISA INC COM CL A V	V	7,300	$1.7m0.03%	0.03%	Added +500	+500 7.3%
21	VERISK ANALYTICS INC COM VRSK	VRSK	7,300	$1.6m0.03%	0.03%	Added +500	+500 7.3%
22	CME GROUP INC COM CME	CME	8,600	$1.6m0.03%	0.03%	Added +2.7k	+2,700 45.8%
23	COLGATE PALMOLIVE CO COM CL	CL	20,100	$1.5m0.03%	0.03%	Added +2.0k	+2,000 11.1%
24	PRICE T ROWE GROUP INC COM TROW	TROW	12,000	$1.3m0.02%	0.02%	Added +2.2k	+2,200 22.4%
25	JOHNSON & JOHNSON COM JNJ	JNJ	7,900	$1.3m0.02%	0.02%	Unchanged
26	HERSHEY CO COM HSY	HSY	5,100	$1.3m0.02%	0.02%	Unchanged
27	COCA COLA CO COM KO	KO	21,100	$1.3m0.02%	0.02%	Unchanged
28	CAZOO GROUP LTD CL A CZOO	CZOO	829,032	$978.3k0.02%	0.02%	New
29	MADISON SQUARE GRDN SPRT COR CL A MSGS	MSGS	3,300	$620.4k0.01%	0.01%	Unchanged

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
CAZOO GROUP LTD		829,032	$2.1m829.0k shares

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