Michael Lindsell, Nick Train - Lindsell Train 13F Activity & Position Changes (Q1 2020)

According to the SEC 13F filed on Jul 15, 2026, the Lindsell Train portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2020. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2020, the filing reported:

New Buys - None reported

Increases - Brown Forman Inc, Walt Disney Company (The), Manchester United

Reductions - eBay Inc., Intuit Inc., Mondelez International, Inc., Pepsico, Inc., PayPal Holdings, Inc.

Complete Exits - None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2020	BF-A Brown Forman Inc	Brown Forman Inc	Buy	+18,702	+0.8%	$128.35K	2,498,133
Q1 2020	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+218,000	+3.9%	$557.03K	5,766,380
Q1 2020	EBAY eBay Inc.	eBay Inc.	Sell	-1,350,350	-11.9%	$299.59K	9,966,421
Q1 2020	INTU Intuit Inc.	Intuit Inc.	Sell	-384,500	-14.0%	$542.48K	2,358,600
Q1 2020	MANU Manchester United	Manchester United	Buy	+19,813	+0.2%	$170.05K	11,299,163
Q1 2020	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-3,186,800	-9.7%	$1.49M	29,815,636
Q1 2020	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-511,000	-10.3%	$533.51K	4,442,224
Q1 2020	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-1,068,000	-13.8%	$638.37K	6,667,718