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

As of Mar 31, 2020, the Lindsell Train portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Apr 24, 2026. 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