Michael Lindsell, Nick Train - Lindsell Train 13F Activity & Position Changes (Q3 2019)

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, 2019. 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 2019, the filing reported:

New Buys - None reported

Increases - Brown Forman Inc, Walt Disney Company (The), eBay Inc., Pepsico, Inc., PayPal Holdings, Inc.

Reductions - Intuit Inc., Manchester United, Mondelez International, 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 2019	BF-A Brown Forman Inc	Brown Forman Inc	Buy	+27,003	+1.2%	$138.23K	2,317,305
Q3 2019	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+171,317	+3.3%	$705.69K	5,417,568
Q3 2019	EBAY eBay Inc.	eBay Inc.	Buy	+43,700	+0.4%	$398.32K	10,218,600
Q3 2019	INTU Intuit Inc.	Intuit Inc.	Sell	-13,900	-0.5%	$672.18K	2,529,079
Q3 2019	MANU Manchester United	Manchester United	Sell	-4,707	-0.0%	$183.79K	11,199,854
Q3 2019	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-1,406,696	-4.2%	$1.78M	32,237,323
Q3 2019	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+196,363	+4.3%	$651.26K	4,749,546
Q3 2019	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+623,921	+9.2%	$763.60K	7,371,352