Lindsell Train Ltd

London, X0 · CIK 1484150 · 13F filing filed 2024-07-23

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)

$4.3bn reported value -8.9% vs Q1 2024

29positions

99.0%in top 10

0 new 0 added 9 reduced 1 sold out vs Q1 2024

Holdings, Q2 2024

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	11,587,743	$786.1m18.14%	18.14%	Reduced -2.7m	-2,692,350 -18.9%
2	FAIR ISAAC CORP COM FICO	FICO	448,421	$653.7m15.08%	15.08%	Reduced -61.4k	-61,388 -12.0%
3	INTUIT COM INTU	INTU	937,800	$591.0m13.63%	13.63%	Reduced -43.2k	-43,195 -4.4%
4	TKO GROUP HOLDINGS INC CL A TKO	TKO	5,072,802	$543.2m12.53%	12.53%	Reduced -436.7k	-436,715 -7.9%
5	DISNEY WALT CO COM DIS	DIS	4,890,282	$499.7m11.53%	11.53%	Reduced -166.2k	-166,200 -3.3%
6	PEPSICO INC COM PEP	PEP	2,803,311	$469.2m10.83%	10.83%	Reduced -213.5k	-213,470 -7.1%
7	PAYPAL HLDGS INC COM PYPL	PYPL	4,613,859	$273.8m6.32%	6.32%	Reduced -173.5k	-173,500 -3.6%
8	EBAY INC. COM EBAY	EBAY	4,376,022	$236.1m5.45%	5.45%	Reduced -307.0k	-307,000 -6.6%
9	BROWN FORMAN CORP CL A BF.A	BF.A	2,843,575	$122.7m2.83%	2.83%	Unchanged
10	MANCHESTER UTD PLC NEW ORD CL A MANU	MANU	7,131,283	$114.8m2.65%	2.65%	Reduced -585.5k	-585,516 -7.6%
11	BROWN FORMAN CORP CL B BF.B	BF.B	290,307	$12.5m0.29%	0.29%	Unchanged
12	ALPHABET INC CAP STK CL C GOOG	GOOG	16,850	$3.1m0.07%	0.07%	Unchanged
13	AMERICAN EXPRESS CO COM AXP	AXP	11,600	$2.7m0.06%	0.06%	Unchanged
14	ORACLE CORP COM ORCL	ORCL	19,200	$2.7m0.06%	0.06%	Unchanged
15	S&P GLOBAL INC COM SPGI	SPGI	5,900	$2.6m0.06%	0.06%	Unchanged
16	EQUIFAX INC COM EFX	EFX	10,300	$2.4m0.06%	0.06%	Unchanged
17	VISA INC COM CL A V	V	7,700	$2.1m0.05%	0.05%	Unchanged
18	VERISK ANALYTICS INC COM VRSK	VRSK	7,300	$2.0m0.05%	0.05%	Unchanged
19	COLGATE PALMOLIVE CO COM CL	CL	20,100	$2.0m0.05%	0.05%	Unchanged
20	ADOBE INC COM ADBE	ADBE	3,560	$1.9m0.04%	0.04%	Unchanged
21	CME GROUP INC COM CME	CME	8,600	$1.7m0.04%	0.04%	Unchanged
22	NIKE INC CL B NKE	NKE	15,900	$1.5m0.03%	0.03%	Unchanged
23	PRICE T ROWE GROUP INC COM TROW	TROW	12,000	$1.4m0.03%	0.03%	Unchanged
24	COCA COLA CO COM KO	KO	21,100	$1.3m0.03%	0.03%	Unchanged
25	LAUDER ESTEE COS INC CL A EL	EL	11,425	$1.3m0.03%	0.03%	Unchanged
26	HERSHEY CO COM HSY	HSY	5,100	$948.2k0.02%	0.02%	Unchanged
27	JOHNSON & JOHNSON COM JNJ	JNJ	6,065	$892.7k0.02%	0.02%	Unchanged
28	MADISON SQUARE GRDN SPRT COR CL A MSGS	MSGS	3,300	$612.5k0.01%	0.01%	Unchanged
29	KENVUE INC COM KVUE	KVUE	14,739	$275.0k0.01%	0.01%	Unchanged

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
CAZOO GROUP LTD CZOOF	CZOOF	29,187	$029.2k 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