Michael Lindsell, Nick Train - Lindsell Train 13F Activity & Position Changes (Q3 2015)

According to the SEC 13F filed on Jul 15, 2026, the Lindsell Train portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2015. 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 Q3 2015, the filing reported:

New Buys - The Kraft Heinz Company, PayPal Holdings, Inc.

Increases - Brown Forman Inc, Walt Disney Company (The), Intuit Inc., Mondelez International, Inc., Pepsico, Inc.

Reductions - eBay 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
Q3 2015	BF-A Brown Forman Inc	Brown Forman Inc	Buy	+13,000	+2.1%	$66.89K	625,218
Q3 2015	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+183,000	+12.5%	$168.92K	1,652,869
Q3 2015	EBAY eBay Inc.	eBay Inc.	Sell	-606,000	-16.3%	$75.78K	3,100,600
Q3 2015	INTU Intuit Inc.	Intuit Inc.	Buy	+237,200	+15.1%	$160.70K	1,810,700
Q3 2015	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy - Position Entry	+916,483	-	$64.69K	916,483
Q3 2015	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Buy	+478,000	+5.5%	$384.36K	9,179,786
Q3 2015	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+118,850	+13.2%	$96.08K	1,018,850
Q3 2015	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy - Position Entry	+4,205,600	-	$130.54K	4,205,600